-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, IUd6uYQbOwgHkkrGBXMhxAELus65t0gsaWRBSmlEWPWO5aEubAYm7t/qzhQ0NLW/ Mgy20HnZLV6jmu6qFqypSQ== 0000073960-94-000012.txt : 19941107 0000073960-94-000012.hdr.sgml : 19941107 ACCESSION NUMBER: 0000073960-94-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941104 SROS: MSE SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHIO EDISON CO CENTRAL INDEX KEY: 0000073960 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 340437786 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-02578 FILM NUMBER: 94557606 BUSINESS ADDRESS: STREET 1: 76 S MAIN ST CITY: AKRON STATE: OH ZIP: 44308 BUSINESS PHONE: 2163845100 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 (Mark One) [X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1994 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 1-2578 OHIO EDISON COMPANY (Exact name of Registrant as specified in its charter) Ohio 34-0437786 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 76 South Main Street, Akron, Ohio 44308 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 216-384-5100 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 ___ ___ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 152,569,437 shares of common stock, $9 par value, outstanding as of November 4, 1994. OHIO EDISON COMPANY TABLE OF CONTENTS Pages Part I. Financial Information Consolidated Statements of Income 1 Consolidated Balance Sheets 2-3 Consolidated Statements of Cash Flows 4 Notes to Consolidated Financial Statements 5-6 Report of Independent Public Accountants 7 Management's Discussion and Analysis of Results of Operations and Financial Condition 8-9 Part II. Other Information PART I. FINANCIAL INFORMATION OHIO EDISON COMPANY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, ---------------------- -------------------------- 1994 1993 1994 1993 ---- ---- ---- ---- (In thousands, except per share amounts) OPERATING REVENUES $614,390 $624,524 $1,801,066 $1,781,087 -------- -------- ---------- ---------- OPERATING EXPENSES AND TAXES: Fuel and purchased power 109,199 116,767 340,826 336,015 Nuclear operating costs 80,021 75,537 235,575 218,623 Other operating costs 102,431 107,354 324,905 320,449 -------- -------- ---------- ---------- Total operation and maintenance expenses 291,651 299,658 901,306 875,087 Provision for depreciation 58,579 55,169 164,918 165,265 Amortization (deferral) of net regulatory assets (1,244) 137 (7,214) (5,942) General taxes 61,255 64,264 180,361 186,704 Income taxes 52,332 53,113 139,405 138,300 -------- -------- ---------- ---------- Total operating expenses and taxes 462,573 472,341 1,378,776 1,359,414 -------- -------- ---------- ---------- OPERATING INCOME 151,817 152,183 422,290 421,673 OTHER INCOME 5,032 4,079 10,821 13,083 -------- -------- ---------- ---------- TOTAL INCOME 156,849 156,262 433,111 434,756 -------- -------- ---------- ---------- NET INTEREST AND OTHER CHARGES: Interest on long-term debt 65,638 65,375 195,767 197,733 Deferred nuclear unit interest (2,124) (2,193) (6,383) (6,389) Allowance for borrowed funds used during construction and capitalized interest (1,224) (923) (3,796) (3,506) Other interest expense 5,167 4,354 13,124 12,431 Subsidiary's preferred stock dividend requirements 1,167 1,428 4,204 4,497 --------- --------- ---------- ----------- Net interest and other charges 68,624 68,041 202,916 204,766 --------- --------- ---------- ----------- INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING 88,225 88,221 230,195 229,990 Cumulative effect to January 1, 1993 of a change in accounting for unbilled revenues (net of income taxes of $33,632,000) - - - 58,201 --------- ---------- ---------- ----------- NET INCOME 88,225 88,221 230,195 288,191 PREFERRED AND PREFERENCE STOCK DIVIDEND REQUIREMENTS 5,356 5,759 16,316 17,899 --------- --------- ---------- ----------- EARNINGS ON COMMON STOCK $ 82,869 $ 82,462 $ 213,879 $ 270,292 ========= ========= ========== =========== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 143,310 152,569 143,168 152,569 ========= ========= ========== =========== EARNINGS PER SHARE OF COMMON STOCK: Before cumulative effect of a change in accounting $ .58 $ .54 $ 1.49 $ 1.39 Cumulative effect to January 1, 1993 of a change in accounting for unbilled revenues - - - .38 --------- --------- ---------- ----------- EARNINGS PER SHARE OF COMMON STOCK $ .58 $ .54 $ 1.49 $ 1.77 ========= ========= ========== =========== DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $.375 $.375 $1.125 $1.125 ========= ========= ========== =========== The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. -1-
OHIO EDISON COMPANY CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30, December 31, 1994 1993 ------------- ------------ (In thousands) ASSETS ------ UTILITY PLANT: In service, at original cost $8,471,133 $8,380,430 Less--Accumulated provision for depreciation 2,847,582 2,732,527 ---------- ---------- 5,623,551 5,647,903 ---------- ---------- Construction work in progress- Electric plant 185,503 182,894 Nuclear fuel 45,960 46,879 ---------- ---------- 231,463 229,773 ---------- ---------- 5,855,014 5,877,676 ---------- ---------- OTHER PROPERTY AND INVESTMENTS: Letter of credit collateralization (Note 1) 277,763 -- Other 184,935 181,815 ---------- ---------- 462,698 181,815 ---------- ---------- CURRENT ASSETS: Cash and cash equivalents 47,150 159,690 Receivables- Customers (less accumulated provisions of $2,504,000 and $6,907,000, respectively, for uncollectible accounts) 271,021 298,913 Other 42,703 42,428 Materials and supplies, at average cost- Fuel 43,266 41,513 Other 79,668 87,689 Prepayments 64,517 72,889 ---------- ---------- 548,325 703,122 ---------- ---------- DEFERRED CHARGES: Regulatory assets 2,013,553 1,993,795 Unamortized sale and leaseback costs 106,982 110,656 Other 42,689 51,203 ---------- ---------- 2,163,224 2,155,654 ---------- ---------- $9,029,261 $8,918,267 ========== ========== -2-
OHIO EDISON COMPANY CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30, December 31, 1994 1993 ------------ ------------ (In thousands) CAPITALIZATION AND LIABILITIES ------------------------------ CAPITALIZATION: Common stockholders' equity- Common stock, $9 par value, authorized 175,000,000 shares- 152,569,437 shares outstanding $1,373,125 $1,373,125 Other paid-in capital 726,628 727,865 Retained earnings 375,410 322,821 Unallocated employee stock ownership plan common stock - 9,207,961 and 9,608,739 shares, respectively (172,854) (180,519) ---------- ---------- Total common stockholders' equity 2,302,309 2,243,292 Preferred stock- Not subject to mandatory redemption 277,335 277,335 Subject to mandatory redemption 25,000 25,000 Preferred stock of consolidated subsidiary- Not subject to mandatory redemption 50,905 50,905 Subject to mandatory redemption 15,000 20,500 Long-term debt 3,337,754 3,039,263 ---------- ---------- 6,008,303 5,656,295 ---------- ---------- CURRENT LIABILITIES: Currently payable preferred stock and long-term debt 149,430 444,170 Short-term borrowings 149,661 104,126 Accounts payable 100,969 127,895 Accrued taxes 106,430 107,687 Accrued interest 64,876 72,667 Other 165,765 141,251 ---------- ---------- 737,131 997,796 ---------- ---------- DEFERRED CREDITS: Accumulated deferred income taxes 1,806,944 1,798,551 Accumulated deferred investment tax credits 225,836 231,863 Property taxes 101,459 101,182 Other 149,588 132,580 ---------- ---------- 2,283,827 2,264,176 ---------- ---------- COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 2) ---------- ---------- $9,029,261 $8,918,267 ========== ========== The accompanying Notes to Consolidated Financial Statements are an integral part of these balance sheets. -3-
OHIO EDISON COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, -------------------- ------------------- 1994 1993 1994 1993 ------ ----- ------ ------ (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 88,225 $ 88,221 $230,195 $288,191 Adjustments to reconcile net income to net cash from operating activities- Provision for depreciation 58,579 55,169 164,918 165,265 Nuclear fuel and lease amortization 19,028 19,644 51,216 47,073 Deferred income taxes, net 8,499 5,125 23,689 36,772 Investment tax credits, net (2,009) (2,181) (6,027) (6,547) Allowance for equity funds used during construction (1,094) (431) (4,160) (2,785) Deferred fuel costs, net (6,423) 543 (6,105) (8,834) Cumulative effect of a change in accounting for unbilled revenues - - - (58,201) Other amortization, net 12 1,844 (226) 736 ---------- ---------- --------- -------- Internal cash before dividends 164,817 167,934 453,500 461,670 Receivables 23,956 (20,055) 27,617 8,062 Materials and supplies 3,697 15,149 6,268 14,509 Accounts payable (47,304) (38,757) (12,822) (1,057) Other 47,414 112,823 48,174 31,437 ---------- ---------- --------- -------- Net cash provided from operating activities 192,580 237,094 522,737 514,621 ---------- ---------- --------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: New Financing- Preferred stock - 24,624 - 121,294 Long-term debt 93,167 286,573 324,964 618,872 Short-term borrowings, net 136,758 - 125,535 - Redemptions and Repayments- Preferred and preference stock 6,000 28,170 56,362 122,502 Long-term debt 216,782 159,502 356,256 616,936 Short-term borrowings, net - 127,000 - 36,577 Dividend Payments- Common stock 54,684 55,855 163,101 166,509 Preferred and preference stock 5,533 5,583 16,678 15,367 --------- --------- ---------- -------- Net cash used for financing activities 53,074 64,913 141,898 217,725 --------- --------- ---------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Property additions 60,895 67,832 206,265 182,934 Letter of credit collateralization deposit 77,763 - 277,763 - Sale and leaseback restructuring fees - 86 - 10,412 Other 1,849 1,515 9,351 3,486 ---------- --------- ---------- -------- Net cash used for investing activities 140,507 69,433 493,379 196,832 ---------- --------- ---------- -------- Net increase (decrease) in cash and cash equivalents (1,001) 102,748 (112,540) 100,064 Cash and cash equivalents at beginning of period 48,151 11,528 159,690 14,212 ---------- --------- ---------- -------- Cash and cash equivalents at end of period $ 47,150 $114,276 $ 47,150 $114,276 ========== ========= ========== ======== The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. -4-
OHIO EDISON COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1 - FINANCIAL STATEMENTS: The condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary to fairly present results of operations for the interim periods. These statements should be read in conjunction with the consolidated financial statements and notes included in Ohio Edison Company's (Company) 1993 Annual Report to Stockholders. The results of operations are not intended to represent results of operations for any future period. OES Finance, Incorporated (a wholly owned subsidiary of the Company) was established during the third quarter of 1994 for the sole purpose of maintaining deposits pledged as collateral for reimbursement obligations relating to certain letters of credit supporting the Company's obligations to lessors under the Beaver Valley Unit 2 sale and leaseback arrangements. The deposits pledged to the financial institution providing those letters of credit are the sole property of OES Finance. In the event of liquidation, OES Finance, as a separate corporate entity, would have to satisfy its obligations to creditors before any of its assets could be made available to the Company as owner of OES Finance common stock. 2 - COMMITMENTS, GUARANTEES AND CONTINGENCIES: Construction Program -- The Company and its wholly owned subsidiary, Pennsylvania Power Company (Companies), currently forecast expenditures of approximately $1,000,000,000 for property additions and improvements from 1994-1998, of which approximately $235,000,000 is applicable to 1994. The Companies' nuclear fuel investments are expected to be approximately $204,000,000 during the 1994-1998 period, of which approximately $45,000,000 is applicable to 1994. Guarantees -- The Companies, together with the other Central Area Power Coordination Group companies, have each severally guaranteed certain debt and lease obligations in connection with a coal supply contract for the Bruce Mansfield Plant. As of September 30, 1994, the Companies' share of the guarantees were $87,159,000. The price under the coal supply contract, which includes certain minimum payments, has been determined to be sufficient to satisfy the debt and lease obligations. Environmental Matters -- Various federal, state and local authorities regulate the Companies with regard to air and water quality and other environmental matters. The Companies have estimated additional capital expenditures for environmental compliance of approximately $175,000,000, which is included in the construction forecast under "Construction Program" for 1994 through 1998. The Clean Air Act Amendments of 1990 require significant reductions of sulfur dioxide (SO2) and oxides of nitrogen (NOx) from the Companies' coal-fired generating units by 1995 and additional emission reductions by 2000. Compliance options include, but are not limited to, installing additional pollution control -5- OHIO EDISON COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Cont'd) (Unaudited) equipment, burning less polluting fuel, purchasing emission allowances, operating facilities in a manner that minimizes pollution and retiring facilities. In compliance plans submitted to the Public Utilities Commission of Ohio and to the Environmental Protection Agency (EPA), the Company stated that SO2 reductions for the years 1995 through 1999 likely will be achieved by burning lower-sulfur fuel, generating more electricity from lower-emitting plants, and/or purchasing emission allowances. Equipment already installed, or to be installed by May 1995, is expected to provide NOx reductions sufficient to meet 1995 requirements. Plans for complying with the year 2000 and later reductions have not been finalized. EPA is conducting additional studies which could indicate the need for additional NOx reductions from the Companies' Pennsylvania facilities by the year 2003. The cost of such reductions, if required, may be substantial. The Company continues to evaluate its compliance plans and other compliance options. The Companies are required to meet federally approved SO2 regulations. Violations of such regulations can result in shutdown of the generating unit involved and/or civil or criminal penalties of up to $25,000 for each day the unit is in violation. The EPA has an interim enforcement policy for SO2 regulations in Ohio that allows for compliance based on a 30-day averaging period. The EPA has proposed regulations that could change the interim enforcement policy, including the method of determining compliance with emission limits. The Companies cannot predict what action the EPA may take in the future with respect to proposed regulations or the interim enforcement policy. The Pennsylvania Department of Environmental Resources has issued regulations dealing with the storage, treatment, transportation and disposal of residual waste such as coal ash and scrubber sludge. These regulations impose additional requirements relating to permitting, ground water monitoring, leachate collection systems, closure, liability insurance and operating matters. The Companies are considering various compliance options but are presently unable to determine the ultimate increase in capital and operating costs at existing sites. Legislative, administrative and judicial actions will continue to change the way that the Companies must operate in order to comply with environmental laws and regulations. With respect to any such changes and to the environmental matters described above, the Companies expect that any resulting additional capital costs which may be required, as well as any required increase in operating costs, would ultimately be recovered from their customers. -6- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To Ohio Edison Company: We have reviewed the accompanying consolidated balance sheet of Ohio Edison Company (an Ohio corporation) and subsidiaries as of September 30, 1994, and the related consolidated statements of income and cash flows for the three-month and nine-month periods ended September 30, 1994 and 1993. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet and consolidated statement of capitalization of Ohio Edison Company and subsidiaries as of December 31, 1993, and the related consolidated statements of income, retained earnings, capital stock and other paid-in capital, cash flows and taxes for the year then ended (not presented separately herein). In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 1993 is fairly stated in all material respects in relation to the balance sheet from which it has been derived. ARTHUR ANDERSEN LLP Cleveland, Ohio, November 4, 1994 -7- OHIO EDISON COMPANY MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Results of Operations Earnings on common stock increased to $1.49 per share for the nine month period ended September 30, 1994, from $1.39 per share in 1993, excluding the cumulative effect in 1993 of a change in accounting for unbilled revenues. Earnings increased to $.58 per share in the third quarter of 1994 from $.54 per share during the third quarter of 1993. Higher retail sales during the nine months ended September 30, 1994, pushed total sales revenue up by $20,900,000 over the same period last year. Residential and commercial sales were up 2.1% and 3.0%, respectively, while industrial sales were relatively flat. Total kilowatt-hour sales were down 3.5% in the first nine months of 1994 due to a 21.9% decrease in sales to other utilities. Opportunities to sell power to other utilities were limited due to reduced demand for these sales, generating capacity constraints and increased demand in the retail sector. Milder temperatures during the three months ended September 30, 1994, contributed to a 2.2% drop in retail kilowatt-hour sales compared to record third quarter retail kilowatt-hour sales in 1993. Residential sales were down 3.5% and commercial sales remained relatively flat. Industrial sales fell 3.2% during the third quarter of 1994 due to reduced production (until mid-1995) by a major steel customer that is modernizing its facilities. Sales to all other industrial customers were up 1.6% in the third quarter of 1994. Total kilowatt-hour sales were down 6.4% in the period due primarily to a 22.8% decrease in sales to other utilities. Fuel and purchased power costs decreased in the third quarter of 1994 compared with 1993 as a result of the lower sales levels. Higher nuclear expenses during the 1994 periods were primarily due to corrective maintenance work and refueling costs at the Perry Plant. The plant was returned to full operational power on August 14, 1994, following the completion of the outage. Capital Resources and Liquidity The Companies have continuing cash requirements for planned capital expenditures and debt maturities. During the fourth quarter of 1994, capital requirements for property additions and capital leases are expected to be approximately $80,000,000, including $20,000,000 for nuclear fuel. Cash requirements for maturing long- term debt are approximately $12,000,000 for the remainder of 1994. As of September 30, 1994, the Companies had approximately $47,000,000 of cash and temporary investments and $150,000,000 of short-term indebtedness. Funds are also available to the Company through $7,000,000 of unused OES Fuel credit lines. In addition, the Companies have $24,000,000 of unused short-term bank lines of credit and $102,000,000 of bank facilities which provide for borrowings on a short-term basis at the banks' discretion. OES Capital had approximately $11,000,000 of unused short-term borrowing capability as of September 30, 1994. -8- OHIO EDISON COMPANY MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Cont'd) During the third quarter of 1994, the Company retired $30,000,000 of 13.43% first mortgage bonds at maturity and an additional $49,400,000 of 9.75% first mortgage bonds which it purchased from the bondholders. Penn Power issued $12,700,000 of pollution control notes with an interest rate of 6.15%. The proceeds from that issue will be used in the fourth quarter of 1994 to redeem a like amount of 12% pollution control notes. Penn Power also redeemed $6,000,000 of preferred stock during the quarter. Also, Ohio Edison entered into a forward refunding arrangement with the Ohio Water Development Authority to refinance $40,000,000 of its 1985 10.625% pollution control revenue bonds. The interest rate on the new bonds will be 6.75% with maturity in July 2015. Early in the fourth quarter of 1994, the Company entered into a similar arrangement with the Beaver County Industrial Development Authority to refinance $60,000,000 of its 1985 10.50% pollution control revenue bonds. The interest rate on the new bonds will be 7.05% and maturity has been extended to October 2020. The Company also issued through a trust $80,000,000 of 7.93% secured trust notes to private investors. OES Finance, Incorporated (a wholly owned subsidiary of the Company) facilitated the issuance of new ten-year cash collateralized letters of credit on behalf of certain lessors in the Beaver Valley Unit 2 sale and leaseback arrangement by purchasing certificates of deposit from the issuing bank in the aggregate amount of $277,763,000. These deposits are pledged as security for repayment of any amounts drawn under the letters of credit. On September 29, 1994, a federal judge dismissed the lawsuit filed against the Company on July 22, 1994, by members of the Utility Workers Union of America and the International Brotherhood of Electrical Workers. The unions filed suit in federal court seeking to prevent the Company from laying off 236 employees and to order the Company to extend the terms of a voluntary early retirement program provided to nonunion employees to union employees as well. The U.S. District Judge ruled that the Company did not violate its retirement plan or federal law by not providing early retirement benefits to union employees. -9- PART II. OTHER INFORMATION - --------------------------- Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits Exhibit Number ------- 15 Letter from independent public accountants. Pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S-K, the Company has not filed as an exhibit to this Form 10-Q any instrument with respect to long-term debt if the total amount of securities authorized thereunder does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis, but hereby agrees to furnish to the Commission on request any such documents. (b) Reports on Form 8-K None SIGNATURE 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. November 4, 1994 OHIO EDISON COMPANY ------------------- Registrant /s/H. P. Burg ---------------------------------- H. P. Burg Senior Vice President and Chief Financial Officer EX-15 2 EXHIBIT 15 Ohio Edison Company 76 South Main Street Akron, Ohio 44308 Gentlemen: We are aware that Ohio Edison Company has incorporated by reference in previously filed Registration Statements No. 33-49135, No. 33- 49259, No. 33-49413 and No. 33-51139, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 1994, which includes our report dated November 4, 1994, covering the unaudited interim consolidated financial statements contained therein. Pursuant to Rule 436(c) of Regulation C of the Securities Act of 1933, such report is not considered a part of the Registration Statements prepared or certified by our firm or a report prepared or certified by our firm within the meaning of Sections 7 and 11 of the Act. Very truly yours, ARTHUR ANDERSEN LLP Cleveland, Ohio, November 4, 1994 EX-27 3
OPUR1 (Amounts in 1,000's, except earnings per share) Income tax expense includes $4,453,000 related to other income. 9-MOS DEC-31-1994 SEP-30-1994 PER-BOOK 5,855,014 462,698 548,325 2,163,224 0 9,029,261 1,373,125 553,774 375,410 2,302,309 40,000 328,240 3,337,754 41,000 0 108,661 142,725 0 0 6,705 2,721,867 9,029,261 1,801,066 143,858 1,239,371 1,378,776 422,290 10,821 433,111 202,916 230,195 16,316 213,879 161,042 195,767 522,737 1.49 1.49
-----END PRIVACY-ENHANCED MESSAGE-----