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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 24, 1996
Commission Registrant, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
1-1443 Central and South West Corporation 51-0007707
(A Delaware Corporation)
1616 Woodall Rodgers Freeway
Dallas, TX 75202-1234
(214) 777-1000
0-346 Central Power and Light Company 74-0550600
(A Texas Corporation)
539 North Carancahua Street
Corpus Christi, TX 78401-2802
(512) 881-5300
0-343 Public Service Company of Oklahoma 73-0410895
(An Oklahoma Corporation)
212 East 6th Street
Tulsa, Oklahoma 74119-1212
(918) 599-2000
1-3146 Southwestern Electric Power Company 72-0323455
(A Delaware Corporation)
428 Travis Street
Shreveport, Louisiana 71156-0001
(318) 222-2141
0-340 West Texas Utilities Company 75-0646790
(A Texas Corporation)
301 Cypress Street
Abilene, TX 79601-5820
(915) 674-7000
This combined Form 8-K is separately filed by Central and
South West Corporation, Central Power and Light Company, Public
Service Company of Oklahoma, Southwestern Electric Power Company
and West Texas Utilities Company. Information contained herein
relating to any individual registrant is filed by such registrant
on its own behalf. Each registrant makes no representation as to
information relating to the other registrants.
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Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit 99.1 - News Release: Central and South West
Corporation and Subsidiaries report factors expected to
affect second quarter earnings.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrants have duly caused this report to be
signed on their behalf by the undersigned hereunto duly
authorized.
CENTRAL AND SOUTH WEST CORPORATION
Date: June 24, 1996
By: /s/ Lawrence B. Connors
Lawrence B. Connors
Controller
CENTRAL POWER AND LIGHT COMPANY
PUBLIC SERVICE COMPANY OF OKLAHOMA
SOUTHWESTERN ELECTRIC POWER COMPANY
WEST TEXAS UTILITIES COMPANY
Date: June 24, 1996
By: /s/ R. Russell Davis
R. Russell Davis
Controller
EXHIBIT 99.1
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARIES
REPORT FACTORS EXPECTED TO AFFECT SECOND QUARTER EARNINGS
Dallas, Texas (June 24, 1996) -- Central and South West
Corporation (NYSE:CSR) today said that it expects to report an
after tax gain of approximately $115 million in the second
quarter of 1996 from the sale of its Transok, Inc. subsidiary to
Tejas Gas Corporation.
Central and South West is performing a strategic review in
conjunction with its continuing efforts to better position itself
to meet increased competition in the electric utility industry.
As part of that continuing strategic review, Central and South
West said that it is currently evaluating certain investments and
contingencies. Among other items included in this review are
investments made in prior years for plant sites, engineering
studies and lignite reserves, as described in the Corporation's
1995 Annual Report on Form 10-K. Central and South West's U.S.
electric operating companies, Central Power and Light Company,
Public Service Company of Oklahoma, Southwestern Electric Power
Company and West Texas Utilities Company, have made
approximately $24 million, $38 million, $34 million and $15
million of such investments, respectively.
Central and South West and its subsidiaries are currently
reassessing future plans and evaluating the probability of
recovery of all or a portion of certain assets and evaluating
certain reserves for contingencies.
In the event Central and South West and its subsidiaries
decide to record appropriate non-cash reserves in the second
quarter of 1996, the total amount of these one-time reserves
could offset a significant portion of the gain from the sale of
Transok in Central and South West's consolidated results of
operations.
Furthermore, as a result of any non-cash reserves
established, certain of Central and South West's U.S. electric
operating companies could experience a net loss for the second
quarter of 1996. However, there would be a positive cash flow
impact resulting from any tax benefits generated. In addition,
there would be no material adverse effect on Central and South
West's or its U.S. electric operating companies' ongoing results
of operation or financial condition.
Central and South West sold Transok to Tejas for $690
million in cash on June 6, 1996. As part of the transaction,
Transok retained $200 million of its existing debt.
Central and South West Corporation, a Dallas-based public
utility holding company, owns four electric subsidiary companies
in the United States, a regional electricity company in the
United Kingdom and nonutility subsidiaries involved in
independent power production, telecommunications, energy
efficiency and financial transactions.
