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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: February 28, 1994
Commission file number 1-1097
OKLAHOMA GAS AND ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
Oklahoma 73-0382390
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 North Robinson
P. O. Box 321
Oklahoma City, Oklahoma 73101-0321
(Address of principal executive offices)
(Zip Code)
405-272-3000
(Registrant's telephone number, including area code)
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Item 5. Other Events
Reference is made to paragraph No. 1 under Item 3 of the Company's
Form 10-K for the year ended December 31, 1992, and to Item 1 of Part II of the
Company's Form 10-Q for the quarters ended March 31, 1993, June 30, 1993 and
September 30, 1993, and Form 8-K dated October 1, 1993, regarding the rate case
before the Oklahoma Corporation Commission (the "Commission").
On February 25, 1994, the Commission issued an order in this case
directing the Company to make refunds and to reduce its rates. When the
Company received the Commission order, it responded the same day with the
following news release:
OG&E DISAPPOINTED WITH RATE ORDER; IMPACT NOT YET KNOWN
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Oklahoma Gas and Electric Company officials are
disappointed with the Oklahoma Corporation Commission's
refund and rate order issued today. The state agency
directed the Company to refund about $41 million and to
reduce rates by a total of about $17 million a year.
"We felt OG&E presented strong evidence that rates were
fair as they were, and we're disappointed that the
Commission didn't agree with us," said OG&E spokesman
Grant Ringel.
"We don't yet know how the Commission's order will affect
OG&E," said Ringel. "The state couldn't take this much
money away from any Oklahoma company without seriously
hurting it. But we'll need to study the order before we
can calculate the exact impact and know what action we
must take."
OG&E has notified all of its employees that due to the
rate case and ever-increasing competition in the utility
industry, the Company will be conducting a complete
review and redesign that could result in downsizing or
other cost-cutting measures. The Company also has frozen
salaries and hiring.
OG&E's rates last changed in 1986 when they were
voluntarily reduced. OG&E has not increased rates for
nearly ten years.
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On February 28, 1994, in connection with the Commission's order, the
Company issued the following news release:
OG&E RELEASES QUARTERLY AND 1993 YEAR END EARNINGS
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The Oklahoma Gas and Electric Company today released
Consolidated Statements of Income for the quarter and
year ended December 31, 1993.
As announced previously, the Oklahoma Corporation
Commission issued an order on February 25, 1994,
directing the Company, among other things, to refund
approximately $41 million. Of the $41 million ordered
refund, $39 million is attributable to revenues
recognized through December 31, 1993, while the remaining
$2 million relates to 1994 revenues. As a result of the
ordered refund, earnings in 1993 were adversely impacted
by approximately $.32 per share.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OKLAHOMA GAS AND ELECTRIC COMPANY
(Registrant)
By /s/ B G Bunce
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B G Bunce
SENIOR VICE PRESIDENT
ACCOUNTING AND ADMINISTRATION
(On behalf of the registrant and in
his capacity as Chief Accounting Officer)
February 28, 1994
