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UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
- ----------------------------------------------
In the matter of
Central and South West Corporation REPORT FOR PERIOD
CSW International, Inc. October 1, 1998 to
CSW Energy, Inc. December 31, 1998
Dallas, Texas 75266 PURSUANT TO RULE 24
File No. 070-9091
This report is filed under Rule 24 of the Public Utility Holding Company
Act of 1935 by Central and South West Corporation ("CSW"), CSW International,
Inc. ("CSW International"), and CSW Energy, Inc. (CSW Energy.) The latter two
companies are wholly owned subsidiaries of CSW.
Under HCAR 35-26887, CSW and its above-named subsidiaries are authorized to
enter into agreements to provide energy-related services to certain associate
companies at fair market prices.
Attached is the information required pursuant to HCAR 35-26887.
(1) Consolidated Balance Sheets for CSW Energy and CSW International as of the
relevant quarter end. Refer to exhibits A and B respectively.
(2) Consolidated Statements of Income for CSW Energy and CSW International
for the Twelve Months preceding the relevant quarter end. Refer to
Exhibits C and D respectively.
(3) Name, owner, and location of each Exempt Project and QF served by CSW
Energy and CSW International or subsidiaries thereof. None.
(4) The amount of compensation received for each QF or Exempt Project. None.
(5) Information on intercompany service transactions with CSW Energy, CSW
International and their respective subsidiaries. None.
<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 International, Inc. and CSW Energy, Inc have duly
caused this report to be signed on its behalf on this 25th day of February 1999.
CSW International, Inc.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
Exhibit A
CSW Energy, Inc.
Balance Sheet
December 31, 1998
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $29,308
Accounts receivable 13,721
Prepaid expenses 893
---------
Total current assets 43,922
Investments In and Advances to Energy Projects 113,619
Notes Receivable - Affiliate 102,696
Notes Receivable 68,506
Other Assets
Construction in progress and project development costs 84,019
Property, Plant, and Equipment, net 195,996
Other 10,757
---------
Total other assets 290,772
Total assets $619,515
=========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $26,418
Accrued liabilities and other 12,472
---------
Total current liabilities 38,890
Long Term Debt 348,887
Deferred Income Taxes 37,408
Other 66,175
---------
Total liabilities 491,360
Minority Interest 16,648
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 3,367
---------
Total shareholder's equity 111,507
Total liabilities, shareholder's equity
and minority interest $619,515
=========
Exhibit B
CSW International, Inc.
Consolidated Balance Sheet
December 31, 1998
(Unaudited)
($000's)
ASSETS
Fixed Assets
Electric distribution plant $ 1,478,707
General plant 284,456
--------------
Total Electric Plant 1,763,163
Less - Accumulated depreciation (656,232)
--------------
Total Fixed Assets 1,106,931
Current Assets
Cash and cash equivalents 77,103
Short-term investments 26,984
Accounts receivable 356,367
Advances to affiliates 398
Inventories 57,803
Other current assets (34,361)
--------------
Total Current Assets 484,294
Other Assets
Goodwill 1,402,416
Prepaid benefit costs 59,760
Equity investments and other 102,885
--------------
Total Other Assets 1,565,061
Total Assets $ 3,156,286
==============
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock $ 1
Paid-in capital 829,000
Retained earnings 59,131
Minority Interest 566
Foreign currency translation and other 13,995
--------------
902,693
Long-term debt 1,132,540
Current Liabilities
Accounts payable 322,917
Advances from affiliates 248,603
Accrued interest payable 28,785
Loan notes 31,959
Accrued taxes payable 50,666
Customer prepayments 34,170
Other 23,711
--------------
740,811
Deferred Credits
Deferred tax liability 282,867
Other 97,375
--------------
Total Deferred Credits 380,242
--------------
Total Capitalization and Liabilities $ 3,156,286
==============
Exhibit C
CSW Energy, Inc.
Consolidated Statement of Income
For the Twelve Months ended December 31, 1998
(Unaudited)
($000's)
OPERATING REVENUE
Equity in income from energy projects $14,344
Elecricity and Thermal Revenues 109,036
Operation and maintenance services 6,635
Other 11,580
_________
Total operating Revenue 141,595
OPERATING EXPENSES
Salaries, wages, and benefits 9,249
Fuel expense 68,107
Operation and maintenance services 31,165
General and administrative 20,350
_________
Total operating expenses 128,871
_________
Income from Operations 12,724
OTHER INCOME (EXPENSE)
Interest income 41,877
Interest expense (49,754)
Other, net 2,994
__________
Total other income (expense) (4,883)
__________
INCOME BEFORE INCOME TAXES 7,841
PROVISION FOR INCOME TAXES 5,182
==========
Net income (loss) $ 2,659
==========
Exhibit D
CSW International, Inc.
Consolidated Statement of Income
For the Twelve Months Ended December 31, 1998
(Unaudited)
($000's)
Operating Revenues
Electric revenues $ 1,585,604
Other diversified 190,653
------------
1,776,257
------------
Operating Expenses
Cost of electric sales 1,078,373
General and administrative 265,613
Depreciation and amortization 94,151
Other diversified 125,658
------------
1,563,795
Operating Income 212,462
------------
Other Income and (Deductions)
Investment income 15,165
Interest income 26,131
Interest expense (140,203)
------------
(98,907)
------------
Income Before Income Taxes 113,555
Provision for Income Taxes (886)
------------
Net Income $ 114,441
============
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