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Previous: SECURED INVESTMENT RESOURCES FUND LP II, 10-Q, 1995-11-16 |
Next: CSW ENERGY INC, POS AMC, 1995-11-16 |
<PAGE>
File No. 70-7758
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 13 (POST-EFFECTIVE) TO
FORM U-1 APPLICATION-DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
CENTRAL AND SOUTH WEST CORPORATION
1616 Woodall Rodgers Freeway
P.O. Box 660164
Dallas, Texas 75202
CSW ENERGY, INC.
1616 Woodall Rodgers Freeway
P.O. Box 660789
Dallas, Texas 75202
(Names of companies filing this statement and
addresses of principal executive offices)
CENTRAL AND SOUTH WEST CORPORATION
(Name of top registered holding company parent)
Stephen J. McDonnell
Treasurer
Central and South West Corporation
1616 Woodall Rodgers Freeway
P.O. Box 660164
Dallas, Texas 75202
Terry D. Dennis
President
CSW Energy, Inc.
1616 Woodall Rodgers Freeway
P.O. Box 660789
Dallas, Texas 75202
Joris M. Hogan
Milbank, Tweed, Hadley & McCloy
One Chase Manhattan Plaza
New York, NY 10005-1413
(Names and addresses of agents for service)
Respectfully request that copies be sent to:
Adam Wenner Edwin F. Feo
Milbank, Tweed, Hadley & McCloy Milbank, Tweed, Hadley &
International Square Building McCloy
1825 Eye Street, N.W., Suite 1100 601 South Figueroa Street
Washington, D.C. 20006 Los Angeles, CA 90017
Central and South West Corporation, a Delaware corporation
("CSW") and a registered holding company under the Public Utility
Holding Company Act of 1935, as amended (the "Act") and CSW Energy, Inc.,
a Texas corporation and wholly-owned nonutility subsidiary of CSW
("Energy"), hereby file this Amendment No. 13 (post-effective) to the
Form U-1 Application-Declaration (the "Application-Declaration") in order
to amend the Application-Declaration in the manner described below. Except
as provided in this Amendment No. 13 (post-effective) (this "Amendment"), the
Application-Declaration remains as previously filed.
Item 6. Exhibits and Financial Statements
Item 6 is hereby amended to file the following amended
exhibit:
Amended
Exhibit 3 - Financial Statements per books and pro forma as of
September 30, 1995 of CSW and Subsidiaries (consolidated), CSW
and Energy.
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, as amended, the undersigned company has duly
caused this document to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 16, 1995
CENTRAL AND SOUTH WEST CORPORATION
By:/s/ STEPHEN J. MCDONNELL
Stephen J. McDonnell
Treasurer
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, as amended, the undersigned company has duly
caused this document to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 16, 1995
CSW ENERGY, INC.
By:/s/ TERRY D. DENNIS
Terry D. Dennis
President and Chief Executive Officer
EXHIBIT TRANSMISSION
NUMBER EXHIBIT METHOD
- ------- ------- ------------
3 Financial Statements per books and Electronic
pro forma as of September 30, 1995 of
CSW and Subsidiaries (consolidated),
CSW and Energy.
<PAGE>
INDEX EXHIBIT 3
TO
FINANCIAL STATEMENTS Page
Number
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of September 30, 1995 2 - 3
Consolidated Statement of Income for the Twelve Months Ended
September 30, 1995 4
Consolidated Statement of Retained Earnings for the Twelve Months
Ended September 30, 1995 5
Statements of Long-Term Debt Outstanding as of September 30, 1995 6 - 9
Statements of Preferred Stock Outstanding as of September 30, 1995 10
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of September 30, 1995 11
Statement of Income for the Twelve Months Ended September 30, 1995 12
CSW ENERGY, INC.
Balance Sheets - Per Books and Pro Forma as of September 30, 1995 13
Statement of Income for the Twelve Months Ended September 30, 1995 14
Statement of Retained Earnings for the Twelve Months Ended September
30, 1995 15
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS 16
STATEMENT OF CHANGES 17
CAPITALIZATION RATIOS - Per books and Pro forma 18
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 19
<PAGE> 2
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1995
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
---------- ---------- ----------
ASSETS
PLANT
Electric utility
Production $5,851 $5,851
Transmission 1,442 1,442
Distribution 2,641 2,641
General 807 807
Construction work in progress 441 441
Nuclear fuel 164 164
Gas 840 840
Other diversified 17 17
---------- ---------- ----------
12,203 0 12,203
Less - Accumulated depreciation 4,146 4,146
---------- ---------- ----------
8,057 0 8,057
---------- ---------- ----------
CURRENT ASSETS
Cash and temporary cash investments 61 61
Accounts receivable 1,006 1,006
Materials and supplies, at average cost 169 169
Electric fuel inventory, substantially at
average cost 133 133
Gas inventory/products for resale 28 28
Accumulated deferred income taxes 34 34
Prepayments and other 52 52
---------- ---------- ----------
1,483 0 1,483
---------- ---------- ----------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 515 515
Mirror CWIP asset - net 314 314
Other non-utility investments 328 100 428
Income tax related regulatory assets, net 278 278
Other 321 321
---------- ---------- ----------
1,756 100 1,856
---------- ---------- ----------
$11,296 $100 $11,396
========== ========== ==========
<PAGE> 3
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1995
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
---------- ---------- ----------
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value,
authorized 350,000,000 shares;
issued and outstanding 192,300,000
shares $673 $673
Paid-in capital 597 597
Retained earnings 1,914 1,914
---------- ---------- ----------
Total Common Stock Equity 3,184 0 3,184
Preferred stock
Not subject to mandatory redemption 292 292
Subject to mandatory redemption 34 34
Long-term debt 3,001 3,001
---------- ---------- ----------
Total Capitalization 6,511 0 6,511
---------- ---------- ----------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 32 32
Short-term debt 758 100 858
Short-term debt - CSW Credit 786 786
Accounts payable 253 253
Accrued taxes 167 167
Accrued interest 70 70
Refund due customers 22 22
Over-recovered fuel costs 35 35
Other 124 124
---------- ---------- ----------
2,247 100 2,347
---------- ---------- ----------
DEFERRED CREDITS
Income taxes 2,111 2,111
Investment tax credits 309 309
Mirror CWIP liability and other 118 118
---------- ---------- ----------
2,538 0 2,538
---------- ---------- ----------
$11,296 $100 $11,396
========== ========== ==========
<PAGE> 4
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1995
UNAUDITED
(Millions)
OPERATING REVENUES $3,456
----------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 1,040
Gas purchased for resale 277
Gas extraction and marketing 110
Other operating 536
Charges for terminated merger 42
Maintenance 165
Depreciation and amortization 372
Taxes, other than federal income 184
Federal income taxes 93
----------
2,819
----------
OPERATING INCOME 637
----------
OTHER INCOME AND DEDUCTIONS
Mirror CWIP liability amortization 48
Other 63
----------
111
INCOME BEFORE INTEREST CHARGES 748
----------
INTEREST CHARGES
Interest on long-term debt 227
Interest on short-term debt and other 99
----------
326
----------
NET INCOME 422
Preferred stock dividends 18
----------
NET INCOME FOR COMMON STOCK $404
==========
<PAGE> 5
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1995
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1994 $1,841
Add: Net income for common stock 404
----------
2,245
Deduct: Common stock dividends 328
True-up of proir period liability 4
----------
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $1,913
==========
<PAGE> 6
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING
AS OF SEPTEMBER 30, 1995
UNAUDITED
(Millions)
CENTRAL POWER AND LIGHT COMPANY
First mortgage bonds -
Series J, 6-5/8%, due January 1, 1998 $28
Series L, 7%, due February 1, 2001 36
Series T, 7-1/2%, due December 15, 2014 112
Series AA, 7-1/2%, due March 1, 2020 50
Series BB, 6%, due October 1, 1997 200
Series CC, 7-1/4%, due October 1, 2004 100
Series DD, 7-1/8%, due December 1, 1999 25
Series EE, 7-1/2%, due December 1, 2002 115
Series FF, 6-7/8%, due February 1, 2003 50
Series GG, 7-1/8%, due February 1, 2008 75
Series HH, 6%, due April 1, 2000 100
Series II, 7-1/2%, due April 1, 2023 100
Series JJ, 7-1/2%, due May 1, 1999 100
Series KK, 6-5/8%, due July 1, 2005 200
Installment sales agreements -
Pollution control bonds
Series 1974 7-1/8%, due June 1, 2004 8
Series 1977 6%, due November 1, 2007 34
Series 1984 7-7/8%, due September 15, 2014 6
Series 1986 7-7/8%, due December 1, 2016 60
Series 1993 6%, due July 1, 2028 120
Series 1995 6-1/10%, due July 28, 2028 101
Unamortized discount (6)
Unamortized costs of reacquired debt (97)
Amount to be redeemed within one year 1
----------
$1,518
----------
<PAGE> 7
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1995
UNAUDITED
(Millions)
PUBLIC SERVICE COMPANY OF OKLAHOMA
First mortgage bonds -
Series J, 5-1/4%, due March 1, 1996 $25
Series K, 7-1/4%, due January 1, 1999 25
Series L, 7-3/8%, due March 1, 2002 30
Series S, 7-1/4%, due July 1, 2003 65
Series T, 7-3/8%, due December 1, 2004 50
Series U, 6-1/4%, due April 1, 2003 35
Series V, 7-3/8%, due April 1, 2023 100
Series W, 6-1/2%, due June 1, 2005 50
Installment sales agreements -
Pollution control bonds
Series A, 5.9%, due December 1, 2007 35
Series 1984 7-7/8, due December 15, 2014 13
Unamortized discount (5)
Unamortized costs of reacquired debt (19)
Amount to be redeemed within one year (25)
----------
$379
----------
<PAGE> 8
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1995
UNAUDITED
(Millions)
SOUTHWESTERN ELECTRIC POWER COMPANY
First mortgage bonds -
Series V, 7-3/4%, due June 1, 2004 $40
Series W, 6-1/8%, due December 1, 1999 40
Series X, 7%, due September 1, 2007 90
Series Y, 6-5/8%, due February 1, 2003 55
Series Z, 7-1/4%, due July 1, 2023 45
Series AA, 5-1/4%, due April 1, 2000 45
Series BB, 6-7/8%, due October 1, 2025 80
1976 Series A, 6.2%, due November 1, 2006 7
1976 Series B, 6.2%, due November 1, 2006 1
Installment sales agreements -
Pollution control bonds
1978 Series A, 6%, due January 1, 2008 14
Series 1986, 8.2%, due July 1, 2014 82
1991 Series A, 8.2%, due August 1, 2011 17
1991 Series B, 6.9%, due November 1, 2004 12
Series 1992, 7.6%, due January 1, 2019 54
Bank loan, variable rate, due June 15, 2000 50
Railcar lease obligations 14
Unamortized discount and premium (3)
Unamortized costs of reacquired debt (44)
Amount to be redeemed within one year (4)
----------
$595
----------
WEST TEXAS UTILITIES COMPANY
First mortgage bonds -
Series 0, 9-1/4%, due December 1, 2019 $53
Series P, 7-3/4%, due July 1, 2007 25
Series Q, 6-7/8%, due October 1, 2002 35
Series R, 7%, due October 1, 2004 40
Series S, 6-1/8%, due February 1, 2004 40
Series T, 7-1/2%, due April 1, 2000 40
Installment sales agreement -
Pollution control bonds
Series 1984, 7-7/8%, due September 15, 2014 44
Unamortized discount and premium (1)
Unamortized costs of reacquired debt (26)
Amount to be redeemed within one year (1)
----------
$249
----------
<PAGE> 9
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1995
UNAUDITED
(millions)
TRANSOK, INC.
Note payable, 8.960%, due April 17, 2017 $15
Note payable, 8.280%, due April 16, 2007 3
Note payable, 8.130%, due April 16, 2002 3
Note payable, 8.125%, due April 22, 2002 17
Note payable, 8.900%, due May 21, 2012 5
Note payable, 7.810%, due May 20, 1999 3
Note payable, 8.250%, due May 20, 2004 1
Note payable, 8.170%, due May 22, 2003 2
Note payable, 7.750%, due May 21, 1999 5
Note payable, 8.170%, due May 28, 2004 2
Note payable, 8.280%, due June 3, 2003 4
Note payable, 8.340%, due June 2, 2004 2
Note payable, 8.350%, due August 27, 2012 5
Note payable, 7.350%, due August 26, 2002 5
Note payable, 7.330%, due August 26, 2002 1
Note payable, 7.320%, due August 28, 2002 14
Note payable, 6.750%, due December 1, 1999 15
Note payable, 7.800%, due March 1, 2004 10
Note payable, 7.770%, due March 1, 2004 3
Note payable, 7.780%, due December 15, 2004 2
Note payable, 7.730%, due December 15, 2004 1
Note payable, 7.670%, due March 1, 2004 1
Note payable, 7.650%, due May 15, 2002 5
Note payable, 7.650%, due May 15, 2002 5
Note payable, 7.650%, due December 23, 2003 11
Note payable, 6.850%, due March 18, 2005 1
Note payable, 6.850%, due March 18, 2005 1
Note payable, 6.900%, due March 1, 2005 6
Note payable, 6.990%, due March 24, 2005 5
Note payable, 6.860%, due March 28, 2005 12
Note payable, 7.750%, due April 24, 2023 10
Note payable, 6.840%, due April 25, 2005 3
Note payable, 7.750%, due April 26, 2023 5
Note payable, 6.810%, due April 26, 2003 7
Note payable, 6.600%, due April 29, 2003 2
Note payable, 6.710%, due April 30, 2004 1
Note payable, 6.930%, due May 5, 2005 1
Note payable, 7.070%, due May 5, 2008 1
Note payable, 7.000%, due January 12, 2004 5
----------
$200
CENTRAL AND SOUTH WEST SERVICES, INC. ----------
Term loan facility, Variable rate, due
December 1, 2001 60
----------
$60
----------
TOTAL CONSOLIDATED $3,001
==========
<PAGE> 10
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF PREFERRED STOCK OUTSTANDING
AS OF SEPTEMBER 30, 1995
UNAUDITED
(Millions)
NOT SUBJECT TO MANDATORY REDEMPTION
CENTRAL POWER AND LIGHT COMPANY
4.00% Series, 100,000 shares $10
4.20% Series, 75,000 shares 8
7.12% Series, 260,000 shares 26
8.72% Series, 500,000 shares 50
Auction Money Market, 750,000 shares 75
Auction Series A, 425,000 shares 42
Auction Series B, 425,000 shares 42
Issuance expense (3)
----------
$250
----------
PUBLIC SERVICE COMPANY OF OKLAHOMA
4.00% Series, 97,900 shares $10
4.24% Series, 100,000 shares 10
----------
$20
----------
SOUTHWESTERN ELECTRIC POWER COMPANY
5.00% Series, 75,000 shares $8
4.65% Series, 25,000 shares 2
4.28% Series, 60,000 shares 6
----------
$16
----------
WEST TEXAS UTILITIES COMPANY
4.40% Series, 60,000 shares 6
----------
Total Consolidated $292
==========
SUBJECT TO MANDATORY REDEMPTION
SOUTHWESTERN ELECTRIC POWER COMPANY
6.95% Series, 364,000 shares $36
Amount to be redeemed within one year (2)
----------
Total Consolidated $34
==========
<PAGE> 11
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1995
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
---------- ---------- ----------
ASSETS
Electric Utility
General $4 $4
Less - Accumulated depreciation (1) (1)
---------- ---------- ----------
NET PLANT 3 0 3
INVESTMENTS IN COMMON STOCK
OF SUBSIDIARY COMPANIES (at equity) 3,396 3,396
---------- ---------- ----------
CURRENT ASSETS
Cash and temporary cash investments 28 28
Advances to affiliates 323 100 423
Accounts receivable - Affiliated 206 206
Prepayments and other 6 6
---------- ---------- ----------
563 100 663
---------- ---------- ----------
DEFERRED CHARGES AND OTHER ASSETS 50 50
---------- ---------- ----------
$4,012 $100 $4,112
========== ========== ==========
COMMON STOCK EQUITY
Common stock, $3.50 par value;
authorized 350,000,000 shares;
issued and outstanding 192,300,000
shares $673 $673
Paid-in capital 597 597
Retained earnings 1,914 1,914
---------- ---------- ----------
Total capitalization 3,184 0 3,184
---------- ---------- ----------
CURRENT LIABILITIES
Short-term debt 758 100 858
Accounts payable and other 40 40
---------- ---------- ----------
798 100 898
---------- ---------- ----------
DEFERRED CREDITS 30 30
---------- ---------- ----------
$4,012 $100 $4,112
========== ========== ==========
<PAGE> 12
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1995
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $195
Public Service Company of Oklahoma 86
Southwestern Electric Power Company 122
West Texas Utilities Company 38
Transok, Inc. 25
CSW Credit, Inc. 7
CSW Energy, Inc. 8
CSW Leasing, Inc. 1
CSW International, Inc. (3)
CSW Communications, Inc. (1)
Central and South West Services, Inc. 0
Other Income 40
----------
$518
----------
EXPENSES AND TAXES
General and administrative expenses 83
Interest expense 51
Federal income taxes (20)
Other 0
----------
114
----------
NET INCOME $404
==========
<PAGE> 13
CSW ENERGY, INC.
BALANCE SHEET
PER BOOKS AND PRO FORMA
SEPTEMBER 30, 1995
UNAUDITED
(thousands)
Per Pro Forma Pro
Books Adjustments Forma
---------- ---------- ----------
ASSETS
CURRENT ASSETS
Accounts Receivable $38,970 $38,970
Other Current Assets 9,295 9,295
---------- ---------- ----------
48,265 0 48,265
NONCURRENT ASSETS
Equity Investments 139,949 100,000 239,949
Notes Receivable 84,212 84,212
Deferred Charges and Other 6,842 6,842
---------- ---------- ----------
231,003 100,000 331,003
TOTAL $279,268 $100,000 $379,268
========== ========== ==========
LIABILITIES AND EQUITY
LIABILITIES
CURRENT LIABILITIES
Accounts Payable and Other $5,167 $5,167
NONCURRENT LIABILITIES
Borrowing from CSW Corp 164,517 100,000 264,517
Other Liabilities 5,113 5,113
Accumulated Deferred Income Taxes 32,440 32,440
---------- ---------- ----------
202,070 100,000 302,070
EQUITY (Readjusted 8/31/92)
Common Stock 1 1
Paid-In Capital 69,625 69,625
Retained Earnings 2,405 2,405
---------- ---------- ----------
72,031 0 72,031
TOTAL $279,268 $100,000 $379,268
========== ========== ==========
<PAGE> 14
CSW ENERGY, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1995
UNAUDITED
(thousands)
$43,455
EXPENSES
Depreciation 1,639
Administration and General 18,136
Interest Expense, Short-Term Debt and Other 10,241
Income Tax Expense 5,419
----------
TOTAL 35,435
NET INCOME $8,020
==========
<PAGE> 15
CSW ENERGY, INC.
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1995
UNAUDITED
(thousands)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 ($5,615)
Plus: Net Income 8,020
----------
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $2,405
==========
<PAGE> 16
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
SEPTEMBER 30, 1995
UNAUDITED
(Millions)
DR CR
----------- -----------
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
Other Non-utility Investments 100
Short-term Debt 100
(To record the issuance of commercial paper and
proceeded used for project development)
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Cash 100
Short-term Debt 100
(To record issuance of commercial paper)
Advances to Affiliates 100
Cash 100
(To record cash advance to CSW Energy, Inc.)
CSW ENERGY, INC.
Cash 100
Borrowings from CSW Corp 100
(Set-up payable for cash received from Corporate)
Equity Investments 100
Cash 100
(To record equity investment)
<PAGE> 17
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF CHANGES
There have been no significant changes in the financial statements of
Central and South West Corporation and subsidiary companies subsequent to
September 30, 1995, other than in the ordinary course of business except for
the SEEBOARD Tender Offer. See CSW Combined Quarterly Report on Form 10-Q
for the quarter ended September 30, 1995.
<PAGE> 18
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CAPITALIZATION RATIOS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1995
Common
Stock Preferred Long-term
Equity Stock Debt
----------- ----------- -----------
Central and South West Corporation
and Subsidiary Companies
(Consolidated) Per books 48.9% 5.0% 46.1%
Central and South West Corporation
and Subsidiary Companies
(Consolidated) Pro forma 48.9% 5.0% 46.1%
Central and South West Corporation
(Corporate) Per books 100.0% 0.0% 0.0%
Central and South West Corporation
(Corporate) Pro forma 100.0% 0.0% 0.0%
CSW Energy, Inc.
Per books 100.0% 0.0% 0.0%
CSW Energy, Inc.
Pro forma 100.0% 0.0% 0.0%
<PAGE> 19
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The notes to consolidated financial statements included in Central and
South West Corporation's 1994 Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1994 Annual Report on Form 10-K pages 2-31 through 2-66
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 001
<NAME> CSW CONSOLIDATED
<MULTIPLIER> 1,000,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> SEP-30-1995 SEP-30-1995
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 7,433 7,433
<OTHER-PROPERTY-AND-INVEST> 624 624
<TOTAL-CURRENT-ASSETS> 1,483 1,483
<TOTAL-DEFERRED-CHARGES> 515 515
<OTHER-ASSETS> 1,241 1,341
<TOTAL-ASSETS> 11,296 11,396
<COMMON> 673 673
<CAPITAL-SURPLUS-PAID-IN> 597 597
<RETAINED-EARNINGS> 1,914 1,914
<TOTAL-COMMON-STOCKHOLDERS-EQ> 3,184 3,184
34 34
292 292
<LONG-TERM-DEBT-NET> 2,940 2,940
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 50 50
<COMMERCIAL-PAPER-OBLIGATIONS> 1,544 1,644
<LONG-TERM-DEBT-CURRENT-PORT> 26 26
2 2
<CAPITAL-LEASE-OBLIGATIONS> 11 11
<LEASES-CURRENT> 4 4
<OTHER-ITEMS-CAPITAL-AND-LIAB> 3,209 3,209
<TOT-CAPITALIZATION-AND-LIAB> 11,296 11,396
<GROSS-OPERATING-REVENUE> 3,456 0
<INCOME-TAX-EXPENSE> 93 0
<OTHER-OPERATING-EXPENSES> 2,726 0
<TOTAL-OPERATING-EXPENSES> 2,819 0
<OPERATING-INCOME-LOSS> 637 0
<OTHER-INCOME-NET> 111 0
<INCOME-BEFORE-INTEREST-EXPEN> 748 0
<TOTAL-INTEREST-EXPENSE> 326 0
<NET-INCOME> 422 0
18 0
<EARNINGS-AVAILABLE-FOR-COMM> 404 0
<COMMON-STOCK-DIVIDENDS> 328 0
<TOTAL-INTEREST-ON-BONDS> 227 0
<CASH-FLOW-OPERATIONS> 739 0
<EPS-PRIMARY> 2.11 0
<EPS-DILUTED> 2.11 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 002
<NAME> CSW CORP
<MULTIPLIER> 1,000,000
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0 0
0 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> CSW ENERGY
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0 0
0 0
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0 0
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</TABLE>
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