-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NMWk1RxQ/NS54O4dw0ry/QsHyGdD/IesR4C98IliG0KO0bYvP9iK61UsS5pjwjZj m0CRzZ5Tq5FIOpenx4m/Zg== 0000055387-95-000024.txt : 19951106 0000055387-95-000024.hdr.sgml : 19951106 ACCESSION NUMBER: 0000055387-95-000024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951103 SROS: PHLX FILER: COMPANY DATA: COMPANY CONFORMED NAME: KENTUCKY UTILITIES CO CENTRAL INDEX KEY: 0000055387 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 610247570 STATE OF INCORPORATION: KY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03464 FILM NUMBER: 95587197 BUSINESS ADDRESS: STREET 1: ONE QUALITY ST CITY: LEXINGTON STATE: KY ZIP: 40507 BUSINESS PHONE: 6062552100 10-Q 1 KENTUCKY UTILITIES CO. 3RD QTR 1995 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 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 1-3464 Kentucky Utilities Company (Exact name of registrant as specified in its charter) Kentucky and Virginia 61-0247570 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Quality Street, Lexington, Kentucky 40507 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 606-255-2100 Not Applicable Former name, former address and former fiscal year, if changed since last report 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 . Number of shares of Common Stock outstanding at November 2, 1995: 37,817,878 shares (owned by the parent-KU Energy Corporation). -1- PART I. FINANCIAL INFORMATION KENTUCKY UTILITIES COMPANY STATEMENTS OF INCOME (Unaudited) (in thousands of dollars) For the Three Months Ended September 30, 1995 1994 Operating Revenues (See Notes 2 and 4) $194,373 $156,512 Operating Expenses: Fuel, principally coal, used in generation (See Note 2) 54,102 33,972 Electric power purchased 22,341 15,603 Other operating expenses 30,817 27,939 Maintenance 16,027 15,209 Depreciation 18,785 16,308 Federal and state income taxes 15,331 14,208 Other taxes 3,897 3,536 Total Operating Expenses 161,300 126,775 Net Operating Income 33,073 29,737 Other Income and Deductions: Interest and dividend income 722 771 Other income and deductions - net 1,296 1,719 Total Other Income and Deductions 2,018 2,490 Income Before Interest Charges 35,091 32,227 Interest Charges 10,176 8,585 Net Income 24,915 23,642 Preferred Stock Dividend Requirements 564 564 Net Income Applicable to Common Stock $ 24,351 $ 23,078 The accompanying Notes to Financial Statements are an integral part of these statements. -2- KENTUCKY UTILITIES COMPANY STATEMENTS OF INCOME (Unaudited) (in thousands of dollars) For the Nine Months Ended September 30, 1995 1994 Operating Revenues (See Notes 2 and 4) $516,278 $477,066 Operating Expenses: Fuel, principally coal, used in generation (See Note 2) 140,487 121,203 Electric power purchased 55,749 47,842 Other operating expenses 91,542 82,271 Maintenance 50,376 48,640 Depreciation 56,271 48,646 Federal and state income taxes 31,599 36,872 Other taxes 12,336 11,241 Total Operating Expenses 438,360 396,715 Net Operating Income 77,918 80,351 Other Income and Deductions: Interest and dividend income 2,158 3,273 Other income and deductions - net 4,152 4,767 Total Other Income and Deductions 6,310 8,040 Income Before Interest Charges 84,228 88,391 Interest Charges 29,824 24,932 Net Income 54,404 63,459 Preferred Stock Dividend Requirements 1,692 1,820 Net Income Applicable to Common Stock $ 52,712 $ 61,639 The accompanying Notes to Financial Statements are an integral part of these statements. -3- KENTUCKY UTILITIES COMPANY STATEMENTS OF CASH FLOWS (Unaudited) (in thousands of dollars) For the Nine Months Ended September 30, 1995 1994 Cash Flows from Operating Activities: Net Income $ 54,404 $ 63,459 Items not requiring (providing) cash currently: Depreciation 56,271 48,646 Deferred income taxes and investment tax credit 21 (4,768) Changes in current assets and liabilities: Change in fuel inventory 7,359 (2,968) Change in accounts receivable (10,639) (1,651) Change in accounts payable (17,518) 623 Change in accrued taxes 5,722 3,648 Change in accrued utility revenues 5,831 4,964 Change in liability to ratepayers (179) (28,704) Change in escrow funds 181 29,582 Other--net 10,459 3,665 Net Cash Provided by Operating Activities 111,912 116,496 Cash Flows from Investing Activities: Construction expenditures - utility (81,106) (130,035) Other (172) 100 Cash Used by Investing Activities (81,278) (129,935) Cash Flows from Financing Activities: Short-term borrowings - net (45,300) 59,100 Issuance of long-term debt 50,000 - Funds deposited with trustee - net 15,100 18,393 Retirement of long-term debt (21) (21) Retirement of preferred stock, including premium - (20,302) Payment of dividends (49,059) (48,114) Net Cash Provided (Used) by Financing Activities (29,280) 9,056 Net Increase (Decrease) in Cash and Cash Equivalents 1,354 (4,383) Cash and Cash Equivalents Beginning of Period 3,111 8,832 Cash and Cash Equivalents End of Period $ 4,465 $ 4,449 Supplemental Disclosures Cash paid for: Interest on short and long-term debt $ 24,556 $ 20,561 Federal and state income taxes $ 24,160 $ 38,414 The accompanying Notes to Financial Statements are an integral part of these statements. -4- KENTUCKY UTILITIES COMPANY BALANCE SHEETS (Unaudited) (in thousands of dollars) As of As of Sept. 30, Dec. 31, 1995 1994 ASSETS Utility Plant: Plant in service, at cost $2,330,580 $2,238,926 Less: Accumulated depreciation 985,758 933,394 1,344,822 1,305,532 Construction work in progress 89,359 104,385 1,434,181 1,409,917 Current Assets: Cash and cash equivalents 4,465 3,111 Escrow funds - coal contract litigation 6,730 6,911 Construction funds held by trustee 3,697 18,553 Accounts receivable 52,351 41,712 Accrued utility revenues 18,396 24,227 Fuel, principally coal, at average cost 28,293 35,652 Materials and supplies, at average cost 22,621 20,081 Other 11,401 10,616 147,954 160,863 Investments, Deferred Charges and Other Assets: Unamortized loss on reacquired debt 11,559 12,324 Other 35,100 34,996 46,659 47,320 Total Assets $1,628,794 $1,618,100 CAPITALIZATION AND LIABILITIES Capitalization: Common stock equity $ 570,547 $ 565,201 Preferred stock 40,000 40,000 Long-term debt 545,981 496,012 1,156,528 1,101,213 Current Liabilities: Long-term debt due within one year 21 21 Short-term borrowings 31,000 76,300 Accounts payable 31,999 49,517 Accrued interest 11,223 7,328 Accrued taxes 15,144 9,422 Customers' deposits 6,565 6,423 Accrued payroll and vacations 10,620 8,207 Liab. to ratepayers - coal contract litigation 6,730 6,909 Other 7,108 6,275 120,410 170,402 Deferred Credits and Other Liabilities: Accumulated deferred income taxes 219,526 214,892 Accumulated deferred investment tax credits 35,204 38,275 Regulatory tax liability 58,860 60,788 Other 38,266 32,530 351,856 346,485 Total Capitalization and Liabilities $1,628,794 $1,618,100 The accompanying Notes to Financial Statements are an integral part of these statements. -5- KENTUCKY UTILITIES COMPANY NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. PRESENTATION OF CONDENSED INFORMATION Pursuant to the rules and regulations of the Securities and Exchange Commission, certain information has been condensed and certain footnote disclosures have been omitted, which are normal- ly included in financial statements prepared in accordance with generally accepted accounting principles. These financial statements should be read in conjunction with the financial statements and notes thereto in the Kentucky Utilities Company (KU) Annual Report on Form 10-K for the year ended December 31, 1994 (1994 10K). In the opinion of management, the information furnished herein reflects all adjustments, all of which are normal and recurring, which are necessary to present fairly the results of the periods shown and the disclosures which have been made are adequate to make the information not misleading. Results of interim periods are not necessarily indicative of results for any twelve-month period due to the seasonal nature of KU's business. 2. OPERATING REVENUES AND FUEL COSTS Pursuant to regulatory orders, KU has been refunding fuel cost savings related to the resolution of a coal contract dispute. Refunds to Kentucky retail customers commenced in July 1994. Refunds were made to Virginia retail customers during the period August 1993 through June 1994. Refunds were made to wholesale customers under the jurisdiction of the Federal Energy Regulatory Commission in lump sum payments in September 1993. -6- KENTUCKY UTILITIES COMPANY NOTES TO FINANCIAL STATEMENTS (Unaudited) Operating revenues for the three-month and nine-month periods ended September 30, 1994 were reduced by $17.5 million and $18.4 million, respectively, resulting from the above- mentioned refund. The refund also resulted in a reduction of fuel expense for the three-month and nine-month periods ended September 30, 1994 of $18.6 million and $22 million, respectively. The difference between the reduction in operating revenues and the reduction in fuel expense is attributed to incurred litigation costs, fuel costs savings related to off-system sales and costs incurred to administer the refund plan. These amounts were allowed to be retained by KU pursuant to regulatory orders. 3. FINANCING In June 1995, KU issued $50 million of Series R First Mortgage Bonds which will mature June 1, 2025 and bear interest at 7.55%. The proceeds were used primarily to refinance short- term indebtedness incurred to finance ongoing construction expenditures and general corporate requirements. 4. ENVIRONMENTAL COST RECOVERY In July 1994, the Kentucky Public Service Commission (PSC) approved KU's January 1994 application to implement an environmental surcharge. The surcharge, authorized by a Kentucky statute enacted in 1992, is designed to recover certain operating and capital costs related to compliance with federal, state or local environmental requirements associated with the production of energy from coal, including the Federal Clean Air Act as amended. -7- KENTUCKY UTILITIES COMPANY NOTES TO FINANCIAL STATEMENTS (Unaudited) KU's environmental surcharge was implemented in August 1994 and is described in Item 1 of the 1994 10K. The constitutionality of the surcharge was challenged in the Franklin County (Kentucky) Circuit Court (Circuit Court) in an action brought against KU and the PSC by the Attorney General of Kentucky and representatives of customer groups. In July 1995, the Circuit Court entered a judgment (Circuit Court judgement) holding the surcharge statute constitutional but vacating that part of the PSC order allowing KU to recover costs associated with environmental expenditures incurred before January 1, 1993, the effective date of the surcharge statute, and ordering the action remanded to the PSC for determination in accordance with the Circuit Court judgement. On August 23, 1995, KU's motion requesting the Circuit Court to amend the Circuit Court judgment and sustain the PSC order in its entirety was overruled. KU, the Attorney General of Kentucky, the PSC and representatives of the customer groups all have appealed the Circuit Court judgment to the Kentucky Court of Appeals. KU management believes that the part of the Circuit Court judgment holding the surcharge statute constitutional will be upheld on appeal. The PSC issued an order that provides, in part, that all environmental surcharge revenues collected by KU from the date of the order (August 22, 1995) shall be subject to refund pending final determination of the proceedings discussed in the immediately preceding paragraph. The total collections under the surcharge from August 22, 1995 through September 30, 1995 were -8- KENTUCKY UTILITIES COMPANY NOTES TO FINANCIAL STATEMENTS (Unaudited) approximately $2.5 million; however, if the Circuit Court judgment is ultimately upheld as entered, KU estimates that the amount it would be required to refund (which is based solely on costs associated with environmental expenditures incurred before January 1, 1993) for surcharge collections from August 22, 1995 through September 30, 1995 would be approximately $1 million. If refunds were ordered for surcharge collections prior to August 22, 1995, KU estimates that the total amount it would be required to refund through September 30, 1995 would not exceed $6 million. At this time, KU has not recorded any reserve for refund. KU cannot predict the outcome of these proceedings with respect to that part of the Circuit Court judgment disallowing recovery of costs associated with environmental expenditures incurred before January 1, 1993. -9- KENTUCKY UTILITIES COMPANY MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY & RESOURCES KU's construction expenditures decreased approximately $14 million and $49 million during the three-month and nine-month periods ending September 30, 1995, respectively, compared to the same periods of 1994. The decrease is attributable primarily to planned reductions in expenditures for combustion turbine peaking units and for compliance with the 1990 Clean Air Act Amendments. Refer to Note 3 of the Notes to Financial Statements for a discussion of KU's financing activities. RESULTS OF OPERATIONS Quarter ended September 30, 1995, compared to the Quarter ended September 30, 1994 Net income applicable to common stock for the three-month period ended September 30, 1995 was $24.4 million compared to $23.1 million for the corresponding period of 1994. The increase reflects the positive effects of warmer weather during the third quarter of 1995 compared to 1994, which were somewhat offset by increases in electric power purchases, other operating expenses and depreciation as further discussed below. -10- KENTUCKY UTILITIES COMPANY MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Increase (Decrease) From Prior Year Three Months Ended Sept. 30, 1995 kWh Revenues (%) (000's) Residential 18 $ 10,827 Commercial 8 3,773 Industrial 6 2,552 Mine Power & Public Authorities 3 971 Total Retail Sales 10 18,123 Wholesale 11 1,844 Off-System (19) (929) Miscellaneous Revenues & Other - 1,283 Total Before Refund 6 20,321 Provision for Refund - Litigation Settlement - 17,540 Total 6 $ 37,861 Operating revenues, before the impact of the refunds to customers during 1994, increased $20.3 million (12%). (Refer to Note 2 of the Notes to Financial Statements, "Operating Revenues and Fuel Costs", for a discussion of the refunds to customers resulting from the resolution of a coal contract dispute and the impact on 1994 operating results). The increase reflects a 6% increase in kilowatt-hour sales and $4.4 million recovered under the environmental surcharge. (Refer to Note 4 of the Notes to Financial Statements, "Environmental Cost Recovery," for information relating to environmental surcharge legal proceedings.) The increase in kilowatt-hour sales is attributable to increases in residential, commercial and industrial sales partially offset by a decline in off-system sales. The decrease in off-system sales is attributable to a decrease in demand for power at neighboring utilities. The increase in industrial sales reflects continued economic growth in the manufacturing sector of KU's service area. About 29% of -11- KENTUCKY UTILITIES COMPANY MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS the industrial sales increase was due to greater sales to Toyota Motor Manufacturing U.S.A., Inc. (TMM), KU's largest customer. The increases in residential and commercial sales reflect unusually warm weather during the third quarter of 1995 compared to 1994. KU set an all-time peak demand for electricity on August 16, 1995 of 3,341 megawatts. Fuel expense, excluding the effect of the refunds to customers, increased $1.5 million (3%). The increase reflects a 3% increase in tons of coal consumed, offset by a 1% decrease in the average price per ton of coal consumed. Purchased power expense increased $6.7 million (43%) due to increases in demand ($.5 million) and energy costs ($6.2 million). The increase in energy costs reflects a 35% increase in kilowatt-hour purchases as well as less favorable pricing. The increase in kilowatt-hour purchases is attributable to the previously mentioned increase in kilowatt-hour sales due to the unusually warm weather. Other operating expenses increased $2.9 million (10%) due to increased generating plant operations expenses primarily attributable to costs associated with environmental compliance. Depreciation expense increased $2.5 million (15%) resulting from the Ghent Unit 1 scrubber and two combustion turbine peaking units being placed into service late in 1994 and early in 1995. Interest charges increased $1.6 million (19%) reflecting the issuance of $54 million of long-term debt in the fourth quarter of 1994 and the issuance of $50 million of long-term debt in the second quarter of 1995. -12- KENTUCKY UTILITIES COMPANY MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Nine Months ended September 30, 1995, compared to the Nine Months ended September 30, 1994 Net income applicable to common stock for the nine-month period ended September 30, 1995 was $52.7 million as compared to $61.6 million for the corresponding period of 1994. An increase in revenues during the nine-month period ending September 30, 1995 as compared to the same period of 1994 was more than offset by increases in electric power purchases, other operating expenses, depreciation and interest as further discussed below. Net income for the first quarter of 1994 included a one-time recovery of about $1.9 million from the resolution of a coal contract dispute. For additional information concerning the refunds resulting from resolution of the dispute and the impact on 1994 operating results, refer to Note 2 of the Notes to Financial Statements, "Operating Revenues and Fuel Costs." Increase (Decrease) From Prior Year Nine Months Ended Sept. 30, 1995 kWh Revenues (%) (000's) Residential 3 $ 10,211 Commercial 3 6,209 Industrial 5 7,060 Mine Power & Public Authorities - 2,217 Total Retail Sales 3 25,697 Wholesale 4 2,008 Off-System (34) (8,577) Miscellaneous Revenues & Other - 1,642 Total Before Refund (1) 20,770 Provision for Refund - Litigation Settlement - 18,442 Total (1) $ 39,212 Operating revenues, before the impact of the refunds to customers, increased $20.8 million (4%). The increase is -13- KENTUCKY UTILITIES COMPANY MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS attributable to amounts recovered under the environmental surcharge ($12.5 million) as well as favorable changes in the customer mix of kilowatt-hour sales. (Refer to Note 4 of the Notes to Financial Statements, "Environmental Cost Recovery," for information relating to environmental surcharge legal proceedings.) Although total kilowatt-hour sales remained relatively flat, the revenue impact of increases in residential, commercial and industrial sales was only partially offset by a decrease in off-system sales. The increases in residential and commercial sales reflect the unusually warm weather experienced during the third quarter of 1995 which more than offset the effects of milder weather during the first six months of 1995. The increase in industrial sales reflects continued economic growth in the manufacturing sector of KU's service area. About 33% of the industrial sales increase is due to greater sales to TMM. The decrease in off-system sales is attributable to a decrease in demand for power at neighboring utilities. Fuel expense, excluding the effect of the refunds to customers, decreased $2.7 million (2%). The decrease is primarily attributable to a decrease in tons of coal consumed. Purchased power expense increased $7.9 million (17%) due to increased demand ($2.7 million) and energy costs ($5.2 million). The increase in energy costs reflects a 7% increase in kilowatt- hour purchases as well as less favorable pricing. The increase in kilowatt-hour purchases is attributable to the significant demand for electricity during the third quarter primarily due to the unusually warm weather. -14- KENTUCKY UTILITIES COMPANY MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Other operating expenses increased $9.3 million (11%) due to increased generating plant operations expenses (primarily attributable to costs associated with environmental compliance), advertising and marketing program expenses and administrative and general expenses. Maintenance expense increased $1.7 million (4%) due to an increase in production maintenance resulting from the timing of scheduled maintenance at KU's generating stations. This increase was substantially offset by a decrease in distribution maintenance in 1995. Extensive ice storm damage in the first quarter of 1994 increased distribution maintenance in that period. Depreciation expense increased $7.6 million (16%) resulting from the Ghent Unit 1 scrubber and two combustion turbine peaking units being placed into service late in 1994 and early in 1995. Interest charges increased $4.9 million (20%) reflecting the issuance of $54 million of long-term debt in the fourth quarter of 1994, $50 million of long-term debt in the second quarter of 1995 and an increase in the average amount of short-term debt outstanding during the first six months of 1995. Federal and state operating income taxes decreased $5.3 million (14%), primarily due to lower pre-tax income. CAPACITY REQUIREMENTS In May 1995, a 110-megawatt (MW) combustion turbine generating unit, which was placed in commercial operation during the first quarter of 1995, was taken out of service due to a -15- KENTUCKY UTILITIES COMPANY MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS turbine blade problem. In addition to this unit, KU has decided not to operate another similar combustion turbine unit placed in commercial operation in 1994 and has temporarily discontinued testing of a third similar unit scheduled for commercial operation later in 1995 until the turbine blade problem can be corrected. KU has analyzed this situation in cooperation with the vendor of the three 110 MW generating units. KU expects these units to be fully operational before year end. UTILITY ISSUES - COMPETITION In March 1995, the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking (NOPR) by which the FERC will require public utilities that own or control facilities used for the transmission of electric energy in interstate commerce to offer "open access" transmission service on a nondiscriminatory basis. The FERC also proposes to allow, in certain circumstances, the collection of charges for the recovery of stranded costs when customers change power suppliers. The FERC expects to issue final rules by February 1996. KU filed a Transmission Services (TS) Tariff and Power Services (PS) Tariff on September 30, 1994 (refer to Management's Discussion and Analysis in the 1994 Annual Report on Form 10-K under the heading "Utility Issues - Competition" for a discussion of the TS Tariff and PS Tariff filed by KU). The FERC accepted the TS Tariff, subject to refund, effective December 1, 1994, but did not approve the PS Tariff. KU revised the TS Tariff in a filing made on March 31, 1995 with the FERC in order to meet -16- KENTUCKY UTILITIES COMPANY MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS certain provisions of the NOPR and reaffirmed its request for the market-based PS Tariff. On May 31, 1995, the FERC issued an order which approved the revised TS Tariff, subject to refund, and approved the PS Tariff subject to KU making a compliance filing which addressed certain aspects of the TS and PS Tariffs. On June 30, 1995, KU made the compliance filing with the FERC and the PS Tariff became effective on that date. Although KU does not expect either of these new tariffs to have a material impact on its 1995 revenues or net income, they are indicative of the increasingly competitive environment in which KU and other utilities operate. -17- PART II. OTHER INFORMATION KENTUCKY UTILITIES COMPANY ITEM 1. LEGAL PROCEEDINGS ENVIRONMENTAL COST RECOVERY See Note 4 of the Notes to Financial Statements, "Environmental Cost Recovery," for an update of environmental surcharge legal proceedings. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits. The following exhibit is filed as part of this report: Exhibit Number Description 27 Financial Data Schedule (required for electronic filing only in accordance with Item 601(c)(1) of Regulation S-K). (b) Reports on Form 8-K. None. -18- KENTUCKY UTILITIES COMPANY SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. KENTUCKY UTILITIES COMPANY (Registrant) Date November 2, 1995 /s/ Michael R. Whitley Michael R. Whitley Chairman of the Board and Chief Executive Officer Date November 2, 1995 /s/ Michael D. Robinson Michael D. Robinson Controller -19- EX-27 2 ARTICLE UT FDS FOR 3RD QTR 1995 FORM 10-Q
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AS OF SEPTEMBER 30, 1995 AND THE INCOME STATEMENT FOR THE PERIOD ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q QUARTERLY REPORT. 1,000 9-MOS DEC-31-1995 SEP-30-1995 PER-BOOK 1,434,181 11,714 147,954 34,945 0 1,628,794 308,140 (594) 263,001 570,547 0 40,000 545,981 31,000 0 0 21 0 0 0 441,245 1,628,794 516,278 31,599 406,761 438,360 77,918 6,310 84,228 29,824 54,404 1,692 52,712 47,367 26,601 111,912 0 0 ALL OUTSTANDING COMMON STOCK OF KENTUCKY UTILITIES COMPANY IS HELD BY ITS PARENT COMPANY, KU ENERGY CORPORATION. THEREFORE, EARNINGS PER SHARE IS NOT APPLICABLE.
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