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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: October 25, 1995
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)
405-553-3000
(Registrant's telephone number, including area code)
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Item 5. Other Events
On October 23, 1995, the Company issued the following news release and
attached financial ststements:
OG&E Announces Earnings
-----------------------
Oklahoma Gas and Electric Company reported today that earnings were
$3.05 per common share for the twelve months ended September 30, 1995 compared
to $2.80 per common share for the same period in 1994. For the twelve month
period ending September 30, continued customer growth, improved operating
efficiencies and lower interest costs were the primary reasons for the higher
earnings. Enogex reported that earnings for the twelve month period were up 37
percent to $12.7 million due to improved operating efficiencies and increased
margins in gas sales.
Earnings for the third quarter were $2.39 per common share compared to
$2.12 in 1994. Third quarter results benefitted from a return to normal weather
in the company's service territory and continued customer growth. Enogex also
reported improved results due to their restructuring efforts.
The combination of a return to more normal weather and service area
growth contributed to record demands for electric power. Though an all time
record for electricity demand was set on July 12, OG&E was able to meet the
demand with power to spare. August electrical demand also exceeded levels from
previous years. This was the second consecutive year that a new record for
electricity demand was posted.
"As our service area grows and people's lives are increasingly
more dependent on electricity, the demand on OG&E is greater than ever," said
OG&E Chairman and Chief Executive Officer James G. Harlow Jr. "We welcome
that challenge because we are very well positioned to meet that demand now and
in the future."
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Consolidated Statements of Income Three Months Ended Twelve Months Ended
(Unaudited) September 30 September 30
1995 1994 1995 1994
------------ ------------ -------------- --------------
(thousands except per share data)
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric utility .................................... $ 436,846 $ 411,661 $ 1,168,985 $ 1,217,143
Non-utility subsidiary............................... 30,664 31,512 130,541 158,030
------------ ------------ -------------- --------------
Total operating revenues........................... 467,510 443,173 1,299,526 1,375,173
------------ ------------ -------------- --------------
OPERATING EXPENSES:
Fuel ................................................ 94,786 87,517 253,222 305,289
Purchased power...................................... 55,444 56,420 221,537 222,287
Gas purchased for resale............................. 20,953 20,661 85,807 122,231
Other operation...................................... 58,926 61,656 236,661 221,632
Maintenance.......................................... 16,767 15,238 54,699 72,878
Depreciation ........................................ 32,926 31,900 129,782 123,777
Current income taxes................................. 67,032 51,137 74,680 58,859
Deferred income taxes, net........................... (5,591) 3,042 1,677 13,935
Deferred investment tax credits, net................. (1,287) (1,287) (5,150) (5,150)
Taxes other than income.............................. 11,563 11,326 45,621 43,862
------------ ------------ -------------- --------------
Total operating expenses........................... 351,519 337,610 1,098,536 1,179,600
------------ ------------ -------------- --------------
OPERATING INCOME.......................................... 115,991 105,563 200,990 195,573
------------ ------------ -------------- --------------
OTHER INCOME AND DEDUCTIONS:
Interest income...................................... 446 398 4,420 2,424
Other................................................ (910) (1,205) (5,983) (3,547)
------------ ------------ -------------- --------------
Net other income and deductions.................... (464) (807) (1,563) (1,123)
------------ ------------ -------------- --------------
INTEREST CHARGES:
Interest on long-term debt........................... 15,742 17,129 62,055 69,885
Allowance for borrowed funds used
during construction................................ (34) (312) (1,381) (710)
Other................................................ 2,850 1,688 13,436 10,061
------------ ------------ -------------- --------------
Total interest charges, net........................ 18,558 18,505 74,110 79,236
------------ ------------ -------------- --------------
NET INCOME .............................................. 96,969 86,251 125,317 115,214
PREFERRED DIVIDEND REQUIREMENTS........................... 579 579 2,316 2,316
------------ ------------ -------------- --------------
EARNINGS AVAILABLE FOR COMMON ........................... $ 96,390 $ 85,672 $ 123,001 $ 112,898
============ ============ ============== ==============
AVERAGE COMMON SHARES OUTSTANDING......................... 40,355 40,340 40,351 40,340
EARNINGS PER AVERAGE COMMON SHARE......................... $ 2.39 $ 2.12 $ 3.05 $ 2.80
============ ============ ============== ==============
Consolidated Statements Three Months Ended Twelve Months Ended
of Retained Earnings September 30 September 30
(Unaudited) 1995 1994 1995 1994
------------ ------------ -------------- --------------
(dollars in thousands)
BALANCE AT BEGINNING OF PERIOD ........................... $ 378,528 $ 373,575 $ 432,424 $ 426,840
ADD-Net Income ........................................... 96,969 86,251 125,317 115,214
------------ ------------ -------------- --------------
Total ............................................... 475,497 459,826 557,741 542,054
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DEDUCT:
Cash dividends declared on preferred stock ............ 579 579 2,316 2,316
Cash dividends declared on common stock ............... 26,836 26,823 107,343 107,314
------------ ------------ -------------- --------------
Total ............................................... 27,415 27,402 109,659 109,630
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BALANCE AT END OF PERIOD ................................. $ 448,082 $ 432,424 $ 448,082 $ 432,424
============ ============ ============== ==============
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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/ D L Young
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D L Young
Controller
(On behalf of the registrant and in
his capacity as Chief Accounting Officer)
October 25, 1995
