-----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, TgXXEDoyUno3orndZXnb7yJRpACCS0C9M6bq5Oq+vhgndYEIUuRcD9rzPQe5Flx6 D/RCTiw9AG+QpgolGgH4WA== 0000073960-95-000010.txt : 19950803 0000073960-95-000010.hdr.sgml : 19950803 ACCESSION NUMBER: 0000073960-95-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950802 SROS: CSX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHIO EDISON CO CENTRAL INDEX KEY: 0000073960 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [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: 95558431 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 June 30, 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 1-2578 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 August 2, 1995 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 Six Months Ended June 30, June 30, -------------------- ---------------------- 1995 1994 1995 1994 ------- -------- ------ ------ (In thousands, except per share amounts) OPERATING REVENUES $593,838 $585,428 $1,181,572 $1,186,676 OPERATING EXPENSES AND TAXES: Fuel and purchased power 110,060 107,068 220,101 231,627 Nuclear operating costs 78,080 74,413 151,966 155,554 Other operating costs 101,055 115,244 207,898 222,474 -------- -------- ---------- ---------- Total operation and maintenance expenses 289,195 296,725 579,965 609,655 Provision for depreciation 55,899 52,314 112,765 106,339 Amortization of net regulatory assets 3,338 (4,163) 6,627 (5,970) General taxes 60,752 57,927 120,309 119,106 Income taxes 45,240 44,550 88,679 87,073 -------- -------- ---------- ---------- Total operating expenses and taxes 454,424 447,353 908,345 916,203 -------- -------- ---------- ---------- OPERATING INCOME 139,414 138,075 273,227 270,473 OTHER INCOME 3,829 3,534 6,826 5,789 -------- -------- ---------- ---------- TOTAL INCOME 143,243 141,609 280,053 276,262 -------- -------- ---------- ---------- NET INTEREST AND OTHER CHARGES: Interest on long-term debt 61,805 65,358 123,736 130,129 Deferred nuclear unit interest (2,125) (2,129) (4,250) (4,259) Allowance for borrowed funds used during construction and capitalized interest (989) (1,382) (2,303) (2,572) Other interest expense 6,200 4,041 11,762 7,957 Subsidiary's preferred stock dividend requirements 1,301 1,681 2,461 3,037 --------- --------- ---------- ---------- Net interest and other charges 66,192 67,569 131,406 134,292 --------- --------- ---------- ---------- NET INCOME 77,051 74,040 148,647 141,970 PREFERRED STOCK DIVIDEND REQUIREMENTS 5,537 5,359 10,896 10,960 --------- --------- ---------- ---------- EARNINGS ON COMMON STOCK $ 71,514 $ 68,681 $ 137,751 $ 131,010 ========= ========= ========== ========== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 143,638 143,161 143,579 143,097 ========= ========= ========== ========== EARNINGS PER SHARE OF COMMON STOCK $ .50 $ .48 $ .96 $ .92 ===== ===== ===== ====== DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $.375 $.375 $ .75 $ .75 ===== ===== ===== ===== The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
- 1 - OHIO EDISON COMPANY CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, December 31, 1995 1994 -------------- ------------- (In thousands) ASSETS UTILITY PLANT: In service, at original cost $8,538,409 $8,518,050 Less--Accumulated provision for depreciation 2,970,167 2,910,587 ---------- ---------- 5,568,242 5,607,463 ---------- ---------- Construction work in progress- Electric plant 186,551 174,970 Nuclear fuel 18,028 52,470 ---------- ---------- 204,579 227,440 ---------- ---------- 5,772,821 5,834,903 ---------- ---------- OTHER PROPERTY AND INVESTMENTS: Letter of credit collateralization 277,763 277,763 Other 234,050 197,546 ---------- ---------- 511,813 475,309 ---------- ---------- CURRENT ASSETS: Cash and cash equivalents 60,367 23,291 Receivables- Customers (less accumulated provisions of $2,462,000 and $2,517,000, respectively, for uncollectible accounts) 256,391 254,515 Other 45,446 54,713 Materials and supplies, at average cost- Fuel 45,892 40,528 Other 72,719 81,809 Prepayments 91,560 71,836 ---------- ---------- 572,375 526,692 ---------- ---------- DEFERRED CHARGES: Regulatory assets 1,993,733 2,005,333 Unamortized sale and leaseback costs 105,148 106,883 Other 47,924 44,844 ---------- ---------- 2,146,805 2,157,060 ---------- ---------- $9,003,814 $8,993,964 ========== ==========
- 2 - OHIO EDISON COMPANY CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, December 31, 1995 1994 ------------- ------------ (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 725,278 724,848 Retained earnings 419,674 389,600 Unallocated employee stock ownership plan common stock - 8,880,675 and 9,076,489 shares, respectively (166,731) (170,376) ---------- ---------- Total common stockholders' equity 2,351,346 2,317,197 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 15,000 Long-term debt 2,822,225 3,166,593 ---------- ---------- 5,541,811 5,852,030 ---------- ---------- CURRENT LIABILITIES: Currently payable long-term debt 492,695 227,496 Short-term borrowings 230,950 174,642 Accounts payable 89,152 100,884 Accrued taxes 127,303 140,629 Accrued interest 61,276 65,743 Other 158,384 152,856 ---------- ---------- 1,159,760 862,250 ---------- ---------- DEFERRED CREDITS: Accumulated deferred income taxes 1,799,758 1,799,324 Accumulated deferred investment tax credits 219,815 223,827 Property taxes 108,874 106,458 Other 173,796 150,075 ---------- ---------- 2,302,243 2,279,684 ---------- ---------- COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 2) ---------- ---------- $9,003,814 $8,993,964 ========== ========== 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 Six Months Ended June 30, June 30, ------------------ ------------------ 1995 1994 1995 1994 -------- -------- -------- -------- (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 77,051 $ 74,040 $148,647 $141,970 Adjustments to reconcile net income to net cash from operating activities- Provision for depreciation 55,899 52,314 112,765 106,339 Nuclear fuel and lease amortization 17,940 11,861 32,200 32,188 Deferred income taxes, net 4,905 6,152 10,708 15,190 Investment tax credits, net (2,006) (2,009) (4,012) (4,018) Allowance for equity funds used during construction (649) (1,560) (1,315) (3,066) Deferred fuel costs, net 1,521 (1,889) 6,017 318 Other amortization, net 3,724 (132) 7,481 (238) -------- --------- -------- -------- Internal cash before dividends 158,385 138,777 312,491 288,683 Receivables (19,113) (15,530) 7,391 3,661 Materials and supplies 3,220 (6,540) 3,726 2,571 Accounts payable (4,563) 38,380 86 34,482 Other (42,797) (46,860) (24,458) 760 -------- --------- -------- -------- Net cash provided from operating activities 95,132 108,227 299,236 330,157 -------- --------- -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: New Financing- Long-term debt 52,646 191,711 127,223 231,797 Short-term borrowings, net 72,089 - 56,308 - Redemptions and Repayments- Preferred stock - - - 50,362 Long-term debt 64,258 43,039 207,295 139,474 Short-term borrowings, net - 9,248 - 11,223 Dividend Payments- Common stock 60,580 56,005 115,385 108,417 Preferred stock 5,333 5,331 10,734 11,145 -------- -------- -------- -------- Net cash provided from (used for) financing activities (5,436) 78,088 (149,883) (88,824) CASH FLOWS FROM INVESTING ACTIVITIES: Property additions 39,731 80,050 93,936 145,370 Letter of credit collateralization deposit - 200,000 - 200,000 Other 13,621 3,875 18,341 7,502 -------- --------- -------- -------- Net cash used for investing activities 53,352 283,925 112,277 352,872 -------- --------- -------- -------- Net increase (decrease) in cash and cash equivalents 36,344 (97,610) 37,076 (111,539) Cash and cash equivalents at beginning of period 24,023 145,761 23,291 159,690 -------- --------- -------- -------- Cash and cash equivalents at end of period $ 60,367 $ 48,151 $ 60,367 $ 48,151 ======== ========= ======== ======== 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) 1994 Annual Report to Stockholders. The results of operations are not intended to be indicative of results of operations for any future period. 2 - COMMITMENTS, GUARANTEES AND CONTINGENCIES: Construction Program -- The Company and its wholly owned subsidiary, Pennsylvania Power Company (Companies), currently forecast expenditures of approximately $800,000,000 for property additions and improvements from 1995-1999, of which approximately $180,000,000 is applicable to 1995. The Companies' nuclear fuel investments are expected to be approximately $172,000,000 during the 1995-1999 period, of which approximately $30,000,000 is applicable to 1995. 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 June 30, 1995, the Companies' share of the guarantees were $74,850,000. 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 $70,000,000 for the period 1995 through 1999, which is included in the construction forecast under "Construction Program." The Clean Air Act Amendments of 1990 required significant reductions of sulfur dioxide (SO2) and nitrogen oxides (NOx) from the Companies' coal-fired generating units by 1995 and additional emission reductions by 2000. SO2 reductions for the years 1995 through 1999 are being achieved by burning lower-sulfur fuel, generating more electricity from lower-emitting plants and/or purchasing emission allowances. Equipment already installed provides NOx reductions sufficient to meet the 1995 requirements. - 5 - Plans for complying with reductions required for the year 2000 and thereafter have not been finalized. The Environmental Protection Agency (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 the 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 June 30, 1995, and the related consolidated statements of income and cash flows for the three-month and six-month periods ended June 30, 1995 and 1994. 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, 1994, 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, 1994, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived. ARTHUR ANDERSEN LLP Cleveland, Ohio August 2, 1995 - 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 $.50 per share in the second quarter of 1995 compared to $.48 per share for the same period last year. For the six month period ended June 30, 1995, earnings increased to $.96 per share from $.92 per share in 1994. The Companies' ongoing commitment to cost control and higher sales levels in 1995 produced the improved earnings. During the first half of 1995, retail kilowatt-hour sales increased slightly by 0.2% from last year, producing a new sales record over last year's record level for any first-half in the Company's history. Commercial and industrial sales increased 0.4% and 2.3%, respectively, during this period due to an improving local economy; however, residential sales fell 2.3% due to unseasonably mild weather conditions in the first quarter of 1995. Total kilowatt-hour sales were up 1.1% during the first half of 1995 primarily due to a 4.9% increase in sales to other utilities. Despite the sales increase, operating revenues for the period decreased by about $5,100,000 compared to last year due to a reduction in the Company's fuel cost recovery rate. Total kilowatt-hour sales were up 9.1% in the second quarter of 1995, with retail kilowatt-hour sales increasing 1.8% over the same period last year. Residential sales were down 0.2%, while commercial and industrial sales increased 1.1% and 3.8%, respectively. The Company began supplying 300 megawatts of power to another utility in the second quarter of 1995 under a short-term contract that expires at the end of 1995. This contract was the principal cause for a 46.2% increase in sales to other utilities in the second quarter of 1995 compared to last year. The change in fuel and purchased power costs during the three and six month periods ended June 30, 1995 reflects increased sales in conjunction with the effects of deferral accounting that resulted from the reduction in the Company's fuel cost recovery rate. Nuclear expenses were lower in the first half of 1995 than they were last year because of corrective maintenance work that was being performed during the scheduled refueling outage at the Perry Plant in 1994. The comparative decrease in other operating costs reflects the Companies' continuing cost reduction efforts. Also, last year's amount included a $9,600,000 charge by Penn Power relating to a voluntary early retirement program offered to qualifying employees. Increased depreciation charges in 1995 reflect a higher level of depreciable utility plant combined with an increase in the accrual for nuclear decommissioning costs. The change in amortization of net regulatory assets resulted principally from the absence of credits in 1995 compared to last year due to limitations contained in the Company's Rate Stabilization and Service Area - 8 - Development Program authorized by the Public Utilities Commission of Ohio in 1992. Overall, interest costs were lower during the first half of 1995 than last year's level. Interest on long-term debt decreased due to refinancing and redemption of higher-cost debt that occurred subsequent to June 30, 1994. Other interest expense increased compared to last year due primarily to higher short-term borrowing levels in 1995. Capital Resources and Liquidity The Companies have continuing cash requirements for planned capital expenditures and debt maturities. During the second half of 1995, capital requirements for property additions and capital leases are expected to be about $123,000,000, including $21,000,000 for nuclear fuel. The Companies have additional cash requirements of approximately $101,000,000 to meet maturities of long-term debt during the remainder of 1995. These cash requirements are expected to be satisfied with internal cash and/or short-term credit arrangements. In addition, approximately $70,000,000 of variable rate pollution control put bonds are subject to repricing during the remainder of the year. As of June 30, 1995, the Companies had about $60,000,000 of cash and temporary investments. Of that amount, $40,000,000 was held in escrow for the redemption of pollution control obligations under one of the forward refunding arrangements discussed below. The Companies also had $231,000,000 of short-term indebtedness at the end of the second quarter of 1995. OES Fuel had approximately $76,000,000 of unused borrowing capability at June 30, 1995 that was available for reloan to the Company. The Companies also had $2,000,000 of unused short-term bank lines of credit, and $14,000,000 of bank facilities that provide for borrowings on a short-term basis at the banks' discretion. OES Capital had approximately $5,000,000 of unused, short-term borrowing capability as of June 30, 1995. During the first six months of 1995, the Companies purchased from the bondholders $42,540,000 of first mortgage bonds which had a weighted average interest rate of 8.25%. During the second quarter, the Company issued $40,000,000 of 6.75% pollution control notes under a forward refunding arrangement. The proceeds were used to refund a like amount of 10.625% pollution control notes in July 1995. Also in July 1995, the Company issued $60,000,000 of 7.05% pollution control notes under another forward refunding arrangement. The proceeds from that issue will be used during the fourth quarter of 1995 to refund $60,000,000 of 10.5% pollution control notes. - 9 - PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders (a) The annual meeting of stockholders was held on April 27, 1995. (b) At this meeting the following persons were elected to the Company's Board of Directors: Number of Votes -------------------------------------------------- Against or Broker For Withheld Abstentions Non-Votes ----------- ---------- ----------- --------- D. C. Blasius 120,503,722 3,992,703 0 0 H. P. Burg 120,619,021 3,877,404 0 0 R. H. Carlson 120,462,688 4,033,737 0 0 R. M. Carter 120,199,803 4,396,622 0 0 C. A. Cartwright 120,322,378 4,174,047 0 0 W. R. Holland 120,370,085 4,126,340 0 0 R. L. Loughhead 120,427,321 4,069,104 0 0 G. H. Meadows 120,495,117 4,001,308 0 0 P. J. Powers 120,448,227 4,048,198 0 0 C. W. Rainger 120,700,208 3,796,217 0 0 G. M. Smart 120,700,485 3,795,940 0 0 J. T. Williams, Sr. 120,476,770 4,019,655 0 0 Allen Wolff was nominated for election as director at the meeting but was not elected. Assuming the validity of a number of potentially invalid proxies, Dr. Wolff received votes representing 882,647 shares which, under cumulative voting, resulted in 10,144,680 votes. (c) At this meeting the appointment of Arthur Andersen LLP, independent public accountants as auditors for the year 1995 was ratified: Number of Votes ------------------------------------------------------ Against or Broker For Withheld Abstentions Non-Votes ----------- ---------- ----------- ---------- 121,184,520 1,898,325 2,250,709 0 (d) At this meeting a shareholder proposal to disallow proxies granting discretionary voting powers for any issue placed before stockholders was rejected: Number of Votes ------------------------------------------------------ Against or Broker For Withheld Abstentions Non-Votes ----------- ---------- ----------- ---------- 21,653,484 78,068,485 7,369,095 18,242,490 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. August 2, 1995 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 June 30, 1995, which includes our report dated August 2, 1995, 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 August 2, 1995 EX-27 3
OPUR1 (Amounts in 1,000's, except earnings per share) Income tax expense includes $4,442,000 related to other income. 6-MOS DEC-31-1995 JUN-30-1995 PER-BOOK 5,772,821 511,813 572,375 2,146,805 0 9,003,814 1,373,125 558,547 419,674 2,351,346 40,000 328,240 2,822,225 116,000 0 114,950 486,588 0 0 6,107 2,738,358 9,003,814 1,181,572 93,121 819,666 908,345 273,227 6,826 280,053 131,406 148,647 10,896 137,751 107,677 123,736 299,236 .96 .96
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