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Previous: ZAXIS INTERNATIONAL INC, 10QSB, 1997-08-18 |
Next: UNIVERSAL CAPITAL CORP, PRES14C, 1997-08-18 |
UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
- ----------------------------------------------
In the matter of
CSW Energy, Inc. REPORT FOR PERIOD
Dallas, Texas 75266-0789 April 1, 1997 to
June 30, 1997
File No. 070-07758 PURSUANT TO RULE 24
This report is filed under Rule 24 of the Public Utility Holding Company
Act of 1935 by CSW Energy, Inc. ("CSW Energy"), a wholly owned subsidiary of
Central and South West Corporation ("CSW"). Under HCAR 35-26417, CSW Energy is
authorized to participate in cogeneration projects and to provide consulting
services with respect to IPPs. Attached is the information required pursuant to
HCAR 35-26417.
(1) A balance sheet as of the relevant report date. See Exhibit A.
(2) Income statements for the twelve months ended. See Exhibit B.
(3) Name, owner, and location of each IPP served by CSW Energy during the
quarter. None.
(4) The amount of compensation received for each IPP project. None.
(5) Information on intercompany transactions with CSW Energy related to CSW
Energy's consulting services, including (a) the name of each associate
company providing services, (b) a listing of services provided and (c)
the total dollar amount of services provided, broken down by associate
company. See Exhibit C.
<PAGE>
S I G N A T U R E
As requested by order of this Commission pursuant to the Public Utility
Holding Company Act of 1935, CSW Energy, Inc. has duly caused this report to be
signed on its behalf on this 8th day of August 1997.
CSW Energy, Inc.
/s/ SANDRA S. BENNETT
Sandra S. Bennett
Controller
EXHIBIT A
CSW Energy, Inc.
Balance Sheet
June 30, 1997
(Unaudited)
($000's)
ASSETS
Current Assets
Cash and cash equivalents $10
Accounts receivable 454
Prepaid expenses 59
---------
Total current assets 523
Investments In and Advances to Energy Projects 115,641
Notes Receivable - Affiliate 80,026
Other Assets
Construction in progress and project development costs 157,075
Other - net 7,913
---------
Total other assets 164,988
---------
Total assets $361,178
=========
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities
Accounts payable $12,166
Accrued liabilities and other 4,836
---------
Total current liabilities 17,002
Long Term Debt 199,824
Deferred Income Taxes 37,102
Other 1,721
---------
Total liabilities 255,649
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings (2,611)
---------
Total shareholder's equity 105,529
---------
Total liabilities and shareholder's equity $361,178
=========
EXHIBIT B
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended June 30, 1997 and 1996
(Unaudited)
($000's)
June 30, June 30,
1997 1996
-------- --------
OPERATING REVENUE:
Equity in income from energy projects $18,698 $16,905
Operation and maintenance services 4,016 3,960
Other 450 --
-------- --------
Total operating revenue 23,164 20,865
OPERATING EXPENSES:
Salaries, wages, and benefits 5,198 4,871
Loss on construction contract 7 199
Operation and maintenance services 2,879 2,509
General and administrative 2,867 5,125
Nonrecoverable project development costs -- 6,187
-------- --------
Total operating expenses 10,951 18,891
-------- --------
INCOME FROM OPERATIONS 12,213 1,974
OTHER INCOME (EXPENSE)
Interest income 4,844 6,947
Interest expense (8,730) (10,196)
Other, net 872 (13,242)
-------- --------
Total other income (expense) (3,014) (16,491)
-------- --------
INCOME (LOSS) BEFORE INCOME TAXES 9,199 (14,517)
PROVISION (BENEFIT) FOR INCOME TAXES 3,575 (5,635)
-------- --------
Net income (loss) $5,624 $(8,882)
======== ========
EXHIBIT C
CSW Energy, Inc.
Intercompany Service Transactions
For the Six Months Ended June 30, 1997
(Unaudited)
Name Type of Service Amount
- ------------------------------- ------------------------------- ----------
Central and South West Salaries, overheads, and travel $1,510,089
Services, Inc. (Wholly owned in support of CSW Energy, Inc.
subsidiary of Central and South projects.
West Corporation)
Central Power and Light Company Salaries, overheads, and travel 29,067
(Wholly owned subsidiary of in CSW Energy, Inc.
support of Central and South projects.
West Corporation)
Central and South West Net Interest on cash advances 616,599
Corporation (Parent) provided to CSW Energy, Inc.
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