File No. 70-9091
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 2 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
CSW INTERNATIONAL, 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)
Wendy G. Hargus
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
Terry D. Dennis
President
CSW International, 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, New York 10005-1413
(Names and addresses of agents for service)
Respectfully request that copies be sent to:
Edwin F. Feo
Milbank, Tweed, Hadley & McCloy
601 South Figueroa Street
30th Floor
Los Angeles, California 90017
<PAGE>
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"), CSW Energy, Inc., a Texas corporation and
wholly-owned nonutility subsidiary of CSW ("Energy"), and CSW International,
Inc., a Delaware corporation and a wholly-owned nonutility subsidiary of CSW
("CSWI" and, collectively with CSW and Energy, the "Applicants"), hereby file
this Amendment No. 2 (the "Amendment No. 2") to the Form U-1
Application-Declaration (the "Application-Declaration") filed in File No.
70-9091 to amend the Application-Declaration to file the additional information
set forth below. Except as set forth in this Amendment No. 2, the
Application-Declaration remains as previously filed.
Item 1. Description of Proposed Transaction.
Item 1 is hereby amended to include the following:
Rule 54
No proceeds from the proposed transactions will be used by CSW or any
subsidiary thereof for the direct or indirect acquisition of an interest in an
exempt wholesale generator, as defined in Section 32 of the Act, or a foreign
utility company, as defined in Section 33 of the Act. Rule 54 promulgated under
the Act states that in determining whether to approve the issue or sale of a
security by a registered holding company for purposes other than the acquisition
of an EWG or a FUCO, or other transactions by such registered holding company or
its subsidiaries other than with respect to EWGs or FUCOs, the Commission shall
not consider the effect of the capitalization or earnings of any subsidiary
which is an EWG or a FUCO upon the registered holding company system if Rules
53(a), (b) and (c) are satisfied. As set forth below, all applicable conditions
set forth in Rule 53(a) are, and, assuming the consummation of the transactions
proposed herein, will be, satisfied and none of the conditions set forth in Rule
53(b) exist or will exist as a result of the transactions proposed herein,
thereby satisfying such provision and making Rule 53(c) inapplicable.
CSW's "aggregate investment" (as defined under Rule 53(a) of the Act)
in EWGs and FUCOs as of April 30, 1998 was approximately $909 million, or about
49.8% of $1,825 million, CSW's average consolidated retained earnings for the
four quarterly periods ended December 31, 1997. CSW thus satisfies Rule
53(a)(1). CSW will maintain and make available the books and records required by
Rule 53(a)(2). No more than 2% of the employees of CSW's operating subsidiaries
will, at any one time, directly or indirectly, render services to an EWG or FUCO
in which CSW directly or indirectly owns an interest, satisfying Rule 53(a)(3).
And lastly, CSW will submit a copy of Item 9 and Exhibits G and H of CSW's Form
U5S to each of the public service commissions having jurisdiction over the
retail rates of CSW's operating utility subsidiaries, satisfying Rule 53(a)(4).
Item 6. Exhibits and Financial Statements.
Item 6 is hereby amended to file the following Exhibit:
Exhibit 2 - Financial Statements per book and pro forma as of
March 31, 1998 of CSW and Subsidiaries (consolidated),
CSW, Energy and CSWI.
<PAGE>
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: June 16, 1998
CENTRAL AND SOUTH WEST CORPORATION
--------------------------------
By:/s/ WENDY G. HARGUS
Wendy G. Hargus
Treasurer
<PAGE>
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: June 16, 1998
CSW ENERGY, INC.
---------------------------------
By:/s/ TERRY D. DENNIS
Terry D. Dennis
President and Chief Executive
Officer
<PAGE>
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: June 16, 1998
CSW INTERNATIONAL, INC.
-----------------------------------
By:/s/ TERRY D. DENNIS
Terry D. Dennis
President and Chief Executive
Officer
INDEX OF EXHIBITS
EXHIBIT TRANSMISSION METHOD
NUMBER
2 Financial Statements per book ELECTRONIC
and pro forma as of March 31, 1998
of CSW and Subsidiaries (consolidated),
CSW, Energy and CSWI.
INDEX EXHIBIT 2
TO
FINANCIAL STATEMENTS
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of March 31, 1998
Consolidated Statement of Income for the Twelve Months Ended
March 31, 1998
Consolidated Statement of Retained Earnings for the Twelve Months Ended
March 31, 1998
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of March 31, 1998
Statement of Income for the Twelve Months Ended March 31, 1998
CSW ENERGY, INC.
Balance Sheets - Per Books and Pro Forma as of March 31, 1998
Statement of Income for the Twelve Months Ended March 31, 1998
Statement of Retained Earnings for the Twelve Months Ended
March 31, 1998
CSW INTERNATIONAL, INC.
Balance Sheets - Per Books and Pro Forma as of March 31, 1998
Statement of Income for the Twelve Months Ended March 31, 1998
Statement of Retained Earnings for the Twelve Months Ended
March 31, 1998
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
STATEMENT OF CHANGES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF MARCH 31, 1998
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-----------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $5,831 $5,831
Transmission 1,570 1,570
Distribution 4,566 4,566
General 1,402 1,402
Construction work in progress 179 179
Nuclear fuel 197 197
Other Diversified 264 264
-----------------------------------
14,009 14,009
Less - Accumulated depreciation 5,399 5,399
-----------------------------------
8,610 8,610
-----------------------------------
CURRENT ASSETS
Cash and temporary cash investments 93 93
Accounts receivable 831 831
Materials and supplies, at average cost 167 167
Electric fuel inventory 70 70
Under-recovered fuel costs 32 32
Prepayments and other 75 75
-----------------------------------
1,268 1,268
-----------------------------------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 502 502
Mirror CWIP asset - net 282 282
Other non-utility investments 338 338
Securities available for sale 98 98
Income tax related regulatory assets, net 323 323
Goodwill 1,451 1,451
Other 516 516
-----------------------------------
3,510 3,510
-----------------------------------
$13,388 $0 $13,388
===================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF MARCH 31, 1998
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 212,300,000 shares $743 $743
Paid-in capital 1,040 1,040
Retained earnings 1,718 1,718
Foreign currency translation and other 35 35
-----------------------------------
Total Common Stock Equity 3,536 3,536
-----------------------------------
Preferred stock
Not subject to mandatory redemption 176 176
Subject to mandatory redemption 26 26
Certain Subsidiary-obligated, mandatorily
redeemable preferred securities of
subsidiary trusts holding solely Junior
Subordinated Debentures of such
Subsidiaries 335 335
Long-term debt 3,883 3,883
-----------------------------------
Total Capitalization 7,956 7,956
-----------------------------------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 29 29
Short-term debt 911 911
Short-term debt - CSW Credit 556 556
Loan Notes 58 58
Accounts payable 474 474
Accrued taxes 177 177
Accrued interest 106 106
Other 173 173
-----------------------------------
2,484 2,484
-----------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 2,434 2,434
Investment tax credits 275 275
Other 239 239
-----------------------------------
2,948 2,948
-----------------------------------
$13,388 $0 $13,388
===================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED MARCH 31, 1998
UNAUDITED
(Millions)
OPERATING REVENUES $5,248
-------------
OPERATING EXPENSES AND TAXES
U.S. Electric fuel 1,152
U.S. Electric purchased power 84
United Kingdom Cost of Sales 1,308
Other operating 925
Maintenance 152
Depreciation and amortization 502
Taxes, other than income 193
Income taxes 164
-------------
4,480
-------------
OPERATING INCOME 768
-------------
OTHER INCOME AND DEDUCTIONS
Other 41
Non-operating income taxes 3
-------------
44
-------------
INCOME BEFORE INTEREST CHARGES 812
-------------
INTEREST AND OTHER CHARGES
Interest on long-term debt 331
Distributions on trust preferred securities 24
Interest on short-term debt and other 94
Preferred stock dividends 10
Gain on reacquired preferred stock (10)
-------------
449
-------------
INCOME BEFORE EXTRAORDINARY ITEM 363
-------------
EXTRAORDINARY ITEM - UK Windfall Profits Tax (176)
-------------
NET INCOME FOR COMMON STOCK $187
=============
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED MARCH 31, 1998
UNAUDITED
(Millions)
RETAINED EARNINGS AT MARCH 31, 1997 $1,896
Add: Net income for common stock 187
-------------
2,083
-------------
Deduct: Common stock dividends 369
Retained earnings adjustment (4)
-------------
RETAINED EARNINGS AT MARCH 31, 1998 $1,718
=============
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF MARCH 31, 1998
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-----------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
General $1 $1
Less - Accumulated depreciation (1) (1)
-----------------------------------
NET PLANT 0 0
INVESTMENTS IN COMMON STOCK
OF SUBSIDIARY COMPANIES (at equity) 3,862 3,862
-----------------------------------
CURRENT ASSETS
Cash and temporary cash investments 355 355
Accounts and interest receivable -
Affiliated 257 257
Prepayments and other 7 7
-----------------------------------
619 619
-----------------------------------
DEFERRED CHARGES AND OTHER ASSETS 22 22
-----------------------------------
$4,503 $0 $4,503
===================================
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value;
authorized 350,000,000 shares;
issued and outstanding 212,300,000 shares $743 $743
Paid-in capital 1,040 1,040
Retained earnings 1,718 1,718
Unrealized holding gains and losses (4) (4)
-----------------------------------
Total Common Stock Equity 3,497 3,497
-----------------------------------
Long-term debt 0 0
-----------------------------------
Total Capitalization 3,497 3,497
-----------------------------------
CURRENT LIABILITIES
Short-term debt 911 911
Accounts payable and other 34 34
-----------------------------------
945 945
-----------------------------------
DEFERRED CREDITS 61 61
-----------------------------------
$4,503 $0 $4,503
===================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED MARCH 31, 1998
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $140
Public Service Company of Oklahoma 48
Southwestern Electric Power Company 96
West Texas Utilities Company 24
SEEBOARD U.S.A. (58)
CSW Credit, Inc. 12
CSW Energy, Inc. 5
CSW Leasing, Inc. 1
CSW International, Inc. (7)
CSW Communications, Inc. (12)
Enershop Inc. (3)
CSW Energy Services, Inc. (2)
Other Income 20
----------
$264
----------
EXPENSES AND TAXES
General and administrative expenses 44
Depreciation and amortization expense --
Interest expense 48
Taxes, other than income 2
Federal income taxes (17)
----------
77
----------
NET INCOME $187
==========
<PAGE>
CSW ENERGY, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF MARCH 31, 1998
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-----------------------------------
ASSETS
Current Assets
Cash and temporary cash investments $5,299 $5,299
Accounts receivable 16,968 16,968
Prepayments 1,242 1,242
-----------------------------------
23,509 23,509
Investments in and advances to energy projects 302,630 302,630
Notes receivable - affiliate 34,604 34,604
Notes receivable 61,962 61,962
Other Assets
Construction in progress and project
development 15,947 15,947
Other - net 7,331 7,331
-----------------------------------
23,278 23,278
$445,983 $445,983
===================================
<PAGE>
CSW ENERGY, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF MARCH 31, 1998
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustment Forma
-----------------------------------
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities
Accounts payable $15,193 $15,193
Accrued liabilities and other 8,351 8,351
-----------------------------------
23,544 23,544
Long-term debt 199,856 199,856
Deferred income taxes 48,133 48,133
Other 65,244 65,244
-----------------------------------
336,777 336,777
-----------------------------------
Shareholder's Equity
Common stock 1 1
Additional paid-in capital 108,114 108,114
Retained earnings 1,091 1,091
-----------------------------------
109,206 109,206
-----------------------------------
$445,983 $0 $445,983
===================================
<PAGE>
CSW ENERGY, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED MARCH 31, 1998
UNAUDITED
(Thousands)
TOTAL OPERATING REVENUE $40,437
-------------
OPERATING EXPENSES AND TAXES
Salaries, wages and benefits 5,586
Operation and maintenance services 21,496
General and administrative 2,423
-------------
29,505
-------------
OPERATING INCOME 10,932
-------------
OTHER INCOME (EXPENSE)
Interest income 12,315
Interest expense (14,224)
Other, net (9)
-------------
(1,918)
-------------
INCOME BEFORE INCOME TAXES 9,014
PROVISION FOR INCOME TAXES 3,645
-------------
NET INCOME $5,369
=============
<PAGE>
CSW ENERGY, INC.
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED MARCH 31, 1998
UNAUDITED
(Thousands)
RETAINED EARNINGS AT MARCH 31, 1997 ($4,278)
Add: Net income (loss) for common stock 5,369
-------------
1,091
Deduct: Common stock dividends --
-------------
RETAINED EARNINGS AT MARCH 31, 1998 $1,091
=============
<PAGE>
CSW INTERNATIONAL, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF MARCH 31, 1998
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-----------------------------------
ASSETS
FIXED ASSETS
Electric distribution plant $1,491,882 $1,491,882
General plant 319,110 319,110
-----------------------------------
1,810,992 1,810,992
Less - Accumulated depreciation 664,803 664,803
-----------------------------------
1,146,189 1,146,189
-----------------------------------
CURRENT ASSETS
Cash and cash equivalents 30,810 30,810
Short-term investments 43,621 43,621
Accounts receivable 167,201 167,201
Advances to affiliates 82,343 82,343
Inventories 32,152 32,152
Other current assets 13,108 13,108
-----------------------------------
369,235 369,235
-----------------------------------
OTHER ASSETS
Goodwill 1,450,658 1,450,658
Prepaid benefit costs 60,577 60,577
Equity investments and other 247,077 247,077
-----------------------------------
1,758,312 1,758,312
-----------------------------------
$3,273,736 $0 $3,273,736
===================================
<PAGE>
CSW INTERNATIONAL, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF MARCH 31, 1998
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-----------------------------------
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common stock $1 $1
Paid-in capital 829,000 829,000
Retained earnings 73,338 73,338
Foreign currency translation and other 39,183 39,183
-----------------------------------
941,522 941,522
Long-term debt 1,126,362 1,126,362
CURRENT LIABILITIES
Accounts payable 271,989 271,989
Advances from affiliates 298,286 298,286
Accrued interest payable 39,760 39,760
Loan notes 43,374 43,374
Accrued taxes payable 136,979 136,979
Customer prepayments 13,581 13,581
Other 20,849 20,849
-----------------------------------
824,818 824,818
-----------------------------------
DEFERRED CREDITS
Deferred tax liability 277,859 277,859
Other 103,175 103,175
-----------------------------------
381,034 381,034
-----------------------------------
$3,273,736 $0 $3,273,736
===================================
<PAGE>
CSW INTERNATIONAL, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED MARCH 31, 1998
UNAUDITED
(Thousands)
OPERATING REVENUE $1,888,920
-------------
OPERATING EXPENSES
Cost of electric sales 1,156,061
General and administrative 247,600
Depreciation and amortization 92,887
Other diversified 151,490
-------------
1,648,038
-------------
OPERATING INCOME 240,882
-------------
OTHER INCOME (DEDUCTIONS)
Investment income 6,249
Interest income 15,704
Interest expense (131,088)
-------------
(109,135)
-------------
INCOME BEFORE INCOME TAXES 131,747
-------------
PROVISION FOR INCOME TAXES 20,649
-------------
INCOME BEFORE EXTRAORDINARY ITEM 111,098
-------------
EXTRAORDINARY ITEM - UK Windfall Profits Tax (176,043)
-------------
NET INCOME ($64,945)
=============
<PAGE>
CSW INTERNATIONAL, INC.
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED MARCH 31, 1998
UNAUDITED
(Thousands)
RETAINED EARNINGS AT MARCH 31, 1997 $138,283
Add: Net income (loss) for common stock (64,945)
-------------
73,338
Deduct: Common stock dividends 0
-------------
RETAINED EARNINGS AT MARCH 31, 1998 $73,338
=============
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
MARCH 31, 1998
UNAUDITED
(Millions)
DR CR
----------------------
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
None
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
None
CSW ENERGY, INC.
None
CSW INTERNATIONAL, INC.
None
<PAGE>
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 March
31, 1998, other than in the ordinary course of business. However, on May 28,
1998 CSW's shareholders voted on and approved the proposed merger with American
Electric Power Company, Inc.
Note: The original U-1 filing of File No. 70-9091, contained Item 6. Exhibit 2
for the financial statements as of June 30, 1997. This amended filing includes
current financial statements as of March 31, 1998.
<PAGE>
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 1997 Combined Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1997 Combined Annual Report on Form 10-K pages 2-40 through 2-75
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<ARTICLE> UT
<SUBSIDIARY>
<NUMBER> 001
<NAME> CENTRAL AND SOUTH WEST CORPORATION
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Mar-31-1998
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<NAME> CENTRAL AND SOUTH WEST CORP.
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<TABLE> <S> <C>
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<NAME> CSW ENERGY, INC.
<MULTIPLIER> 1,000
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0
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<NAME> CSW INTERNATIONAL, INC.
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