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CENTRAL OHIO COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 22770
BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
<CAPTION>
CONTENTS
Page
<S> <C>
Statements of Income 1
Balance Sheets 2-3
Statements of Retained Earnings 4
Statements of Cost of Commercial Coal Sold and Shipped 5
Analysis of Operating Reserves and
Regulatory Liabilities and Deferred Credits 6
Information Concerning Capital Improvements 7
Analysis of Mining Plant in Service 8
Information Concerning Operations 9
Statements of Cost of Operation 10
Schedule of Changes in Coal Inventory 11
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CENTRAL OHIO COAL COMPANY
STATEMENTS OF INCOME
BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
April 30, May 31, June 30, June 30,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
OPERATING REVENUES -
Sales to Parent . . . . . . . . $4,153 $4,653 $3,951 $12,757
COST OF OPERATION (including
Depreciation, Depletion and
Amortization of Mining Plant of
$149,000 in April, $147,000
in May and $148,000 in June). . 3,982 4,412 3,682 12,076
OPERATING INCOME. . . . . . . . . 171 241 269 681
NONOPERATING INCOME . . . . . . . 153 113 43 309
INCOME BEFORE INTEREST CHARGES. . 324 354 312 990
INTEREST CHARGES (including
$4,000 in each month
to Parent Company) . . . . . . . 9 4 4 17
INCOME BEFORE FEDERAL
INCOME TAXES. . . . . . . . . . 315 350 308 973
FEDERAL INCOME TAXES. . . . . . . 94 128 87 309
NET INCOME. . . . . . . . . . . . $ 221 $ 222 $ 221 $ 664
The common stock of the Company is
wholly owned by Ohio Power Company.
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CENTRAL OHIO COAL COMPANY
BALANCE SHEETS
BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995
(UNAUDITED)
<CAPTION>
April 30, May 31, June 30,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
ASSETS
MINING PLANT:
Mining Plant in Service . . . . . . . . . . . . $76,882 $76,713 $76,958
Construction Work in Progress . . . . . . . . . 254 277 -
Total Mining Plant . . . . . . . . . . . 77,136 76,990 76,958
Accumulated Depreciation and Amortization . . . 46,867 47,143 47,603
NET MINING PLANT . . . . . . . . . . . . 30,269 29,847 29,355
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . . 3,512 3,673 1,763
Accounts Receivable:
General . . . . . . . . . . . . . . . . . . . 648 698 872
Affiliated Companies. . . . . . . . . . . . . 2,386 2,328 3,789
Coal. . . . . . . . . . . . . . . . . . . . . . 633 57 520
Materials and Supplies. . . . . . . . . . . . . 7,518 7,590 7,356
Other . . . . . . . . . . . . . . . . . . . . . 2,758 2,525 2,256
TOTAL CURRENT ASSETS . . . . . . . . . . 17,455 16,871 16,556
DEFERRED INCOME TAXES . . . . . . . . . . . . . . 16,107 15,998 15,969
REGULATORY ASSETS . . . . . . . . . . . . . . . . 4,156 4,321 4,177
DEFERRED CHARGES. . . . . . . . . . . . . . . . . 6,205 6,133 6,100
TOTAL. . . . . . . . . . . . . . . . . $74,192 $73,170 $72,157
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CENTRAL OHIO COAL COMPANY
BALANCE SHEETS
BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995
(UNAUDITED)
<CAPTION>
April 30, May 31, June 30,
1995 1995 1995
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
SHAREHOLDER'S EQUITY:
Common Stock - Par Value $100:
Authorized - 100,000 Shares
Outstanding - 69,000 Shares . . . . . . . . . $ 6,900 $ 6,900 $ 6,900
Paid-in Capital . . . . . . . . . . . . . . . . 13,069 13,069 13,069
Retained Earnings . . . . . . . . . . . . . . . 221 443 -
TOTAL SHAREHOLDER'S EQUITY . . . . . . . 20,190 20,412 19,969
LONG-TERM DEBT:
Finance Obligations . . . . . . . . . . . . . . 459 450 442
Advances from Parent Company. . . . . . . . . . 1,500 1,500 1,500
TOTAL LONG-TERM DEBT . . . . . . . . . . 1,959 1,950 1,942
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases. . . . . . . . 8,085 8,116 8,115
Operating Reserves. . . . . . . . . . . . . . . 16,489 17,126 15,018
TOTAL OTHER NONCURRENT LIABILITIES . . . 24,574 25,242 23,133
CURRENT LIABILITIES:
Long-term Debt Due Within One Year. . . . . . . 104 104 104
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . 1,190 980 698
Affiliated Companies. . . . . . . . . . . . . 531 520 473
Taxes Accrued . . . . . . . . . . . . . . . . . 558 640 632
Accrued Reclamation Costs . . . . . . . . . . . 6,715 5,844 7,813
Accrued Vacation Pay. . . . . . . . . . . . . . 1,008 1,034 738
Workers Compensation Claims. . . . . . . . . . 1,388 1,381 1,325
Obligations Under Capital Leases. . . . . . . . 5,793 5,466 5,131
Other . . . . . . . . . . . . . . . . . . . . . 2,823 2,433 2,400
TOTAL CURRENT LIABILITIES. . . . . . . . 20,110 18,402 19,314
REGULATORY LIABILITIES AND DEFERRED CREDITS . . . 7,359 7,164 7,799
TOTAL. . . . . . . . . . . . . . . . . $74,192 $73,170 $72,157
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CENTRAL OHIO COAL COMPANY
STATEMENTS OF RETAINED EARNINGS
BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
April 30, May 31, June 30, June 30,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD. . $ - $221 $443 $ -
NET INCOME. . . . . . . . . . . . 221 222 221 664
CASH DIVIDENDS DECLARED . . . . . - - 664 664
BALANCE AT END OF PERIOD. . . . . $221 $443 $ - $ -
</TABLE>
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CENTRAL OHIO COAL COMPANY
STATEMENTS OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
<CAPTION>
April May June
1995 1995 1995
(in thousands, except as noted)
<S> <C> <C> <C>
I. Calculation of Cost-of-Capital Compensation:
A. Equity Investment at Beginning of Month:
Common Stock. . . . . . . . . . . . . . . . . . . . . . . . $ 6,900 $ 6,900 $ 6,900
Paid-in Capital (excluding item D and item G) . . . . . . . 450 450 450
7,350 7,350 7,350
B. Rate of Return Allowable per HCAR No. 22770:
14.34% per annum, 1.195% per month. . . . . . . . . . . . . .01195 .01195 .01195
C. Earnings Allowable: (re investment in item A)
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 88 $ 88 $ 88
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 352 $ 440 $ 528
D. Equity Investment - January 1983 (Preparation Plant). . . . . $ 6,431 $ 6,431 $ 6,431
E. Rate of Return Allowable per HCAR No. 22770:
13.01% per annum, 1.0842% per month . . . . . . . . . . . . .010842 .010842 .010842
F. Earnings Allowable: (re investment in item D)
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 70 $ 70 $ 70
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 280 $ 350 $ 420
G. Equity Investment - January 1983 (Other Assets) . . . . . . . $ 6,188 $ 6,188 $ 6,188
H. Rate of Return Allowable per HCAR No. 22770:
12.37% per annum, 1.0308% per month . . . . . . . . . . . . .010308 .010308 .010308
I. Earnings Allowable: (re investment in item G)
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 63 $ 64 $ 63
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 253 $ 317 $ 380
J. Total Earnings Allowable:
1. Current Month (C.1. + F.1. + I.1.) . . . . . . . . . . . $ 221 $ 222 $ 221
2. Year-to-Date (C.2. + F.2. + I.2.). . . . . . . . . . . . $ 885 $ 1,107 $ 1,328
K. Net Income per Statements of Income . . . . . . . . . . . . . $ 221 $ 222 $ 221
Add: Interest Charges . . . . . . . . . . . . . . . . . . . 9 4 4
Less: Nonoperating Income . . . . . . . . . . . . . . . . . 153 113 43
L. Applied Cost-of-Capital Billing Adder:
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 77 $ 113 $ 182
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 459 $ 572 $ 754
II. Monthly Billing Calculation:
A. Total Operating Expenses (a). . . . . . . . . . . . . . . . . $ 4,076 $ 4,540 $ 3,769
B. Add: Monthly Cost-of-Capital Billing
Adder as Applied per L. 1. of Section I . . . . . . . . . . 77 113 182
C. Cost Applicable to Current Month Coal Billings(b) . . . . . . $ 4,153 $ 4,653 $ 3,951
D. Coal Sold and Shipped in Current Month (in tons)(b) . . . . . 97,546 106,014 91,309
E. Average Price per Ton (in dollars) (C/D)(b) . . . . . . . . . $42.58 $43.89 $43.27
(a) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statements of Income.
(b) Sales were to the Parent Company - Ohio Power Company for the Muskingum River Plant.
/TABLE
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CENTRAL OHIO COAL COMPANY
ANALYSIS OF OPERATING RESERVES AND REGULATORY LIABILITIES AND DEFERRED CREDITS
BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995
<CAPTION>
April 30, May 31, June 30,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
Operating Reserves:
Accrued Postretirement Benefits Other
Than Pensions . . . . . . . . . . . . . $ 7,985 $ 8,237 $ 8,489
Accrued Reclamation Costs . . . . . . . . 6,871 7,177 4,749
Public Liability Insurance. . . . . . . . 14 13 13
Workers' Compensation . . . . . . . . . . 603 683 751
Postemployment Benefits . . . . . . . . . 1,016 1,016 1,016
Total Operating Reserves. . . . . . . $16,489 $17,126 $15,018
Regulatory Liabilities and Deferred Credits:
Gain on Sale and Leaseback of Plant . . . $7,116 $7,067 $7,017
Mining Cost Normalization . . . . . . . . 243 96 781
Other . . . . . . . . . . . . . . . . . . - 1 1
Total Regulatory Liabilities
and Deferred Credits. . . . . . . . $7,359 $7,164 $7,799
</TABLE>
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CENTRAL OHIO COAL COMPANY
INFORMATION CONCERNING CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED JUNE 30, 1995
There were no significant changes with regard to the Company s mining
plant during the quarter.
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CENTRAL OHIO COAL COMPANY
ANALYSIS OF MINING PLANT IN SERVICE
AND RELATED ACCUMULATED PROVISIONS FOR
DEPRECIATION AND AMORTIZATION
BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995
<CAPTION>
April 30, 1995 May 31, 1995 June 30, 1995
Net Net Net
Gross Accumulated Carrying Gross Accumulated Carrying Gross Accumulated Carrying
Cost Provisions Amount Cost Provisions Amount Cost Provisions Amount
(in thousands)
Description
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Surface Lands. . . . . . . . . $ 324 $ - $ 324 $ 324 $ - $ 324 $ 324 $ - $ 324
Mining Structures
and Equipment. . . . . . . . 64,560 44,813 19,747 64,400 45,085 19,315 64,655 45,542 19,113
Coal Interests
(net of depletion) . . . . . 9,706 - 9,706 9,697 - 9,697 9,687 - 9,687
Mine Development Costs . . . . 2,292 2,054 238 2,292 2,058 234 2,292 2,061 231
Total Mining Plant in
Service. . . . . . . . . $76,882 $46,867 $30,015 $76,713 $47,143 $29,570 $76,958 $47,603 $29,355
/TABLE
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CENTRAL OHIO COAL COMPANY
INFORMATION CONCERNING OPERATIONS
FOR THE QUARTER ENDED JUNE 30, 1995
There were no significant changes with regard to the Company s operations
during the quarter.
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CENTRAL OHIO COAL COMPANY
STATEMENTS OF COST OF OPERATION
BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
<CAPTION>
Three
Months
April May June Ended
1995 1995 1995 6/30/95
(in thousands)
<S> <C> <C> <C> <C>
Direct Labor-UMW* . . . . . . . . . . . . $ 66 $ 68 $ 59 $ 193
Indirect Labor-UMW* . . . . . . . . . . . 523 562 488 1,573
Benefits-UMW* . . . . . . . . . . . . . . 774 863 520 2,157
Salaries and Benefits-Nonunion. . . . . . 553 445 484 1,482
Operating Supplies. . . . . . . . . . . . 466 548 323 1,337
Repair Parts and Materials. . . . . . . . 275 264 315 854
Electricity and Other Utilities . . . . . 215 186 186 587
Outside Services-Maintenance, Haulage
and Reclamation . . . . . . . . . . . . 150 77 87 314
Taxes Other Than Federal Income Taxes** . 181 202 183 566
Rental of Equipment . . . . . . . . . . . 801 820 782 2,403
Depreciation, Depletion and Amortization. 149 147 148 444
Mining Cost Normalization***. . . . . . . 904 (147) 685 1,442
Reclamation Cost - Net. . . . . . . . . . (820) (564) (459) (1,843)
Other Production Costs. . . . . . . . . . 378 365 344 1,087
Subtotal. . . . . . . . . . . . . . . . . 4,615 3,836 4,145 12,596
Transfers of Production Costs (to)/from
Coal Inventory. . . . . . . . . . . . . (633) 576 (463) (520)
Total . . . . . . . . . . . . . $3,982 $4,412 $3,682 $12,076
* United Mine Workers of America.
** Excludes FICA, Federal Unemployment and State Unemployment. These
costs are reflected in employee benefits.
*** Represents the deferral/accrual required to establish a selling price
based on forecasted results for the remainder of the year. The amount
of mining cost normalization is established on an "overall" company
basis (i.e., not itemized) and is eliminated by year-end.
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CENTRAL OHIO COAL COMPANY
SCHEDULE OF CHANGES IN COAL INVENTORY
BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
<CAPTION>
April May June
1995 1995 1995
(in thousands)
Coal Stockpile:*
<S> <C> <C> <C>
Ending Inventory. . . . . . . . $633 $ 57 $520
Beginning Inventory . . . . . . - 633 57
Increase (Decrease) in Coal
Stockpile Inventory . . . . . $633 $(576) $463
* The production level of coal at the Company has been greater than the
demand for coal at Muskingum River Plant, which created a raw coal
stockpile.
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