<PAGE>
- --------------------------------------------------------------------------------
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: January 31, 1997
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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<PAGE>
Item 5. Other Events
- --------------------
As previously announced, Oklahoma Gas and Electric Company (the "Company")
became a subsidiary of OGE Energy Corp. on December 31, 1996, pursuant to a
corporate reorganization (the "Reorganization") whereby each share of the
Company's common stock was exchanged for a share of common stock of OGE Energy
Corp. As part of the transaction, the Company transferred its wholly-owned
subsidiary, Enogex Inc., and its subsidiaries to OGE Energy Corp. The utility
operations of the Company were not affected by the Reorganization. Attached as
Exhibit 99.01 are the Company's balance sheet at December 31, 1995 and the
Company's unaudited balance sheet at December 31, 1996, and the Company's income
statements for the years ended December 31, 1994 and December 31, 1995 and the
Company's unaudited income statement for the year ended December 31, 1996, after
giving effect, in each instance, to the Reorganization.
<PAGE>
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/ Donald R Rowlett
--------------------------------------
Donald R Rowlett
Controller Corporate Accounting
(On behalf of the registrant and in
his capacity as Chief Accounting Officer)
January 31, 1997
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
27.01 1996 Financial Data Schedule
27.02 Restated 1995 Financial Data Schedule
27.03 Restated 1994 Financial Data Schedule
99.01 Balance Sheets and Income Statements
<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from the Oklahoma
Gas and Electric Company unaudited Statements of Income and Balance Sheets as
reported on Form 8-K as of December 31, 1996 and is qualified in its entirety by
reference to such Form 8-K.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-1-1996
<PERIOD-END> DEC-31-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,040,502
<OTHER-PROPERTY-AND-INVEST> 21,869
<TOTAL-CURRENT-ASSETS> 268,804
<TOTAL-DEFERRED-CHARGES> 90,066
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 2,421,241
<COMMON> 116,177
<CAPITAL-SURPLUS-PAID-IN> 396,228
<RETAINED-EARNINGS> 328,630
<TOTAL-COMMON-STOCKHOLDERS-EQ> 841,035
0
49,379
<LONG-TERM-DEBT-NET> 709,281
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 41,400
<LONG-TERM-DEBT-CURRENT-PORT> 15,000
0
<CAPITAL-LEASE-OBLIGATIONS> 7,479
<LEASES-CURRENT> 3,241
<OTHER-ITEMS-CAPITAL-AND-LIAB> 754,426
<TOT-CAPITALIZATION-AND-LIAB> 2,421,241
<GROSS-OPERATING-REVENUE> 1,200,337
<INCOME-TAX-EXPENSE> 70,177
<OTHER-OPERATING-EXPENSES> 952,811
<TOTAL-OPERATING-EXPENSES> 1,022,988
<OPERATING-INCOME-LOSS> 177,349
<OTHER-INCOME-NET> 15,549
<INCOME-BEFORE-INTEREST-EXPEN> 176,435
<TOTAL-INTEREST-EXPENSE> 59,566
<NET-INCOME> 133,332
2,302
<EARNINGS-AVAILABLE-FOR-COMM> 131,030
<COMMON-STOCK-DIVIDENDS> 107,376
<TOTAL-INTEREST-ON-BONDS> 54,141
<CASH-FLOW-OPERATIONS> 0
<EPS-PRIMARY> 3.25
<EPS-DILUTED> 3.25
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from the Oklahoma
Gas and Electric Company Restated Statements of Income and Balance Sheets as
reported on Form 8-K as of December 31, 1995 and is qualified in its entirety by
reference to such Form 8-K.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,064,255
<OTHER-PROPERTY-AND-INVEST> 21,858
<TOTAL-CURRENT-ASSETS> 269,209
<TOTAL-DEFERRED-CHARGES> 104,102
<OTHER-ASSETS> 295,447
<TOTAL-ASSETS> 2,754,871
<COMMON> 116,177
<CAPITAL-SURPLUS-PAID-IN> 395,813
<RETAINED-EARNINGS> 425,545
<TOTAL-COMMON-STOCKHOLDERS-EQ> 937,535
0
49,939
<LONG-TERM-DEBT-NET> 843,862
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 67,600
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 10,899
<LEASES-CURRENT> 3,692
<OTHER-ITEMS-CAPITAL-AND-LIAB> 841,344
<TOT-CAPITALIZATION-AND-LIAB> 2,754,871
<GROSS-OPERATING-REVENUE> 1,168,287
<INCOME-TAX-EXPENSE> 65,315
<OTHER-OPERATING-EXPENSES> 921,955
<TOTAL-OPERATING-EXPENSES> 987,270
<OPERATING-INCOME-LOSS> 181,017
<OTHER-INCOME-NET> 14,984
<INCOME-BEFORE-INTEREST-EXPEN> 183,289
<TOTAL-INTEREST-EXPENSE> 70,745
<NET-INCOME> 125,256
2,316
<EARNINGS-AVAILABLE-FOR-COMM> 122,940
<COMMON-STOCK-DIVIDENDS> 107,355
<TOTAL-INTEREST-ON-BONDS> 63,970
<CASH-FLOW-OPERATIONS> 0
<EPS-PRIMARY> 3.05
<EPS-DILUTED> 3.05
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from the Oklahoma
Gas and Electric Company Restated Statements of Income as reported on Form 8-K
as of December 31, 1994 and is qualified in its entirety by reference to such
Form 8-K.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 0
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 0
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 0
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 0
<TOT-CAPITALIZATION-AND-LIAB> 0
<GROSS-OPERATING-REVENUE> 1,196,898
<INCOME-TAX-EXPENSE> 68,003
<OTHER-OPERATING-EXPENSES> 948,071
<TOTAL-OPERATING-EXPENSES> 1,016,074
<OPERATING-INCOME-LOSS> 180,824
<OTHER-INCOME-NET> 10,311
<INCOME-BEFORE-INTEREST-EXPEN> 181,145
<TOTAL-INTEREST-EXPENSE> 67,350
<NET-INCOME> 123,785
2,317
<EARNINGS-AVAILABLE-FOR-COMM> 121,468
<COMMON-STOCK-DIVIDENDS> 107,319
<TOTAL-INTEREST-ON-BONDS> 61,226
<CASH-FLOW-OPERATIONS> 0
<EPS-PRIMARY> 3.01
<EPS-DILUTED> 3.01
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit 99.01
Oklahoma Gas and Electric Company
Balance Sheets
December 31
Unaudited As Restated
1996 1995
------------- --------------
(dollars in thousands)
<S> <C> <C>
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
In service.................................................... $ 3,574,241 $ 3,523,708
Construction work in progress................................. 26,807 24,446
------------- --------------
Total property, plant and equipment...................... 3,601,048 3,548,154
Less accumulated depreciation........................ 1,560,546 1,483,899
------------- --------------
Net property, plant and equipment........................ 2,040,502 2,064,255
------------- --------------
OTHER PROPERTY AND INVESTMENTS, at cost......................... 21,869 21,858
------------- --------------
PROPERTY, EQUIPMENT AND OTHER LONG-TERM
ASSETS OF ENOGEX.............................................. - 295,447
------------- --------------
CURRENT ASSETS:
Cash and cash equivalents..................................... 200 397
Accounts receivable - customers, less reserve of
$3,520 and $3,847 respectively.............................. 96,067 88,509
Accrued unbilled revenues..................................... 34,900 43,550
Accounts receivable - other................................... 44,699 8,283
Fuel inventories, at LIFO cost................................ 60,463 59,277
Materials and supplies, at average cost....................... 20,387 18,856
Prepayments and other......................................... 3,094 3,479
Accumulated deferred tax assets............................... 8,994 10,042
Current assets of Enogex...................................... - 36,816
------------- --------------
Total current assets...................................... 268,804 269,209
------------- --------------
DEFERRED CHARGES:
Advance payments for gas...................................... 9,500 6,500
Income taxes recoverable - future rates....................... 44,368 41,934
Other......................................................... 36,198 55,668
------------- --------------
Total deferred charges.................................... 90,066 104,102
------------- --------------
TOTAL ASSETS.................................................... $ 2,421,241 $ 2,754,871
============= ==============
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common stock and retained earnings............................ $ 841,035 $ 937,535
Cumulative preferred stock.................................... 49,379 49,939
Long-term debt................................................ 709,281 723,862
Long-term debt of Enogex...................................... - 120,000
------------- --------------
Total capitalization...................................... 1,599,695 1,831,336
------------- --------------
CURRENT LIABILITIES:
Short-term debt............................................... 41,400 67,600
Accounts payable.............................................. 63,596 55,275
Dividends payable............................................. 27,421 27,427
Customers' deposits........................................... 23,257 21,920
Accrued taxes................................................. 25,037 26,556
Accrued interest.............................................. 16,386 15,967
Long-term debt due within one year............................ 15,000 -
Other......................................................... 35,739 32,953
Current liabilities of Enogex................................. - 24,458
------------- --------------
Total current liabilities................................. 247,836 272,156
------------- --------------
DEFERRED CREDITS AND OTHER LIABILITIES:
Accrued pension and benefit obligation........................ 57,137 63,983
Accumulated deferred income taxes............................. 429,766 427,178
Accumulated deferred investment tax credits................... 78,028 83,178
Other......................................................... 8,779 12,120
Deferred credits and other liabilities of Enogex.............. - 64,920
------------- --------------
Total deferred credits and other liabilities.............. 573,710 651,379
------------- --------------
TOTAL CAPITALIZATION AND LIABILITIES............................ $ 2,421,241 $ 2,754,871
============= ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit 99.01
Oklahoma Gas and Electric Company
Statements of Income
Year ended December 31
Unaudited As Restated
------------------------------------
1996 1995 1994
---------------- ----------------- ----------------
(thousands except per share data)
<S> <C> <C> <C>
OPERATING REVENUES:........................... $ 1,200,337 $ 1,168,287 $ 1,196,898
OPERATING EXPENSES:
Fuel .................................... 323,412 304,775 308,139
Purchased power.......................... 222,070 216,598 228,701
Other operation.......................... 196,008 194,234 176,668
Maintenance.............................. 57,168 55,639 65,182
Restructuring............................ - - 21,035
Depreciation and amortization............ 112,233 110,719 107,239
Current income taxes..................... 73,171 72,800 47,841
Deferred income taxes, net............... 2,156 (2,335) 25,312
Deferred investment tax credits, net..... (5,150) (5,150) (5,150)
Taxes other than income.................. 41,920 39,990 41,107
---------------- --------------- ----------------
Total operating expenses............... 1,022,988 987,270 1,016,074
---------------- --------------- ----------------
OPERATING INCOME.............................. 177,349 181,017 180,824
---------------- --------------- ----------------
OTHER INCOME AND DEDUCTIONS:
Interest income.......................... 3,187 6,556 5,204
Other.................................... (4,101) (4,284) (4,883)
---------------- --------------- ----------------
Net other income and deductions........ (914) 2,272 321
---------------- --------------- ----------------
INTEREST CHARGES:
Interest on long-term debt............... 54,141 63,970 61,226
Allowance for borrowed funds used
during construction.................... (709) (1,224) (1,073)
Other.................................... 6,134 7,999 7,197
---------------- --------------- ----------------
Total interest charges, net............ 59,566 70,745 67,350
---------------- --------------- ----------------
INCOME FROM CONTINUING OPERATIONS............. 116,869 112,544 113,795
INCOME FROM OPERATIONS OF ENOGEX
DISTRIBUTED TO OGE ENERGY CORP. (less
applicable taxes of $8,050, $3,502,
$4,068 respectively)....................... 16,463 12,712 9,990
---------------- --------------- ----------------
NET INCOME 133,332 125,256 123,785
PREFERRED DIVIDEND REQUIREMENTS............... 2,302 2,316 2,317
EARNINGS AVAILABLE FOR COMMON................. $ 131,030 $ 122,940 $ 121,468
================ =============== ================
AVERAGE COMMON SHARES OUTSTANDING............. 40,367 40,356 40,344
EARNINGS PER AVERAGE COMMON SHARE.............
Income from continuing operations.......... $ 2.84 $ 2.73 $ 2.76
Income from Enogex operations.............. 0.41 0.32 0.25
---------------- --------------- ----------------
Earnings per average common share.......... $ 3.25 $ 3.05 $ 3.01
================ =============== ================
</TABLE>
