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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. January 1, 1999 to
CSW Energy, Inc. March 31, 1999
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 26th day of May 1999.
CSW International, Inc.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
CSW Energy, Inc.
Balance Sheet
March 31, 1999
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $25,014
Accounts receivable 12,924
Prepaid expenses 699
---------
Total current assets 38,637
Investments In and Advances to Energy Projects 113,867
Notes Receivable - Affiliate 56,557
Notes Receivable 67,510
Other Assets
Construction in progress and project development costs 124,300
Property, Plant, and Equipment, net 193,974
Other 9,983
---------
Total other assets 328,257
Total assets $604,828
=========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $8,280
Accrued liabilities and other 12,826
---------
Total current liabilities 21,106
Long Term Debt 348,897
Deferred Income Taxes 37,595
Other 68,909
---------
Total liabilities 476,507
Minority Interest 14,909
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 5,272
---------
Total shareholder's equity 113,412
Total liabilities, shareholder's equity
and minority interest $604,828
=========
CSW International, Inc.
Consolidated Balance Sheet
March 31, 1999
(Unaudited)
($000's)
ASSETS
Fixed Assets
Electric distribution plant $ 1,458,170
General plant 276,647
------------
Total Electric Plant 1,734,817
Less - Accumulated depreciation (644,281)
------------
Total Fixed Assets 1,090,536
Current Assets
Cash and cash equivalents 75,845
Short-term investments 33,958
Accounts receivable 350,006
Advances to affiliates 23
Inventories 61,985
Other current assets 5,121
------------
Total Current Assets 526,938
Other Assets
Goodwill 1,352,803
Prepaid benefit costs 58,039
Equity investments and other 223,131
------------
Total Other Assets 1,633,973
Total Assets $ 3,251,447
============
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock $ 1
Paid-in capital 829,000
Retained earnings 184,605
Minority interests 752
Foreign currency translation and other (43,363)
------------
970,995
Long-term debt 1,122,040
Current Liabilities
Accounts payable 293,133
Advances from affiliates 242,006
Accrued interest payable 37,752
Loan notes 29,138
Accrued taxes payable 94,107
Customer prepayments 35,217
Other 20,165
------------
751,518
Deferred Credits
Deferred tax liability 267,383
Other 139,511
------------
Total Deferred Credits 406,894
Total Capitalization and Liabilities $ 3,251,447
============
CSW Energy, Inc.
Consolidated Statement of Income
For the Twelve Months ended March 31, 1999
(Unaudited)
($000's)
OPERATING REVENUE
Equity in income from energy projects $14,880
Electric and thermal revenue 117,803
Operation and maintenance services 7,330
Other 15,408
---------
Total operating revenue 155,421
OPERATING EXPENSES
Salaries, wages, and benefits 9,151
Fuel expense 71,262
Operation and maintenance services 34,369
General and administrative 23,733
---------
Total operating expenses 138,515
Income from Operations 16,906
OTHER INCOME (EXPENSE)
Interest income 27,414
Interest expense (36,831)
Other, net 2,926
---------
Total other income (expense) (6,491)
INCOME BEFORE INCOME TAXES 10,415
PROVISION FOR INCOME TAXES 6,239
Net income (loss) $ 4,176
=========
CSW International, Inc.
Consolidated Statement of Income
For the Twelve Months Ended March 31, 1999
(Unaudited)
($000's)
Operating Revenues
Electric revenues $ 1,540,255
Other diversified 179,769
-----------
1,720,024
Operating Expenses
Cost of electric sales 1,033,050
General and administrative 274,881
Depreciation and amortization 98,053
Other diversified 108,464
-----------
1,514,448
Operating Income 205,576
Other Income and (Deductions)
Investment income 20,572
Interest income 21,167
Interest expense (130,906)
-----------
(89,167)
Income Before Income Taxes 116,409
Provision for Income Taxes 5,069
Net Income $ 111,340
===========
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