<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 22770
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 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
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
STATEMENTS OF INCOME
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
January 31, February 28, March 31, March 31,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
OPERATING REVENUES -
Sales to Parent . . . . . . . . $4,256 $4,410 $4,803 $13,469
COST OF OPERATION (including
Depreciation, Depletion and
Amortization of Mining Plant of
$151,000 in January and $148,000
in both February and March) . . 4,049 4,183 4,573 12,805
OPERATING INCOME. . . . . . . . . 207 227 230 664
NONOPERATING INCOME . . . . . . . 109 94 91 294
INCOME BEFORE INTEREST CHARGES. . 316 321 321 958
INTEREST CHARGES -
to Parent Company . . . . . . . 4 4 4 12
INCOME BEFORE FEDERAL
INCOME TAXES. . . . . . . . . . 312 317 317 946
FEDERAL INCOME TAXES. . . . . . . 90 96 96 282
NET INCOME. . . . . . . . . . . . $ 222 $ 221 $ 221 $ 664
The common stock of the Company is
wholly owned by Ohio Power Company.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
BALANCE SHEETS
BY MONTH-END, FOR THE QUARTER ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
January 31, February 28, March 31,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
ASSETS
MINING PLANT:
Mining Plant in Service . . . . . . . . . . . . $73,882 $73,516 $77,207
Construction Work in Progress . . . . . . . . . 180 191 223
Total Mining Plant . . . . . . . . . . . 74,062 73,707 77,430
Accumulated Depreciation and Amortization . . . 46,173 46,213 46,660
NET MINING PLANT . . . . . . . . . . . . 27,889 27,494 30,770
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . . 5,438 4,199 4,218
Accounts Receivable:
General . . . . . . . . . . . . . . . . . . . 483 760 432
Affiliated Companies. . . . . . . . . . . . . 2,557 2,115 2,416
Coal. . . . . . . . . . . . . . . . . . . . . . 159 277 -
Materials and Supplies. . . . . . . . . . . . . 7,174 7,163 7,402
Other . . . . . . . . . . . . . . . . . . . . . 1,145 3,146 2,871
TOTAL CURRENT ASSETS . . . . . . . . . . 16,956 17,660 17,339
DEFERRED FEDERAL INCOME TAXES . . . . . . . . . . 15,496 15,528 15,482
REGULATORY ASSETS . . . . . . . . . . . . . . . . 5,028 5,089 5,114
DEFERRED CHARGES. . . . . . . . . . . . . . . . . 7,275 7,112 7,055
TOTAL. . . . . . . . . . . . . . . . . $72,644 $72,883 $75,760
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
BALANCE SHEETS
BY MONTH-END, FOR THE QUARTER ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
January 31, February 28, March 31,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
SHAREOWNER'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 . . . . . . . . . . . . . . . 570 791 -
TOTAL SHAREOWNER'S EQUITY. . . . . . . . 20,539 20,760 19,969
LONG-TERM DEBT:
Finance Obligations . . . . . . . . . . . . . . 485 476 468
Advances from Parent Company. . . . . . . . . . 1,500 1,500 1,500
TOTAL LONG-TERM DEBT . . . . . . . . . . 1,985 1,976 1,968
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases. . . . . . . . 7,098 7,223 9,071
Operating Reserves. . . . . . . . . . . . . . . 16,667 17,218 15,892
TOTAL OTHER NONCURRENT LIABILITIES . . . 23,765 24,441 24,963
CURRENT LIABILITIES:
Long-term Debt Due Within One Year. . . . . . . 104 113 104
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . 1,156 1,412 1,474
Affiliated Companies. . . . . . . . . . . . . 582 493 530
Taxes Accrued . . . . . . . . . . . . . . . . . 1,748 1,474 1,674
Accrued Reclamation Costs . . . . . . . . . . . 7,156 6,733 7,813
Accrued Vacation Pay. . . . . . . . . . . . . . 838 909 978
Workers' Compensation Claims. . . . . . . . . . 1,405 1,407 1,397
Obligations Under Capital Leases. . . . . . . . 3,934 3,619 5,180
Other . . . . . . . . . . . . . . . . . . . . . 2,170 2,332 2,546
TOTAL CURRENT LIABILITIES. . . . . . . . 19,093 18,492 21,696
REGULATORY LIABILITIES AND DEFERRED CREDITS . . . 7,262 7,214 7,164
TOTAL. . . . . . . . . . . . . . . . . $72,644 $72,883 $75,760
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
STATEMENTS OF RETAINED EARNINGS
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
January 31, February 28, March 31, March 31,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD. . $348 $570 $ 791 $ 348
NET INCOME. . . . . . . . . . . . 222 221 221 664
CASH DIVIDENDS DECLARED . . . . . - - 1,012 1,012
BALANCE AT END OF PERIOD. . . . . $570 $791 $ - $ -
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
STATEMENTS OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1995
<CAPTION>
January February March
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 . . . . . . . . . . . . . . . . . . . . . . $ 88 $ 176 $ 264
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 . . . . . . . . . . . . . . . . . . . . . . $ 70 $ 140 $ 210
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. . . . . . . . . . . . . . . . . . . . . . $ 64 $ 63 $ 63
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 64 $ 127 $ 190
J. Total Earnings Allowable:
1. Current Month (C.1. + F.1. + I.1.) . . . . . . . . . . . $ 222 $ 221 $ 221
2. Year-to-Date (C.2. + F.2. + I.2.). . . . . . . . . . . . $ 222 $ 443 $ 664
K. Net Income per Statements of Income . . . . . . . . . . . . . $ 222 $ 221 $ 221
Add: Interest Charges . . . . . . . . . . . . . . . . . . . 4 4 4
Less: Nonoperating Income . . . . . . . . . . . . . . . . . 109 94 91
L. Applied Cost-of-Capital Billing Adder:
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 117 $ 131 $ 134
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 117 $ 248 $ 382
II. Monthly Billing Calculation:
A. Total Operating Expenses(a) . . . . . . . . . . . . . . . . . $ 4,139 $ 4,279 $ 4,669
B. Add: Monthly Cost-of-Capital Billing
Adder as Applied per L. 1. of Section I . . . . . . . . . . 117 131 134
C. Cost Applicable to Current Month Coal Billings(b) . . . . . . $ 4,256 $ 4,410 $ 4,803
D. Coal Sold and Shipped in Current Month (in tons)(b) . . . . . 96,105 100,249 111,454
E. Average Price per Ton (in dollars) (C/D)(b) . . . . . . . . . $44.29 $43.99 $43.10
(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>
<PAGE>
<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
ANALYSIS OF OPERATING RESERVES AND REGULATORY LIABILITIES AND DEFERRED CREDITS
BY MONTH-END, FOR THE QUARTER ENDED MARCH 31, 1995
<CAPTION>
January 31, February 28, March 31,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
Operating Reserves:
Accrued Postretirement Benefits Other
Than Pensions . . . . . . . . . . . . . . . . $ 7,235 $ 7,497 $ 7,747
Accrued Reclamation Costs . . . . . . . . . . . 8,029 8,251 6,593
Public Liability Insurance. . . . . . . . . . . 15 15 14
Workers' Compensation . . . . . . . . . . . . . 372 439 522
Postemployment Benefits . . . . . . . . . . . . 1,016 1,016 1,016
Total Operating Reserves. . . . . . . . . . $16,667 $17,218 $15,892
Regulatory Liabilities and Deferred Credits:
Gain on Sale and Leaseback of Plant . . . . . . $7,262 $7,214 $7,164
</TABLE>
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
INFORMATION CONCERNING CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED MARCH 31, 1995
There were no significant changes with regard to the Company's mining
plant during the quarter.
<PAGE>
<PAGE>
<TABLE>
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 MARCH 31, 1995
<CAPTION>
January 31, 1995 February 28, 1995 March 31, 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. . . . . . . . 61,530 44,130 17,400 61,174 44,166 17,008 64,875 44,610 20,265
Coal Interests
(net of depletion) . . . . . 9,736 - 9,736 9,726 - 9,726 9,716 - 9,716
Mine Development Costs . . . . 2,292 2,043 249 2,292 2,047 245 2,292 2,050 242
Total Mining Plant in
Service. . . . . . . . . $73,882 $46,173 $27,709 $73,516 $46,213 $27,303 $77,207 $46,660 $30,547
</TABLE>
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
INFORMATION CONCERNING OPERATIONS
FOR THE QUARTER ENDED MARCH 31, 1995
There were no significant changes with regard to the Company's operations
during the quarter.
<PAGE>
<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
STATEMENTS OF COST OF OPERATION
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1995
<CAPTION>
Three
Months
January February March Ended
1995 1995 1995 3/31/95
(in thousands)
<S> <C> <C> <C> <C>
Direct Labor-UMW* . . . . . . . . . . . . . . . . $ 84 $ 86 $ 77 $ 247
Indirect Labor-UMW* . . . . . . . . . . . . . . . 534 511 599 1,644
Benefits-UMW* . . . . . . . . . . . . . . . . . . 613 763 1,152 2,528
Salaries and Benefits-Nonunion. . . . . . . . . . 746 511 256 1,513
Operating Supplies. . . . . . . . . . . . . . . . 498 644 706 1,848
Repair Parts and Materials. . . . . . . . . . . . 238 315 319 872
Electricity and Other Utilities . . . . . . . . . 228 213 220 661
Outside Services-Maintenance, Haulage
and Reclamation . . . . . . . . . . . . . . . . 65 135 135 335
Taxes Other Than Income Taxes** . . . . . . . . . 168 172 207 547
Rental of Equipment . . . . . . . . . . . . . . . 836 828 911 2,575
Depreciation, Depletion and Amortization. . . . . 151 148 148 447
Mining Cost Normalization***. . . . . . . . . . . (497) (98) (65) (660)
Reclamation Cost - Net. . . . . . . . . . . . . . (188) (200) (579) (967)
Other Production Costs. . . . . . . . . . . . . . 319 273 210 802
Subtotal. . . . . . . . . . . . . . . . . . . . . 3,795 4,301 4,296 12,392
Transfers of Production Costs (to)/from
Coal Inventory. . . . . . . . . . . . . . . . . 254 (118) 277 413
Total . . . . . . . . . . . . . . . . . $4,049 $4,183 $4,573 $12,805
* 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.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CENTRAL OHIO COAL COMPANY
SCHEDULE OF CHANGES IN COAL INVENTORY
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1995
<CAPTION>
January February March
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
Coal Stockpile:*
Ending Inventory. . . . . . . . . . . . . . . . . . . . . $ 159 $277 $ -
Beginning Inventory . . . . . . . . . . . . . . . . . . . 413 159 277
Increase (Decrease) in Coal
Stockpile Inventory . . . . . . . . . . . . . . . . . . $(254) $118 $(277)
* The production level of coal has been greater than the demand for coal at Muskingum
River Plant, which created a raw coal stockpile.
</TABLE>
