0000004904-95-000102.txt : 19950828 0000004904-95-000102.hdr.sgml : 19950828 ACCESSION NUMBER: 0000004904-95-000102 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19950825 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHIO POWER CO CENTRAL INDEX KEY: 0000073986 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 314271000 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: 1935 Act SEC FILE NUMBER: 070-06447 FILM NUMBER: 95566748 BUSINESS ADDRESS: STREET 1: 301 CLEVELAND AVE S W CITY: COLUMBUS STATE: OH ZIP: 44702 BUSINESS PHONE: 6142231000 35-CERT 1 CENTRAL OHIO COAL COMPANY QUARTERLY REPORT PER REQUIREMENTS OF HOLDING COMPANY ACT RELEASE NO. 22770 BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
CONTENTS Page Statements of Income 1 Balance Sheets 2-3 Statements of Retained Earnings 4 Statements of Cost of Commercial Coal Sold and Shipped 5 Analysis of Operating Reserves and Regulatory Liabilities and Deferred Credits 6 Information Concerning Capital Improvements 7 Analysis of Mining Plant in Service 8 Information Concerning Operations 9 Statements of Cost of Operation 10 Schedule of Changes in Coal Inventory 11
CENTRAL OHIO COAL COMPANY STATEMENTS OF INCOME BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995 (UNAUDITED)
Three Months Month Ended Ended April 30, May 31, June 30, June 30, 1995 1995 1995 1995 (in thousands) OPERATING REVENUES - Sales to Parent . . . . . . . . $4,153 $4,653 $3,951 $12,757 COST OF OPERATION (including Depreciation, Depletion and Amortization of Mining Plant of $149,000 in April, $147,000 in May and $148,000 in June). . 3,982 4,412 3,682 12,076 OPERATING INCOME. . . . . . . . . 171 241 269 681 NONOPERATING INCOME . . . . . . . 153 113 43 309 INCOME BEFORE INTEREST CHARGES. . 324 354 312 990 INTEREST CHARGES (including $4,000 in each month to Parent Company) . . . . . . . 9 4 4 17 INCOME BEFORE FEDERAL INCOME TAXES. . . . . . . . . . 315 350 308 973 FEDERAL INCOME TAXES. . . . . . . 94 128 87 309 NET INCOME. . . . . . . . . . . . $ 221 $ 222 $ 221 $ 664 The common stock of the Company is wholly owned by Ohio Power Company.
CENTRAL OHIO COAL COMPANY BALANCE SHEETS BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995 (UNAUDITED)
April 30, May 31, June 30, 1995 1995 1995 (in thousands) ASSETS MINING PLANT: Mining Plant in Service . . . . . . . . . . . . $76,882 $76,713 $76,958 Construction Work in Progress . . . . . . . . . 254 277 - Total Mining Plant . . . . . . . . . . . 77,136 76,990 76,958 Accumulated Depreciation and Amortization . . . 46,867 47,143 47,603 NET MINING PLANT . . . . . . . . . . . . 30,269 29,847 29,355 CURRENT ASSETS: Cash and Cash Equivalents . . . . . . . . . . . 3,512 3,673 1,763 Accounts Receivable: General . . . . . . . . . . . . . . . . . . . 648 698 872 Affiliated Companies. . . . . . . . . . . . . 2,386 2,328 3,789 Coal. . . . . . . . . . . . . . . . . . . . . . 633 57 520 Materials and Supplies. . . . . . . . . . . . . 7,518 7,590 7,356 Other . . . . . . . . . . . . . . . . . . . . . 2,758 2,525 2,256 TOTAL CURRENT ASSETS . . . . . . . . . . 17,455 16,871 16,556 DEFERRED INCOME TAXES . . . . . . . . . . . . . . 16,107 15,998 15,969 REGULATORY ASSETS . . . . . . . . . . . . . . . . 4,156 4,321 4,177 DEFERRED CHARGES. . . . . . . . . . . . . . . . . 6,205 6,133 6,100 TOTAL. . . . . . . . . . . . . . . . . $74,192 $73,170 $72,157
CENTRAL OHIO COAL COMPANY BALANCE SHEETS BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995 (UNAUDITED)
April 30, May 31, June 30, 1995 1995 1995 (in thousands) CAPITALIZATION AND LIABILITIES SHAREHOLDER'S EQUITY: Common Stock - Par Value $100: Authorized - 100,000 Shares Outstanding - 69,000 Shares . . . . . . . . . $ 6,900 $ 6,900 $ 6,900 Paid-in Capital . . . . . . . . . . . . . . . . 13,069 13,069 13,069 Retained Earnings . . . . . . . . . . . . . . . 221 443 - TOTAL SHAREHOLDER'S EQUITY . . . . . . . 20,190 20,412 19,969 LONG-TERM DEBT: Finance Obligations . . . . . . . . . . . . . . 459 450 442 Advances from Parent Company. . . . . . . . . . 1,500 1,500 1,500 TOTAL LONG-TERM DEBT . . . . . . . . . . 1,959 1,950 1,942 OTHER NONCURRENT LIABILITIES: Obligations Under Capital Leases. . . . . . . . 8,085 8,116 8,115 Operating Reserves. . . . . . . . . . . . . . . 16,489 17,126 15,018 TOTAL OTHER NONCURRENT LIABILITIES . . . 24,574 25,242 23,133 CURRENT LIABILITIES: Long-term Debt Due Within One Year. . . . . . . 104 104 104 Accounts Payable: General . . . . . . . . . . . . . . . . . . . 1,190 980 698 Affiliated Companies. . . . . . . . . . . . . 531 520 473 Taxes Accrued . . . . . . . . . . . . . . . . . 558 640 632 Accrued Reclamation Costs . . . . . . . . . . . 6,715 5,844 7,813 Accrued Vacation Pay. . . . . . . . . . . . . . 1,008 1,034 738 Workers Compensation Claims. . . . . . . . . . 1,388 1,381 1,325 Obligations Under Capital Leases. . . . . . . . 5,793 5,466 5,131 Other . . . . . . . . . . . . . . . . . . . . . 2,823 2,433 2,400 TOTAL CURRENT LIABILITIES. . . . . . . . 20,110 18,402 19,314 REGULATORY LIABILITIES AND DEFERRED CREDITS . . . 7,359 7,164 7,799 TOTAL. . . . . . . . . . . . . . . . . $74,192 $73,170 $72,157
CENTRAL OHIO COAL COMPANY STATEMENTS OF RETAINED EARNINGS BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995 (UNAUDITED)
Three Months Month Ended Ended April 30, May 31, June 30, June 30, 1995 1995 1995 1995 (in thousands) BALANCE AT BEGINNING OF PERIOD. . $ - $221 $443 $ - NET INCOME. . . . . . . . . . . . 221 222 221 664 CASH DIVIDENDS DECLARED . . . . . - - 664 664 BALANCE AT END OF PERIOD. . . . . $221 $443 $ - $ -
CENTRAL OHIO COAL COMPANY STATEMENTS OF COST OF COMMERCIAL COAL SOLD AND SHIPPED BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
April May June 1995 1995 1995 (in thousands, except as noted) I. Calculation of Cost-of-Capital Compensation: A. Equity Investment at Beginning of Month: Common Stock. . . . . . . . . . . . . . . . . . . . . . . . $ 6,900 $ 6,900 $ 6,900 Paid-in Capital (excluding item D and item G) . . . . . . . 450 450 450 7,350 7,350 7,350 B. Rate of Return Allowable per HCAR No. 22770: 14.34% per annum, 1.195% per month. . . . . . . . . . . . . .01195 .01195 .01195 C. Earnings Allowable: (re investment in item A) 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 88 $ 88 $ 88 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 352 $ 440 $ 528 D. Equity Investment - January 1983 (Preparation Plant). . . . . $ 6,431 $ 6,431 $ 6,431 E. Rate of Return Allowable per HCAR No. 22770: 13.01% per annum, 1.0842% per month . . . . . . . . . . . . .010842 .010842 .010842 F. Earnings Allowable: (re investment in item D) 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 70 $ 70 $ 70 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 280 $ 350 $ 420 G. Equity Investment - January 1983 (Other Assets) . . . . . . . $ 6,188 $ 6,188 $ 6,188 H. Rate of Return Allowable per HCAR No. 22770: 12.37% per annum, 1.0308% per month . . . . . . . . . . . . .010308 .010308 .010308 I. Earnings Allowable: (re investment in item G) 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 63 $ 64 $ 63 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 253 $ 317 $ 380 J. Total Earnings Allowable: 1. Current Month (C.1. + F.1. + I.1.) . . . . . . . . . . . $ 221 $ 222 $ 221 2. Year-to-Date (C.2. + F.2. + I.2.). . . . . . . . . . . . $ 885 $ 1,107 $ 1,328 K. Net Income per Statements of Income . . . . . . . . . . . . . $ 221 $ 222 $ 221 Add: Interest Charges . . . . . . . . . . . . . . . . . . . 9 4 4 Less: Nonoperating Income . . . . . . . . . . . . . . . . . 153 113 43 L. Applied Cost-of-Capital Billing Adder: 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 77 $ 113 $ 182 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 459 $ 572 $ 754 II. Monthly Billing Calculation: A. Total Operating Expenses (a). . . . . . . . . . . . . . . . . $ 4,076 $ 4,540 $ 3,769 B. Add: Monthly Cost-of-Capital Billing Adder as Applied per L. 1. of Section I . . . . . . . . . . 77 113 182 C. Cost Applicable to Current Month Coal Billings(b) . . . . . . $ 4,153 $ 4,653 $ 3,951 D. Coal Sold and Shipped in Current Month (in tons)(b) . . . . . 97,546 106,014 91,309 E. Average Price per Ton (in dollars) (C/D)(b) . . . . . . . . . $42.58 $43.89 $43.27 (a) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statements of Income. (b) Sales were to the Parent Company - Ohio Power Company for the Muskingum River Plant. /TABLE CENTRAL OHIO COAL COMPANY ANALYSIS OF OPERATING RESERVES AND REGULATORY LIABILITIES AND DEFERRED CREDITS BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995
April 30, May 31, June 30, 1995 1995 1995 (in thousands) Operating Reserves: Accrued Postretirement Benefits Other Than Pensions . . . . . . . . . . . . . $ 7,985 $ 8,237 $ 8,489 Accrued Reclamation Costs . . . . . . . . 6,871 7,177 4,749 Public Liability Insurance. . . . . . . . 14 13 13 Workers' Compensation . . . . . . . . . . 603 683 751 Postemployment Benefits . . . . . . . . . 1,016 1,016 1,016 Total Operating Reserves. . . . . . . $16,489 $17,126 $15,018 Regulatory Liabilities and Deferred Credits: Gain on Sale and Leaseback of Plant . . . $7,116 $7,067 $7,017 Mining Cost Normalization . . . . . . . . 243 96 781 Other . . . . . . . . . . . . . . . . . . - 1 1 Total Regulatory Liabilities and Deferred Credits. . . . . . . . $7,359 $7,164 $7,799
CENTRAL OHIO COAL COMPANY INFORMATION CONCERNING CAPITAL IMPROVEMENTS FOR THE QUARTER ENDED JUNE 30, 1995 There were no significant changes with regard to the Company s mining plant during the quarter. CENTRAL OHIO COAL COMPANY ANALYSIS OF MINING PLANT IN SERVICE AND RELATED ACCUMULATED PROVISIONS FOR DEPRECIATION AND AMORTIZATION BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995
April 30, 1995 May 31, 1995 June 30, 1995 Net Net Net Gross Accumulated Carrying Gross Accumulated Carrying Gross Accumulated Carrying Cost Provisions Amount Cost Provisions Amount Cost Provisions Amount (in thousands) Description Surface Lands. . . . . . . . . $ 324 $ - $ 324 $ 324 $ - $ 324 $ 324 $ - $ 324 Mining Structures and Equipment. . . . . . . . 64,560 44,813 19,747 64,400 45,085 19,315 64,655 45,542 19,113 Coal Interests (net of depletion) . . . . . 9,706 - 9,706 9,697 - 9,697 9,687 - 9,687 Mine Development Costs . . . . 2,292 2,054 238 2,292 2,058 234 2,292 2,061 231 Total Mining Plant in Service. . . . . . . . . $76,882 $46,867 $30,015 $76,713 $47,143 $29,570 $76,958 $47,603 $29,355 /TABLE CENTRAL OHIO COAL COMPANY INFORMATION CONCERNING OPERATIONS FOR THE QUARTER ENDED JUNE 30, 1995 There were no significant changes with regard to the Company s operations during the quarter. CENTRAL OHIO COAL COMPANY STATEMENTS OF COST OF OPERATION BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
Three Months April May June Ended 1995 1995 1995 6/30/95 (in thousands) Direct Labor-UMW* . . . . . . . . . . . . $ 66 $ 68 $ 59 $ 193 Indirect Labor-UMW* . . . . . . . . . . . 523 562 488 1,573 Benefits-UMW* . . . . . . . . . . . . . . 774 863 520 2,157 Salaries and Benefits-Nonunion. . . . . . 553 445 484 1,482 Operating Supplies. . . . . . . . . . . . 466 548 323 1,337 Repair Parts and Materials. . . . . . . . 275 264 315 854 Electricity and Other Utilities . . . . . 215 186 186 587 Outside Services-Maintenance, Haulage and Reclamation . . . . . . . . . . . . 150 77 87 314 Taxes Other Than Federal Income Taxes** . 181 202 183 566 Rental of Equipment . . . . . . . . . . . 801 820 782 2,403 Depreciation, Depletion and Amortization. 149 147 148 444 Mining Cost Normalization***. . . . . . . 904 (147) 685 1,442 Reclamation Cost - Net. . . . . . . . . . (820) (564) (459) (1,843) Other Production Costs. . . . . . . . . . 378 365 344 1,087 Subtotal. . . . . . . . . . . . . . . . . 4,615 3,836 4,145 12,596 Transfers of Production Costs (to)/from Coal Inventory. . . . . . . . . . . . . (633) 576 (463) (520) Total . . . . . . . . . . . . . $3,982 $4,412 $3,682 $12,076 * United Mine Workers of America. ** Excludes FICA, Federal Unemployment and State Unemployment. These costs are reflected in employee benefits. *** Represents the deferral/accrual required to establish a selling price based on forecasted results for the remainder of the year. The amount of mining cost normalization is established on an "overall" company basis (i.e., not itemized) and is eliminated by year-end.
CENTRAL OHIO COAL COMPANY SCHEDULE OF CHANGES IN COAL INVENTORY BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
April May June 1995 1995 1995 (in thousands) Coal Stockpile:* Ending Inventory. . . . . . . . $633 $ 57 $520 Beginning Inventory . . . . . . - 633 57 Increase (Decrease) in Coal Stockpile Inventory . . . . . $633 $(576) $463 * The production level of coal at the Company has been greater than the demand for coal at Muskingum River Plant, which created a raw coal stockpile.