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Previous: SKYLINE CORP, 8-K, 1994-09-20 |
Next: UNION PLANTERS CORP, 8-K, 1994-09-20 |
<PAGE> 1
File No. 70-6977
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 6 (POST-EFFECTIVE) TO
FORM U-1 DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
__________________________________
SOUTHWESTERN ELECTRIC POWER COMPANY
428 Travis Street
Shreveport, Louisiana 71156
(Name of company filing this statement and
address of principal executive office)
___________________________________
Central and South West Corporation
(Name of top registered holding company parent)
___________________________________
Shirley Briones
Treasurer
Southwestern Electric Power Company
428 Travis Street
Shreveport, Louisiana 71156
Stephen J. McDonnell
Treasurer
Central and South West Corporation
1616 Woodall Rodgers Freeway
Dallas, Texas 75202
Joris M. Hogan
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005
(Names and addresses of agents for service)
<PAGE> 2
Southwestern Electric Power Company, a Delaware corporation (the
"Company") and an electric utility subsidiary of Central and South West
Corporation ("CSW"), a registered holding company under the Public Utility
Holding Company Act of 1935, as amended (the "1935 Act"), hereby files this
Amendment No. 6 (Post-Effective) to the Form U-1 Declaration in File No.
70-6977 for the purpose of amending Item 6 thereof. In all other respects,
the Declaration as previously filed and as heretofore amended will remain the
same.
Item 6. Exhibits and Financial Statements.
Exhibit 1 - Amendment dated as of April 8, 1991 to the Term Loan
Agreement and form of Amended and Restated Promissory
Note (previously filed).
Exhibit 2 - Draft loan agreement amendment and form of unsecured
notes between the Company and the Banks (previously
filed).
Amended
Exhibit 3 - Preliminary opinion of Milbank, Tweed, Hadley & McCloy,
counsel for the Company (previously filed).
Amended
Exhibit 4 - Proposed Notice of Proceeding (previously filed).
Amended
Exhibit 5 - Final or "past tense" opinion of Milbank, Tweed, Hadley
& McCloy, counsel for the Company (to be filed with the
Certificate of Notification).
Amended
Exhibit 6 - Financial statements as of June 30, 1994, of the Company
and Central and South West Corporation and consolidated
subsidiaries.
Exhibit 7 - Assignment and Assumption Agreement dated as of
January 9, 1991 between BNY and Volksbank (previously
filed).
Exhibit 8 - New Term Loan Agreement and form of unsecured notes
between the Company and the Banks (to be filed with the
Certificate of Notification).
Exhibit 9 - Draft of the New Term Loan Agreement and form of
unsecured notes between the Company and the Banks
(previously filed).
<PAGE> 3
S I G N A T U R E
- - - - - - - - -
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935, as amended, the undersigned company has duly caused this document
to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: September 20, 1994
SOUTHWESTERN ELECTRIC POWER COMPANY
By: SHIRLEY BRIONES
Shirley Briones
Treasurer
<PAGE> 4
S I G N A T U R E
- - - - - - - - -
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935, as amended, the undersigned company has duly caused this document
to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: September 20, 1994
CENTRAL AND SOUTH WEST CORPORATION
By: STEPHEN J. MCDONNELL
Stephen J. McDonnell
Treasurer
<PAGE> 1
INDEX OF EXHIBITS
EXHIBIT TRANSMISSION
NUMBER EXHIBIT METHOD
- ------- ------- ------------
1 Amendment dated as of April 8, 1991 ---
to the Term Loan Agreement and form
of Amended and Restated Promissory
Note (previously filed).
2 Draft loan agreement amendment and ---
form of unsecured notes between the
Company and the Banks (previously
filed).
3 Preliminary opinion of Milbank, ---
Tweed, Hadley & McCloy, counsel for
the Company (amended exhibit)
(previously filed).
4 Proposed Notice of Proceeding ---
(amended exhibit) (previously
filed).
5 Final or "past tense" opinion of ---
Milbank, Tweed, Hadley & McCloy,
counsel for the Company (amended
exhibit) (to be filed with the
Certificate of Notification).
6 Financial statements as of June 30, Electronic
1994, of the Company and Central and
South West Corporation and consoli-
dated subsidiaries (amended exhibit).
7 Assignment and Assumption Agreement ---
dated as of January 9, 1991 between
BNY and Volksbank (previously filed).
8 New Term Loan Agreement and form of ---
unsecured notes between the Company
and the Banks (to be filed with the
Certificate of Notification).
9 Draft the New Term Loan Agreement ---
and form of unsecured notes between
the Company and the Banks (previously
filed).
<PAGE> 1
EXHIBIT 6
---------
INDEX
TO
FINANCIAL STATEMENTS
Page
Number
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of June 30, 1994 2 - 3
Consolidated Statement of Income for the Twelve Months Ended
June 30, 1994 4
Consolidated Statement of Retained Earnings for the Twelve
Months Ended June 30, 1994 5
Statements of Long-Term Debt Outstanding as 6 - 9
of June 30, 1994
Statements of Preferred Stock Outstanding as 10 - 11
of June 30, 1994
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of 12
of June 30, 1994
Statement of Income for the Twelve Months 13
Ended June 30, 1994
SOUTHWESTERN ELECTRIC POWER COMPANY
Balance Sheets - Per Books and Pro Forma as 14 - 15
of June 30, 1994
Statement of Income for the Twelve Months 16
Ended June 30, 1994
Statement of Retained Earnings for the Twelve
Months Ended June 30, 1994 17
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS 18
STATEMENT OF CHANGES 19
CAPITALIZATION RATIOS - Per books and Pro forma 20 - 21
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 22
<PAGE> 2
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
ASSETS
PLANT
Electric utility
Production $5,787 $5,787
Transmission 1,274 1,274
Distribution 2,433 2,433
General 733 733
Construction work in progress 406 406
Nuclear fuel 160 160
Gas 784 784
------ ------
11,577 11,577
Less - Accumulated depreciation 3,704 3,704
------ ------
7,873 7,873
------ ------
CURRENT ASSETS
Cash and temporary cash investments 22 22
Special deposits 1 1
Accounts receivable 900 900
Materials and supplies, at average cost 150 150
Fuel inventory, substantially at average
cost 91 91
Gas inventory for resale,
substantially at LIFO 14 14
Unrecovered fuel cost 88 88
Prepayments and other 66 66
------ ------
1,332 1,332
------ ------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 517 517
Mirror CWIP asset - net 327 327
Other non-utility investments 277 277
Income tax related regulatory asset net 198 198
Other 295 295
------ ------
1,614 1,614
------ ------ ------
$10,819 $0 $10,819
====== ====== ======
<PAGE> 3
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value, authorized
350,000,000 shares; issued and outstanding
188,738,000 shares $663 $663
Paid-in capital 539 539
Retained earnings 1,738 1,738
------ ------
Total Common Stock Equity 2,940 2,940
Preferred stock
Not subject to mandatory redemption 292 292
Subject to mandatory redemption 36 36
Long-term debt 2,889 2,889
------ ------
Total Capitalization 6,157 6,157
------ ------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 33 33
Short-term debt 759 759
Short-term debt - CSW Credit 776 776
Accounts payable 265 265
Accrued taxes 102 102
Accrued interest 55 55
Accrued restructuring charges 80 80
Other 151 151
------ ------
2,221 2,221
------ ------
DEFERRED CREDITS
Income taxes 1,991 1,991
Investment tax credits 328 328
Mirror CWIP liability and other 122 122
------ ------
2,441 2,441
------ ------ ------
$10,819 $0 $10,819
====== ====== ======
<PAGE> 4
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED JUNE 30, 1994
UNAUDITED
(Millions)
OPERATING REVENUES $3,740
------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 1,255
Gas purchased for resale 356
Other operating 680
Restructuring charges 97
Maintenance 194
Depreciation and amortization 349
Taxes, other than Federal income 208
Federal income taxes 136
------
3,275
------
OPERATING INCOME 465
------
OTHER INCOME AND DEDUCTIONS
Mirror CWIP liability amortization 72
Other 27
------
99
INCOME BEFORE INTEREST CHARGES 564
------
INTEREST CHARGES
Interest on long-term debt 215
Interest on short-term debt and other 56
------
271
------
NET INCOME 293
Preferred stock dividends 19
------
NET INCOME FOR COMMON STOCK $274
======
<PAGE> 5
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED JUNE 30, 1994
UNAUDITED
(Millions)
RETAINED EARNINGS AT June 30, 1993 $1,778
Add: Net income for common stock 274
------
2,052
Deduct: Common stock dividends 314
------
RETAINED EARNINGS AT June 30, 1994 $1,738
======
<PAGE> 6
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
CENTRAL POWER AND LIGHT COMPANY
First mortgage bonds -
Series J, 6-5/8%, due January 1, 1998 $28
Series L, 7%, due February 1, 2001 36
Series T, 7-1/2%, due December 15, 2014 112
Series U, 9-3/4%, due July 1, 2015 32
Series Z, 9-3/8%, due December 1, 2019 140
Series AA, 7-1/2%, due March 1, 2020 50
Series BB, 6%, due October 1, 1997 200
Series CC, 7-1/4%, due October 1, 2004 100
Series DD, 7-1/8%, due December 1, 1999 25
Series EE, 7-1/2%, due December 1, 2002 115
Series FF, 6-7/8%, due February 1, 2003 50
Series GG, 7-1/8%, due February 1, 2008 75
Series HH, 6%, due April 1, 2000 100
Series II, 7-1/2%, due April 1, 2023 100
Series JJ, 7-1/2%, due May 1, 1999 100
Installment sales agreements -
Pollution control bonds
Series 1974 7-1/8%, due June 1, 2004 8
Series 1977 6%, due November 1, 2007 34
Series 1984 7-7/8%, due December 15, 2014 6
Series 1984 10-1/8%, due October 15, 2014 69
Series 1986 7-7/8%, due December 1, 2016 60
Series 1993 6%, due July 1, 2028 120
Unamortized discount (12)
Unamortized costs of reacquired debt (85)
------
$1,463
------
<PAGE> 7
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
PUBLIC SERVICE COMPANY OF OKLAHOMA
First mortgage bonds -
Series J, 5-1/4%, due March 1, 1996 $25
Series K, 7-1/4%, due January 1, 1999 25
Series L, 7-3/8%, due March 1, 2002 30
Series S, 7-1/4%, due July 1, 2003 65
Series T, 7-3/8%, due December 1, 2004 50
Series U, 6-1/4%, due April 1, 2003 35
Series V, 7-3/8%, due April 1, 2023 100
Series W, 6-1/2%, due June 1, 2005 50
Installment sales agreements -
Pollution control bonds
5.9%, due December 1, 2007 35
Series 1984 7-7/8, due December 15, 2014 13
Unamortized discount (5)
Unamortized costs of reacquired debt (21)
------
$402
------
<PAGE> 8
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
SOUTHWESTERN ELECTRIC POWER COMPANY
First mortgage bonds -
Series U, 9-1/8%, due November 1, 2019 $4
Series V, 7-3/4%, due June 1, 2004 40
Series W, 6-1/8%, due December 1, 1999 40
Series X, 7%, due December 1, 2007 90
Series Y, 6-5/8%, due February 1, 2003 55
Series Z, 7-1/4%, due July 1, 2023 45
Series AA, 5-1/4%, due April 1, 2000 45
Series BB, 6-7/8%, due October 1, 2025 80
1976 Series A, 6.2%, due November 1, 2006 7
1976 Series B, 6.2%, due November 1, 2006 1
Installment sales agreements -
Pollution control bonds
1978 Series A, 6%, due January 1, 2008 14
1991 Series A, 8.2%, due August 1, 2011 17
1991 Series B, 6.9%, due November 1, 2004 12
Series 1986, 8.2%, due July 1, 2014 82
Series 1992, 7.6%, due January 1, 2019 54
Bank loan, variable rate, due June 15, 1994 50
Railcar lease obligations 19
Unamortized discount (4)
Unamortized costs of reacquired debt (51)
------
$600
------
WEST TEXAS UTILITIES COMPANY
First mortgage bonds -
Series 0, 9-1/4%, due December 1, 2019 63
Series P, 7-3/4%, due July 1, 2007 25
Series Q, 6-7/8%, due October 1, 2002 35
Series R, 7%, due October 1, 2004 40
Series S, 6-1/8%, due February 1, 2004 40
Installment sales agreement -
Pollution control bonds
7-7/8%, due December 15, 2014 44
Unamortized discount (1)
Unamortized costs of reacquired debt (28)
------
$218
------
<PAGE> 9
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF JUNE 30, 1994
UNAUDITED
(millions)
TRANSOK, INC.
Note payable, 8.960%, due April 17, 2017 $15
Note payable, 8.280%, due April 16, 2007 3
Note payable, 8.130%, due April 16, 2002 3
Note payable, 8.125%, due April 22, 2002 17
Note payable, 8.900%, due May 21, 2012 5
Note payable, 7.810%, due May 20, 1999 3
Note payable, 8.250%, due May 20, 2004 1
Note payable, 8.170%, due May 22, 2003 2
Note payable, 7.750%, due May 21, 1999 5
Note payable, 8.170%, due May 28, 2004 2
Note payable, 8.280%, due June 3, 2003 4
Note payable, 8.340%, due June 2, 2004 2
Note payable, 8.350%, due August 27, 2012 5
Note payable, 7.350%, due August 26, 2002 5
Note payable, 7.330%, due August 26, 2002 1
Note payable, 7.320%, due August 28, 2002 14
Note payable, 6.750%, due December 1, 1999 15
Note payable, 7.800%, due March 1, 2004 10
Note payable, 7.770%, due March 1, 2004 3
Note payable, 7.780%, due December 15, 2004 2
Note payable, 7.730%, due December 15, 2004 1
Note payable, 7.670%, due March 1, 2004 1
Note payable, 7.650%, due May 15, 2002 5
Note payable, 7.650%, due May 15, 2002 5
Note payable, 7.710%, due December 23, 2003 11
Note payable, 6.850%, due March 18, 2005 1
Note payable, 6.850%, due March 18, 2005 1
Note payable, 6.900%, due March 1, 2005 6
Note payable, 6.990%, due March 24, 2005 5
Note payable, 6.860%, due March 28, 2005 12
Note payable, 7.750%, due April 24, 2023 10
Note payable, 6.840%, due April 25, 2005 3
Note payable, 7.750%, due April 26, 2023 5
Note payable, 6.810%, due April 26, 2003 7
Note payable, 6.600%, due April 29, 2003 2
Note payable, 6.710%, due April 30, 2004 1
Note payable, 6.930%, due May 5, 2005 1
Note payable, 7.070%, due May 5, 2008 1
Note payable, 7.000%, due January 12, 2004 5
------
$200
CENTRAL AND SOUTH WEST SERVICES, INC. ------
Note payable, 9%, due February 1, 2008 5
------
TOTAL CONSOLIDATED $2,889
======
<PAGE> 10
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF PREFERRED STOCK OUTSTANDING
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
NOT SUBJECT TO MANDATORY REDEMPTION
CENTRAL POWER AND LIGHT COMPANY
4.00% Series, 100,000 shares $10
4.20% Series, 75,000 shares 8
7.12% Series, 260,000 shares 26
8.72% Series, 500,000 shares 50
2.69% Series, 750,000 shares 75
2.711% Series, 425,000 shares 42
2.688% Series, 425,000 shares 42
Issuance expense (3)
------
250
------
PUBLIC SERVICE COMPANY OF OKLAHOMA
4.00% Series, 97,900 shares 10
4.24% Series, 100,000 shares 10
------
20
------
SOUTHWESTERN ELECTRIC POWER COMPANY
5.00% Series, 75,000 shares 8
4.65% Series, 25,000 shares 2
4.28% Series, 60,000 shares 6
------
16
------
WEST TEXAS UTILITIES COMPANY
4.40% Series, 60,000 shares 6
------
Total Consolidated $292
======
<PAGE> 11
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF PREFERRED STOCK OUTSTANDING (Continued)
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
SUBJECT TO MANDATORY REDEMPTION
SOUTHWESTERN ELECTRIC POWER COMPANY
6.95% Series, 364,000 shares 36
------
Total Consolidated $36
======
<PAGE> 12
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
INVESTMENTS IN COMMON STOCK
OF SUBSIDIARY
COMPANIES (at equity) $3,210 $3,210
------ ------
CURRENT ASSETS
Cash and temporary cash investments 1 1
Advances to affiliates 296 296
Prepayments and other 186 186
------ ------
483 483
------ ------
Deferred charges and other assets 32 32
------ ------ ------
$3,725 $ $3,725
====== ====== ======
COMMON STOCK EQUITY
Common stock, $3.50 par value,
authorized 350,000,000 shares;
issued and outstanding
188,738,000 shares $663 $663
Paid-in capital 539 539
Retained earnings 1,739 1,739
------ ------
2,941 2,941
------ ------
CURRENT LIABILITIES
Short-term debt 759 759
Accounts payable and other 13 13
------ ------
772 772
------ ------
DEFERRED CREDITS 12 12
------ ------ ------
$3,725 $ $3,725
====== ====== ======
<PAGE> 13
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED JUNE 30, 1994
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $138
Public Service Company of Oklahoma 40
Southwestern Electric Power Company 81
West Texas Utilities Company 25
Transok, Inc. 17
CSW Credit, Inc. 7
CSW Energy, Inc. (5)
CSW Leasing, Inc. 0
Central and South West Services, Inc. 0
Other Income 23
------
$326
------
EXPENSES AND TAXES
General and administrative expenses 28
Interest expense 26
Federal income taxes (3)
Other 1
------
52
------
NET INCOME $274
======
<PAGE> 14
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
ASSETS
ELECTRIC UTILITY PLANT
Production $1,398 $1,398
Transmission 354 354
Distribution 697 697
General 197 197
Construction work in progress 155 155
------ ------
2,801 2,801
Less - Accumulated depreciation 986 986
------ ------
1,815 1,815
------ ------
CURRENT ASSETS
Cash and temporary cash investments 4 4
Accounts receivable 34 34
Materials and supplies, at average costs 27 27
Fuel inventory, at average cost 34 34
Prepayments and other 19 19
------ ------
118 118
------ ------
DEFERRED CHARGES AND OTHER ASSETS 63 63
------ ------ ------
$1,996 $ $1,996
====== ====== ======
<PAGE> 15
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common stock, $18 par value; authorized
7,600,000 shares; issued and outstanding
7,536,640 shares $136 $136
Paid-in capital 245 245
Retained earnings 287 287
------ ------
Total common stock equity 668 668
Preferred stock
Not subject to mandatory redemption 16 16
Subject to mandatory redemption 36 36
Long-term debt 600 600
------ ------
Total capitalization 1,320 1,320
------ ------
CURRENT LIABILITIES
Long-term debt due within twelve months 5 5
Advances from affiliates 0 0
Accounts payable 47 47
Customer deposits 14 14
Fuel refunds due customers 4 4
Accrued taxes 45 45
Accrued interest 17 17
Accrued restructuring charges 22 22
Other 23 23
------ ------
177 177
------ ------
DEFERRED CREDITS
Income taxes 338 338
Investment tax credits 83 83
Income tax related regulatory
liabilities - net 51 51
Other 27 27
------ ------
499 499
------ ------ ------
$1,996 $0 $1,996
====== ====== ======
<PAGE> 16
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED JUNE 30, 1994
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $870
------
OPERATING EXPENSES AND TAXES
Fuel 375
Purchased power 17
Other Operating 124
Restructuring charges 25
Maintenance 49
Depreciation and amortization 77
Taxes, other than Federal income 50
Federal income taxes 30
------
747
------
OPERATING INCOME 123
------
OTHER INCOME AND DEDUCTIONS 7
------
INCOME BEFORE INTEREST CHARGES 130
------
INTEREST CHARGES
Interest on long-term debt 42
Interest on short-term debt and other 4
------
46
------
NET INCOME 84
PREFERRED STOCK DIVIDENDS 3
------
NET INCOME FOR COMMON STOCK $81
======
<PAGE> 17
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED JUNE 30, 1994
UNAUDITED
(Millions)
RETAINED EARNINGS AT June 30, 1993 $278
Add: Net income (loss) for common stock 81
------
359
Deduct: Common stock dividends 72
------
RETAINED EARNINGS AT June 30, 1994 $287
======
<PAGE> 18
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
JUNE 30, 1994
UNAUDITED
(Millions)
Central Central Public West Transok Southwestern
and South Power Service Texas Inc. Electric
Corporation and Company Utilities Power
Light of Company Company
Oklahoma
<PAGE> 19
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
There have been no significant changes in the financial statements of
Central and South West Corporation and subsidiary companies subsequent to
June 30, 1994, other than in the ordinary course of business.
<PAGE> 20
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CAPITALIZATION RATIOS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1994
Common
Stock Preferred Long-term
Equity Stock Debt(*)
-------- --------- ---------
Central and South West
Corporation and
Subsidiary Companies
(Consolidated) Per books 47.8% 5.3% 46.9%
Central and South West
Corporation and
Subsidiary Companies
(Consolidated) Pro forma NO PRO FORMA ADJUSTMENTS
Central and South West
Corporation Per books 100.0% 0.0% 0.0%
Central and South West
Corporation Pro forma NO PRO FORMA ADJUSTMENTS
Central Power and Light
Company Per books 46.3% 7.8% 45.9%
Central Power and Light
Company Pro forma NO PRO FORMA ADJUSTMENTS
Public Service Company of
Oklahoma Per books 51.2% 2.3% 46.5%
Public Service Company of
Oklahoma Pro forma NO PRO FORMA ADJUSTMENTS
Southwestern Electric
Power Company Per books 50.6% 3.9% 45.5%
Southwestern Electric
Power Company Pro forma NO PRO FORMA ADJUSTMENTS
West Texas Utilities
Company Per books 54.4% 1.2% 44.4%
West Texas Utilities
Company Pro forma NO PRO FORMA ADJUSTMENTS
Transok, Inc. Per books 57.1% 0.0% 42.9%
Transok, Inc. Pro forma NO PRO FORMA ADJUSTMENTS
(*) Includes Transok's Medium-Term Notes Payable
<PAGE> 21
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CAPITALIZATION RATIOS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1994
(CONTINUED)
Common
Stock Preferred Long-term
Equity Stock Debt
-------- --------- ---------
Central and South West
Services Per books 0.0% 0.0% 100.0%
Central and South West
Services Pro forma NO PRO FORMA ADJUSTMENTS
<PAGE> 22
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The notes to consolidated financial statements included in Central and
South West Corporation's 1993 Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1993 Annual Report on Form 10-K 53 - 72
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE> 1
<ARTICLE> OPUR1
<LEGEND>
CENTRAL AND SOUTH WEST CORPORATION CONSOLIDATED FINANCIAL DATA SCHEDULE
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
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36
292
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0
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19
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<PAGE> 2
<ARTICLE> OPUR1
<CIK> 0000018540
<NAME> CENTRAL AND SOUTH WEST CORPORATION
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<S> <C>
<PERIOD-TYPE> 12-MOS
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[GROSS-OPERATING-REVENUE] 0
[INCOME-TAX-EXPENSE] (5)
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[TOTAL-OPERATING-EXPENSES] 25
[OPERATING-INCOME-LOSS] (25)
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<PAGE> 3
<ARTICLE> OPUR1
<CIK> 0000092487
<NAME> SOUTHWESTERN ELECTRIC POWER COMPANY
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<S> <C>
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</TABLE>
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