-----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, VkueGdSFKq1VE0d57qd1Z8O+kCOw+nDx6goB3subujS8B0VznG20gF5Emf5ehnXT cH5+nOwAQNFSA+0gfLHO3A== 0000004904-96-000087.txt : 19960829 0000004904-96-000087.hdr.sgml : 19960829 ACCESSION NUMBER: 0000004904-96-000087 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19960828 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: 96622091 BUSINESS ADDRESS: STREET 1: 301 CLEVELAND AVE S W CITY: COLUMBUS STATE: OH ZIP: 44702 BUSINESS PHONE: 6142231000 35-CERT 1 QUARTERLY REPORT CENTRAL OHIO COAL COMPANY QUARTERLY REPORT PER REQUIREMENTS OF HOLDING COMPANY ACT RELEASE NO. 22770 BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1996 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, 1996 (UNAUDITED)
Three Months Month Ended Ended April 30, May 31, June 30, June 30, 1996 1996 1996 1996 (in thousands) OPERATING REVENUES - Sales to Parent . . . . . . . . $9,128 $2,786 $4,602 $16,516 COST OF OPERATION (including Depreciation, Depletion and Amortization of Mining Plant of $613,000 in April, $326,000 in May and $481,000 in June). . 8,977 2,628 4,445 16,050 OPERATING INCOME. . . . . . . . . 151 158 157 466 NONOPERATING INCOME . . . . . . . 146 182 222 550 INCOME BEFORE INTEREST CHARGES. . 297 340 379 1,016 INTEREST CHARGES (including $4,000 in each month to Parent Company) . . . . . . . 19 4 4 27 INCOME BEFORE FEDERAL INCOME TAXES. . . . . . . . . . 278 336 375 989 FEDERAL INCOME TAXES. . . . . . . 78 135 175 388 NET INCOME. . . . . . . . . . . . $ 200 $ 201 $ 200 $ 601 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, 1996 (UNAUDITED)
April 30, May 31, June 30, 1996 1996 1996 (in thousands) ASSETS MINING PLANT: Mining Plant in Service . . . . . . . . . . . . $72,697 $72,261 $71,930 Construction Work in Progress . . . . . . . . . 2 2 2 Total Mining Plant . . . . . . . . . . . 72,699 72,263 71,932 Accumulated Depreciation and Amortization . . . 49,516 49,627 50,003 NET MINING PLANT . . . . . . . . . . . . 23,183 22,636 21,929 CURRENT ASSETS: Cash and Cash Equivalents . . . . . . . . . . . 29,178 30,463 31,918 Accounts Receivable: General . . . . . . . . . . . . . . . . . . . 323 683 624 Affiliated Companies. . . . . . . . . . . . . 4,342 2,852 1,734 Coal. . . . . . . . . . . . . . . . . . . . . . 34 41 97 Materials and Supplies. . . . . . . . . . . . . 7,854 7,888 8,326 Other . . . . . . . . . . . . . . . . . . . . . 2,564 2,255 1,973 TOTAL CURRENT ASSETS . . . . . . . . . . 44,295 44,182 44,672 DEFERRED INCOME TAXES . . . . . . . . . . . . . . 17,871 18,012 18,301 REGULATORY ASSETS . . . . . . . . . . . . . . . . 2,222 2,147 2,032 DEFERRED CHARGES. . . . . . . . . . . . . . . . . 767 364 460 TOTAL. . . . . . . . . . . . . . . . . $88,338 $87,341 $87,394
CENTRAL OHIO COAL COMPANY BALANCE SHEETS BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1996 (UNAUDITED)
April 30, May 31, June 30, 1996 1996 1996 (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 . . . . . . . . . . . . . . . 207 408 7 TOTAL SHAREHOLDER'S EQUITY . . . . . . . 20,176 20,377 19,976 LONG-TERM DEBT: Finance Obligations . . . . . . . . . . . . . . 355 346 338 Advances from Parent Company. . . . . . . . . . 1,500 1,500 1,500 TOTAL LONG-TERM DEBT . . . . . . . . . . 1,855 1,846 1,838 OTHER NONCURRENT LIABILITIES: Obligations Under Capital Leases. . . . . . . . 7,457 7,620 7,796 Operating Reserves. . . . . . . . . . . . . . . 25,744 26,686 27,368 TOTAL OTHER NONCURRENT LIABILITIES . . . 33,201 34,306 35,164 CURRENT LIABILITIES: Long-term Debt Due Within One Year. . . . . . . 104 104 104 Accounts Payable: General . . . . . . . . . . . . . . . . . . . 743 750 1,366 Affiliated Companies. . . . . . . . . . . . . 455 374 372 Taxes Accrued . . . . . . . . . . . . . . . . . 2,052 2,226 2,072 Accrued Reclamation Costs . . . . . . . . . . . 3,937 3,729 3,592 Accrued Vacation Pay. . . . . . . . . . . . . . 815 852 912 Workers' Compensation Claims. . . . . . . . . . 1,247 1,251 1,403 Obligations Under Capital Leases. . . . . . . . 4,067 3,691 3,298 Other . . . . . . . . . . . . . . . . . . . . . 1,680 1,747 1,408 TOTAL CURRENT LIABILITIES. . . . . . . . 15,100 14,724 14,527 REGULATORY LIABILITIES AND DEFERRED CREDITS . . . 18,006 16,088 15,889 TOTAL. . . . . . . . . . . . . . . . . $88,338 $87,341 $87,394
CENTRAL OHIO COAL COMPANY STATEMENTS OF RETAINED EARNINGS BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1996 (UNAUDITED)
Three Months Month Ended Ended April 30, May 31, June 30, June 30, 1996 1996 1996 1996 (in thousands) BALANCE AT BEGINNING OF PERIOD. . $ 7 $207 $408 $ 7 NET INCOME. . . . . . . . . . . . 200 201 200 601 CASH DIVIDENDS DECLARED . . . . . - - 601 601 BALANCE AT END OF PERIOD. . . . . $207 $408 $ 7 $ 7
CENTRAL OHIO COAL COMPANY STATEMENTS OF COST OF COMMERCIAL COAL SOLD AND SHIPPED BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1996
April May June 1996 1996 1996 (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: 12.81% per annum, 1.0675% per month . . . . . . . . . . . . .010675 .010675 .010675 C. Earnings Allowable: (re investment in item A) 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 78 $ 79 $ 78 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 313 $ 392 $ 470 D. Equity Investment - January 1983 (Preparation Plant). . . . . $ 6,431 $ 6,431 $ 6,431 E. Rate of Return Allowable per HCAR No. 22770: 11.90% per annum, 0.99167% per month. . . . . . . . . . . . .0099167 .0099167 .0099167 F. Earnings Allowable: (re investment in item D) 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 64 $ 64 $ 64 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 256 $ 320 $ 384 G. Equity Investment - January 1983 (Other Assets) . . . . . . . $ 6,188 $ 6,188 $ 6,188 H. Rate of Return Allowable per HCAR No. 22770: 11.26% per annum, 0.9383% per month . . . . . . . . . . . . .009383 .009383 .009383 I. Earnings Allowable: (re investment in item G) 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 58 $ 58 $ 58 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 232 $ 290 $ 348 J. Total Earnings Allowable: 1. Current Month (C.1. + F.1. + I.1.) . . . . . . . . . . . $ 200 $ 201 $ 200 2. Year-to-Date (C.2. + F.2. + I.2.). . . . . . . . . . . . $ 801 $ 1,002 $ 1,202 K. Net Income per Statements of Income . . . . . . . . . . . . . $ 200 $ 201 $ 200 Add: Interest Charges . . . . . . . . . . . . . . . . . . . 19 4 4 Less: Nonoperating Income . . . . . . . . . . . . . . . . . 146 182 222 L. Applied Cost-of-Capital Billing Adder: 1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 73 $ 23 $ (18) 2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ (352) $ (329) $ (347) II. Monthly Billing Calculation: A. Total Operating Expenses(a) . . . . . . . . . . . . . . . . . $ 9,055 $ 2,763 $ 4,620 B. Add: Monthly Cost-of-Capital Billing Adder as Applied per L. 1. of Section I . . . . . . . . . . 73 23 (18) C. Cost Applicable to Current Month Coal Billings(b) . . . . . . $ 9,128 $ 2,786 $ 4,602 D. Coal Sold and Shipped in Current Month (in tons)(b) . . . . . 158,694 60,146 113,145 E. Average Price per Ton (in dollars) (C/D)(b) . . . . . . . . . $57.52 $46.32 $40.67 (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, 1996
April 30, May 31, June 30, 1996 1996 1996 (in thousands) Operating Reserves: Accrued Pensions. . . . . . . . . . . . . $ 921 $ 925 $ 928 Accrued Postretirement Benefits Other Than Pensions . . . . . . . . . . . . . 10,836 11,007 11,194 Accrued Reclamation Costs . . . . . . . . 8,345 8,720 8,975 Accrued Rent. . . . . . . . . . . . . . . 4,628 5,035 5,442 Workers' Compensation . . . . . . . . . . 651 636 466 Postemployment Benefits . . . . . . . . . 363 363 363 Total Operating Reserves. . . . . . . $25,744 $26,686 $27,368 Regulatory Liabilities and Deferred Credits: Gain on Sale and Leaseback of Plant . . . $ 5,541 $ 5,403 $ 5,265 Mining Cost Normalization . . . . . . . . 12,465 10,685 10,617 Other . . . . . . . . . . . . . . . . . . - - 7 Total Regulatory Liabilities and Deferred Credits. . . . . . . . $18,006 $16,088 $15,889
CENTRAL OHIO COAL COMPANY INFORMATION CONCERNING CAPITAL IMPROVEMENTS FOR THE QUARTER ENDED JUNE 30, 1996 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, 1996
April 30, 1996 May 31, 1996 June 30, 1996 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. . . . . . . . 63,520 47,406 16,114 63,259 47,512 15,747 63,259 47,883 15,376 Coal Interests (net of depletion) . . . . . 6,561 - 6,561 6,386 - 6,386 6,055 - 6,055 Mine Development Costs . . . . 2,292 2,110 182 2,292 2,115 177 2,292 2,120 172 Total Mining Plant in Service. . . . . . . . . $72,697 $49,516 $23,181 $72,261 $49,627 $22,634 $71,930 $50,003 $21,927 /TABLE CENTRAL OHIO COAL COMPANY INFORMATION CONCERNING OPERATIONS FOR THE QUARTER ENDED JUNE 30, 1996 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, 1996
Three Months April May June Ended 1996 1996 1996 6/30/96 (in thousands) Direct Labor-UMW* . . . . . . . . . . . . $ 116 $ 75 $ 113 $ 304 Indirect Labor-UMW* . . . . . . . . . . . 458 521 511 1,490 Benefits-UMW* . . . . . . . . . . . . . . 478 508 556 1,542 Salaries and Benefits-Nonunion. . . . . . 142 394 327 863 Operating Supplies. . . . . . . . . . . . 554 627 622 1,803 Repair Parts and Materials. . . . . . . . 197 282 (85) 394 Electricity and Other Utilities . . . . . 219 204 152 575 Outside Services-Maintenance, Haulage and Reclamation . . . . . . . . . . . . 79 115 128 322 Taxes Other Than Federal Income Taxes** . 220 124 158 502 Rental of Equipment . . . . . . . . . . . 732 731 728 2,191 Depreciation, Depletion and Amortization. 613 326 481 1,420 Mining Cost Normalization***. . . . . . . 4,453 (1,780) (68) 2,605 Reclamation Cost - Net. . . . . . . . . . 90 167 119 376 Other Production Costs. . . . . . . . . . 637 341 759 1,737 Subtotal. . . . . . . . . . . . . . . . . 8,988 2,635 4,501 16,124 Transfers of Production Costs (to)/from Coal Inventory. . . . . . . . . . . . . (11) (7) (56) (74) Total . . . . . . . . . . . . . $8,977 $ 2,628 $4,445 $16,050 * 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, 1996
April May June 1996 1996 1996 (in thousands) Coal Stockpile:* Ending Inventory. . . . . . . . $34 $41 $97 Beginning Inventory . . . . . . 23 34 41 Increase (Decrease) in Coal Stockpile Inventory . . . . . $11 $ 7 $56 * 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.
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