UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-3543
PSI ENERGY, INC.
(Exact name of registrant as specified in its charter)
INDIANA 35-0594457
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1000 East Main Street
Plainfield, Indiana 46168
(Address of principal executive offices)
Registrant`s telephone number: (317) 839-9611
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
As of April 30, 1995, 53,913,701 shares of Common Stock, without par value,
stated value $.01 per share, were outstanding, all of which were held by
CINergy Corp.
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PSI ENERGY, INC.
TABLE OF CONTENTS
Item
Number
PART I. FINANCIAL INFORMATION
1 Consolidated Financial Statements
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Changes in Common
Stock Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
2 Management`s Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
1 Legal Proceedings
4 Submission of Matters to a Vote of Security Holders
6 Exhibits and Reports on Form 8-K
Signatures
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<TABLE>
<CAPTION>
PSI ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31 December 31
1995 1994
(unaudited)
(dollars in thousands)
<S> <C> <C>
Electric Utility Plant - original cost
In service. . . . . . . . . . . . . . . . . $3 826 970 $3 789 785
Accumulated depreciation. . . . . . . . . . 1 576 497 1 550 297
2 250 473 2 239 488
Construction work in progress . . . . . . . 159 823 163 761
Total electric utility plant. . . . . . 2 410 296 2 403 249
Current Assets
Cash and temporary cash investments . . . . 10 801 6 341
Restricted deposits . . . . . . . . . . . . 5 445 11 190
Accounts receivable less accumulated
provision of $602,000 at March 31, 1995
and $440,000 at December 31, 1994 for
doubtful accounts . . . . . . . . . . . . 33 834 36 061
Materials, supplies, and fuel - at average
cost
Fuel. . . . . . . . . . . . . . . . . . 114 861 113 861
Other materials and supplies. . . . . . 30 607 29 363
Prepayments and other . . . . . . . . . . . 4 010 4 758
199 558 201 574
Other Assets
Regulatory assets
Post-in-service carrying costs and
deferred depreciation . . . . . . . . . 35 504 30 142
Deferred demand-side management costs . . 100 935 94 125
Amounts due from customers - income
taxes . . . . . . . . . . . . . . . . . 26 935 27 134
Deferred merger costs . . . . . . . . . . 36 220 37 645
Unamortized costs of reacquiring debt . . 36 367 36 998
Other . . . . . . . . . . . . . . . . . . 32 288 30 030
Other . . . . . . . . . . . . . . . . . . . 87 305 84 027
355 554 340 101
$2 965 408 $2 944 924
<FN>
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
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<TABLE>
<CAPTION>
PSI ENERGY, INC.
CAPITALIZATION AND LIABILITIES
March 31 December 31
1995 1994
(unaudited)
(dollars in thousands)
<S> <C> <C>
Common Stock Equity
Common stock - without par value;
$.01 stated value; authorized shares -
60,000,000; outstanding shares -
53,913,701 at March 31, 1995 and
December 31, 1994 . . . . . . . . . . . . . . $ 539 $ 539
Paid-in capital . . . . . . . . . . . . . . . . 389 309 389 309
Accumulated earnings subsequent to
November 30, 1986, quasi-reorganization . . . 523 275 493 103
Total common stock equity . . . . . . . . . 913 123 882 951
Cumulative Preferred Stock - Not Subject
to Mandatory Redemption . . . . . . . . . . . . 187 929 187 929
Long-term Debt. . . . . . . . . . . . . . . . . . 877 557 877 512
Total capitalization. . . . . . . . . . . . 1 978 609 1 948 392
Current Liabilities
Long-term debt due within one year. . . . . . . 60 400 60 400
Notes payable . . . . . . . . . . . . . . . . . 208 101 193 573
Accounts payable. . . . . . . . . . . . . . . . 99 662 142 775
Refund due to customers . . . . . . . . . . . . 15 601 15 482
Litigation settlement . . . . . . . . . . . . . 80 000 80 000
Accrued taxes . . . . . . . . . . . . . . . . . 54 910 30 784
Accrued interest. . . . . . . . . . . . . . . . 12 289 25 685
Other . . . . . . . . . . . . . . . . . . . . . 3 163 3 202
534 126 551 901
Other Liabilities
Deferred income taxes . . . . . . . . . . . . . 330 826 324 738
Unamortized investment tax credits . . . . . . 59 412 60 461
Accrued pension and other postretirement
benefit costs . . . . . . . . . . . . . . . . 36 680 31 324
Other . . . . . . . . . . . . . . . . . . . . . 25 755 28 108
452 673 444 631
$2 965 408 $2 944 924
</TABLE>
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<TABLE>
<CAPTION>
PSI ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Quarter Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(in thousands)
<S> <C> <C> <C> <C>
Operating Revenues . . . . . . . . . . . . . . . . . . . . $294 090 $301 267 $1 119 327 $1 093 788
Operating Expenses
Fuel . . . . . . . . . . . . . . . . . . . . . . . . . . 96 878 107 537 389 856 388 845
Purchased and exchanged power. . . . . . . . . . . . . . 11 699 14 660 38 439 36 214
Other operation. . . . . . . . . . . . . . . . . . . . . 47 815 46 496 214 441 187 361
Maintenance. . . . . . . . . . . . . . . . . . . . . . . 20 789 20 060 94 878 84 027
Depreciation . . . . . . . . . . . . . . . . . . . . . . 33 919 33 432 138 206 129 973
Post-in-service deferred depreciation. . . . . . . . . . (2 827) (2 280) (9 835) (6 962)
Income taxes . . . . . . . . . . . . . . . . . . . . . . 19 173 20 354 49 185 64 840
Taxes other than income taxes. . . . . . . . . . . . . . 13 292 12 782 46 845 46 797
240 738 253 041 962 015 931 095
Operating Income . . . . . . . . . . . . . . . . . . . . . 53 352 48 226 157 312 162 693
Other Income and Expenses - Net
Allowance for equity funds used during construction. . . 358 3 072 1 516 12 153
Post-in-service carrying costs . . . . . . . . . . . . . 2 568 2 201 10 147 7 444
Income taxes . . . . . . . . . . . . . . . . . . . . . . (303) 187 (1 802) (4 825)
Other - net. . . . . . . . . . . . . . . . . . . . . . . (1 912) (2 767) (7 038) 10 862
711 2 693 2 823 25 634
Income Before Interest . . . . . . . . . . . . . . . . . . 54 063 50 919 160 135 188 327
Interest
Interest on long-term debt . . . . . . . . . . . . . . . 17 950 16 524 70 288 68 695
Other interest . . . . . . . . . . . . . . . . . . . . . 3 977 2 096 17 173 4 857
Allowance for borrowed funds used during construction. . (1 331) (2 534) (8 152) (9 578)
20 596 16 086 79 309 63 974
Net Income . . . . . . . . . . . . . . . . . . . . . . . . 33 467 34 833 80 826 124 353
Preferred Dividend Requirement . . . . . . . . . . . . . . 3 295 3 296 13 181 13 820
Income Applicable To Common Stock. . . . . . . . . . . . . $ 30 172 $ 31 537 $ 67 645 $ 110 533
<FN>
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
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<TABLE>
<CAPTION>
PSI ENERGY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY
(unaudited)
Common Paid-in Accumulated Total Common
Stock Capital Earnings Stock Equity
(in thousands)
<S> <C> <C> <C> <C>
Quarter Ended March 31, 1995
Balance January 1, 1995. . . . . . . . . . $539 $389 309 $493 103 $882 951
Net income . . . . . . . . . . . . . . . . 33 467 33 467
Dividends on preferred stock . . . . . . . (3 295) (3 295)
Balance March 31, 1995 . . . . . . . . . . $539 $389 309 $523 275 $913 123
Quarter Ended March 31, 1994
Balance January 1, 1994. . . . . . . . . . $539 $229 288 $483 242 $713 069
Net income . . . . . . . . . . . . . . . . 34 833 34 833
Dividends on preferred stock . . . . . . . (3 296) (3 296)
Dividends on common stock. . . . . . . . . (15 970) (15 970)
Other. . . . . . . . . . . . . . . . . . . (6) (6)
Balance March 31, 1994 . . . . . . . . . . $539 $229 282 $498 809 $728 630
Twelve Months Ended March 31, 1995
Balance April 1, 1994. . . . . . . . . . . $539 $229 282 $498 809 $728 630
Net income . . . . . . . . . . . . . . . . 80 826 80 826
Dividends on preferred stock . . . . . . . (13 181) (13 181)
Dividends on common stock. . . . . . . . . (43 172) (43 172)
Contribution from parent company . . . . . 159 999 159 999
Other. . . . . . . . . . . . . . . . . . . 28 (7) 21
Balance March 31, 1995 . . . . . . . . . . $539 $389 309 $523 275 $913 123
Twelve Months Ended March 31, 1994
Balance April 1, 1993. . . . . . . . . . . $539 $221 063 $451 393 $672 995
Net income . . . . . . . . . . . . . . . . 124 353 124 353
Dividends on preferred stock . . . . . . . (13 902) (13 902)
Dividends on common stock. . . . . . . . . (63 111) (63 111)
Contribution from parent company . . . . . 10 106 10 106
Other. . . . . . . . . . . . . . . . . . . (1 887) 76 (1 811)
Balance March 31, 1994 . . . . . . . . . . $539 $229 282 $498 809 $728 630
<FN>
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
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<TABLE>
<CAPTION>
PSI ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Quarter Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(in thousands)
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES
Net income. . . . . . . . . . . . . . . . . . . . . $ 33 467 $ 34 833 $ 80 826 $ 124 353
Items providing (using) cash currently:
Depreciation. . . . . . . . . . . . . . . . . . . 33 919 33 432 138 206 129 973
Deferred income taxes and investment tax
credits - net . . . . . . . . . . . . . . . . . 5 510 7 943 21 694 76 383
Allowance for equity funds used during
construction. . . . . . . . . . . . . . . . . . (358) (3 072) (1 516) (12 153)
Regulatory assets
Post-in-service cost deferrals. . . . . . . . . (5 362) (4 481) (19 949) (14 405)
Deferred merger costs . . . . . . . . . . . . . 1 425 (5 144) (15 651) (13 891)
Other . . . . . . . . . . . . . . . . . . . . . (17) (883) 5 237 (5 278)
Changes in current assets and current
liabilities
Restricted deposits . . . . . . . . . . . . . 16 (69) 10 109 (70)
Accounts receivable . . . . . . . . . . . . . 2 227 (14 126) 8 949 (4 074)
Income tax refunds. . . . . . . . . . . . . . - 19 600 9 300 (9 300)
Materials, supplies, and fuel . . . . . . . . (2 244) (23 145) (45 796) 12 955
Accounts payable. . . . . . . . . . . . . . . (43 113) (32 219) (12 212) 21 239
Refund due to customers . . . . . . . . . . . 119 (34 484) (31 747) (91 786) Advance
under accounts receivable
purchase agreement. . . . . . . . . . . . . - (49 940) - - Accrued
taxes and interest. . . . . . . . . . 10 730 12 039 (4 237) (6 124)
Other items - net . . . . . . . . . . . . . . . . 531 (7 440) 1 919 (11 867)
Net cash provided by (used in)
operating activities. . . . . . . . . . . . 36 850 (67 156) 145 132 195 955
FINANCING ACTIVITIES
Issuance of preferred stock . . . . . . . . . . . . - - - 59 475
Issuance of long-term debt. . . . . . . . . . . . . - 49 068 59 910 212 084
Funds on deposit from issuance of long-term
debt. . . . . . . . . . . . . . . . . . . . . . . 5 729 9 177 24 449 38 207
Retirement of preferred stock . . . . . . . . . . . - (4) (22) (60 111)
Redemption of long-term debt. . . . . . . . . . . . (55) - (215) (207 880)
Change in short-term debt . . . . . . . . . . . . . 14 528 86 555 (5 155) 198 256
Dividends on preferred stock. . . . . . . . . . . . (3 295) (3 296) (13 181) (13 902)
Dividends on common stock . . . . . . . . . . . . . - (15 970) (43 172) (63 111)
Contribution from parent company. . . . . . . . . . - - 159 999 10 106
Net cash provided by (used in)
financing activities. . . . . . . . . . . . 16 907 125 530 182 613 173 124
INVESTING ACTIVITIES
Construction expenditures (less allowance for
equity funds used during construction). . . . . . (42 487) (54 040) (278 178) (330 018)
Deferred demand-side management costs . . . . . . . (6 810) (6 419) (41 263) (32 831)
Equity investment in Argentine utility. . . . . . . - - - (10 106)
Net cash provided by (used in)
investing activities. . . . . . . . . . . . (49 297) (60 459) (319 441) (372 955)
Net increase (decrease) in cash and
temporary cash investments. . . . . . . . . . . . . 4 460 (2 085) 8 304 (3 876)
Cash and temporary cash investments at
beginning of period . . . . . . . . . . . . . . . . 6 341 4 582 2 497 6 373
Cash and temporary cash investments at
end of period . . . . . . . . . . . . . . . . . . . $ 10 801 $ 2 497 $ 10 801 $ 2 497
<FN>
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
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PSI ENERGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. These Consolidated Financial Statements reflect all adjustments (which
include only normal, recurring adjustments) necessary in the opinion of
PSI Energy, Inc. (Energy), a subsidiary of CINergy Corp., for a fair
presentation of the interim results. These statements should be read in
conjunction with Energy`s 1994 Annual Report on Form 10-K (Commission File
Number 1-3543). Certain amounts in the 1994 Consolidated Financial
Statements have been reclassified to conform to the 1995 presentation.
2. Coal tar residues and other substances associated with manufactured gas
plant (MGP) sites have been found at former MGP sites in Indiana,
including, but not limited to, several sites previously owned by Energy.
Energy has identified at least 21 MGP sites which it previously owned,
including 19 it sold in 1945 to Indiana Gas and Water Company, Inc. (now
Indiana Gas Company [IGC]). IGC has informed Energy of the basis for its
position that Energy, as a Potentially Responsible Party (PRP) under the
Comprehensive Environmental Response, Compensation and Liability Act
(CERCLA), should contribute to IGC`s response costs related to
investigating and remediating contamination at MGP sites which Energy sold
to IGC.
In February 1995, Energy received notification from Northern Indiana
Public Service Company (NIPSCO) alleging Energy is a PRP under the CERCLA
with respect to contamination associated with MGP sites previously owned
and/or operated by both Energy and NIPSCO (or their predecessors). The
notification included seven sites, five of which Energy acquired from
NIPSCO and subsequently sold to IGC.
On May 3, 1995, the Indiana Utility Regulatory Commission denied IGC`s
request for recovery of costs incurred in complying with Federal, state,
and local environmental regulations related to MGP sites in which IGC has
an interest, including sites acquired from Energy. IGC has announced it
will appeal this decision, which IGC contends is contrary to decisions
made by other state utility commissions with respect to this issue. In
light of this decision, Energy is evaluating its options with respect to
rate recovery of any MGP site-related costs it may incur.
At this time, Energy is unable to predict the nature, extent, and costs
of, or Energy`s responsibility for, any future environmental
investigations and remediations which may be required at MGP sites owned
or previously owned by Energy; however, any costs that ultimately are
incurred may be material.
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PSI ENERGY, INC.
MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
Regulatory Matters
On March 29, 1995, the Federal Energy Regulatory Commission (FERC) issued a
Notice of Proposed Rulemaking (MEGA-NOPR) on Open Access, which is another step
in the transition towards potentially full-scale competition in the electric
utility industry. The MEGA-NOPR is essentially the electric industry`s
equivalent of the FERC`s Order 636 applicable to the natural gas industry. The
MEGA-NOPR as proposed would, among other things, provide for mandatory filing
of open access/comparability transmission tariffs, provide for functional
unbundling of all services, require utilities to use the tariffs for their own
bulk power transactions, establish an electronic bulletin board, and establish
a contract-based approach to stranded costs. A final order could be issued by
the end of 1995. CINergy Corp., PSI Energy, Inc.`s (Energy or Company) parent
company, is currently evaluating its position with respect to the provisions of
the MEGA-NOPR and the potential effects upon the Company if ultimately adopted.
Manufactured Gas Plants
Coal tar residues and other substances associated with manufactured gas plant
(MGP) sites have been found at former MGP sites in Indiana, including, but not
limited to, several sites previously owned by Energy. Energy has identified at
least 21 MGP sites which it previously owned, including 19 it sold in 1945 to
Indiana Gas and Water Company, Inc. (now Indiana Gas Company [IGC]). IGC has
informed Energy of the basis for its position that Energy, as a Potentially
Responsible Party (PRP) under the Comprehensive Environmental Response,
Compensation and Liability Act (CERCLA), should contribute to IGC`s response
costs related to investigating and remediating contamination at MGP sites which
Energy sold to IGC.
In February 1995, Energy received notification from Northern Indiana Public
Service Company (NIPSCO) alleging Energy is a PRP under the CERCLA with respect
to contamination associated with MGP sites previously owned and/or operated by
both Energy and NIPSCO (or their predecessors). The notification included
seven sites, five of which Energy acquired from NIPSCO and subsequently sold to
IGC.
On May 3, 1995, the Indiana Utility Regulatory Commission (IURC) denied IGC`s
request for recovery of costs incurred in complying with Federal, state, and
local environmental regulations related to MGP sites in which IGC has an
interest, including sites acquired from Energy. IGC has announced it will
appeal this decision, which IGC contends is contrary to decisions made by other
state utility commissions with respect to this issue. In light of this
decision, Energy is evaluating its options with respect to rate recovery of any
MGP site-related costs it may incur.
At this time, Energy is unable to predict the nature, extent, and costs of, or
Energy`s responsibility for, any future environmental investigations and
remediations which may be required at MGP sites owned or previously owned by
Energy; however, any costs that ultimately are incurred may be material.
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1995
Kilowatt-hour Sales
Kilowatt-hour (kwh) sales for the quarter ended March 31, 1995, decreased 7.5%
when compared to the same period last year. This decrease was primarily due to
decreased sales for resale which reflected reduced non-firm direct power sales
to other utilities. The milder weather conditions experienced during the first
quarter of 1995 also resulted in a decline in sales to domestic customers.
This decrease in retail sales was offset, in part, by an increased average
number of domestic and commercial customers in Energy`s service territory.
Increased industrial sales occurred primarily due to growth in the primary
metals sector.
Operating Revenues
Total operating revenues decreased $7 million (2.4%) in the first quarter as
compared to the same period last year. This decrease primarily reflects the
decreased kwh sales previously discussed and lower fuel costs. Partially
offsetting this decrease was the 4.3% retail rate increase and a 1.9% rate
increase applicable to construction work in progress (CWIP) property which were
approved by the IURC on February 17, 1995(February 1995 Order), and March 9,
1995, respectively.
An analysis of operating revenues is shown below:
Quarter
Ended March 31
(in millions)
Operating revenues - March 31, 1994 $301
Increase (Decrease) due to change in:
Price per kwh
Sales for resale
Firm power obligations 1
Non-firm power transactions 4
Total change in price per kwh 5
Kwh sales
Retail 1
Sales for resale
Firm power obligations (4)
Non-firm power transactions (9)
Total change in kwh sales (12)
Operating revenues - March 31, 1995 $294
Operating Expenses
Fuel
Fuel costs, Energy`s largest operating expense, decreased $11 million (9.9%)
for the quarter as compared to the same period last year.
An analysis of fuel costs is shown below:
Quarter
Ended March 31
(in millions)
Fuel expense - March 31, 1994 $108
Increase (Decrease) due to change in:
Price of fuel (7)
Kwh generation (4)
Fuel expense - March 31, 1995 $ 97
Purchased and Exchanged Power
For the quarter ended March 31, 1995, purchased and exchanged power decreased
$3 million (20.2%) as compared to the same period last year reflecting a
decline in third party short-term power sales to other utilities.
RESULTS OF OPERATIONS FOR TWELVE MONTHS ENDED MARCH 31, 1995
Kilowatt-hour Sales
Kwh sales for the twelve months ended March 31, 1995, remained relatively
unchanged, showing a 1.0% increase when compared to the same period last year.
Retail sales increased primarily as a result of increased industrial sales
which reflected growth in the primary metals and transportation equipment
sectors and the increased number of retail customers in Energy`s service
territory. Partially offsetting the increases in retail sales were the milder
weather conditions experienced during the third and fourth quarters of 1994 and
the first quarter of 1995. Also contributing to the increase in kwh sales for
the period, was an increase in non-firm power sales for resale partially
resulting from an increase in third party short-term power sales to other
utilities in the second and third quarters of 1994.
Operating Revenues
Total operating revenues increased $26 million (2.3%) for the twelve months
ended March 31, 1995, as compared to the same period last year. This increase
was partially driven by the increase in kwh sales as previously discussed.
Also contributing to this increase were the effects of the $31 million refund
accrued in June 1993 as a result of Energy`s settlement of the IURC`s April
1990 order, the 4.3% retail rate increase and the 1.9% rate increase applicable
to the CWIP property as previously discussed.
An analysis of operating revenues is shown below:
Twelve Months
Ended March 31
(in millions)
Operating revenues - March 31, 1994 $1 093
Increase (Decrease) due to change in:
Price per kwh
Retail 12
Sales for resale
Firm power obligations 3
Non-firm power transactions 2
Total change in price per kwh 17
Kwh sales
Retail 8
Sales for resale
Firm power obligations (6)
Non-firm power transactions 7
Total change in kwh sales 9
Operating Revenues - March 31, 1995 $1 119
Operating Expenses
Other Operation
Other operation expenses for the twelve months ended March 31, 1995, increased
$27 million (14.5%) as compared to the same period last year due to a number of
factors including charges for severance benefits to former officers of
approximately $10 million which the Company does not expect to recover from
customers due to a rate settlement related to securing support for the merger.
Additionally, fuel litigation expenses contributed to the increase.
Maintenance
Increased maintenance on a number of generating stations resulted in increased
maintenance expenses of $11 million (12.9%) for the twelve months ended March
31, 1995.
Depreciation
For the twelve months ended March 31, 1995, depreciation expense increased $8
million (6.3%) as compared to the same period last year primarily as a result
of increased plant additions. Partially offsetting this increase was the
adoption of lower depreciation rates effective March 1995 as a result of the
February 1995 Order.
Other Income and Expenses - Net
Allowance for Equity Funds Used During Construction
Allowance for equity funds used during construction decreased $11 million
(87.5%) due to an increase in borrowings of short-term debt which resulted in a
decrease in the equity component of the allowance for funds used during
construction rate.
Interest
Other Interest
Other interest increased $12 million over the same period last year. The
increase was driven primarily by higher interest rates and an increase in the
average short-term debt outstanding.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See Note 2 of the ``Notes to Consolidated Financial Statements``.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) The annual meeting of shareholders of PSI Energy, Inc. was held in
Cincinnati, Ohio on April 20, 1995.
(b) Proxies were not solicited for the annual meeting, at which the following
members of the Board of Directors were re-elected:
James K. Baker
Michael G. Browning
John A. Hillenbrand, II
John M. Mutz
Jackson H. Randolph
James E. Rogers
Van P. Smith
No other member of the Board of Directors continued as a director after
the meeting.
Also at the meeting, an amendment to the Amended Articles of Consolidation
was unanimously adopted, providing the shareholders of the Company, in
addition to the Board of Directors of the Company, with the capability of
amending the By-laws of the Company.
(c) The foregoing members were all unanimously re-elected at the meeting.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibit is filed herewith:
Exhibit
Designation Nature of Exhibit
27 Financial Data Schedule (included in
electronic submission only).
(b) No reports on Form 8-K were filed during the quarter ended March 31, 1995.
<PAGE>
SIGNATURES
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such rules and regulations, although
PSI Energy, Inc. (Energy) believes that the disclosures are adequate to make
the information presented not misleading. In the opinion of Energy, these
statements reflect all adjustments (which include only normal, recurring
adjustments) necessary to reflect the results of operations for the respective
periods. The unaudited statements are subject to such adjustments as the
annual audit by independent public accountants may disclose to be necessary.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed by an
officer and the principal accounting officer on its behalf by the undersigned
thereunto duly authorized.
PSI ENERGY, INC.
---------------------------------
Registrant
J. WAYNE LEONARD
---------------------------------
Date: May 11, 1995 J. Wayne Leonard
Group Vice President and
Chief Financial Officer
CHARLES J. WINGER
----------------------------------
Date: May 11, 1995 Charles J. Winger
Comptroller and Principal
Accounting Officer
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS, CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED
STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<C> <S>
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<PERIOD-TYPE> 3-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,410,296
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 199,558
<TOTAL-DEFERRED-CHARGES> 268,249
<OTHER-ASSETS> 87,305
<TOTAL-ASSETS> 2,965,408
<COMMON> 539
<CAPITAL-SURPLUS-PAID-IN> 389,309
<RETAINED-EARNINGS> 523,275
<TOTAL-COMMON-STOCKHOLDERS-EQ> 913,123
0
187,929
<LONG-TERM-DEBT-NET> 877,557
<SHORT-TERM-NOTES> 208,101
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 60,400
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 718,298
<TOT-CAPITALIZATION-AND-LIAB> 2,965,408
<GROSS-OPERATING-REVENUE> 294,090
<INCOME-TAX-EXPENSE> 19,173
<OTHER-OPERATING-EXPENSES> 221,565
<TOTAL-OPERATING-EXPENSES> 240,738
<OPERATING-INCOME-LOSS> 53,352
<OTHER-INCOME-NET> 711
<INCOME-BEFORE-INTEREST-EXPEN> 54,063
<TOTAL-INTEREST-EXPENSE> 20,596
<NET-INCOME> 33,467
3,295
<EARNINGS-AVAILABLE-FOR-COMM> 30,172
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 17,950
<CASH-FLOW-OPERATIONS> 36,850
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
