---------------------------------------------------------------
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: August 3, 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)
-------------------------------------------------------------
<PAGE> 1
Item 7 Financial Statements and Exhibits
- ------ ---------------------------------
Holding Company Restructuring
- -----------------------------
As previously reported on it's Form 8-K Current Report
dated July 26, 1995, Oklahoma Gas and Electric Company ("OG&E")
has proposed a corporate restructuring pursuant to which it
will become a subsidiary of newly-formed holding company (the
"Holding Company") and OG&E's common stock will be exchanged on
a share-for-share basis for common stock of the Holding
Company. Also as a part of this restructuring, OG&E's
subsidiary, Enogex Inc., will become a direct subsidiary of the
Holding Company. The restructuring is subject to certain
conditions, including shareowner approval and the receipt of
regulatory approvals.
Unaudited Pro Forma Financial Information
- -----------------------------------------
The following unaudited pro forma financial information
presents the historical consolidated balance sheet, statements
of income and ratios of earnings to fixed charges of OG&E after
giving effect to the restructuring, including the transfer of
Enogex Inc. and its subsidiaries to the Holding Company. The
unaudited pro forma balance sheet at June 30, 1995, gives
effect to the restructuring as if it had occurred at June 30,
1995. The unaudited pro forma statements of income for each
of the years in the three-year period ended December 31, 1994,
and the six months ended June 30, 1995 and June 30, 1994, give
effect to the restructuring as if it had occurred at January 1,
1992. The unaudited pro forma ratios of earnings to fixed
charges for each of the years in the three years ended December
31, 1994, and for the twelve months ended June 30, 1995, give
effect to the restructuring as if it had occurred at January 1,
1992.
The following pro forma financial information has been
prepared from, and should be read in conjunction with, the
historical consolidated financial statements and related notes
thereto of OG&E. The following information is not necessarily
indicative of the financial position or operating results that
would have occurred had the transaction been consummated on the
date, or at the beginning of the periods, for which the
transaction is being given effect nor is it necessarily
indicative of future operating results or financial position.
<PAGE> 2
<TABLE>
OKLAHOMA GAS AND ELECTRIC COMPANY
UNAUDITED PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
<CAPTION>
Twelve Months
Ended Year Ended December 31,
June 30, 1995 1994 1993 1992
------------- ---- ---- ----
<S> <C> <C> <C> <C>
Unaudited Pro Forma Ratio of
Earnings to Fixed Charges 3.43 3.75 3.35 2.98
<FN>
For purposes of this ratio, "Earnings" consist of the
aggregate of net income, taxes on income, investment tax
credit (net) and "fixed charges." "Fixed charges" consist
of interest on long term debt, related amortization,
interest on short-term borrowings and a calculated portion
of rents considered to be interest.
See Notes to Unaudited Pro Forma Financial
Statements for a description of the assumptions used to
prepare the unaudited pro forma ratios of earnings to fixed
charges.
</TABLE>
<PAGE> 3
<TABLE>
Oklahoma Gas and Electric Company
Unaudited Pro Forma Balance Sheet
June 30, 1995
<CAPTION>
O.G.& E. Pro Forma Pro Forma
As Reported Adjustments O.G. & E.
----------- ----------- ----------
(dollars in thousands)
<S> <C> <C> <C>
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
In service . . . . . . . . . . . . . . . . . . . $ 3,808,462 $ (356,005) $ 3,452,457
Construction work in progress . . . . . . . . . 60,946 (14,576) 46,370
----------- ----------- -----------
Total property, plant and equipment . . . . . 3,869,408 (370,581) 3,498,827
Less accumulated depreciation . . . . . . . 1,539,402 (95,466) 1,443,936
----------- ----------- -----------
Net property, plant and equipment . . . . . . 2,330,006 (275,115) 2,054,891
----------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS, at cost . . . . . 8,321 (1,346) 6,975
----------- ----------- -----------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . . . 3,750 (3,334) 416
Accounts receivable - customers, less reserve . 117,327 (14,592) 102,735
Accrued unbilled revenues . . . . . . . . . . . 58,200 - 58,200
Accounts receivable - other . . . . . . . . . . 5,990 29,478 35,468
Fuel inventories, at LIFO cost . . . . . . . . . 59,759 (2,213) 57,546
Materials and supplies, at average cost . . . . 28,206 (4,969) 23,237
Prepayments and other . . . . . . . . . . . . . 9,827 (713) 9,114
Accumulated deferred tax assets . . . . . . . . 8,946 (364) 8,582
----------- ----------- -----------
Total current assets . . . . . . . . . . . . 292,005 3,293 295,298
----------- ----------- -----------
DEFERRED CHARGES:
Advance payments for gas . . . . . . . . . . . . 10,000 - 10,000
Income taxes recoverable - future rates . . . . 44,559 - 44,559
Other . . . . . . . . . . . . . . . . . . . . . 75,923 (13,861) 62,062
----------- ----------- -----------
Total deferred charges . . . . . . . . . . . 130,482 (13,861) 116,621
----------- ----------- -----------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . $ 2,760,814 $ (287,029) $ 2,473,785
=========== =========== ===========
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common stock and retained earnings . . . . . . $ 889,745 $ (103,708) $ 786,037
Cumulative preferred stock . . . . . . . . . . . 49,973 - 49,973
Long-term debt . . . . . . . . . . . . . . . . . 731,215 (6,100) 725,115
----------- ----------- -----------
Total capitalization . . . . . . . . . . . . 1,670,933 (109,808) 1,561,125
----------- ----------- -----------
CURRENT LIABILITIES:
Short-term debt . . . . . . . . . . . . . . . . 222,900 (90,000) 132,900
Accounts payable . . . . . . . . . . . . . . . 59,058 (14,638) 44,420
Dividends payable . . . . . . . . . . . . . . . 27,415 - 27,415
Customers' deposits . . . . . . . . . . . . . . 21,302 - 21,302
Accrued taxes . . . . . . . . . . . . . . . . . 35,411 (1,468) 33,943
Accrued interest . . . . . . . . . . . . . . . . 22,724 (366) 22,358
Long-term debt due within one year . . . . . . . 800 (800) -
Accumulated provision for rate refunds . . . . . 4,650 - 4,650
Other . . . . . . . . . . . . . . . . . . . . . 33,538 (1,242) 32,296
----------- ----------- -----------
Total current liabilities . . . . . . . . . . 427,798 (108,514) 319,284
----------- ----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES:
Accrued pension and benefit obligation . . . . . 77,375 (3,220) 74,155
Accumulated deferred income taxes . . . . . . . 489,767 (60,260) 429,507
Accumulated deferred investment tax credits . . 85,753 - 85,753
Other . . . . . . . . . . . . . . . . . . . . . 9,188 (5,227) 3,961
----------- ----------- -----------
Total deferred credits and other liabilities. 662,083 (68,707) 593,376
----------- ----------- -----------
TOTAL CAPITALIZATION AND LIABILITIES . . . . . . . $ 2,760,814 $ (287,029) $ 2,473,785
=========== =========== ===========
<FN>
See accompanying notes to unaudited pro forma financial statements.
</TABLE>
<PAGE 4
<TABLE>
Oklahoma Gas and Electric Company
Unaudited Pro Forma Statements of Income and Retained Earnings
Six Months ended June 30, 1995
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
(thousands except per share data)
<S> <C> <C> <C>
OPERATING REVENUES:
Electric Utility . . . . . . . . . . . $ 490,400 $ - $ 490,400
Non-Utility Subsidiary . . . . . . . . 60,229 (60,229) -
---------- ----------- ----------
Total Operating Revenues . . . . . . 550,629 (60,229) 490,400
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . 111,448 22,105 133,553
Purchased power . . . . . . . . . . . 107,362 - 107,362
Gas purchased for resale . . . . . . . 39,535 (39,535) -
Other operation . . . . . . . . . . . 111,058 (18,037) 93,021
Maintenance . . . . . . . . . . . . . 23,115 (943) 22,172
Depreciation and amortization . . . . 64,145 (9,584) 54,561
Current income taxes . . . . . . . . . 13,534 (720) 12,814
Deferred income taxes, net . . . . . . (861) (946) (1,807)
Deferred investment tax credits, net . (2,575) - (2,575)
Taxes other than income . . . . . . . 22,661 (1,991) 20,670
---------- ----------- ----------
Total operating expenses. . . . . . . 489,422 (49,651) 439,771
---------- ----------- ----------
OPERATING INCOME . . . . . . . . . . . . 61,207 (10,578) 50,629
---------- ----------- ----------
OTHER INCOME AND DEDUCTIONS:
Interest income . . . . . . . . . . . 2,388 (167) 2,221
Other . . . . . . . . . . . . . . . . (2,396) 33 (2,363)
---------- ----------- ----------
Net other income and deductions . . . (8) (134) (142)
---------- ----------- ----------
INTEREST CHARGES:
Interest on long-term debt . . . . . . 30,923 (250) 30,673
Allowance for borrowed funds used
during construction . . . . . . . . . (993) - (993)
Other . . . . . . . . . . . . . . . . 7,872 (4,169) 3,703
---------- ---------- ----------
Total interest charges, net . . . . . 37,802 (4,419) 33,383
---------- ---------- ----------
NET INCOME . . . . . . . . . . . . . . . 23,397 (6,293) 17,104
PREFERRED DIVIDEND REQUIREMENTS . . . . 1,158 - 1,158
---------- ---------- ----------
EARNINGS AVAILABLE FOR COMMON . . . . . $ 22,239 $ (6,293) $ 15,946
========== ========== ==========
AVERAGE COMMON SHARES OUTSTANDING . . . 40,354 40,354
EARNINGS PER AVERAGE COMMON SHARE . . . $ 0.55 $ (0.15) $ 0.40
</TABLE>
<TABLE>
STATEMENT OF RETAINED EARNINGS
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
<S> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . $ 409,960 $ (104,197) $ 305,763
ADD-net income . . . . . . . . . . . . . 23,397 (6,293) 17,104
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . . 433,357 (110,490) 322,867
DEDUCT:
Cash dividends declared on preferred
stock . . . . . . . . . . . . . . . . 1,158 - 1,158
Cash dividends declared on common
stock . . . . . . . . . . . . . . . . 53,671 (6,782) 46,889
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . 54,829 (6,782) 48,047
---------- ----------- ----------
BALANCE AT END OF PERIOD . . . . . . . . $ 378,528 $ (103,708) $ 274,820
========== =========== ==========
<FN>
See accompanying notes to unaudited pro forma financial statements.
</TABLE>
<PAGE> 5
<TABLE>
Oklahoma Gas and Electric Company
Unaudited Pro Forma Statements of Income and Retained Earnings
Six Months ended June 30, 1994
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
(thousands except per share data)
<S> <C> <C> <C>
OPERATING REVENUES:
Electric Utility . . . . . . . . . . . $ 543,497 $ - $ 543,497
Non-Utility Subsidiary . . . . . . . . 87,110 (87,110) -
---------- ----------- ----------
Total Operating Revenues . . . . . . 630,607 (87,110) 543,497
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . 128,825 22,298 151,123
Purchased power . . . . . . . . . . . 113,550 - 113,550
Gas purchased for resale . . . . . . . 68,064 (68,064) -
Other operation . . . . . . . . . . . 109,593 (18,388) 91,205
Maintenance . . . . . . . . . . . . . 37,248 (930) 36,318
Depreciation and amortization . . . . 61,766 (8,455) 53,311
Current income taxes . . . . . . . . . 4,878 (2,871) 2,007
Deferred income taxes, net . . . . . . 15,920 618 16,538
Deferred investment tax credits, net . (2,575) - (2,575)
Taxes other than income . . . . . . . 22,227 (1,912) 20,315
---------- ----------- ----------
Total operating expenses. . . . . . . 559,496 (77,704) 481,792
---------- ----------- ----------
OPERATING INCOME . . . . . . . . . . . . 71,111 (9,406) 61,705
---------- ----------- ----------
OTHER INCOME AND DEDUCTIONS:
Interest income . . . . . . . . . . . 1,426 (117) 1,309
Other . . . . . . . . . . . . . . . . (1,695) (98) (1,793)
---------- ----------- ----------
Net other income and deductions . . . (269) (215) (484)
---------- ----------- ----------
INTEREST CHARGES:
Interest on long-term debt . . . . . . 35,162 (4,547) 30,615
Allowance for borrowed funds used
during construction . . . . . . . . . (407) - (407)
Other . . . . . . . . . . . . . . . . 3,505 (482) 3,023
---------- ---------- ----------
Total interest charges, net . . . . . 38,260 (5,029) 33,231
---------- ---------- ----------
NET INCOME . . . . . . . . . . . . . . . 32,582 (4,592) 27,990
PREFERRED DIVIDEND REQUIREMENTS . . . . 1,158 - 1,158
---------- ---------- ----------
EARNINGS AVAILABLE FOR COMMON . . . . . $ 31,424 $ (4,592) $ 26,832
========== ========== ==========
AVERAGE COMMON SHARES OUTSTANDING . . . 40,346 40,346
EARNINGS PER AVERAGE COMMON SHARE . . . $ 0.78 $ (0.11) $ 0.67
</TABLE>
<TABLE>
STATEMENT OF RETAINED EARNINGS
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
<S> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . $ 395,811 $ (103,277) $ 292,534
ADD-net income . . . . . . . . . . . . . 32,582 (4,592) 27,990
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . . 428,393 (107,869) 320,524
DEDUCT:
Cash dividends declared on preferred
stock . . . . . . . . . . . . . . . . 1,158 - 1,158
Cash dividends declared on common
stock . . . . . . . . . . . . . . . . 53,661 (3,543) 50,118
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . 54,819 (3,543) 51,276
---------- ----------- ----------
BALANCE AT END OF PERIOD . . . . . . . . $ 373,574 $ (104,326) $ 269,248
========== =========== ==========
<FN>
See accompanying notes to unaudited pro forma financial statements.
</TABLE>
<PAGE> 6
<TABLE>
Oklahoma Gas and Electric Company
Unaudited Pro Forma Statements of Income and Retained Earnings
For the year ended December 31, 1994
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
(thousands except per share data)
<S> <C> <C> <C>
OPERATING REVENUES:
Electric Utility . . . . . . . . . . . $ 1,196,898 $ - $ 1,196,898
Non-Utility Subsidiary . . . . . . . . 158,270 (158,270) -
----------- ----------- -----------
Total Operating Revenues . . . . . . 1,355,168 (158,270) 1,196,898
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . 263,329 44,810 308,139
Purchased power . . . . . . . . . . . 228,701 - 228,701
Gas purchased for resale . . . . . . . 114,044 (114,044) -
Other operation . . . . . . . . . . . 216,961 (40,293) 176,668
Maintenance . . . . . . . . . . . . . 67,233 (2,051) 65,182
Restructuring . . . . . . . . . . . . 21,035 - 21,035
Depreciation and amortization . . . . 126,377 (19,138) 107,239
Current income taxes . . . . . . . . . 50,129 (2,288) 47,841
Deferred income taxes, net . . . . . . 27,092 (1,780) 25,312
Deferred investment tax credits, net . (5,150) - (5,150)
Taxes other than income . . . . . . . 44,951 (3,844) 41,107
------------ ----------- ------------
Total operating expenses. . . . . . . 1,154,702 (138,628) 1,016,074
------------ ----------- ------------
OPERATING INCOME . . . . . . . . . . . . 200,466 (19,642) 180,824
------------ ----------- ------------
OTHER INCOME AND DEDUCTIONS:
Interest income . . . . . . . . . . . 3,409 (234) 3,175
Other . . . . . . . . . . . . . . . . (5,576) 693 (4,883)
------------ ----------- ------------
Net other income and deductions . . . (2,167) 459 (1,708)
------------ ----------- ------------
INTEREST CHARGES:
Interest on long-term debt . . . . . . 67,680 (6,454) 61,226
Allowance for borrowed funds used
during construction . . . . . . . . . (1,073) - (1,073)
Other . . . . . . . . . . . . . . . . 7,907 (2,739) 5,168
------------ ----------- ------------
Total interest charges, net . . . . . 74,514 (9,193) 65,321
------------ ----------- ------------
NET INCOME . . . . . . . . . . . . . . . 123,785 (9,990) 113,795
PREFERRED DIVIDEND REQUIREMENTS . . . . 2,317 - 2,317
------------ ----------- ------------
EARNINGS AVAILABLE FOR COMMON . . . . . $ 121,468 $ (9,990) $ 111,478
============ =========== ============
AVERAGE COMMON SHARES OUTSTANDING . . . 40,344 40,344
EARNINGS PER AVERAGE COMMON SHARE . . . $ 3.01 $ (0.25) $ 2.76
</TABLE>
<TABLE>
STATEMENT OF RETAINED EARNINGS
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
<S> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . $ 395,811 $ (103,277) $ 292,534
ADD-net income . . . . . . . . . . . . . 123,785 (9,990) 113,795
------------ ----------- -----------
Total . . . . . . . . . . . . . . . . . 519,596 (113,267) 406,329
DEDUCT:
Cash dividends declared on preferred
stock . . . . . . . . . . . . . . . . 2,317 - 2,317
Cash dividends declared on common
stock . . . . . . . . . . . . . . . . 107,319 (9,070) 98,249
------------ ----------- -----------
Total . . . . . . . . . . . . . . . . 109,636 (9,070) 100,566
------------ ----------- -----------
BALANCE AT END OF PERIOD . . . . . . . . $ 409,960 $ (104,197) $ 305,763
============ =========== ===========
<FN>
See accompanying notes to unaudited pro forma financial statements.
</TABLE>
<PAGE> 7
<TABLE>
Oklahoma Gas and Electric Company
Unaudited Pro Forma Statements of Income and Retained Earnings
For the year ended December 31, 1993
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
(thousands except per share data)
<S> <C> <C> <C>
OPERATING REVENUES:
Electric Utility . . . . . . . . . . . $ 1,282,816 $ - $ 1,282,816
Non-Utility Subsidiary . . . . . . . . 164,436 (164,436) -
----------- ----------- -----------
Total Operating Revenues . . . . . . 1,447,252 (164,436) 1,282,816
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . 383,207 54,940 438,147
Purchased power . . . . . . . . . . . 218,689 - 218,689
Gas purchased for resale . . . . . . . 140,311 (140,311) -
Other operation . . . . . . . . . . . 196,323 (29,696) 166,627
Maintenance . . . . . . . . . . . . . 78,665 (1,878) 76,787
Depreciation and amortization . . . . 119,543 (15,200) 104,343
Current income taxes . . . . . . . . . 72,003 (7,357) 64,646
Deferred income taxes, net . . . . . . 5,286 (2,018) 3,268
Deferred investment tax credits, net . (5,150) - (5,150)
Taxes other than income . . . . . . . 43,222 (3,760) 39,462
------------ ----------- ------------
Total operating expenses. . . . . . . 1,252,099 (145,280) 1,106,819
------------ ----------- ------------
OPERATING INCOME . . . . . . . . . . . . 195,153 (19,156) 175,997
------------ ----------- ------------
OTHER INCOME AND DEDUCTIONS:
Interest income . . . . . . . . . . . 1,431 (398) 1,033
Other . . . . . . . . . . . . . . . . (2,732) (63) (2,795)
------------ ----------- ------------
Net other income and deductions . . . (1,301) (461) (1,762)
------------ ----------- ------------
INTEREST CHARGES:
Interest on long-term debt . . . . . . 70,490 (9,093) 61,397
Allowance for borrowed funds used
during construction . . . . . . . . . (433) - (433)
Other . . . . . . . . . . . . . . . . 9,518 (977) 8,541
------------ ----------- ------------
Total interest charges, net . . . . . 79,575 (10,070) 69,505
------------ ----------- ------------
NET INCOME . . . . . . . . . . . . . . . 114,277 (9,547) 104,730
PREFERRED DIVIDEND REQUIREMENTS . . . . 2,317 - 2,317
------------ ----------- ------------
EARNINGS AVAILABLE FOR COMMON . . . . . $ 111,960 $ (9,547) $ 102,413
============ =========== ============
AVERAGE COMMON SHARES OUTSTANDING . . . 40,328 40,328
EARNINGS PER AVERAGE COMMON SHARE . . . $ 2.78 $ (0.24) $ 2.54
</TABLE>
<TABLE>
STATEMENT OF RETAINED EARNINGS
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
<S> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . $ 391,135 $ (87,089) $ 304,046
ADD-net income . . . . . . . . . . . . . 114,277 (9,547) 104,730
------------ ----------- -----------
Total . . . . . . . . . . . . . . . . . 505,412 (96,636) 408,776
DEDUCT:
Cash dividends declared on preferred
stock . . . . . . . . . . . . . . . . 2,317 - 2,317
Cash dividends declared on common
stock . . . . . . . . . . . . . . . . 107,284 6,641 113,925
------------ ----------- -----------
Total . . . . . . . . . . . . . . . . 109,601 6,641 116,242
------------ ----------- -----------
BALANCE AT END OF PERIOD . . . . . . . . $ 395,811 $ (103,277) $ 292,534
============ =========== ===========
<FN>
See accompanying notes to unaudited pro forma financial statements.
</TABLE>
<PAGE> 8
<TABLE>
Oklahoma Gas and Electric Company
Unaudited Pro Forma Statements of Income and Retained Earnings
For the year ended December 31, 1992
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
(thousands except per share data)
<S> <C> <C> <C>
OPERATING REVENUES:
Electric Utility . . . . . . . . . . . $ 1,193,993 $ - $ 1,193,993
Non-Utility Subsidiary . . . . . . . . 120,991 (120,991) -
----------- ----------- -----------
Total Operating Revenues . . . . . . 1,314,984 (120,991) 1,193,993
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . 377,575 54,950 432,525
Purchased power . . . . . . . . . . . 182,230 - 182,230
Gas purchased for resale . . . . . . . 97,486 (97,486) -
Other operation . . . . . . . . . . . 193,622 (32,553) 161,069
Maintenance . . . . . . . . . . . . . 72,439 (1,357) 71,082
Depreciation and amortization . . . . 110,700 (10,169) 100,531
Current income taxes . . . . . . . . . 61,325 (9,863) 51,462
Deferred income taxes, net . . . . . . 4,346 (1,562) 2,784
Deferred investment tax credits, net . (5,465) - (5,465)
Taxes other than income . . . . . . . 43,722 (3,516) 40,206
------------ ----------- ------------
Total operating expenses. . . . . . . 1,137,980 (101,556) 1,036,424
------------ ----------- ------------
OPERATING INCOME . . . . . . . . . . . . 177,004 (19,435) 157,569
------------ ----------- ------------
OTHER INCOME AND DEDUCTIONS:
Interest income . . . . . . . . . . . 629 (141) 488
Other . . . . . . . . . . . . . . . . (1,196) (1,252) (2,448)
------------ ----------- ------------
Net other income and deductions . . . 567 (1,393) (1,960)
------------ ----------- ------------
INTEREST CHARGES:
Interest on long-term debt . . . . . . 71,230 (9,093) 62,137
Allowance for borrowed funds used
during construction . . . . . . . . . (809) - (809)
Other . . . . . . . . . . . . . . . . 6,304 (316) 5,988
------------ ----------- ------------
Total interest charges, net . . . . . 76,725 (9,409) 67,316
------------ ----------- ------------
NET INCOME . . . . . . . . . . . . . . . 99,712 (11,419) 88,293
PREFERRED DIVIDEND REQUIREMENTS . . . . 2,317 - 2,317
------------ ----------- ------------
EARNINGS AVAILABLE FOR COMMON . . . . . $ 97,395 $ (11,419) $ 85,976
============ =========== ============
AVERAGE COMMON SHARES OUTSTANDING . . . 40,310 40,310
EARNINGS PER AVERAGE COMMON SHARE . . . $ 2.42 $ (0.29) $ 2.13
</TABLE>
<TABLE>
STATEMENT OF RETAINED EARNINGS
<CAPTION>
O.G. & E. Pro Forma Pro Forma
(As Reported) Adjustments O.G. & E.
------------- ----------- -------------
<S> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD . . . . . $ 400,976 $ (87,332) $ 313,644
ADD-net income . . . . . . . . . . . . . 99,712 (11,419) 88,293
------------ ----------- -----------
Total . . . . . . . . . . . . . . . . . 500,688 (98,751) 401,937
DEDUCT:
Cash dividends declared on preferred
stock . . . . . . . . . . . . . . . . 2,317 - 2,317
Cash dividends declared on common
stock . . . . . . . . . . . . . . . . 107,236 (11,662) 95,574
------------ ----------- -----------
Total . . . . . . . . . . . . . . . . 109,553 (11,662) 97,891
------------ ----------- -----------
BALANCE AT END OF PERIOD . . . . . . . . $ 391,135 $ (87,089) $ 304,046
============ =========== ===========
<FN>
See accompanying notes to unaudited pro forma financial statements.
</TABLE>
<PAGE> 9
OKLAHOMA GAS AND ELECTRIC COMPANY
NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS
1. Subsidiary assets, liabilities, equity and results of
operations have been eliminated from consolidated
Oklahoma Gas and Electric Company amounts to reflect
the transfer of ownership and control of all
consolidated subsidiaries from Oklahoma Gas and
Electric Company to the Holding Company.
2. After the transaction, Oklahoma Gas and Electric
Company will not retain ownership of the subsidiary
currently being consolidated. Consequently,
intercompany transactions between Oklahoma Gas and
Electric Company and its current consolidated
subsidiary have not been eliminated in the pro forma
financial statements.
The most significant intercompany transactions are
transmission fees and related charges to Oklahoma
Gas and Electric Company from Enogex, its
subsidiary whose core business has been to deliver
natural gas to Oklahoma Gas and Electric Company power
plants. The amount of these charges were $22.1 million
for the 6 months ended June 30, 1995; $22.3 million for
the 6 months ended June 30, 1994; $44.8 million for the
year ended December 31, 1994; $54.9 million for the
year ended December 31, 1993; and $55.0 million for the
year ended December 31, 1992.
<PAGE> 10
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
----------------------------
D. L. Young
Controller
(On behalf of the registrant and in
his capacity as Chief Accounting Officer)
August 3, 1995
