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Previous: PRUDENTIALS GIBRALTAR FUND, N-30D, 1997-03-10 |
Next: PUBLIC SERVICE CO OF OKLAHOMA, 10-K, 1997-03-10 |
FORM U-A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FILE NO. 69-14
AMENDMENT NO. 1
on Form U-3A-2
Amendment to Statement by Holding Company Claiming Exemption
under the Public Utility Holding Company Act of 1935
PUBLIC SERVICE COMPANY OF COLORADO
(Name of company or companies filing amendment)
Name, title, and address of officer to whom notices and correspondence
concerning this amendment should be addressed:
W. Wayne Brown, Controller and Corporate Secretary
PUBLIC SERVICE COMPANY OF COLORADO
1225 17th Street, Suite 500
Denver, Colorado 80202
The undersigned hereby amends the above document as indicated in the
attached pages with respect to the following (identify item, statement,
schedule, or exhibit of document to which amendment relates):
Exhibit A of Form U-3A-2
----------------------------------
SIGNATURE
The company has caused this amendment to be duly signed on its behalf by
its authorized officer in the city of Denver and State of Colorado, on the 10th
day of March, 1997.
Attest: (SEAL) PUBLIC SERVICE COMPANY OF COLORADO
/s/Carol J.Peterson By /s/ W. Wayne Brown
Assistant Secretary Controller and Corporate Secretary
W. Wayne Brown
--------------
<PAGE>
EXHIBIT A
A CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS AND CASH FLOWS OF
THE CLAIMANT AND ITS SUBSIDIARY COMPANIES: CHEYENNE LIGHT, FUEL AND POWER
COMPANY; E PRIME, INC.; WESTGAS INTERSTATE, INC.; WESTGAS TRANSCOLORADO, INC.;
FUEL RESOURCES DEVELOPMENT CO.; YOUNG GAS STORAGE COMPANY; 1480 WELTON, INC.;
GREEN AND CLEAR LAKES COMPANY; PSR INVESTMENTS, INC.; PS COLORADO CREDIT
CORPORATION AND NATURAL FUELS CORPORATION AND CONSOLIDATED FOR THE YEAR ENDED
DECEMBER 31, 1995, TOGETHER WITH A CONSOLIDATING BALANCE SHEET OF CLAIMANT AND
SUCH SUBSIDIARY COMPANIES CONSOLIDATED AS OF THE CLOSE OF THE CALENDAR YEAR
1995.
New Century Energies, Inc., East Boulder Ditch Company; Hillcrest Ditch and
Reservoir Company; United Water Company; Fisher Ditch Water Company; Baugh
Lateral Ditch Company; Beeman Irrigating Ditch and Milling Company; Consolidated
Extension Canal Company; Enterprise Ditch Company; Jones and Donnelly Ditch
Company; and Las Animas Consolidated Canal Company are excluded from the
consolidated statements of claimant. These excluded companies are not
significant, considered either separately or in the aggregate (1) in relation to
the claimant or to the claimant and its subsidiary companies consolidated in
respect of the amount at which investments in and advances to such companies are
carried or (2) in relation to the claimant and its subsidiary companies
consolidated in respect of sales or operating revenues of such companies.
The following information is submitted in reference to six of the foregoing
excluded companies which, through either direct or indirect stock holdings, meet
the generally accepted accounting definition of a subsidiary (ownership of a
majority of the outstanding voting stock over 50 percent):
East Boulder Ditch Company, Hillcrest Ditch and Reservoir Company, United
Water Company, Fisher Ditch Water Company, Consolidated Extension Canal
Company, and Las Animas Consolidated Canal Company are mutual ditch companies
operated not for profit, and assessments are being levied on the members to
cover operating costs. The aggregate investment therein is carried at $6.
* * * * * *
Neither the filing of this statement nor anything therein contained shall
constitute or be deemed to be evidence of a waiver by the Company or any
director, officer, or employee of the Company or any person certifying to said
statement or to anything contained therein, of any constitutional or legal right
to contest the validity or scope of any or all of the provisions of the Public
Utility Holding Company Act of 1935 or of any rule or regulation made or to be
made thereunder, all such rights being hereby expressly reserved.
<PAGE>
<TABLE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBDISARIES
CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMEBER 31, 1996
<CAPTION>
----------------------------------------------------------
Public
Service
Company of
ASSETS Consolidated Eliminations Total Colorado
------ ------------ ------------ ----- --------
<S> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT, at cost:
Electric $ 3,931,412,762 $ -- $ 3,931,412,762 $ 3,881,056,088
Gas 1,035,393,854 -- 1,035,393,854 996,990,918
Steam and other 78,225,194 7,711 (1) 78,217,483 75,888,571
Common to all departments 418,261,940 -- 418,261,940 359,165,555
Construction in progress 181,597,035 -- 181,597,035 174,445,512
----------- ----------- -----------
5,644,890,785 7,711 5,644,883,074 5,487,546,644
Less: accumulated depreciation 2,045,995,556 -- 2,045,995,556 1,996,672,867
------------- ------------- -------------
Total property, plant and equipment 3,598,895,229 7,711 3,598,887,518 3,490,873,777
------------- ----- ------------- -------------
INVESTMENTS:
Subsidiaries consolidated - common stock -- (84,056,061)(1) 84,056,061 84,056,061
Note receivable from associated company -- (12,066,207)(2) 12,066,207 --
Other, at cost 46,549,859 -- 46,549,859 34,211,987
---------- ----- ---------- ----------
Total investments 46,549,859 (96,122,268) 142,672,127 118,268,048
---------- ----------- ----------- -----------
CURRENT ASSETS:
Cash and temporary cash investments 9,405,583 -- 9,405,583 3,435,374
Accounts receivable 222,180,596 -- 222,180,596 27,646,958
Reserve for uncollectible accounts (4,048,800) -- (4,048,800) (2,957,140)
Accounts receivable from associated companies -- (6,538,755)(2) 6,538,755 3,190,572
Accrued unbilled revenues 85,893,684 -- 85,893,684 85,005,940
Recoverable purchased gas and electric
energy costs - net 31,288,134 -- 31,288,134 32,335,642
Materials and supplies, at average cost 48,972,355 -- 48,972,355 46,756,506
Fuel inventory, at average cost 24,738,751 -- 24,738,751 24,738,751
Fuel inventory financed -- (24,547,959)(2) 24,547,959 --
Gas in underground storage, at cost (LIFO) 42,825,720 -- 42,825,720 42,213,192
Regulatory assets recoverable within one year 44,110,109 -- 44,110,109 44,051,902
Prepaid expenses and other 41,790,575 -- 41,790,575 39,028,723
---------- ----- ---------- ----------
Total current assets 547,156,707 (31,086,714) 578,243,421 345,446,420
----------- ----------- ----------- -----------
DEFERRED CHARGES:
Regulatory assets 304,455,853 -- 304,455,853 304,220,867
Unamortized debt expense 10,974,552 -- 10,974,552 9,654,598
Other 64,615,305 (1,048,224) 65,663,529 46,931,875
---------- ---------- ---------- ----------
Total deferred charges 380,045,710 (1,048,224) 381,093,934 360,807,340
----------- ---------- ----------- -----------
$ 4,572,647,505 $(128,249,495) $ 4,700,897,000 $ 4,315,395,585
=============== ============= =============== ===============
<PAGE>
<CAPTION>
CONSOLIDATING INFORMATION
----------------------------------------------------------------------------
Cheyenne Fuel
Light, Fuel e prime, WestGas Resources
and Power inc. and InterState, Development
ASSETS Company subsidiaries Inc. Co.
------ ------- ------------ ---- ---
<S> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT, at cost:
Electric $ 50,331,674 $ $ - $ --
Gas 26,630,655 2,000,000 651,867 3,843,288
Steam and other 11,716 707,308 -- --
Common to all departments 3,991,346 -- -- --
Construction in progress 7,151,269 -- -- --
--------- ----- ----- -----
88,116,660 2,707,308 651,867 3,843,288
Less: accumulated depreciation 28,526,472 123,270 116,014 3,834,567
---------- ------- ------- ---------
Total property, plant and equipment 59,590,188 2,584,038 535,853 8,721
---------- --------- ------- -----
INVESTMENTS:
Subsidiaries consolidated - common stock -- -- -- --
Note receivable from associated company -- -- -- --
Other, at cost 10,800 8,986,938 -- --
------ --------- ----- -----
Total investments 10,800 8,986,938 -- --
------ --------- ----- -----
CURRENT ASSETS:
Cash and temporary cash investments 1,629,113 2,176,708 219,410 686,731
Accounts receivable 3,245,221 40,600,311 903 269,961
Reserve for uncollectible accounts (31,786) (723,862) -- (297,797)
Accounts receivable from associated companies -- 430,639 8,174 1,426,877
Accrued unbilled revenues 887,744 -- -- --
Recoverable purchased gas and electric
energy costs - net (1,047,508) -- -- --
Materials and supplies, at average cost 828,620 227,923 -- --
Fuel inventory, at average cost -- -- -- --
Fuel inventory financed -- -- -- --
Gas in underground storage, at cost (LIFO) 612,528 -- -- --
Regulatory assets recoverable within one year 58,207 -- -- --
Prepaid expenses and other 297,097 1,848,338 -- --
------- --------- ----- -----
Total current assets 6,479,236 44,560,057 228,487 2,085,772
--------- ---------- ------- ---------
DEFERRED CHARGES:
Regulatory assets 234,120 -- 866 --
Unamortized debt expense 425,503 -- -- --
Other 540,585 18,160,687 1,188 28,683
------- ---------- ----- ------
Total deferred charges 1,200,208 18,160,687 2,054 28,683
--------- ---------- ----- ------
$ 67,280,432 $ 74,291,720 $ 766,394 $ 2,123,176
=============== ============= =============== ===============
<PAGE>
<CAPTION>
----------------------------------------------------------------------------
Green PS
1480 and PSR Colorado
Welton, Clear Lakes Investments, Credit
ASSETS Inc. Company Inc. Corporation
------ ---- ------- ---- -----------
<S> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT, at cost:
Electric $ -- $ 25,000 $ -- $ --
Gas -- -- -- --
Steam and other 1,609,888 -- -- --
Common to all departments 55,105,039 -- -- --
Construction in progress 254 -- -- --
--- ----- ----- -----
56,715,181 25,000 -- --
Less: accumulated depreciation 15,542,778 -- -- --
---------- ----- ----- -----
Total property, plant and equipment 41,172,403 25,000 -- --
---------- ------ ----- -----
INVESTMENTS:
Subsidiaries consolidated - common stock -- -- -- --
Note receivable from associated company 12,066,207 -- -- --
Other, at cost -- -- 2,714,750 --
----- ----- --------- -----
Total investments 12,066,207 -- 2,714,750 --
---------- ----- --------- -----
CURRENT ASSETS:
Cash and temporary cash investments 75,697 -- 106,632 38,060
Accounts receivable 6,501 -- 303 149,710,769
Reserve for uncollectible accounts - -- -- --
Accounts receivable from associated companies 224,980 -- 669,151 --
Accrued unbilled revenues -- -- -- --
Recoverable purchased gas and electric
energy costs - net -- -- -- --
Materials and supplies, at average cost -- -- -- --
Fuel inventory, at average cost -- -- -- --
Fuel inventory financed -- -- -- 24,547,959
Gas in underground storage, at cost (LIFO) -- -- -- --
Regulatory assets recoverable within one year -- -- -- --
Prepaid expenses and other 30,143 -- 496,345 55,125
------ ----- ------- ------
Total current assets 337,321 -- 1,272,431 174,351,913
------- ----- --------- -----------
DEFERRED CHARGES:
Regulatory assets -- -- -- --
Unamortized debt expense 718,804 -- -- 175,647
Other -- -- -- --
----- ----- ----- -----
Total deferred charges 718,804 -- -- 175,647
------- ----- ----- -------
$ 54,294,735 $ 25,000 $ 3,987,181 $ 174,527,560
=============== ============= ================ ===============
<PAGE>
<CAPTION>
-------------------------
Natural
Fuels
ASSETS Corporation
------ -----------
<S> <C>
PROPERTY, PLANT AND EQUIPMENT, at cost:
Electric $ --
Gas 5,277,126
Steam and other --
Common to all departments --
Construction in progress --
------
5,277,126
Less: accumulated depreciation 1,179,588
---------
Total property, plant and equipment 4,097,538
---------
INVESTMENTS:
Subsidiaries consolidated - common stock --
Note receivable from associated company --
Other, at cost 625,384
-------
Total investments 625,384
CURRENT ASSETS:
Cash and temporary cash investments 1,037,858
Accounts receivable 699,669
Reserve for uncollectible accounts (38,215)
Accounts receivable from associated companies 588,362
Accrued unbilled revenues --
Recoverable purchased gas and electric
energy costs - net --
Materials and supplies, at average cost 1,159,306
Fuel inventory, at average cost --
Fuel inventory financed --
Gas in underground storage, at cost (LIFO) --
Regulatory assets recoverable within one year --
Prepaid expenses and other 34,804
------
Total current assets 3,481,784
---------
DEFERRED CHARGES:
Regulatory assets -
Unamortized debt expense --
Other 511
---
Total deferred charges 511
---
$ 8,205,217
=============
</TABLE>
<PAGE>
<TABLE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBDISARIES
CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMEBER 31, 1996
<CAPTION>
----------------------------------------------------------
Public
Service
Company of
CAPITAL AND LIABILITIES Consolidated Eliminations Total Colorado
----------------------- ------------ ------------ ----- --------
<S> <C> <C> <C> <C>
COMMON STOCK $ 1,048,446,600 $ -- $ 1,048,446,600 $ 1,048,446,600
COMMON STOCK OF SUBSIDIARIES 119,452,617(1) 119,452,617 --
RETAINED EARNINGS (DEFICIT) 389,841,433 34,706,282(1) 355,135,151 389,841,433
----------- ------------ ----------- -----------
Total common equity 1,438,288,033 (84,746,335) 1,523,034,368 1,438,288,033
PREFERRED STOCK:
Not subject to mandatory redemption 140,007,500 -- 140,007,500 140,007,500
Subject to mandatory redemption at par 39,913,200 -- 39,913,200 39,913,200
LONG-TERM DEBT 1,259,528,027 -- 1,259,528,027 1,189,322,052
------------- ------------- -------------
2,877,736,760 (84,746,335) 2,962,483,095 2,807,530,785
------------- ----------- ------------- -------------
NONCURRENT LIABILITIES:
Employees' postretirement benefits other
than pensions 55,677,201 -- 55,677,201 55,646,590
Employees' postemployment benefits 25,181,367 -- 25,181,367 24,460,800
---------- ----- ---------- ----------
Total noncurrent liabilities 80,858,568 -- 80,858,568 80,107,390
---------- ----- ---------- ----------
CURRENT LIABILITIES:
Notes payable and commercial paper 244,724,625 -- 244,724,625 180,799,625
Long-term debt due within one year 155,030,322 -- 155,030,322 74,645,711
Preferred stock subject to mandatory
redemption within one year 2,576,000 -- 2,576,000 2,576,000
Accounts payable 254,255,787 -- 254,255,787 209,938,036
Accounts payable to associated companies -- (31,086,714)(2) 31,086,714 22,603,762
Note payable to associated company -- (12,066,207)(2) 12,066,207 12,066,207
Dividends payable 36,972,559 -- 36,972,559 36,972,559
Customers' deposits 21,441,375 -- 21,441,375 20,838,247
Accrued taxes 58,990,450 -- 58,990,450 57,968,153
Accrued interest 33,796,942 -- 33,796,942 30,151,879
Current defueling & decommissioning liability 8,664,907 -- 8,664,907 8,664,907
Current accumulated deferred income taxes 4,560,063 -- 4,560,063 5,690,850
Other 69,203,131 -- 69,203,131 65,406,829
---------- ---------- ----------
Total current liabilities 890,216,161 (43,152,921) 933,369,082 728,322,765
----------- ----------- ----------- -----------
DEFERRED CREDITS:
Customers' advances for construction 50,268,888 -- 50,268,888 49,591,848
Unamortized investment tax credits 105,928,166 -- 105,928,166 103,583,002
Accumulated deferred income taxes 539,082,180 -- 539,082,180 517,453,388
Other 28,556,782 (350,239)(1) 28,907,021 28,806,407
---------- -------- ---------- ----------
Total deferred credits 723,836,016 (350,239) 724,186,255 699,434,645
COMMITMENTS AND CONTINGENCIES
--------------- --------------- --------------- ---------------
$ 4,572,647,505 $ (128,249,495) $ 4,700,897,000 $ 4,315,395,585
=============== ============== =============== ===============
<PAGE>
<CAPTION>
CONSOLIDATING INFORMATION
----------------------------------------------------------------------------
Cheyenne Fuel
Light, Fuel e prime, WestGas Resources
and Power inc. and InterState, Development
CAPITAL AND LIABILITIES Company subsidiaries Inc. Co.
----------------------- ------- ---- ---- ---
<S> <C> <C> <C> <C>
COMMON STOCK $ -- $ -- $ -- $ --
COMMON STOCK OF SUBSIDIARIES 3,000,000 24,448,605 600,000 43,650,000
RETAINED EARNINGS (DEFICIT) 16,217,544 (1,188,870) 64,952 (43,132,001)
---------- ---------- ------ -----------
Total common equity 19,217,544 23,259,735 664,952 517,999
PREFERRED STOCK:
Not subject to mandatory redemption -- -- -- --
Subject to mandatory redemption at par -- -- -- --
LONG-TERM DEBT 19,000,000 -- -- --
---------- ----- ----- -----
38,217,544 23,259,735 664,952 517,999
---------- ---------- ------- -------
NONCURRENT LIABILITIES:
Employees' postretirement benefits other
than pensions 30,611 -- -- --
Employees' postemployment benefits 720,567 -- -- --
------- ----- ----- ------
Total noncurrent liabilities 751,178 -- -- --
------- ----- ----- ------
CURRENT LIABILITIES:
Notes payable and commercial paper 14,875,000 3,500,000 -- --
Long-term debt due within one year -- -- -- --
Preferred stock subject to mandatory
redemption within one year -- -- -- --
Accounts payable 5,207,524 38,589,304 8,635 172,670
Accounts payable to associated companies 573,755 -- -- 2,615,324
Note payable to associated company -- -- -- --
Dividends payable -- -- -- --
Customers' deposits 278,253 324,875 -- --
Accrued taxes 65,635 210,954 11,772 94,422
Accrued interest 583,763 7,647 -- --
Current defueling & decommissioning liability -- -- -- --
Current accumulated deferred income taxes (1,118,626) -- -- --
Other 688,140 1,910,212 11,500 613,609
------- --------- ------ -------
Total current liabilities 21,153,444 44,542,992 31,907 3,496,025
---------- ---------- ------ ---------
DEFERRED CREDITS:
Customers' advances for construction 677,040 -- -- --
Unamortized investment tax credits 1,399,047 -- -- --
Accumulated deferred income taxes 5,047,667 6,488,993 69,535 (1,956,950)
Other 34,512 -- -- 66,102
------ ----- ----- ------
Total deferred credits 7,158,266 6,488,993 69,535 (1,890,848)
COMMITMENTS AND CONTINGENCIES
--------------- ------------- ---------------- ---------------
$ 67,280,432 $ 74,291,720 $ 766,394 $ 2,123,176
=============== ============= ================ ===============
<PAGE>
<CAPTION>
--------------------------------------------------------------------------------
Green PS
1480 And PSR Colorado
Welton, Clear Lakes Investments, Credit
CAPITAL AND LIABILITIES Inc. Company Inc. Corporation
----------------------- ---- --------- ---- -----------
<S> <C> <C> <C> <C>
COMMON STOCK $ -- $ -- $ -- $ --
COMMON STOCK OF SUBSIDIARIES 7,506,189 25,000 3,631,900 20,911,047
RETAINED EARNINGS (DEFICIT) 2,042,150 -- 385,551 --
--------- ----- ------- -----
Total common equity 9,548,339 25,000 4,017,451 20,911,047
PREFERRED STOCK:
Not subject to mandatory redemption -- -- -- --
Subject to mandatory redemption at par -- -- -- --
LONG-TERM DEBT 31,155,401 -- -- 20,000,000
---------- ----- ----- ----------
40,703,740 25,000 4,017,451 40,911,047
---------- ------ --------- ----------
NONCURRENT LIABILITIES:
Employees' postretirement benefits other
than pensions -- -- -- --
Employees' postemployment benefits -- -- -- --
----- ----- ----- -----
Total noncurrent liabilities -- -- -- --
----- ----- ----- ------
CURRENT LIABILITIES:
Notes payable and commercial paper -- -- -- 45,550,000
Long-term debt due within one year 350,889 -- -- 80,000,000
Preferred stock subject to mandatory
redemption within one year -- -- -- --
Accounts payable -- -- -- --
Accounts payable to associated companies -- -- -- 5,293,873
Note payable to associated company -- -- -- --
Dividends payable -- -- -- --
Customers' deposits -- -- -- --
Accrued taxes 114,708 -- 457,937 66,869
Accrued interest 347,882 -- -- 2,705,771
Current defueling & decommissioning liability -- -- -- --
Current accumulated deferred income taxes (5,253) -- -- --
Other 20,847 -- -- --
------- ----- ----- -----
Total current liabilities 829,073 -- 457,937 133,616,513
------- ----- ------- -----------
DEFERRED CREDITS:
Customers' advances for construction -- -- -- --
Unamortized investment tax credits 946,117 -- -- --
Accumulated deferred income taxes 11,815,805 -- (488,207) --
Other -- -- -- --
----- ----- ----- -----
Total deferred credits 12,761,922 -- (488,207) --
COMMITMENTS AND CONTINGENCIES
--------------- ------------- ---------------- ---------------
$ 54,294,735 $ 25,000 $ 3,987,181 $ 174,527,560
=============== ============= ================ ===============
<PAGE>
<CAPTION>
-----------------------------
Natural
Fuels
CAPITAL AND LIABILITIES Corporation
----------------------- -----------
<S> <C>
COMMON STOCK $ --
COMMON STOCK OF SUBSIDIARIES 15,679,876
RETAINED EARNINGS (DEFICIT) (9,095,608)
----------
Total common equity 6,584,268
PREFERRED STOCK:
Not subject to mandatory redemption --
Subject to mandatory redemption at par --
LONG-TERM DEBT 50,574
------
6,634,842
---------
NONCURRENT LIABILITIES:
Employees' postretirement benefits other
than pensions --
Employees' postemployment benefits --
-----
Total noncurrent liabilities --
-----
CURRENT LIABILITIES:
Notes payable and commercial paper --
Long-term debt due within one year 33,722
Preferred stock subject to mandatory
redemption within one year --
Accounts payable 339,618
Accounts payable to associated companies --
Note payable to associated company --
Dividends payable --
Customers' deposits --
Accrued taxes --
Accrued interest --
Current defueling & decommissioning liability --
Current accumulated deferred income taxes (6,908)
Other 551,994
-------
Total current liabilities 918,426
-------
DEFERRED CREDITS:
Customers' advances for construction --
Unamortized investment tax credits --
Accumulated deferred income taxes 651,949
Other --
-----
Total deferred credits 651,949
COMMITMENTS AND CONTINGENCIES
---------------
$ 8,205,217
===============
</TABLE>
<PAGE>
<TABLE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBDISARIES
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS WITH CONSOLIDATING INFORMATION
YEAR ENDED DECEMEBER 31, 1996
<CAPTION>
Public
Service
Company of
Consolidated Eliminations Total Colorado
------------ ------------ ----- --------
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric $ 1,488,990,493 $ -- $ 1,488,990,493 $ 1,443,346,095
Gas 640,496,807 501,257(4) 640,998,064 556,071,799
Other 41,898,640 20,364,185(4) 62,262,825 6,747,066
---------- ---------- ---------- ---------
2,171,385,940 20,865,442 2,192,251,382 2,006,164,960
OPERATING EXPENSES:
Fuel used in generation 195,441,786 -- 195,441,786 195,441,786
Purchased power 490,428,576 -- 490,428,576 454,433,370
Gas purchased for resale 393,162,631 (223,720)(4) 393,386,351 321,977,211
Other operating expenses 336,100,052 (18,444,930)(4) 354,544,982 334,275,858
Maintenance 63,907,712 -- 63,907,712 63,142,904
Depreciation and amortization 154,631,666 -- 154,631,666 149,197,320
Taxes (other than income taxes) 82,898,637 -- 82,898,637 80,749,798
Income taxes 96,331,239 -- 96,331,239 112,316,949
---------- ----- ---------- -----------
1,812,902,299 (18,668,650) 1,831,570,949 1,711,535,196
------------- ----------- ------------- -------------
OPERATING INCOME (LOSS) 358,483,641 2,196,792 360,680,433 294,629,764
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used during
construction 757,446 -- 757,446 756,557
Equity in earnings of consolidated
subsidiaries -- 12,500,273 (1) 12,500,273 12,500,273
Interest income from subsidiaries -- 1,016,243 (5) 1,016,243 148,482
Miscellaneous income (deductions) - net (19,015,088) (219,092)(1) (19,234,180) (20,739,964)
----------- ---------- ----------- -----------
(18,257,642) 13,297,424 (4,960,218) (7,334,652)
INTEREST CHARGES:
Interest on long-term debt 92,204,698 -- 92,204,698 81,097,625
Amortization of debt discount and
expense less premium 3,621,134 -- 3,621,134 3,386,248
Other interest 57,397,645 (3,213,035)(4)(5) 60,610,680 15,733,819
Allowance for borrowed funds used
during construction (3,343,573) -- (3,343,573) (3,268,675)
---------- ----- ---------- ----------
149,879,904 (3,213,035) 153,092,939 96,949,017
----------- ---------- ----------- ----------
NET INCOME (LOSS) 190,346,095 12,281,181 (b) 202,627,276 190,346,095
RETAINED EARNINGS (DEFICIT)
AT BEGINNING OF YEAR 346,539,057 33,736,763 (b) 312,802,294 346,539,057
----------- ---------- ----------- -----------
536,885,152 (21,455,582) 515,429,570 536,885,152
DIVIDENDS ON PREFERRED STOCK (11,828,635) - (11,828,635) (11,828,635)
DIVIDENDS ON COMMON STOCK (135,110,826) (12,600,307)(b) (147,711,133) (135,110,826)
OTHER ADJUSTMENT (104,258) (650,393)(a) (754,651) (104,258)
-------- -------- -------- --------
RETAINED EARNINGS (DEFICIT)
AT END OF YEAR $ 389,841,433 $ (34,706,282) $ 355,135,151 $ 389,841,433
================ ============= ================ ===============
(a) Young Gas Storage Company became a subsidiary of e prime, inc. effective February 1, 1996. The statement of income
includes eleven months of operations as a subsidiary of e prime and one month of operations as a subsidiary of the
Company. Retained earnings have been adjusted and eliminated.
(b) To eliminate intercompany investment, earnings and dividends.
<PAGE>
<CAPTION>
CONSOLIDATING INFORMATION
----------------------------------------------------------------------------
Cheyenne Fuel
Light, Fuel e prime, WestGas Resources
and Power inc. and InterState, Development
Company subsidiaries Inc. Co.
------- ------------ ---- ---
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric $ 37,838,319 $ 7,806,079 $ -- $ --
Gas 15,644,244 64,388,543 113,699 1,256,317
Other -- 955,697 -- --
----- ------- ----- -----
53,482,563 73,150,319 113,699 1,256,317
OPERATING EXPENSES:
Fuel used in generation -- -- -- --
Purchased power 28,345,766 7,649,440 -- --
Gas purchased for resale 10,054,926 60,840,781 -- --
Other operating expenses 5,911,140 6,224,141 42,420 2,817,235
Maintenance 764,328 -- 480 --
Depreciation and amortization 2,216,973 1,053,131 25,670 470,946
Taxes (other than income taxes) 1,494,455 148,723 881 101,771
Income taxes 794,076 (864,623) 17,562 (2,521,028)
------- -------- ------ ----------
49,581,664 75,051,593 87,013 868,924
---------- ---------- ------ -------
OPERATING INCOME (LOSS) 3,900,899 (1,901,274) 26,686 387,393
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used during
construction 889 -- -- --
Equity in earnings of consolidated
subsidiaries -- -- -- --
Interest income from subsidiaries -- -- -- --
Miscellaneous income (deductions) - net (47,959) 1,198,116 7,788 72,406
------- --------- ----- ------
(47,070) 1,198,116 7,788 72,406
INTEREST CHARGES:
Interest on long-term debt 1,422,504 -- -- --
Amortization of debt discount and
expense less premium 22,275 -- -- --
Other interest 933,756 45,581 -- 966,994
Allowance for borrowed funds used
during construction (74,898) -- -- --
------- ----- ----- -----
2,303,637 45,581 -- 966,994
--------- ------ -------
NET INCOME (LOSS) 1,550,192 (748,739) 34,474 (507,195)
RETAINED EARNINGS (DEFICIT)
AT BEGINNING OF YEAR 14,667,352 (440,131) 30,478 (42,624,806)
---------- -------- ------ -----------
16,217,544 (1,188,870) 64,952 (43,132,001)
DIVIDENDS ON PREFERRED STOCK -- -- -- --
DIVIDENDS ON COMMON STOCK -- -- -- --
OTHER ADJUSTMENT -- -- -- --
----- ----- ----- -----
RETAINED EARNINGS (DEFICIT)
AT END OF YEAR $ 16,217,544 $ (1,188,870) $ 64,952 $ (43,132,001)
============== ============= ================ ==============
<PAGE>
<CAPTION>
----------------------------------------------------------------------------
PS
Young Gas 1480 PSR Colorado
Storage Welton, Investments, Credit
Company (a) Inc. Inc. Corporation
----------- ---- ---- -----------
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric $ -- $ -- $ -- $ --
Gas -- -- -- --
Other -- 8,145,665 34,138,097 12,276,300
----- --------- ---------- ----------
-- 8,145,665 34,138,097 12,276,300
OPERATING EXPENSES:
Fuel used in generation -- -- -- --
Purchased power -- -- -- --
Gas purchased for resale -- -- -- --
Other operating expenses -- 99,338 422,530 190,954
Maintenance -- -- -- --
Depreciation and amortization -- 1,443,299 -- --
Taxes (other than income taxes) -- 418,498 (30,752) 4,751
Income taxes 72,849 1,049,160 (15,300,955) 1,424,890
------ --------- ----------- ---------
72,849 3,010,295 (14,909,177) 1,620,595
------ --------- ----------- ---------
OPERATING INCOME (LOSS) (72,849) 5,135,370 49,047,274 10,655,705
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used during
construction -- -- -- --
Equity in earnings of consolidated
subsidiaries -- -- -- --
Interest income from subsidiaries 867,761 -- --
Miscellaneous income (deductions) - net 192,633 18,662 -- 1,496
------- ------ ----- -----
192,633 886,423 -- 1,496
INTEREST CHARGES:
Interest on long-term debt -- 4,193,705 -- 5,480,447
Amortization of debt discount and
expense less premium -- 36,242 -- 176,369
Other interest -- 51,722 40,177,367 2,700,070
Allowance for borrowed funds used
during construction -- -- -- --
----- ----- ----- ------
-- 4,281,669 40,177,367 8,356,886
----- --------- ---------- ---------
NET INCOME (LOSS) 119,784 1,740,124 8,869,907 2,300,315
RETAINED EARNINGS (DEFICIT)
AT BEGINNING OF YEAR 530,256 1,802,018 315,644 --
------- --------- ------- -----
650,040 3,542,142 9,185,551 2,300,315
DIVIDENDS ON PREFERRED STOCK -- -- -- --
DIVIDENDS ON COMMON STOCK -- (1,499,992) (8,800,000) (2,300,315)
OTHER ADJUSTMENT (650,040) -- -- --
-------- ----- ----- -----
RETAINED EARNINGS (DEFICIT)
AT END OF YEAR $ -- $ 2,042,150 $ 385,551 $ --
============= ============= ================ ================
<PAGE>
<CAPTION>
-------------------------------
Natural
Fuels
Corporation
------------
<S> <C>
OPERATING REVENUES:
Electric $ --
Gas 3,523,462
Other --
------
3,523,462
OPERATING EXPENSES:
Fuel used in generation --
Purchased power --
Gas purchased for resale 513,433
Other operating expenses 4,561,366
Maintenance --
Depreciation and amortization 224,327
Taxes (other than income taxes) 10,512
Income taxes (657,641)
--------
4,651,997
---------
OPERATING INCOME (LOSS) (1,128,535)
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used during
construction --
Equity in earnings of consolidated
subsidiaries --
Interest income from subsidiaries --
Miscellaneous income (deductions) - net 62,642
------
62,642
INTEREST CHARGES:
Interest on long-term debt 10,417
Amortization of debt discount and
expense less premium --
Other interest 1,371
Allowance for borrowed funds used
during construction --
-----
11,788
------
NET INCOME (LOSS) (1,077,681)
RETAINED EARNINGS (DEFICIT)
AT BEGINNING OF YEAR (8,017,574)
---------
(9,095,255)
DIVIDENDS ON PREFERRED STOCK --
DIVIDENDS ON COMMON STOCK --
OTHER ADJUSTMENT (353)
----
RETAINED EARNINGS (DEFICIT)
AT END OF YEAR $ (9,095,608)
==============
</TABLE>
<PAGE>
<TABLE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBDISARIES
CONSOLIDATED STATEMENT OF CASH FLOWS WITH CONSOLIDATING INFORMATION
YEAR ENDED DECEMEBER 31, 1996
<CAPTION>
---------------------------------------------------------
Public
Service
Company of
Consolidated Eliminations Total Colorado
------------ ------------ ----- --------
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net income (loss) $ 190,346,095 $ 12,281,181 (a) $ 202,627,276 $ 190,346,095
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Depreciation and amortization $ 159,400,145 -- 159,400,145 154,655,219
Amortization of investment tax credits (7,256,407) -- (7,256,407) (7,118,714)
Deferred income taxes 60,899,197 -- 60,899,197 63,564,107
Allowance for equity funds used during
construction (757,446) -- (757,446) (756,557)
Change in accounts receivable (88,680,320) 11,347,557 (b) (77,332,763) (32,466,261)
Change in inventories 20,541,852 -- 20,541,852 20,689,611
Change in other current assets (31,168,650) -- (31,168,650) (30,437,646)
Change in accounts payable 88,473,411 (11,347,557)(b) 77,125,854 43,566,165
Change in other current liabilities (36,615,411) -- (36,615,411) (39,358,756)
Change in deferred amounts (19,549,899) 219,090 (b) (19,330,809) (18,954,569)
Change in noncurrent liabilities (9,778,555) (3,087,466)(b) (12,857,021) (12,909,405)
Other 1,759,474 -- 1,759,474 1,783,395
--------- ----- --------- ---------
Net cash provided by (used in)
operating activities 327,613,486 9,421,805 337,035,291 332,602,684
INVESTING ACTIVITIES:
Construction expenditures (321,161,523) -- (321,161,523) (311,243,801)
Allowance for equity funds used during
construction 757,446 -- 757,446 756,557
Proceeds from (cost of)disposition of
property, plant and equipment 20,453,686 -- 20,453,686 3,968,703
Purchase of other investments (11,484,926) (61,681,162)(b)(c) (73,166,088) (70,999,166)
Sale of other investments 663,401 43,814,029 (b)(c) 44,477,430 41,370,319
Subsidiary dividends in excess
of earnings -- 100,035 (a) 100,035 100,035
Payment for purchase of companies,
net of cash acquired 3,648,965 -- 3,648,965 --
--------- ----- --------- -----
Net cash provided by (used in)
investing activities (307,122,951) (17,767,098) (324,890,049) (336,047,353)
FINANCING ACTIVITIES:
Proceeds from sale of common stock 30,115,309 61,681,162 (c) 91,796,471 30,015,309
Repurchase of common stock -- (40,735,562)(b)(c) (40,735,562) --
Proceeds from sale of long-term notes and bonds 217,415,010 -- 217,415,010 197,554,797
Redemption of long-term notes and bonds (83,355,889) -- (83,355,889) (82,997,675)
Short-term borrowings - net (43,325,375) -- (43,325,375) (1,250,375)
Redemption of preferred stock (1,376,000) -- (1,376,000) (1,376,000)
Dividends on common stock (133,393,623) (12,600,307)(a) (145,993,930) (133,393,623)
Dividends on preferred stock (11,857,531) -- (11,857,531) (11,857,531)
----------- ----- ----------- -----------
Net cash provided by (used in)
financing activities (25,778,099) 8,345,293 (17,432,806) (3,305,098)
----------- --------- ----------- ----------
Net increase (decrease) in cash
and temporary cash investments (5,287,564) -- (5,287,564) (6,749,767)
Cash and temporary cash investments
at beginning of year 14,693,147 -- 14,693,147 10,185,141
---------- ----- ---------- ----------
Cash and temporary cash investments
at end of year $ 9,405,583 $ -- $ 9,405,583 $ 3,435,374
============= ============= ================= ===============
(a) Eliminate subsidiary net income, undistributed equity in earnings of subsidiaries and dividends paid to parent.
(b) Eliminate changes in accounts payable to and receivables from associated companies.
(c) Eliminate intercompany stock transactions.
(d) Young Gas Storage Company became a subsidiary of e prime, inc. effective February 1, 1996. The statement of cash flows
includes eleven months of operations as a subsidiary of e prime and one month of operations as a subsidiary of the Company.
<PAGE>
<CAPTION>
CONSOLIDATING INFORMATION
----------------------------------------------------------------------------
Cheyenne Fuel
Light, Fuel e prime, WestGas Resources
and Power inc. and InterState, Development
Company subsidiaries Inc. Co.
------- ------------ ---- ---
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net income (loss) $ 1,550,192 $ (748,739) $ 34,474 $ (507,195)
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Depreciation and amortization 2,239,248 112,275 25,670 470,946
Amortization of investment tax credits (77,779) -- -- --
Deferred income taxes 278,514 136,473 13,524 (3,912,341)
Allowance for equity funds used during
construction (889) -- -- --
Change in accounts receivable 264,159 (35,331,229) 8,743 3,184,714
Change in inventories (380,963) (227,923) -- 35,959
Change in other current assets 989,782 (1,845,266) -- --
Change in accounts payable 321,010 28,392,727 8,635 2,283,980
Change in other current liabilities (1,747,988) 1,680,064 12,386 (153,921)
Change in deferred amounts 229,121 (279,665) -- (325,696)
Change in noncurrent liabilities 52,384 -- -- --
Other -- 80,584 -- --
----- ------ ----- -----
Net cash provided by (used in)
operating activities 3,716,791 (8,030,699) 103,432 1,076,446
INVESTING ACTIVITIES:
Construction expenditures (9,028,998) (586,680) -- (269,995)
Allowance for equity funds used during
construction 889 -- -- --
Proceeds from (cost of) disposition of
property, plant and equipment (109,529) 4,279 -- 19,513,591
Purchase of other investments -- (1,716,660) -- --
Sale of other investments -- 19,004 -- 3,078,467
Subsidiary dividends in excess of earnings -- -- -- --
Payment for purchase of companies, net of
cash acquired -- 3,648,965 -- --
----- --------- ----- -----
Net cash provided by (used in)
investing activities (9,137,638) 1,368,908 -- 22,322,063
FINANCING ACTIVITIES:
Proceeds from sale of common stock -- 5,182,855 -- 11,600,000
Repurchase of common stock -- -- -- --
Proceeds from sale of long-term notes and bonds -- -- -- --
Redemption of long-term notes and bonds -- -- -- --
Short-term borrowings - net 5,275,000 3,500,000 -- (34,350,000)
Redemption of preferred stock -- -- -- --
Dividends on common stock -- -- -- --
Dividends on preferred stock -- -- -- --
----- ----- ----- -----
Net cash provided by (used in)
financing activities 5,275,000 8,682,855 -- (22,750,000)
--------- --------- ----- -----------
Net increase (decrease) in cash
and temporary cash investments (145,847) 2,021,064 103,432 648,509
Cash and temporary cash investments
at beginning of year 1,774,960 155,644 115,978 38,222
--------- ------- ------- ------
Cash and temporary cash investments
at end of year $ 1,629,113 $ 2,176,708 $ 219,410 $ 686,731
============= ============= ================= ===============
<PAGE>
<CAPTION>
----------------------------------------------------------------------------
PS
Young Gas 1480 PSR Colorado
Storage Welton, Investment Credit
Company (d) Inc. Inc. Corporation
------- ---- ---- -----------
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net income (loss) $ 119,784 $ 1,740,124 $ 8,869,907 $ 2,300,315
Adjustments to reconcile net income (loss)
to net cash provided by(used in)
operating activities:
Depreciation and amortization -- 1,479,541 -- 176,369
Amortization of investment tax credits -- (59,914) -- --
Deferred income taxes 258,643 79,039 957 --
Allowance for equity funds used during
construction -- -- -- --
Change in accounts receivable -- 457,647 (666,270) (12,001,657)
Change in inventories -- -- -- --
Change in other current assets -- 1,879 (27,340) 159,509
Change in accounts payable 2,963 125 (22,368) 2,705,188
Change in other current liabilities (168,656) 8,887 449,445 2,311,371
Change in deferred amounts -- -- -- --
Change in noncurrent liabilities -- -- -- --
Other (212,734) -- -- --
-------- ----- ----- -------
Net cash provided by (used in)
operating activities -- 3,707,328 8,604,331 (4,348,905)
INVESTMENT ACTIVITES:
Construction expenditures -- -- -- --
Allowance for equity funds used during
construction -- -- -- --
Proceeds from (cost of) disposition of
property, plant and equipment -- -- -- --
Purchase of other investments -- -- (450,262) --
Sale of other investments -- -- -- --
Subsidiary dividends in excess
of earnings -- -- -- --
Payment for purchase of companies,
net of cash acquired -- -- -- --
----- ----- ----- -----
Net cash provided by (used in)
investing activities -- -- (450,262) --
FINANCING ACTIVITIES:
Proceeds from sale of common stock -- -- -- 42,175,760
Repurchase of common stock -- -- -- (40,735,562)
Proceeds from sale of long-term notes and bonds -- -- -- 19,860,213
Redemption of long-term notes and bonds -- (307,567) -- --
Short-term borrowings - net -- (1,850,000) -- (14,650,000)
Redemption of preferred stock -- -- -- --
Dividends on common stock -- (1,499,992) (8,800,000) (2,300,315)
Dividends on preferred stock -- -- -- --
----- ----- ----- -----
Net cash provided by (used in)
financing activities -- (3,657,559) (8,800,000) 4,350,096
----- ---------- ---------- ---------
Net increase (decrease) in cash
and temporary cash investments -- 49,769 (645,931) 1,191
Cash and temporary cash investments
at beginning of year -- 25,928 752,563 36,869
----- ------ ------- ------
Cash and temporary cash investments
at end of year $ -- $ 75,697 $ 106,632 $ 38,060
============= ============= ================ ===============
<PAGE>
<CAPTION>
----------------------------------------------------------------------------
Natural
Fuels
Corporation
-----------
<S> <C>
OPERATING ACTIVITIES:
Net income (loss) $ (1,077,681)
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Depreciation and amortization 240,877
Amortization of investment tax credits --
Deferred income taxes 480,281
Allowance for equity funds used during
construction --
Change in accounts receivable (782,609)
Change in inventories 425,168
Change in other current assets (9,568)
Change in accounts payable (132,571)
Change in other current liabilities 351,757
Change in deferred amounts --
Change in noncurrent liabilities --
Other 108,229
-------
Net cash provided by (used in)
operating activities (396,117)
INVESTING ACTIVITIES:
Construction expenditures (32,049)
Allowance for equity funds used during
construction
Proceeds from (cost of) disposition of
property, plant and equipment (2,923,358)
Purchase of other investments --
Sale of other investments 9,640
Subsidiary dividends in excess
of earnings --
Payment for purchase of companies,
net of cash acquired --
-----
Net cash provided by (used in)
investing activities (2,945,767)
FINANCING ACTIVITIES:
Proceeds from sale of common stock 2,822,547
Repurchase of common stock --
Proceeds from sale of long-term notes and bonds --
Redemption of long-term notes and bonds (50,647)
Short-term borrowings - net --
Redemption of preferred stock --
Dividends on common stock --
Dividends on preferred stock --
-----
Net cash provided by (used in)
financial activities 2,771,900
---------
Net increase (decrease) in cash
and temporary cash investments (569,984)
Cash and temporary cash investments
at beginning of year 1,607,842
---------
Cash and temporary cash investments
at end of year $ 1,037,858
=============
</TABLE>
<PAGE>
<TABLE>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING ELIMINATIONS FOR THE BALANCE SHEET AND
STATEMENT OF INCOME AND RETAINED EARNINGS
DECEMBER 31, 1996
DEBIT CREDIT
----- ------
<S> <C> <C>
(1)
Common stock of subsidiaries $ 119,452,617
Property, plant and equipment - steam and other (excess of
carrying value of investment in consolidated subsidiaries
over the equity applicable thereto at the respective dates
of acquisition) 7,711
Retained earnings includes: (a) 1996 subsidiary earnings of
$12,719,365 attributable to parent; (b) a 1996 subsidiary loss
of $219,092 attributable to minority interest; and (c) ($69,139)
of subsidiaries retained earnings at dates of acquisition $ 34,706,282
Investment in consolidated subsidiaries 84,056,061
Other deferred credits (minority interest in Natural Fuels
Corporation) 697,985
To eliminate investment in consolidated subsidiaries.
(2)
Accounts payable to associated companies $ 28,471,390
Accounts payable 2,615,324
Note payable to associated company 12,066,207
Accounts receivable from associated companies $ 3,923,431
Note receivable from associated company 12,066,207
Other investments 2,615,324
Fuel inventory financed 24,547,959
To eliminate intercompany accounts, as follows:
Current
Payable by: Accounts Receivable by:
--------
Cheyenne Light, Fuel and Power Company $ 575,248 Public Service Company of Colorado
430,639 e prime, inc.
224,980 1480 Welton, Inc.
8,174 WestGas InterState, Inc.
1,426,877 Fuel Resources Development Co.
669,151 PSR Investments, Inc.
588,362 Natural Fuels Corporation
-------
Public Service Company of Colorado 3,348,183
---------
$ 3,923,431
=============
Note
Receivable
----------
Public Service Company of Colorado $ 12,066,207 1480 Welton, Inc.
=============
Long-Term
Income Tax
Receivable
----------
Public Service Company of Colorado $ 2,615,324 Fuel Resources Development Co.
=============
Fuel
Inventory
Financed
--------
Public Service Company of Colorado $ 24,547,959 PS Colorado Credit Corporation
=============
PS Colorado Credit Corporation $ 5,293,873 Public Service Company of Colorado
=============
(3)
Other deferred credits $ 1,048,224
Other deferred charges $ 1,048,224
To eliminate intercompany prepayment.
<PAGE>
<CAPTION>
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES
CONSOLIDATING ELIMINATIONS FOR THE BALANCE SHEET AND
STATEMENT OF INCOME AND RETAINED EARNINGS (Continued)
DECEMBER 31, 1996
DEBIT CREDIT
----- ------
<S> <C> <C> <C>
(4)
Operating revenues - gas $ 501,257
Operating revenues - other 20,364,185
Gas purchased for resale $ 223,720
Other operating expenses 18,444,930
Interest charges - other interest 2,196,792
To eliminate intercompany revenues and expenses as follows:
Gas Other Interest
purchased operating on debt to
Total for resale expenses associates
------------- ------------- -------------- -------------
Gas Operating Revenues:
Gas transportation fee charged by Public Service Company
of Colorado to Cheyenne Light, Fuel and Power Company $ 39,047 $ 39,047 $ -- $ --
Gas transportation fee charged by WestGas InterState,
Inc. to Cheyenne Light, Fuel and Power Company 46,421 46,421 -- --
Gas transportation fee charged by Public Service Company
of Colorado to Natural Fuels Corporation 97,116 97,116 -- --
Natural Fuels Corporation sales to Public Service
Company of Colorado for station maintenance and other 288,673 41,136 247,537 --
Administrative and operating fee charged by Public Service
Company of Colorado to WestGas InterState, Inc. 30,000 -- 30,000 --
------ ----- ------ -----
501,257 223,720 277,537 --
------- ------- ------- ------
Other Operating Revenues:
Rent charged by 1480 Welton, Inc. to Public Service
Company of Colorado 8,087,885 -- 8,087,885 --
Customer receivables discount charged by PS Colorado
Credit Corporation to Public Service Company of Colorado 10,079,508 -- 10,079,508 --
Fuel inventory financing costs charged by PS Colorado
Credit Corporation to Public Service Company of Colorado 2,196,792 -- -- 2,196,792
--------- ----- ----- ---------
20,364,185 -- 18,167,393 2,196,792
---------- ----- ---------- ---------
$ 20,865,442 $ 223,720 $ 18,444,930 $ 2,196,792
============ ============ ============= =============
(5)
Interest income from subsidiaries $ 1,016,243
Interest charges - other interest $ 1,016,243
To eliminate intercompany interest income and expense as follows:
Interest charges recorded by:
Public Service Company of Colorado $ 867,761
Cheyenne Light, Fuel and Power Company 116,710
PSR Investments, Inc. 15,885
1480 Welton, Inc. 15,887
------
$ 1,016,243
============
Interest income recorded by:
Public Service Company of Colorado $ 148,482
1480 Welton, Inc. 867,761
-------
$ 1,016,243
============
</TABLE>
<PAGE>
<TABLE>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMBER 31, 1996
<CAPTION>
CONSOLIDATING INFORMATION
------------------------------------------------------------------------------
e prime,
ASSETS Consolidated Eliminations Total inc.
------ ------------ ------------ ----- ----
<S> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT, at cost:
Electric $ -- $ -- $ -- $ --
Gas 2,000,000 -- 2,000,000 --
Steam and other 707,308 -- 707,308 653,891
Common to all departments -- -- -- --
Construction in progress -- -- -- --
----- ----- ----- -----
2,707,308 -- 2,707,308 653,891
Less: accumulated depreciation 123,270 -- 123,270 78,826
------- ----- ------- ------
Total property, plant and equipment 2,584,038 -- 2,584,038 575,065
--------- ----- --------- -------
INVESTMENTS:
Subsidiaries consolidated - common stock -- (19,383,487)(6) 19,383,487 19,383,487
Note receivable from associated company -- -- -- --
Other, at cost 8,986,938 -- 8,986,938 1,630,415
--------- ----- --------- ---------
Total investments 8,986,938 (19,383,487) 28,370,425 21,013,902
--------- ----------- ---------- ----------
CURRENT ASSETS:
Cash and temporary cash investments 2,176,708 -- 2,176,708 453,196
Accounts receivable 40,600,311 -- 40,600,311 16,606,144
Reserve for uncollectible accounts (723,862) -- (723,862) (45,274)
Accounts receivable from associated companies 430,639 (404,281)(7) 834,920 1,024,630
Accrued unbilled revenues -- -- -- --
Recoverable purchased gas and electric
energy costs - net -- -- -- --
Materials and supplies, at average cost 227,923 -- 227,923 227,923
Fuel inventory, at average cost -- -- -- --
Fuel inventory financed -- -- -- --
Gas in underground storage, at cost (LIFO) -- -- -- --
Regulatory assets recoverable within one year -- -- -- --
Prepaid expenses and other 1,848,338 -- 1,848,338 26,206
--------- ----- --------- ------
Total current assets 44,560,057 (404,281) 44,964,338 18,292,825
---------- -------- ---------- ----------
DEFERRED CHARGES:
Regulatory assets -- -- -- --
Unamortized debt expense -- -- -- --
Other 18,160,687 -- 18,160,687 1,598,115
---------- ----- ---------- ---------
Total deferred charges 18,160,687 -- 18,160,687 1,598,115
---------- ----- ---------- ---------
$ 74,291,720 $ (19,787,768) $ 94,079,488 $ 41,479,907
============= ============= ================ ============
<PAGE>
<CAPTION>
--------------------------------------------------------
Texas-Ohio Texas-Ohio Young Gas
Gas, Pipeline, Storage
ASSETS Inc. Inc. Company
------ ---- ---- -------
<S> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT, at cost:
Electric $ -- $ -- $ --
Gas -- 2,000,000 --
Steam and other 53,417 -- --
Common to all departments -- -- --
Construction in progress -- -- --
----- ----- -----
53,417 2,000,000 --
Less: accumulated depreciation -- 44,444 --
----- ------ -----
Total property, plant and equipment 53,417 1,955,556 --
------ --------- -----
INVESTMENTS:
Subsidiaries consolidated - common stock -- -- --
Note receivable from associated company -- -- --
Other, at cost -- -- 7,356,523
----- ----- ---------
Total investments -- -- 7,356,523
----- ----- ---------
CURRENT ASSETS:
Cash and temporary cash investments 1,613,734 109,778 --
Accounts receivable 23,984,917 -- 9,250
Reserve for uncollectible accounts (678,588) -- --
Accounts receivable from associated companies (287,896) 94,422 3,764
Accrued unbilled revenues -- -- --
Recoverable purchased gas and electric
energy costs - net -- -- --
Materials and supplies, at average cost -- -- --
Fuel inventory, at average cost -- -- --
Fuel inventory financed -- -- --
Gas in underground storage, at cost (LIFO) -- -- --
Regulatory assets recoverable within one year -- -- --
Prepaid expenses and other 1,817,636 4,496 --
--------- ----- -----
Total current assets 26,449,803 208,696 13,014
---------- ------- ------
DEFERRED CHARGES:
Regulatory assets -- -- --
Unamortized debt expense -- -- --
Other 16,562,572 -- --
---------- ----- -----
Total deferred charges 16,562,572 -- --
---------- ----- -----
$ 43,065,792 $ 2,164,252 $ 7,369,537
============ ============= ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMBER 31, 1996
CONSOLIDATING INFORMATION
---------------------------------------------------------
e prime,
CAPITAL AND LIABILITIES Consolidated Eliminations Total inc.
----------------------- ------------ ------------ ----- ----
<S> <C> <C> <C> <C>
COMMON STOCK $ 24,448,605 $ -- $ 24,448,605 $ 24,448,605
COMMON STOCK OF SUBSIDIARIES -- (19,509,971) 19,509,971 --
RETAINED EARNINGS (DEFICIT) (1,188,870) 126,484 (6) (1,315,354) (1,188,870)
---------- ------- ---------- ----------
Total common equity 23,259,735 (19,383,487) 42,643,222 23,259,735
PREFERRED STOCK:
Not subject to mandatory redemption -- -- -- --
Subject to mandatory redemption at par -- -- -- --
LONG-TERM DEBT -- -- -- --
----- ------ ----- -----
23,259,735 (19,383,487) 42,643,222 23,259,735
---------- ------------ ---------- ----------
NONCURRENT LIABILITIES:
Employees' postretirement benefits other
than pensions -- -- -- --
Employees' postemployment benefits -- -- -- --
----- ------ ----- -----
Total noncurrent liabilities -- -- -- --
----- ------ ----- -----
CURRENT LIABILITIES:
Notes payable and commercial paper 3,500,000 -- 3,500,000 3,500,000
Long-term debt due within one year -- -- -- --
Preferred stock subject to mandatory
redemption within one year -- -- -- --
Accounts payable 38,589,304 -- 38,589,304 14,310,708
Accounts payable to associated companies -- (404,281)(7) 404,281 262,541
Note payable to associated company -- -- -- --
Dividends payable -- -- -- --
Customers' deposits 324,875 -- 324,875 --
Accrued taxes 210,954 -- 210,954 19,445
Accrued interest 7,647 -- 7,647 7,647
Current defueling & decommissioning liability -- -- -- --
Current accumulated deferred income taxes -- -- -- --
Other 1,910,212 -- 1,910,212 108,829
--------- ------ --------- -------
Total current liabilities 44,542,992 (404,281) 44,947,273 18,209,170
---------- -------- ---------- ----------
DEFERRED CREDITS:
Customers' advances for construction -- -- -- --
Unamortized investment tax credits -- -- -- --
Accumulated deferred income taxes 6,488,993 -- 6,488,993 11,002
Other -- -- -- --
----- ------ ----- -----
Total deferred credits 6,488,993 -- 6,488,993 11,002
COMMITMENTS AND CONTINGENCIES
--------------- -------------- ---------------- ---------------
$ 74,291,720 $ (19,787,768) $ 94,079,488 $ 41,479,907
=============== ============== ================ ===============
<PAGE>
<CAPTION>
----------------------------------------------------
Texas-Ohio Texas-Ohio Young Gas
Gas, Pipeline, Storage
CAPITAL AND LIABILITIES Inc. Inc. Company
----------------------- ---- ---- -------
<S> <C> <C> <C>
COMMON STOCK $ -- $ -- $ --
COMMON STOCK OF SUBSIDIARIES 11,200,000 2,000,000 6,309,971
RETAINED EARNINGS (DEFICIT) (634,794) 124,083 384,227
-------- ------- -------
Total common equity 10,565,206 2,124,083 6,694,198
PREFERRED STOCK:
Not subject to mandatory redemption -- -- --
Subject to mandatory redemption at par -- -- --
LONG-TERM DEBT -- -- --
----- ----- -----
10,565,206 2,124,083 6,694,198
---------- --------- ---------
NONCURRENT LIABILITIES:
Employees' postretirement benefits other
than pensions -- -- --
Employees' postemployment benefits -- -- --
----- ----- -----
Total noncurrent liabilities -- -- --
----- ----- -----
CURRENT LIABILITIES:
Notes payable and commercial paper -- -- --
Long-term debt due within one year -- -- --
Preferred stock subject to mandatory
redemption within one year -- -- --
Accounts payable 24,257,872 20,724 --
Accounts payable to associated companies 141,740 -- --
Note payable to associated company -- -- --
Dividends payable -- -- --
Customers' deposits 324,875 -- --
Accrued taxes 173,860 -- 17,649
Accrued interest -- -- --
Current defueling & decommissioning liability -- -- --
Current accumulated deferred income taxes -- -- --
Other 1,801,383 -- --
--------- ----- -----
Total current liabilities 26,699,730 20,724 17,649
---------- ------ ------
DEFERRED CREDITS:
Customers' advances for construction -- -- --
Unamortized investment tax credits -- -- --
Accumulated deferred income taxes 5,800,856 19,445 657,690
Other -- -- --
----- ----- -----
Total deferred credits 5,800,856 19,445 657,690
COMMITMENTS AND CONTINGENCIES
-------------- ------------- ----------------
$ 43,065,792 $ 2,164,252 $ 7,369,537
============== ============= ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS WITH CONSOLIDATING INFORMATION
YEAR ENDED DECEMBER 31, 1996
CONSOLIDATING INFORMATION
-----------------------------------------------------------------------
e prime,
Consolidated Eliminations Total inc.
------------ ------------ ----- ----
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric $ 7,806,079 $ -- $ 7,806,079 $ 7,449,135
Gas 64,388,543 283,540 (8) 64,672,083 25,928,881
Other 955,697 -- 955,697 955,697
------- ------- -------
73,150,319 283,540 73,433,859 34,333,713
OPERATING EXPENSES:
Fuel used in generation -- -- -- --
Purchased power 7,649,440 -- 7,649,440 7,300,242
Gas purchased for resale 60,840,781 (283,540)(8) 61,124,321 23,588,723
Other operating expenses 6,224,141 -- 6,224,141 5,125,320
Maintenance -- -- -- --
Depreciation and amortization 1,053,131 -- 1,053,131 180,559
Taxes (other than income taxes) 148,723 -- 148,723 116,797
Income taxes (864,623) -- (864,623) (893,962)
-------- ----- -------- --------
75,051,593 (283,540) 75,335,133 35,417,679
---------- -------- ---------- ----------
OPERATING INCOME (LOSS) (1,901,274) -- (1,901,274) (1,083,966)
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used during
construction -- -- -- --
Equity in earnings of consolidated
subsidiaries -- 706,697 (6) 706,697 706,697
Interest income from subsidiaries -- -- -- --
Miscellaneous income (deductions) - net 1,198,116 -- 1,198,116 (327,388)
--------- ----- --------- --------
1,198,116 706,697 1,904,813 379,309
INTEREST CHARGES:
Interest on long-term debt -- -- -- --
Amortization of debt discount and
expense less premium -- -- -- --
Other interest 45,581 -- 45,581 44,082
Allowance for borrowed funds used
during construction -- -- -- --
----- ----- ----- -----
45,581 -- 45,581 44,082
------ ----- ------ ------
NET INCOME (LOSS) (a) (748,739) 706,697 (b) (42,042) (748,739)
RETAINED EARNINGS (DEFICIT)
AT BEGINNING OF YEAR (a) (440,131) (650,040)(b) 209,909 (440,131)
-------- -------- ------- --------
(1,188,870) 1,356,737 167,867 (1,188,870)
DIVIDENDS ON PREFERRED STOCK -- -- -- --
DIVIDENDS ON COMMON STOCK -- (1,483,221)(b) (1,483,221) --
OTHER ADJUSTMENT -- -- -- --
----- ----- ----- -----
RETAINED EARNINGS (DEFICIT)
AT END OF YEAR $ (1,188,870) $ (126,484) $ (1,315,354) $ (1,188,870)
============= ============== ================ ===============
(a) Young Gas Storage Company became a subsidiary of e prime, inc. effective February 1, 1996. The statement of income
includes eleven months of operations. e prime, inc acquired Texas-Ohio Gas, Inc. and Pipeline, Inc. effective
September 1, 1996 and accordingly, the statement of income includes four months of operations.
(b) To eliminate intercompany investment, earnings and dividends.
<PAGE>
<CAPTION>
------------------------------------------------
Texas-Ohio Texas-Ohio Young Gas
Gas, Pipeline, Storage
Inc. (a) Inc. (a) Company (a)
-------- -------- -----------
<S> <C> <C> <C>
OPERATING REVENUES:
Electric $ 356,944 $ -- $ --
Gas 38,459,662 283,540 --
Other -- -- --
----- ----- -----
38,816,606 283,540 --
OPERATING EXPENSES:
Fuel used in generation -- -- --
Purchased power 349,198 -- --
Gas purchased for resale 37,535,598 -- --
Other operating expenses 1,050,623 48,198 --
Maintenance -- -- --
Depreciation and amortization 828,128 44,444 --
Taxes (other than income taxes) 31,926 -- --
Income taxes (338,048) 66,815 300,572
-------- ------ -------
39,457,425 159,457 300,572
---------- ------- -------
OPERATING INCOME (LOSS) (640,819) 124,083 (300,572)
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used during
construction -- -- --
Equity in earnings of consolidated
subsidiaries -- -- --
Interest income from subsidiaries -- -- --
Miscellaneous income (deductions) - net 7,524 -- 1,517,980
----- ----- ---------
7,524 -- 1,517,980
INTEREST CHARGES:
Interest on long-term debt -- -- --
Amortization of debt discount and
expense less premium -- -- --
Other interest 1,499 -- --
Allowance for borrowed funds used
during construction -- -- --
----- ----- -----
1,499 -- --
----- ----- -----
NET INCOME (LOSS) (a) (634,794) 124,083 1,217,408
RETAINED EARNINGS (DEFICIT)
AT BEGINNING OF YEAR (a) -- -- 650,040
----- ----- -------
(634,794) 124,083 1,867,448
DIVIDENDS ON PREFERRED STOCK -- -- --
DIVIDENDS ON COMMON STOCK -- (1,483,221)
OTHER ADJUSTMENT -- -- --
----- ----- -----
RETAINED EARNINGS (DEFICIT)
AT END OF YEAR $ (634,794) $ 124,083 $ 384,227
============= ============= ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS WITH CONSOLIDATING INFORMATION
YEAR ENDED DECEMBER 31, 1996
CONSOLIDATING INFORMATION
-------------------------------------------------------------------
e prime,
Consolidated Eliminations Total inc.
------------ ------------ ----- ----
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES:
Net income (loss) $ (748,739) $ 706,697 (a) $ (42,042) $ (748,739)
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization 112,275 -- 112,275 67,831
Amortization of investment tax credits -- -- -- --
Deferred income taxes 136,473 -- 136,473 7,825
Allowance for equity funds used during
construction -- -- -- --
Change in accounts receivable (35,331,229) (404,281)(b) (35,735,510) (17,338,923)
Change in inventories (227,923) -- (227,923) (227,923)
Change in other current assets (1,845,266) -- (1,845,266) (23,134)
Change in accounts payable 28,392,727 404,281 (b) 28,797,008 14,313,896
Change in other current liabilities 1,680,064 -- 1,680,064 78,580
Change in deferred amounts (279,665) -- (279,665) (1,128,168)
Change in noncurrent liabilities -- -- -- --
Other 80,584 -- 80,584 102,964
------ ----- ------ -------
Net cash provided by (used in)
operating activities $ (8,030,699) 706,697 (7,324,002) (4,895,791)
INVESTING ACTIVITIES:
Construction expenditures (586,680) -- (586,680) (543,840)
Allowance for equity funds used during
construction -- -- -- --
Proceeds from (cost of) disposition of
property, plant and equipment 4,279 -- 4,279 4,279
Purchase of other investments (1,716,660) -- (1,716,660) (1,726,475)
Sale of other investments 19,004 -- 19,004 --
Subsidiary dividends in excess of earnings -- 776,524 (a) 776,524 776,524
Payment for purchase of companies, net of
cash acquired 3,648,965 -- 3,648,965 (2,000,000)
--------- ----- --------- ----------
Net cash provided by (used in) investing
activities 1,368,908 776,524 2,145,432 (3,489,512)
FINANCING ACTIVITIES:
Proceeds from sale of common stock 5,182,855 -- 5,182,855 5,182,855
Repurchase of common stock -- -- -- --
Proceeds from sale of long-term notes and bonds -- -- -- --
Redemption of long-term notes and bonds -- -- -- --
Short-term borrowings - net 3,500,000 -- 3,500,000 3,500,000
Redemption of preferred stock -- -- -- --
Dividends on common stock -- (1,483,221)(a) (1,483,221) --
Dividends on preferred stock -- -- -- --
----- ----- ----- -----
Net cash provided by (used in) financing
activities 8,682,855 (1,483,221) 7,199,634 8,682,855
--------- ---------- --------- ---------
Net increase in cash and temporary
cash investments 2,021,064 -- 2,021,064 297,552
Cash and temporary cash investments at
beginning of year 155,644 -- 155,644 155,644
------- ------- -------
Cash and temporary cash investments at
end of year $ 2,176,708 $ -- $ 2,176,708 $ 453,196
============= ============= ================ ===============
(a) Eliminate subsidiary net income, undistributed equity in earnings of subsidiaries and dividends paid to parent.
(b) Eliminate changes in accounts payable to and receivables from associated companies.
(c) Young Gas Storage Company became a subsidiary of e prime, inc. effective February 1, 1996. The statement of cash
flows includes eleven months of operations. e prime, inc. acquired Texas-Ohio Gas, Inc. and Texas-Ohio Pipeline, Inc.
effective September 1, 1996 and accordingly, the statement of cash flows includes four months of operations.
<PAGE>
<CAPTION>
------------------------------------------------------------------------
Texas-Ohio Texas-Ohio Young Gas
Gas, Pipeline, Storage
Inc. (c) Inc. (c) Company (c)
-------- -------- -----------
<S> <C> <C> <C>
OPERATING ACTIVITIES:
Net income (loss) $ (634,794) $ 124,083 $ 1,217,408
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization -- 44,444 --
Amortization of investment tax credits -- -- --
Deferred income taxes (289,844) 19,445 399,047
Allowance for equity funds used during
construction -- -- --
Change in accounts receivable (18,298,401) (94,422) (3,764)
Change in inventories -- -- --
Change in other current assets (1,817,636) (4,496) --
Change in accounts payable 14,746,193 714 (263,795)
Change in other current liabilities 1,493,973 -- 107,511
Change in deferred amounts 828,128 -- 20,375
Change in noncurrent liabilities -- -- --
Other -- -- (22,380)
----- ----- --------
Net cash provided by (used in)
operating activities (3,972,381) 89,768 1,454,402
INVESTING ACTIVITIES:
Construction expenditures (42,840) -- --
Allowance for equity funds used during
construction -- -- --
Proceeds from (cost of) disposition of
property, plant and equipment -- -- --
Purchase of other investments -- -- 9,815
Sale of other investments -- -- 19,004
Subsidiary dividends in excess of earnings -- -- --
Payment for purchase of companies, net of
cash acquired 5,628,955 20,010 --
--------- ------ -----
Net cash provided by (used in)
investing activities 5,586,115 20,010 28,819
FINANCING ACTIVITIES:
Proceeds from sale of common stock -- -- --
Repurchase of common stock -- -- --
Proceeds from sale of long-term notes and bonds -- -- --
Redemption of long-term notes and bonds -- -- --
Short-term borrowings - net -- -- --
Redemption of preferred stock -- -- --
Dividends on common stock -- -- (1,483,221)
Dividends on preferred stock -- -- --
----- ----- -----
Net cash provided by (used in)
financing activities -- -- (1,483,221)
----- ----- ----------
Net increase in cash and temporary
cash investments 1,613,734 109,778 --
Cash and temporary cash investments at
beginning of year -- -- --
----- ----- -----
Cash and temporary cash investments at
end of year $ 1,613,734 $ 109,778 $ --
============= ============= ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
E PRIME, INC. AND SUBSIDIARIES
CONSOLIDATING ELIMINATIONS FOR THE BALANCE SHEET AND
STATEMENT OF INCOME AND RETAINED EARNINGS
DECEMBER 31, 1996
DEBIT CREDIT
----- ------
<S> <C> <C>
(6)
Common stock of subsidiaries $ 19,509,971
Retained earnings includes: (a) 1996 subsidiary earnings of
$706,697 attributable to parent and (b) $650,040 of subsidiaries
retained earnings at dates of acquisition $ 126,484
Investment in consolidated subsidiaries 19,383,487
To eliminate investment in consolidated subsidiaries.
(7)
Accounts payable to associated companies $ 404,281
Accounts receivable from associated companies $ 404,281
To eliminate intercompany accounts, as follows:
Current
Payable by: Accounts Receivable by:
- ----------- -------- --------------
Texas-Ohio Gas, Inc. $ 141,740 Texas-Ohio Pipeline, Inc.
8,900 Texas-Ohio Gas, Inc.
52 Texas-Ohio Pipeline, Inc.
253,589 Young Gas Storage Company
-------
e prime, inc. 262,541
-------
$ 404,281
=============
(8)
Operating revenues - gas $ 283,540
Gas purchased for resale $ 283,540
To eliminate intercompany revenues and expenses.
</TABLE>
<PAGE>
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