-----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, o1SO4hY8tEU3Al9XUfhG87Nubu+chkgMWMdrWNFcKDc1JetZViPik/3B4XJ1t6Qp Gp/iXFsTJaC4NolKfVP7rQ== 0000004904-94-000052.txt : 19940531 0000004904-94-000052.hdr.sgml : 19940531 ACCESSION NUMBER: 0000004904-94-000052 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19940527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHIO POWER CO CENTRAL INDEX KEY: 0000073986 STANDARD INDUSTRIAL CLASSIFICATION: 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: 94530931 BUSINESS ADDRESS: STREET 1: 301 CLEVELAND AVE S W CITY: COLUMBUS STATE: OH ZIP: 44702 BUSINESS PHONE: 6142231000 35-CERT 1 RULE 24 FILING CENTRAL OHIO COAL COMPANY QUARTERLY REPORT PER REQUIREMENTS OF HOLDING COMPANY ACT RELEASE NO. 22770 BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1994 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 MARCH 31, 1994 (UNAUDITED)
Three Months Month Ended Ended January 31, February 28, March 31, March 31, 1994 1994 1994 1994 (in thousands) OPERATING REVENUES - Sales to Parent . . . . . . . . $5,838 $8,033 $11,093 $24,964 COST OF OPERATION (including Depreciation, Depletion and Amortization of Mining Plant of $152,000 in January, $156,000 in February and $160,000 in March) . . . . . . . . . . . 5,838 7,815 10,912 24,565 OPERATING INCOME. . . . . . . . . - 218 181 399 NONOPERATING INCOME . . . . . . . 82 96 94 272 INCOME BEFORE INTEREST CHARGES. . 82 314 275 671 INTEREST CHARGES - (including $4,000 each in January, February and March to Parent Company). . . . . . . 4 9 4 17 INCOME BEFORE FEDERAL INCOME TAXES. . . . . . . . . . 78 305 271 654 FEDERAL INCOME TAX EXPENSE (CREDIT). . . . . . . . (143) 84 49 (10) NET INCOME. . . . . . . . . . . . $ 221 $ 221 $ 222 $ 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 MARCH 31, 1994 (UNAUDITED)
January 31, February 28, March 31, 1994 1994 1994 (in thousands) ASSETS MINING PLANT: Mining Plant in Service . . . . . . . . . . . . $88,624 $87,236 $87,276 Construction Work in Progress . . . . . . . . . 245 316 609 Total Mining Plant . . . . . . . . . . . 88,869 87,552 87,885 Accumulated Depreciation and Amortization . . . 52,530 51,105 51,622 NET MINING PLANT . . . . . . . . . . . . 36,339 36,447 36,263 CURRENT ASSETS: Cash and Cash Equivalents . . . . . . . . . . . 10,313 10,382 13,038 Accounts Receivable: General . . . . . . . . . . . . . . . . . . . 916 978 563 Affiliated Companies. . . . . . . . . . . . . 4,146 5,352 6,234 Coal. . . . . . . . . . . . . . . . . . . . . . 3,965 3,582 3,894 Materials and Supplies. . . . . . . . . . . . . 10,748 11,014 10,580 Other . . . . . . . . . . . . . . . . . . . . . 1,078 2,581 2,607 TOTAL CURRENT ASSETS . . . . . . . . . . 31,166 33,889 36,916 DEFERRED FEDERAL INCOME TAXES . . . . . . . . . . 5,132 5,407 5,432 REGULATORY ASSETS: Amounts Due From Customer For Future Federal Income Taxes. . . . . . . . . . . . . 4,059 4,013 3,977 Other . . . . . . . . . . . . . . . . . . . . . 1,968 1,827 2,471 TOTAL REGULATORY ASSETS. . . . . . . . . 6,027 5,840 6,448 TOTAL. . . . . . . . . . . . . . . . . $78,664 $81,583 $85,059
CENTRAL OHIO COAL COMPANY BALANCE SHEETS BY MONTH-END, FOR THE QUARTER ENDED MARCH 31, 1994 (UNAUDITED)
January 31, February 28, March 31, 1994 1994 1994 (in thousands) CAPITALIZATION AND LIABILITIES SHAREOWNER'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 . . . . . . . . . . . . . . . 568 789 348 TOTAL SHAREOWNER'S EQUITY. . . . . . . . 20,537 20,758 20,317 LONG-TERM DEBT - to Parent Company. . . . . . . . 1,500 1,500 1,500 OTHER NONCURRENT LIABILITIES: Obligations Under Capital Leases. . . . . . . . 14,260 14,417 14,173 Operating Reserves. . . . . . . . . . . . . . . 9,597 10,165 10,843 TOTAL OTHER NONCURRENT LIABILITIES . . . 23,857 24,582 25,016 CURRENT LIABILITIES: Accounts Payable: General . . . . . . . . . . . . . . . . . . . 1,559 2,067 1,537 Affiliated Companies. . . . . . . . . . . . . 668 592 645 Taxes Accrued . . . . . . . . . . . . . . . . . 949 949 1,085 Accrued Reclamation Costs . . . . . . . . . . . 7,282 7,003 7,616 Accrued Vacation Pay. . . . . . . . . . . . . . 876 972 1,067 Accrued Rent. . . . . . . . . . . . . . . . . . 991 1,528 1,103 Accrued Other Postretirement Benefits . . . . . 4,267 4,506 4,768 Obligations Under Capital Leases. . . . . . . . 3,917 3,951 3,879 Other . . . . . . . . . . . . . . . . . . . . . 3,542 3,611 3,543 TOTAL CURRENT LIABILITIES. . . . . . . . 24,051 25,179 25,243 REGULATORY LIABILITIES AND DEFERRED CREDITS . . . 8,719 9,564 12,983 TOTAL. . . . . . . . . . . . . . . . . $78,664 $81,583 $85,059
CENTRAL OHIO COAL COMPANY STATEMENTS OF RETAINED EARNINGS BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1994 (UNAUDITED)
Three Months Month Ended Ended January 31, February 28, March 31, March 31, 1994 1994 1994 1994 (in thousands) BALANCE AT BEGINNING OF PERIOD. . $347 $568 $789 $347 NET INCOME. . . . . . . . . . . . 221 221 222 664 CASH DIVIDENDS DECLARED . . . . . - - 663 663 BALANCE AT END OF PERIOD. . . . . $568 $789 $348 $348
CENTRAL OHIO COAL COMPANY STATEMENTS OF COST OF COMMERCIAL COAL SOLD AND SHIPPED BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1994
January February March 1994 1994 1994 (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 . . . . . . . . . . . . . . . . . . . . . . $ 88 $ 176 $ 264 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 . . . . . . . . . . . . . . . . . . . . . . $ 70 $ 140 $ 210 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 $ 63 $ 64 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 63 $ 126 $ 190 J. Total Earnings Allowable: 1. Current Month (C.1. + F.1. + I.1.) . . . . . . . . . . . $ 221 $ 221 $ 222 2. Year-to-Date (C.2. + F.2. + I.2.). . . . . . . . . . . . $ 221 $ 442 $ 664 K. Net Income per Statements of Income . . . . . . . . . . . . . $ 221 $ 221 $ 222 Add: Interest Charges . . . . . . . . . . . . . . . . . . . 4 9 4 Less: Nonoperating Income . . . . . . . . . . . . . . . . . 82 96 94 L. Applied Cost-of-Capital Billing Adder: 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 143 $ 134 $ 132 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 143 $ 277 $ 409 II. Monthly Billing Calculation: A. Total Operating Expenses(a) . . . . . . . . . . . . . . . . . $ 5,695 $ 7,899 $ 10,961 B. Add: Monthly Cost-of-Capital Billing Adder as Applied per L. 1. of Section I . . . . . . . . . . 143 134 132 C. Cost Applicable to Current Month Coal Billings(b) . . . . . . $ 5,838 $ 8,033 $ 11,093 D. Coal Sold and Shipped in Current Month (in tons)(b) . . . . . 95,211 132,616 175,130 E. Average Price per Ton (in dollars) (C/D)(b) . . . . . . . . . $61.32 $60.57 $63.34 (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 MARCH 31, 1994
January 31, February 28, March 31, 1994 1994 1994 (in thousands) Operating Reserves: Accrued Reclamation Costs . . . . . . . . . . . $9,361 $ 9,942 $ 9,940 Public Liability Insurance. . . . . . . . . . . 20 20 20 Workers' Compensation . . . . . . . . . . . . . 216 203 31 Postemployment Benefits . . . . . . . . . . . . - - 852 Total Operating Reserves. . . . . . . . . . $9,597 $10,165 $10,843 Regulatory Liabilities and Deferred Credits: Gain on Sale and Leaseback of Plant . . . . . . $7,852 $7,803 $ 7,753 Mining Cost Normalization . . . . . . . . . . . 867 1,755 5,230 Other . . . . . . . . . . . . . . . . . . . . . - 6 - Total Regulatory Liabilities and Deferred Credits. . . . . . . . . . . $8,719 $9,564 $12,983
CENTRAL OHIO COAL COMPANY INFORMATION CONCERNING CAPITAL IMPROVEMENTS FOR THE QUARTER ENDED MARCH 31, 1994 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 MARCH 31, 1994
January 31, 1994 February 28, 1994 March 31, 1994 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. . . . . . . . 75,456 50,034 25,422 74,081 48,602 25,479 74,137 49,113 25,024 Coal Interests (net of depletion) . . . . . 9,861 - 9,861 9,848 - 9,848 9,832 - 9,832 Mine Development Costs . . . . 2,983 2,496 487 2,983 2,503 480 2,983 2,509 474 Total Mining Plant in Service. . . . . . . . . $88,624 $52,530 $36,094 $87,236 $51,105 $36,131 $87,276 $51,622 $35,654 /TABLE CENTRAL OHIO COAL COMPANY INFORMATION CONCERNING OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1994 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 MARCH 31, 1994
Three Months January February March Ended 1994 1994 1994 3/31/94 (in thousands) Direct Labor-UMW* . . . . . . . . . . . . . . . . $ 165 $ 148 $ 479 $ 792 Indirect Labor-UMW* . . . . . . . . . . . . . . . 581 618 397 1,596 Benefits-UMW* . . . . . . . . . . . . . . . . . . 736 795 1,051 2,582 Salaries and Benefits-Nonunion. . . . . . . . . . 650 556 633 1,839 Operating Supplies. . . . . . . . . . . . . . . . 559 616 898 2,073 Repair Parts and Materials. . . . . . . . . . . . 338 722 734 1,794 Electricity and Other Utilities . . . . . . . . . 416 367 383 1,166 Outside Services-Maintenance, Haulage and Reclamation . . . . . . . . . . . . . . . . (3) 182 254 433 Taxes Other Than Income Taxes** . . . . . . . . . 177 201 220 598 Rental of Equipment . . . . . . . . . . . . . . . 1,498 1,492 1,499 4,489 Depreciation, Depletion and Amortization. . . . . 152 156 160 468 Coal Contractor Billings. . . . . . . . . . . . . 147 178 186 511 Mining Cost Normalization***. . . . . . . . . . . 867 888 3,475 5,230 Reclamation Cost - Net. . . . . . . . . . . . . . 295 302 611 1,208 Other Production Costs. . . . . . . . . . . . . . 332 211 244 787 Subtotal. . . . . . . . . . . . . . . . . . . . . 6,910 7,432 11,224 25,566 Transfers of Production Costs (to)/from Coal Inventory. . . . . . . . . . . . . . . . . (1,072) 383 (312) (1,001) Total . . . . . . . . . . . . . . . . . $5,838 $7,815 $10,912 $24,565 * 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 MARCH 31, 1994
January February March 1994 1994 1994 (in thousands) Coal Stockpile:* Ending Inventory. . . . . . . . $ 13 $14 $101 Beginning Inventory . . . . . . 28 13 14 Increase (Decrease) in Coal Stockpile Inventory . . . . . $(15) $ 1 $ 87 Coal in Process:** Ending Inventory. . . . . . . . $3,952 $3,568 $3,793 Beginning Inventory . . . . . . 2,865 3,952 3,568 Increase (Decrease) in Coal in Process Inventory . . . . . . $1,087 $ (384) $ 225 * The production level of coal at the Company has been greater than the demand for coal at Muskingum River Plant, which has created a raw coal stockpile. ** In connection with its strip-mining operations, the Company defers, as an element of inventory, costs of removing over-burden. Such deferred costs will be charged to expense as the uncovered coal is mined and sold.
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