-----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, QW4J+Sj/KughztK6ad4OgmfrNZXlk8VkESI3FBF75zUI1Bjr2TBVPvFrEjeQarRj iVFMGpzav6ugjtiYIxCNnw== 0000081018-97-000009.txt : 19970311 0000081018-97-000009.hdr.sgml : 19970311 ACCESSION NUMBER: 0000081018-97-000009 CONFORMED SUBMISSION TYPE: U-3A-2/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970310 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF COLORADO CENTRAL INDEX KEY: 0000081018 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 840296600 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2/A SEC ACT: 1935 Act SEC FILE NUMBER: 069-00014 FILM NUMBER: 97553823 BUSINESS ADDRESS: STREET 1: 1225 17TH ST STE 300 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3035717511 MAIL ADDRESS: STREET 1: P O BOX 840 STE 300 CITY: DENVER STATE: CO ZIP: 80201 U-3A-2/A 1 AMENDED U3A2 TABLES FORM U-A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FILE NO. 69-14 AMENDMENT NO. 1 on Form U-3A-2 Amendment to Statement by Holding Company Claiming Exemption under the Public Utility Holding Company Act of 1935 PUBLIC SERVICE COMPANY OF COLORADO (Name of company or companies filing amendment) Name, title, and address of officer to whom notices and correspondence concerning this amendment should be addressed: W. Wayne Brown, Controller and Corporate Secretary PUBLIC SERVICE COMPANY OF COLORADO 1225 17th Street, Suite 500 Denver, Colorado 80202 The undersigned hereby amends the above document as indicated in the attached pages with respect to the following (identify item, statement, schedule, or exhibit of document to which amendment relates): Exhibit A of Form U-3A-2 ---------------------------------- SIGNATURE The company has caused this amendment to be duly signed on its behalf by its authorized officer in the city of Denver and State of Colorado, on the 10th day of March, 1997. Attest: (SEAL) PUBLIC SERVICE COMPANY OF COLORADO /s/Carol J.Peterson By /s/ W. Wayne Brown Assistant Secretary Controller and Corporate Secretary W. Wayne Brown -------------- EXHIBIT A A CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS AND CASH FLOWS OF THE CLAIMANT AND ITS SUBSIDIARY COMPANIES: CHEYENNE LIGHT, FUEL AND POWER COMPANY; E PRIME, INC.; WESTGAS INTERSTATE, INC.; WESTGAS TRANSCOLORADO, INC.; FUEL RESOURCES DEVELOPMENT CO.; YOUNG GAS STORAGE COMPANY; 1480 WELTON, INC.; GREEN AND CLEAR LAKES COMPANY; PSR INVESTMENTS, INC.; PS COLORADO CREDIT CORPORATION AND NATURAL FUELS CORPORATION AND CONSOLIDATED FOR THE YEAR ENDED DECEMBER 31, 1995, TOGETHER WITH A CONSOLIDATING BALANCE SHEET OF CLAIMANT AND SUCH SUBSIDIARY COMPANIES CONSOLIDATED AS OF THE CLOSE OF THE CALENDAR YEAR 1995. New Century Energies, Inc., East Boulder Ditch Company; Hillcrest Ditch and Reservoir Company; United Water Company; Fisher Ditch Water Company; Baugh Lateral Ditch Company; Beeman Irrigating Ditch and Milling Company; Consolidated Extension Canal Company; Enterprise Ditch Company; Jones and Donnelly Ditch Company; and Las Animas Consolidated Canal Company are excluded from the consolidated statements of claimant. These excluded companies are not significant, considered either separately or in the aggregate (1) in relation to the claimant or to the claimant and its subsidiary companies consolidated in respect of the amount at which investments in and advances to such companies are carried or (2) in relation to the claimant and its subsidiary companies consolidated in respect of sales or operating revenues of such companies. The following information is submitted in reference to six of the foregoing excluded companies which, through either direct or indirect stock holdings, meet the generally accepted accounting definition of a subsidiary (ownership of a majority of the outstanding voting stock over 50 percent): East Boulder Ditch Company, Hillcrest Ditch and Reservoir Company, United Water Company, Fisher Ditch Water Company, Consolidated Extension Canal Company, and Las Animas Consolidated Canal Company are mutual ditch companies operated not for profit, and assessments are being levied on the members to cover operating costs. The aggregate investment therein is carried at $6. * * * * * * Neither the filing of this statement nor anything therein contained shall constitute or be deemed to be evidence of a waiver by the Company or any director, officer, or employee of the Company or any person certifying to said statement or to anything contained therein, of any constitutional or legal right to contest the validity or scope of any or all of the provisions of the Public Utility Holding Company Act of 1935 or of any rule or regulation made or to be made thereunder, all such rights being hereby expressly reserved. PUBLIC SERVICE COMPANY OF COLORADO AND SUBDISARIES CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMEBER 31, 1996
---------------------------------------------------------- Public Service Company of ASSETS Consolidated Eliminations Total Colorado ------ ------------ ------------ ----- -------- PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ 3,931,412,762 $ -- $ 3,931,412,762 $ 3,881,056,088 Gas 1,035,393,854 -- 1,035,393,854 996,990,918 Steam and other 78,225,194 7,711 (1) 78,217,483 75,888,571 Common to all departments 418,261,940 -- 418,261,940 359,165,555 Construction in progress 181,597,035 -- 181,597,035 174,445,512 ----------- ----------- ----------- 5,644,890,785 7,711 5,644,883,074 5,487,546,644 Less: accumulated depreciation 2,045,995,556 -- 2,045,995,556 1,996,672,867 ------------- ------------- ------------- Total property, plant and equipment 3,598,895,229 7,711 3,598,887,518 3,490,873,777 ------------- ----- ------------- ------------- INVESTMENTS: Subsidiaries consolidated - common stock -- (84,056,061)(1) 84,056,061 84,056,061 Note receivable from associated company -- (12,066,207)(2) 12,066,207 -- Other, at cost 46,549,859 -- 46,549,859 34,211,987 ---------- ----- ---------- ---------- Total investments 46,549,859 (96,122,268) 142,672,127 118,268,048 ---------- ----------- ----------- ----------- CURRENT ASSETS: Cash and temporary cash investments 9,405,583 -- 9,405,583 3,435,374 Accounts receivable 222,180,596 -- 222,180,596 27,646,958 Reserve for uncollectible accounts (4,048,800) -- (4,048,800) (2,957,140) Accounts receivable from associated companies -- (6,538,755)(2) 6,538,755 3,190,572 Accrued unbilled revenues 85,893,684 -- 85,893,684 85,005,940 Recoverable purchased gas and electric energy costs - net 31,288,134 -- 31,288,134 32,335,642 Materials and supplies, at average cost 48,972,355 -- 48,972,355 46,756,506 Fuel inventory, at average cost 24,738,751 -- 24,738,751 24,738,751 Fuel inventory financed -- (24,547,959)(2) 24,547,959 -- Gas in underground storage, at cost (LIFO) 42,825,720 -- 42,825,720 42,213,192 Regulatory assets recoverable within one year 44,110,109 -- 44,110,109 44,051,902 Prepaid expenses and other 41,790,575 -- 41,790,575 39,028,723 ---------- ----- ---------- ---------- Total current assets 547,156,707 (31,086,714) 578,243,421 345,446,420 ----------- ----------- ----------- ----------- DEFERRED CHARGES: Regulatory assets 304,455,853 -- 304,455,853 304,220,867 Unamortized debt expense 10,974,552 -- 10,974,552 9,654,598 Other 64,615,305 (1,048,224) 65,663,529 46,931,875 ---------- ---------- ---------- ---------- Total deferred charges 380,045,710 (1,048,224) 381,093,934 360,807,340 ----------- ---------- ----------- ----------- $ 4,572,647,505 $(128,249,495) $ 4,700,897,000 $ 4,315,395,585 =============== ============= =============== =============== CONSOLIDATING INFORMATION ---------------------------------------------------------------------------- Cheyenne Fuel Light, Fuel e prime, WestGas Resources and Power inc. and InterState, Development ASSETS Company subsidiaries Inc. Co. ------ ------- ------------ ---- --- PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ 50,331,674 $ $ - $ -- Gas 26,630,655 2,000,000 651,867 3,843,288 Steam and other 11,716 707,308 -- -- Common to all departments 3,991,346 -- -- -- Construction in progress 7,151,269 -- -- -- --------- ----- ----- ----- 88,116,660 2,707,308 651,867 3,843,288 Less: accumulated depreciation 28,526,472 123,270 116,014 3,834,567 ---------- ------- ------- --------- Total property, plant and equipment 59,590,188 2,584,038 535,853 8,721 ---------- --------- ------- ----- INVESTMENTS: Subsidiaries consolidated - common stock -- -- -- -- Note receivable from associated company -- -- -- -- Other, at cost 10,800 8,986,938 -- -- ------ --------- ----- ----- Total investments 10,800 8,986,938 -- -- ------ --------- ----- ----- CURRENT ASSETS: Cash and temporary cash investments 1,629,113 2,176,708 219,410 686,731 Accounts receivable 3,245,221 40,600,311 903 269,961 Reserve for uncollectible accounts (31,786) (723,862) -- (297,797) Accounts receivable from associated companies -- 430,639 8,174 1,426,877 Accrued unbilled revenues 887,744 -- -- -- Recoverable purchased gas and electric energy costs - net (1,047,508) -- -- -- Materials and supplies, at average cost 828,620 227,923 -- -- Fuel inventory, at average cost -- -- -- -- Fuel inventory financed -- -- -- -- Gas in underground storage, at cost (LIFO) 612,528 -- -- -- Regulatory assets recoverable within one year 58,207 -- -- -- Prepaid expenses and other 297,097 1,848,338 -- -- ------- --------- ----- ----- Total current assets 6,479,236 44,560,057 228,487 2,085,772 --------- ---------- ------- --------- DEFERRED CHARGES: Regulatory assets 234,120 -- 866 -- Unamortized debt expense 425,503 -- -- -- Other 540,585 18,160,687 1,188 28,683 ------- ---------- ----- ------ Total deferred charges 1,200,208 18,160,687 2,054 28,683 --------- ---------- ----- ------ $ 67,280,432 $ 74,291,720 $ 766,394 $ 2,123,176 =============== ============= =============== =============== ---------------------------------------------------------------------------- Green PS 1480 and PSR Colorado Welton, Clear Lakes Investments, Credit ASSETS Inc. Company Inc. Corporation ------ ---- ------- ---- ----------- PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ -- $ 25,000 $ -- $ -- Gas -- -- -- -- Steam and other 1,609,888 -- -- -- Common to all departments 55,105,039 -- -- -- Construction in progress 254 -- -- -- --- ----- ----- ----- 56,715,181 25,000 -- -- Less: accumulated depreciation 15,542,778 -- -- -- ---------- ----- ----- ----- Total property, plant and equipment 41,172,403 25,000 -- -- ---------- ------ ----- ----- INVESTMENTS: Subsidiaries consolidated - common stock -- -- -- -- Note receivable from associated company 12,066,207 -- -- -- Other, at cost -- -- 2,714,750 -- ----- ----- --------- ----- Total investments 12,066,207 -- 2,714,750 -- ---------- ----- --------- ----- CURRENT ASSETS: Cash and temporary cash investments 75,697 -- 106,632 38,060 Accounts receivable 6,501 -- 303 149,710,769 Reserve for uncollectible accounts - -- -- -- Accounts receivable from associated companies 224,980 -- 669,151 -- Accrued unbilled revenues -- -- -- -- Recoverable purchased gas and electric energy costs - net -- -- -- -- Materials and supplies, at average cost -- -- -- -- Fuel inventory, at average cost -- -- -- -- Fuel inventory financed -- -- -- 24,547,959 Gas in underground storage, at cost (LIFO) -- -- -- -- Regulatory assets recoverable within one year -- -- -- -- Prepaid expenses and other 30,143 -- 496,345 55,125 ------ ----- ------- ------ Total current assets 337,321 -- 1,272,431 174,351,913 ------- ----- --------- ----------- DEFERRED CHARGES: Regulatory assets -- -- -- -- Unamortized debt expense 718,804 -- -- 175,647 Other -- -- -- -- ----- ----- ----- ----- Total deferred charges 718,804 -- -- 175,647 ------- ----- ----- ------- $ 54,294,735 $ 25,000 $ 3,987,181 $ 174,527,560 =============== ============= ================ =============== ------------------------- Natural Fuels ASSETS Corporation ------ ----------- PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ -- Gas 5,277,126 Steam and other -- Common to all departments -- Construction in progress -- ------ 5,277,126 Less: accumulated depreciation 1,179,588 --------- Total property, plant and equipment 4,097,538 --------- INVESTMENTS: Subsidiaries consolidated - common stock -- Note receivable from associated company -- Other, at cost 625,384 ------- Total investments 625,384 CURRENT ASSETS: Cash and temporary cash investments 1,037,858 Accounts receivable 699,669 Reserve for uncollectible accounts (38,215) Accounts receivable from associated companies 588,362 Accrued unbilled revenues -- Recoverable purchased gas and electric energy costs - net -- Materials and supplies, at average cost 1,159,306 Fuel inventory, at average cost -- Fuel inventory financed -- Gas in underground storage, at cost (LIFO) -- Regulatory assets recoverable within one year -- Prepaid expenses and other 34,804 ------ Total current assets 3,481,784 --------- DEFERRED CHARGES: Regulatory assets - Unamortized debt expense -- Other 511 --- Total deferred charges 511 --- $ 8,205,217 =============
PUBLIC SERVICE COMPANY OF COLORADO AND SUBDISARIES CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMEBER 31, 1996
---------------------------------------------------------- Public Service Company of CAPITAL AND LIABILITIES Consolidated Eliminations Total Colorado ----------------------- ------------ ------------ ----- -------- COMMON STOCK $ 1,048,446,600 $ -- $ 1,048,446,600 $ 1,048,446,600 COMMON STOCK OF SUBSIDIARIES 119,452,617(1) 119,452,617 -- RETAINED EARNINGS (DEFICIT) 389,841,433 34,706,282(1) 355,135,151 389,841,433 ----------- ------------ ----------- ----------- Total common equity 1,438,288,033 (84,746,335) 1,523,034,368 1,438,288,033 PREFERRED STOCK: Not subject to mandatory redemption 140,007,500 -- 140,007,500 140,007,500 Subject to mandatory redemption at par 39,913,200 -- 39,913,200 39,913,200 LONG-TERM DEBT 1,259,528,027 -- 1,259,528,027 1,189,322,052 ------------- ------------- ------------- 2,877,736,760 (84,746,335) 2,962,483,095 2,807,530,785 ------------- ----------- ------------- ------------- NONCURRENT LIABILITIES: Employees' postretirement benefits other than pensions 55,677,201 -- 55,677,201 55,646,590 Employees' postemployment benefits 25,181,367 -- 25,181,367 24,460,800 ---------- ----- ---------- ---------- Total noncurrent liabilities 80,858,568 -- 80,858,568 80,107,390 ---------- ----- ---------- ---------- CURRENT LIABILITIES: Notes payable and commercial paper 244,724,625 -- 244,724,625 180,799,625 Long-term debt due within one year 155,030,322 -- 155,030,322 74,645,711 Preferred stock subject to mandatory redemption within one year 2,576,000 -- 2,576,000 2,576,000 Accounts payable 254,255,787 -- 254,255,787 209,938,036 Accounts payable to associated companies -- (31,086,714)(2) 31,086,714 22,603,762 Note payable to associated company -- (12,066,207)(2) 12,066,207 12,066,207 Dividends payable 36,972,559 -- 36,972,559 36,972,559 Customers' deposits 21,441,375 -- 21,441,375 20,838,247 Accrued taxes 58,990,450 -- 58,990,450 57,968,153 Accrued interest 33,796,942 -- 33,796,942 30,151,879 Current defueling & decommissioning liability 8,664,907 -- 8,664,907 8,664,907 Current accumulated deferred income taxes 4,560,063 -- 4,560,063 5,690,850 Other 69,203,131 -- 69,203,131 65,406,829 ---------- ---------- ---------- Total current liabilities 890,216,161 (43,152,921) 933,369,082 728,322,765 ----------- ----------- ----------- ----------- DEFERRED CREDITS: Customers' advances for construction 50,268,888 -- 50,268,888 49,591,848 Unamortized investment tax credits 105,928,166 -- 105,928,166 103,583,002 Accumulated deferred income taxes 539,082,180 -- 539,082,180 517,453,388 Other 28,556,782 (350,239)(1) 28,907,021 28,806,407 ---------- -------- ---------- ---------- Total deferred credits 723,836,016 (350,239) 724,186,255 699,434,645 COMMITMENTS AND CONTINGENCIES --------------- --------------- --------------- --------------- $ 4,572,647,505 $ (128,249,495) $ 4,700,897,000 $ 4,315,395,585 =============== ============== =============== =============== CONSOLIDATING INFORMATION ---------------------------------------------------------------------------- Cheyenne Fuel Light, Fuel e prime, WestGas Resources and Power inc. and InterState, Development CAPITAL AND LIABILITIES Company subsidiaries Inc. Co. ----------------------- ------- ---- ---- --- COMMON STOCK $ -- $ -- $ -- $ -- COMMON STOCK OF SUBSIDIARIES 3,000,000 24,448,605 600,000 43,650,000 RETAINED EARNINGS (DEFICIT) 16,217,544 (1,188,870) 64,952 (43,132,001) ---------- ---------- ------ ----------- Total common equity 19,217,544 23,259,735 664,952 517,999 PREFERRED STOCK: Not subject to mandatory redemption -- -- -- -- Subject to mandatory redemption at par -- -- -- -- LONG-TERM DEBT 19,000,000 -- -- -- ---------- ----- ----- ----- 38,217,544 23,259,735 664,952 517,999 ---------- ---------- ------- ------- NONCURRENT LIABILITIES: Employees' postretirement benefits other than pensions 30,611 -- -- -- Employees' postemployment benefits 720,567 -- -- -- ------- ----- ----- ------ Total noncurrent liabilities 751,178 -- -- -- ------- ----- ----- ------ CURRENT LIABILITIES: Notes payable and commercial paper 14,875,000 3,500,000 -- -- Long-term debt due within one year -- -- -- -- Preferred stock subject to mandatory redemption within one year -- -- -- -- Accounts payable 5,207,524 38,589,304 8,635 172,670 Accounts payable to associated companies 573,755 -- -- 2,615,324 Note payable to associated company -- -- -- -- Dividends payable -- -- -- -- Customers' deposits 278,253 324,875 -- -- Accrued taxes 65,635 210,954 11,772 94,422 Accrued interest 583,763 7,647 -- -- Current defueling & decommissioning liability -- -- -- -- Current accumulated deferred income taxes (1,118,626) -- -- -- Other 688,140 1,910,212 11,500 613,609 ------- --------- ------ ------- Total current liabilities 21,153,444 44,542,992 31,907 3,496,025 ---------- ---------- ------ --------- DEFERRED CREDITS: Customers' advances for construction 677,040 -- -- -- Unamortized investment tax credits 1,399,047 -- -- -- Accumulated deferred income taxes 5,047,667 6,488,993 69,535 (1,956,950) Other 34,512 -- -- 66,102 ------ ----- ----- ------ Total deferred credits 7,158,266 6,488,993 69,535 (1,890,848) COMMITMENTS AND CONTINGENCIES --------------- ------------- ---------------- --------------- $ 67,280,432 $ 74,291,720 $ 766,394 $ 2,123,176 =============== ============= ================ =============== -------------------------------------------------------------------------------- Green PS 1480 And PSR Colorado Welton, Clear Lakes Investments, Credit CAPITAL AND LIABILITIES Inc. Company Inc. Corporation ----------------------- ---- --------- ---- ----------- COMMON STOCK $ -- $ -- $ -- $ -- COMMON STOCK OF SUBSIDIARIES 7,506,189 25,000 3,631,900 20,911,047 RETAINED EARNINGS (DEFICIT) 2,042,150 -- 385,551 -- --------- ----- ------- ----- Total common equity 9,548,339 25,000 4,017,451 20,911,047 PREFERRED STOCK: Not subject to mandatory redemption -- -- -- -- Subject to mandatory redemption at par -- -- -- -- LONG-TERM DEBT 31,155,401 -- -- 20,000,000 ---------- ----- ----- ---------- 40,703,740 25,000 4,017,451 40,911,047 ---------- ------ --------- ---------- NONCURRENT LIABILITIES: Employees' postretirement benefits other than pensions -- -- -- -- Employees' postemployment benefits -- -- -- -- ----- ----- ----- ----- Total noncurrent liabilities -- -- -- -- ----- ----- ----- ------ CURRENT LIABILITIES: Notes payable and commercial paper -- -- -- 45,550,000 Long-term debt due within one year 350,889 -- -- 80,000,000 Preferred stock subject to mandatory redemption within one year -- -- -- -- Accounts payable -- -- -- -- Accounts payable to associated companies -- -- -- 5,293,873 Note payable to associated company -- -- -- -- Dividends payable -- -- -- -- Customers' deposits -- -- -- -- Accrued taxes 114,708 -- 457,937 66,869 Accrued interest 347,882 -- -- 2,705,771 Current defueling & decommissioning liability -- -- -- -- Current accumulated deferred income taxes (5,253) -- -- -- Other 20,847 -- -- -- ------- ----- ----- ----- Total current liabilities 829,073 -- 457,937 133,616,513 ------- ----- ------- ----------- DEFERRED CREDITS: Customers' advances for construction -- -- -- -- Unamortized investment tax credits 946,117 -- -- -- Accumulated deferred income taxes 11,815,805 -- (488,207) -- Other -- -- -- -- ----- ----- ----- ----- Total deferred credits 12,761,922 -- (488,207) -- COMMITMENTS AND CONTINGENCIES --------------- ------------- ---------------- --------------- $ 54,294,735 $ 25,000 $ 3,987,181 $ 174,527,560 =============== ============= ================ =============== ----------------------------- Natural Fuels CAPITAL AND LIABILITIES Corporation ----------------------- ----------- COMMON STOCK $ -- COMMON STOCK OF SUBSIDIARIES 15,679,876 RETAINED EARNINGS (DEFICIT) (9,095,608) ---------- Total common equity 6,584,268 PREFERRED STOCK: Not subject to mandatory redemption -- Subject to mandatory redemption at par -- LONG-TERM DEBT 50,574 ------ 6,634,842 --------- NONCURRENT LIABILITIES: Employees' postretirement benefits other than pensions -- Employees' postemployment benefits -- ----- Total noncurrent liabilities -- ----- CURRENT LIABILITIES: Notes payable and commercial paper -- Long-term debt due within one year 33,722 Preferred stock subject to mandatory redemption within one year -- Accounts payable 339,618 Accounts payable to associated companies -- Note payable to associated company -- Dividends payable -- Customers' deposits -- Accrued taxes -- Accrued interest -- Current defueling & decommissioning liability -- Current accumulated deferred income taxes (6,908) Other 551,994 ------- Total current liabilities 918,426 ------- DEFERRED CREDITS: Customers' advances for construction -- Unamortized investment tax credits -- Accumulated deferred income taxes 651,949 Other -- ----- Total deferred credits 651,949 COMMITMENTS AND CONTINGENCIES --------------- $ 8,205,217 ===============
PUBLIC SERVICE COMPANY OF COLORADO AND SUBDISARIES CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS WITH CONSOLIDATING INFORMATION YEAR ENDED DECEMEBER 31, 1996
Public Service Company of Consolidated Eliminations Total Colorado ------------ ------------ ----- -------- OPERATING REVENUES: Electric $ 1,488,990,493 $ -- $ 1,488,990,493 $ 1,443,346,095 Gas 640,496,807 501,257(4) 640,998,064 556,071,799 Other 41,898,640 20,364,185(4) 62,262,825 6,747,066 ---------- ---------- ---------- --------- 2,171,385,940 20,865,442 2,192,251,382 2,006,164,960 OPERATING EXPENSES: Fuel used in generation 195,441,786 -- 195,441,786 195,441,786 Purchased power 490,428,576 -- 490,428,576 454,433,370 Gas purchased for resale 393,162,631 (223,720)(4) 393,386,351 321,977,211 Other operating expenses 336,100,052 (18,444,930)(4) 354,544,982 334,275,858 Maintenance 63,907,712 -- 63,907,712 63,142,904 Depreciation and amortization 154,631,666 -- 154,631,666 149,197,320 Taxes (other than income taxes) 82,898,637 -- 82,898,637 80,749,798 Income taxes 96,331,239 -- 96,331,239 112,316,949 ---------- ----- ---------- ----------- 1,812,902,299 (18,668,650) 1,831,570,949 1,711,535,196 ------------- ----------- ------------- ------------- OPERATING INCOME (LOSS) 358,483,641 2,196,792 360,680,433 294,629,764 OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction 757,446 -- 757,446 756,557 Equity in earnings of consolidated subsidiaries -- 12,500,273 (1) 12,500,273 12,500,273 Interest income from subsidiaries -- 1,016,243 (5) 1,016,243 148,482 Miscellaneous income (deductions) - net (19,015,088) (219,092)(1) (19,234,180) (20,739,964) ----------- ---------- ----------- ----------- (18,257,642) 13,297,424 (4,960,218) (7,334,652) INTEREST CHARGES: Interest on long-term debt 92,204,698 -- 92,204,698 81,097,625 Amortization of debt discount and expense less premium 3,621,134 -- 3,621,134 3,386,248 Other interest 57,397,645 (3,213,035)(4)(5) 60,610,680 15,733,819 Allowance for borrowed funds used during construction (3,343,573) -- (3,343,573) (3,268,675) ---------- ----- ---------- ---------- 149,879,904 (3,213,035) 153,092,939 96,949,017 ----------- ---------- ----------- ---------- NET INCOME (LOSS) 190,346,095 12,281,181 (b) 202,627,276 190,346,095 RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR 346,539,057 33,736,763 (b) 312,802,294 346,539,057 ----------- ---------- ----------- ----------- 536,885,152 (21,455,582) 515,429,570 536,885,152 DIVIDENDS ON PREFERRED STOCK (11,828,635) - (11,828,635) (11,828,635) DIVIDENDS ON COMMON STOCK (135,110,826) (12,600,307)(b) (147,711,133) (135,110,826) OTHER ADJUSTMENT (104,258) (650,393)(a) (754,651) (104,258) -------- -------- -------- -------- RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ 389,841,433 $ (34,706,282) $ 355,135,151 $ 389,841,433 ================ ============= ================ =============== (a) Young Gas Storage Company became a subsidiary of e prime, inc. effective February 1, 1996. The statement of income includes eleven months of operations as a subsidiary of e prime and one month of operations as a subsidiary of the Company. Retained earnings have been adjusted and eliminated. (b) To eliminate intercompany investment, earnings and dividends. CONSOLIDATING INFORMATION ---------------------------------------------------------------------------- Cheyenne Fuel Light, Fuel e prime, WestGas Resources and Power inc. and InterState, Development Company subsidiaries Inc. Co. ------- ------------ ---- --- OPERATING REVENUES: Electric $ 37,838,319 $ 7,806,079 $ -- $ -- Gas 15,644,244 64,388,543 113,699 1,256,317 Other -- 955,697 -- -- ----- ------- ----- ----- 53,482,563 73,150,319 113,699 1,256,317 OPERATING EXPENSES: Fuel used in generation -- -- -- -- Purchased power 28,345,766 7,649,440 -- -- Gas purchased for resale 10,054,926 60,840,781 -- -- Other operating expenses 5,911,140 6,224,141 42,420 2,817,235 Maintenance 764,328 -- 480 -- Depreciation and amortization 2,216,973 1,053,131 25,670 470,946 Taxes (other than income taxes) 1,494,455 148,723 881 101,771 Income taxes 794,076 (864,623) 17,562 (2,521,028) ------- -------- ------ ---------- 49,581,664 75,051,593 87,013 868,924 ---------- ---------- ------ ------- OPERATING INCOME (LOSS) 3,900,899 (1,901,274) 26,686 387,393 OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction 889 -- -- -- Equity in earnings of consolidated subsidiaries -- -- -- -- Interest income from subsidiaries -- -- -- -- Miscellaneous income (deductions) - net (47,959) 1,198,116 7,788 72,406 ------- --------- ----- ------ (47,070) 1,198,116 7,788 72,406 INTEREST CHARGES: Interest on long-term debt 1,422,504 -- -- -- Amortization of debt discount and expense less premium 22,275 -- -- -- Other interest 933,756 45,581 -- 966,994 Allowance for borrowed funds used during construction (74,898) -- -- -- ------- ----- ----- ----- 2,303,637 45,581 -- 966,994 --------- ------ ------- NET INCOME (LOSS) 1,550,192 (748,739) 34,474 (507,195) RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR 14,667,352 (440,131) 30,478 (42,624,806) ---------- -------- ------ ----------- 16,217,544 (1,188,870) 64,952 (43,132,001) DIVIDENDS ON PREFERRED STOCK -- -- -- -- DIVIDENDS ON COMMON STOCK -- -- -- -- OTHER ADJUSTMENT -- -- -- -- ----- ----- ----- ----- RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ 16,217,544 $ (1,188,870) $ 64,952 $ (43,132,001) ============== ============= ================ ============== ---------------------------------------------------------------------------- PS Young Gas 1480 PSR Colorado Storage Welton, Investments, Credit Company (a) Inc. Inc. Corporation ----------- ---- ---- ----------- OPERATING REVENUES: Electric $ -- $ -- $ -- $ -- Gas -- -- -- -- Other -- 8,145,665 34,138,097 12,276,300 ----- --------- ---------- ---------- -- 8,145,665 34,138,097 12,276,300 OPERATING EXPENSES: Fuel used in generation -- -- -- -- Purchased power -- -- -- -- Gas purchased for resale -- -- -- -- Other operating expenses -- 99,338 422,530 190,954 Maintenance -- -- -- -- Depreciation and amortization -- 1,443,299 -- -- Taxes (other than income taxes) -- 418,498 (30,752) 4,751 Income taxes 72,849 1,049,160 (15,300,955) 1,424,890 ------ --------- ----------- --------- 72,849 3,010,295 (14,909,177) 1,620,595 ------ --------- ----------- --------- OPERATING INCOME (LOSS) (72,849) 5,135,370 49,047,274 10,655,705 OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction -- -- -- -- Equity in earnings of consolidated subsidiaries -- -- -- -- Interest income from subsidiaries 867,761 -- -- Miscellaneous income (deductions) - net 192,633 18,662 -- 1,496 ------- ------ ----- ----- 192,633 886,423 -- 1,496 INTEREST CHARGES: Interest on long-term debt -- 4,193,705 -- 5,480,447 Amortization of debt discount and expense less premium -- 36,242 -- 176,369 Other interest -- 51,722 40,177,367 2,700,070 Allowance for borrowed funds used during construction -- -- -- -- ----- ----- ----- ------ -- 4,281,669 40,177,367 8,356,886 ----- --------- ---------- --------- NET INCOME (LOSS) 119,784 1,740,124 8,869,907 2,300,315 RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR 530,256 1,802,018 315,644 -- ------- --------- ------- ----- 650,040 3,542,142 9,185,551 2,300,315 DIVIDENDS ON PREFERRED STOCK -- -- -- -- DIVIDENDS ON COMMON STOCK -- (1,499,992) (8,800,000) (2,300,315) OTHER ADJUSTMENT (650,040) -- -- -- -------- ----- ----- ----- RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ -- $ 2,042,150 $ 385,551 $ -- ============= ============= ================ ================ ------------------------------- Natural Fuels Corporation ------------ OPERATING REVENUES: Electric $ -- Gas 3,523,462 Other -- ------ 3,523,462 OPERATING EXPENSES: Fuel used in generation -- Purchased power -- Gas purchased for resale 513,433 Other operating expenses 4,561,366 Maintenance -- Depreciation and amortization 224,327 Taxes (other than income taxes) 10,512 Income taxes (657,641) -------- 4,651,997 --------- OPERATING INCOME (LOSS) (1,128,535) OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction -- Equity in earnings of consolidated subsidiaries -- Interest income from subsidiaries -- Miscellaneous income (deductions) - net 62,642 ------ 62,642 INTEREST CHARGES: Interest on long-term debt 10,417 Amortization of debt discount and expense less premium -- Other interest 1,371 Allowance for borrowed funds used during construction -- ----- 11,788 ------ NET INCOME (LOSS) (1,077,681) RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR (8,017,574) --------- (9,095,255) DIVIDENDS ON PREFERRED STOCK -- DIVIDENDS ON COMMON STOCK -- OTHER ADJUSTMENT (353) ---- RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ (9,095,608) ==============
PUBLIC SERVICE COMPANY OF COLORADO AND SUBDISARIES CONSOLIDATED STATEMENT OF CASH FLOWS WITH CONSOLIDATING INFORMATION YEAR ENDED DECEMEBER 31, 1996
--------------------------------------------------------- Public Service Company of Consolidated Eliminations Total Colorado ------------ ------------ ----- -------- OPERATING ACTIVITIES: Net income (loss) $ 190,346,095 $ 12,281,181 (a) $ 202,627,276 $ 190,346,095 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization $ 159,400,145 -- 159,400,145 154,655,219 Amortization of investment tax credits (7,256,407) -- (7,256,407) (7,118,714) Deferred income taxes 60,899,197 -- 60,899,197 63,564,107 Allowance for equity funds used during construction (757,446) -- (757,446) (756,557) Change in accounts receivable (88,680,320) 11,347,557 (b) (77,332,763) (32,466,261) Change in inventories 20,541,852 -- 20,541,852 20,689,611 Change in other current assets (31,168,650) -- (31,168,650) (30,437,646) Change in accounts payable 88,473,411 (11,347,557)(b) 77,125,854 43,566,165 Change in other current liabilities (36,615,411) -- (36,615,411) (39,358,756) Change in deferred amounts (19,549,899) 219,090 (b) (19,330,809) (18,954,569) Change in noncurrent liabilities (9,778,555) (3,087,466)(b) (12,857,021) (12,909,405) Other 1,759,474 -- 1,759,474 1,783,395 --------- ----- --------- --------- Net cash provided by (used in) operating activities 327,613,486 9,421,805 337,035,291 332,602,684 INVESTING ACTIVITIES: Construction expenditures (321,161,523) -- (321,161,523) (311,243,801) Allowance for equity funds used during construction 757,446 -- 757,446 756,557 Proceeds from (cost of)disposition of property, plant and equipment 20,453,686 -- 20,453,686 3,968,703 Purchase of other investments (11,484,926) (61,681,162)(b)(c) (73,166,088) (70,999,166) Sale of other investments 663,401 43,814,029 (b)(c) 44,477,430 41,370,319 Subsidiary dividends in excess of earnings -- 100,035 (a) 100,035 100,035 Payment for purchase of companies, net of cash acquired 3,648,965 -- 3,648,965 -- --------- ----- --------- ----- Net cash provided by (used in) investing activities (307,122,951) (17,767,098) (324,890,049) (336,047,353) FINANCING ACTIVITIES: Proceeds from sale of common stock 30,115,309 61,681,162 (c) 91,796,471 30,015,309 Repurchase of common stock -- (40,735,562)(b)(c) (40,735,562) -- Proceeds from sale of long-term notes and bonds 217,415,010 -- 217,415,010 197,554,797 Redemption of long-term notes and bonds (83,355,889) -- (83,355,889) (82,997,675) Short-term borrowings - net (43,325,375) -- (43,325,375) (1,250,375) Redemption of preferred stock (1,376,000) -- (1,376,000) (1,376,000) Dividends on common stock (133,393,623) (12,600,307)(a) (145,993,930) (133,393,623) Dividends on preferred stock (11,857,531) -- (11,857,531) (11,857,531) ----------- ----- ----------- ----------- Net cash provided by (used in) financing activities (25,778,099) 8,345,293 (17,432,806) (3,305,098) ----------- --------- ----------- ---------- Net increase (decrease) in cash and temporary cash investments (5,287,564) -- (5,287,564) (6,749,767) Cash and temporary cash investments at beginning of year 14,693,147 -- 14,693,147 10,185,141 ---------- ----- ---------- ---------- Cash and temporary cash investments at end of year $ 9,405,583 $ -- $ 9,405,583 $ 3,435,374 ============= ============= ================= =============== (a) Eliminate subsidiary net income, undistributed equity in earnings of subsidiaries and dividends paid to parent. (b) Eliminate changes in accounts payable to and receivables from associated companies. (c) Eliminate intercompany stock transactions. (d) Young Gas Storage Company became a subsidiary of e prime, inc. effective February 1, 1996. The statement of cash flows includes eleven months of operations as a subsidiary of e prime and one month of operations as a subsidiary of the Company. CONSOLIDATING INFORMATION ---------------------------------------------------------------------------- Cheyenne Fuel Light, Fuel e prime, WestGas Resources and Power inc. and InterState, Development Company subsidiaries Inc. Co. ------- ------------ ---- --- OPERATING ACTIVITIES: Net income (loss) $ 1,550,192 $ (748,739) $ 34,474 $ (507,195) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 2,239,248 112,275 25,670 470,946 Amortization of investment tax credits (77,779) -- -- -- Deferred income taxes 278,514 136,473 13,524 (3,912,341) Allowance for equity funds used during construction (889) -- -- -- Change in accounts receivable 264,159 (35,331,229) 8,743 3,184,714 Change in inventories (380,963) (227,923) -- 35,959 Change in other current assets 989,782 (1,845,266) -- -- Change in accounts payable 321,010 28,392,727 8,635 2,283,980 Change in other current liabilities (1,747,988) 1,680,064 12,386 (153,921) Change in deferred amounts 229,121 (279,665) -- (325,696) Change in noncurrent liabilities 52,384 -- -- -- Other -- 80,584 -- -- ----- ------ ----- ----- Net cash provided by (used in) operating activities 3,716,791 (8,030,699) 103,432 1,076,446 INVESTING ACTIVITIES: Construction expenditures (9,028,998) (586,680) -- (269,995) Allowance for equity funds used during construction 889 -- -- -- Proceeds from (cost of) disposition of property, plant and equipment (109,529) 4,279 -- 19,513,591 Purchase of other investments -- (1,716,660) -- -- Sale of other investments -- 19,004 -- 3,078,467 Subsidiary dividends in excess of earnings -- -- -- -- Payment for purchase of companies, net of cash acquired -- 3,648,965 -- -- ----- --------- ----- ----- Net cash provided by (used in) investing activities (9,137,638) 1,368,908 -- 22,322,063 FINANCING ACTIVITIES: Proceeds from sale of common stock -- 5,182,855 -- 11,600,000 Repurchase of common stock -- -- -- -- Proceeds from sale of long-term notes and bonds -- -- -- -- Redemption of long-term notes and bonds -- -- -- -- Short-term borrowings - net 5,275,000 3,500,000 -- (34,350,000) Redemption of preferred stock -- -- -- -- Dividends on common stock -- -- -- -- Dividends on preferred stock -- -- -- -- ----- ----- ----- ----- Net cash provided by (used in) financing activities 5,275,000 8,682,855 -- (22,750,000) --------- --------- ----- ----------- Net increase (decrease) in cash and temporary cash investments (145,847) 2,021,064 103,432 648,509 Cash and temporary cash investments at beginning of year 1,774,960 155,644 115,978 38,222 --------- ------- ------- ------ Cash and temporary cash investments at end of year $ 1,629,113 $ 2,176,708 $ 219,410 $ 686,731 ============= ============= ================= =============== ---------------------------------------------------------------------------- PS Young Gas 1480 PSR Colorado Storage Welton, Investment Credit Company (d) Inc. Inc. Corporation ------- ---- ---- ----------- OPERATING ACTIVITIES: Net income (loss) $ 119,784 $ 1,740,124 $ 8,869,907 $ 2,300,315 Adjustments to reconcile net income (loss) to net cash provided by(used in) operating activities: Depreciation and amortization -- 1,479,541 -- 176,369 Amortization of investment tax credits -- (59,914) -- -- Deferred income taxes 258,643 79,039 957 -- Allowance for equity funds used during construction -- -- -- -- Change in accounts receivable -- 457,647 (666,270) (12,001,657) Change in inventories -- -- -- -- Change in other current assets -- 1,879 (27,340) 159,509 Change in accounts payable 2,963 125 (22,368) 2,705,188 Change in other current liabilities (168,656) 8,887 449,445 2,311,371 Change in deferred amounts -- -- -- -- Change in noncurrent liabilities -- -- -- -- Other (212,734) -- -- -- -------- ----- ----- ------- Net cash provided by (used in) operating activities -- 3,707,328 8,604,331 (4,348,905) INVESTMENT ACTIVITES: Construction expenditures -- -- -- -- Allowance for equity funds used during construction -- -- -- -- Proceeds from (cost of) disposition of property, plant and equipment -- -- -- -- Purchase of other investments -- -- (450,262) -- Sale of other investments -- -- -- -- Subsidiary dividends in excess of earnings -- -- -- -- Payment for purchase of companies, net of cash acquired -- -- -- -- ----- ----- ----- ----- Net cash provided by (used in) investing activities -- -- (450,262) -- FINANCING ACTIVITIES: Proceeds from sale of common stock -- -- -- 42,175,760 Repurchase of common stock -- -- -- (40,735,562) Proceeds from sale of long-term notes and bonds -- -- -- 19,860,213 Redemption of long-term notes and bonds -- (307,567) -- -- Short-term borrowings - net -- (1,850,000) -- (14,650,000) Redemption of preferred stock -- -- -- -- Dividends on common stock -- (1,499,992) (8,800,000) (2,300,315) Dividends on preferred stock -- -- -- -- ----- ----- ----- ----- Net cash provided by (used in) financing activities -- (3,657,559) (8,800,000) 4,350,096 ----- ---------- ---------- --------- Net increase (decrease) in cash and temporary cash investments -- 49,769 (645,931) 1,191 Cash and temporary cash investments at beginning of year -- 25,928 752,563 36,869 ----- ------ ------- ------ Cash and temporary cash investments at end of year $ -- $ 75,697 $ 106,632 $ 38,060 ============= ============= ================ =============== ---------------------------------------------------------------------------- Natural Fuels Corporation ----------- OPERATING ACTIVITIES: Net income (loss) $ (1,077,681) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 240,877 Amortization of investment tax credits -- Deferred income taxes 480,281 Allowance for equity funds used during construction -- Change in accounts receivable (782,609) Change in inventories 425,168 Change in other current assets (9,568) Change in accounts payable (132,571) Change in other current liabilities 351,757 Change in deferred amounts -- Change in noncurrent liabilities -- Other 108,229 ------- Net cash provided by (used in) operating activities (396,117) INVESTING ACTIVITIES: Construction expenditures (32,049) Allowance for equity funds used during construction Proceeds from (cost of) disposition of property, plant and equipment (2,923,358) Purchase of other investments -- Sale of other investments 9,640 Subsidiary dividends in excess of earnings -- Payment for purchase of companies, net of cash acquired -- ----- Net cash provided by (used in) investing activities (2,945,767) FINANCING ACTIVITIES: Proceeds from sale of common stock 2,822,547 Repurchase of common stock -- Proceeds from sale of long-term notes and bonds -- Redemption of long-term notes and bonds (50,647) Short-term borrowings - net -- Redemption of preferred stock -- Dividends on common stock -- Dividends on preferred stock -- ----- Net cash provided by (used in) financial activities 2,771,900 --------- Net increase (decrease) in cash and temporary cash investments (569,984) Cash and temporary cash investments at beginning of year 1,607,842 --------- Cash and temporary cash investments at end of year $ 1,037,858 =============
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES CONSOLIDATING ELIMINATIONS FOR THE BALANCE SHEET AND STATEMENT OF INCOME AND RETAINED EARNINGS DECEMBER 31, 1996 DEBIT CREDIT ----- ------ (1) Common stock of subsidiaries $ 119,452,617 Property, plant and equipment - steam and other (excess of carrying value of investment in consolidated subsidiaries over the equity applicable thereto at the respective dates of acquisition) 7,711 Retained earnings includes: (a) 1996 subsidiary earnings of $12,719,365 attributable to parent; (b) a 1996 subsidiary loss of $219,092 attributable to minority interest; and (c) ($69,139) of subsidiaries retained earnings at dates of acquisition $ 34,706,282 Investment in consolidated subsidiaries 84,056,061 Other deferred credits (minority interest in Natural Fuels Corporation) 697,985 To eliminate investment in consolidated subsidiaries. (2) Accounts payable to associated companies $ 28,471,390 Accounts payable 2,615,324 Note payable to associated company 12,066,207 Accounts receivable from associated companies $ 3,923,431 Note receivable from associated company 12,066,207 Other investments 2,615,324 Fuel inventory financed 24,547,959 To eliminate intercompany accounts, as follows: Current Payable by: Accounts Receivable by: -------- Cheyenne Light, Fuel and Power Company $ 575,248 Public Service Company of Colorado 430,639 e prime, inc. 224,980 1480 Welton, Inc. 8,174 WestGas InterState, Inc. 1,426,877 Fuel Resources Development Co. 669,151 PSR Investments, Inc. 588,362 Natural Fuels Corporation ------- Public Service Company of Colorado 3,348,183 --------- $ 3,923,431 ============= Note Receivable ---------- Public Service Company of Colorado $ 12,066,207 1480 Welton, Inc. ============= Long-Term Income Tax Receivable ---------- Public Service Company of Colorado $ 2,615,324 Fuel Resources Development Co. ============= Fuel Inventory Financed -------- Public Service Company of Colorado $ 24,547,959 PS Colorado Credit Corporation ============= PS Colorado Credit Corporation $ 5,293,873 Public Service Company of Colorado ============= (3) Other deferred credits $ 1,048,224 Other deferred charges $ 1,048,224 To eliminate intercompany prepayment.
PUBLIC SERVICE COMPANY OF COLORADO AND SUBSIDIARIES CONSOLIDATING ELIMINATIONS FOR THE BALANCE SHEET AND STATEMENT OF INCOME AND RETAINED EARNINGS (Continued) DECEMBER 31, 1996 DEBIT CREDIT ----- ------ (4) Operating revenues - gas $ 501,257 Operating revenues - other 20,364,185 Gas purchased for resale $ 223,720 Other operating expenses 18,444,930 Interest charges - other interest 2,196,792 To eliminate intercompany revenues and expenses as follows: Gas Other Interest purchased operating on debt to Total for resale expenses associates ------------- ------------- -------------- ------------- Gas Operating Revenues: Gas transportation fee charged by Public Service Company of Colorado to Cheyenne Light, Fuel and Power Company $ 39,047 $ 39,047 $ -- $ -- Gas transportation fee charged by WestGas InterState, Inc. to Cheyenne Light, Fuel and Power Company 46,421 46,421 -- -- Gas transportation fee charged by Public Service Company of Colorado to Natural Fuels Corporation 97,116 97,116 -- -- Natural Fuels Corporation sales to Public Service Company of Colorado for station maintenance and other 288,673 41,136 247,537 -- Administrative and operating fee charged by Public Service Company of Colorado to WestGas InterState, Inc. 30,000 -- 30,000 -- ------ ----- ------ ----- 501,257 223,720 277,537 -- ------- ------- ------- ------ Other Operating Revenues: Rent charged by 1480 Welton, Inc. to Public Service Company of Colorado 8,087,885 -- 8,087,885 -- Customer receivables discount charged by PS Colorado Credit Corporation to Public Service Company of Colorado 10,079,508 -- 10,079,508 -- Fuel inventory financing costs charged by PS Colorado Credit Corporation to Public Service Company of Colorado 2,196,792 -- -- 2,196,792 --------- ----- ----- --------- 20,364,185 -- 18,167,393 2,196,792 ---------- ----- ---------- --------- $ 20,865,442 $ 223,720 $ 18,444,930 $ 2,196,792 ============ ============ ============= ============= (5) Interest income from subsidiaries $ 1,016,243 Interest charges - other interest $ 1,016,243 To eliminate intercompany interest income and expense as follows: Interest charges recorded by: Public Service Company of Colorado $ 867,761 Cheyenne Light, Fuel and Power Company 116,710 PSR Investments, Inc. 15,885 1480 Welton, Inc. 15,887 ------ $ 1,016,243 ============ Interest income recorded by: Public Service Company of Colorado $ 148,482 1480 Welton, Inc. 867,761 ------- $ 1,016,243 ============
E PRIME, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMBER 31, 1996
CONSOLIDATING INFORMATION ------------------------------------------------------------------------------ e prime, ASSETS Consolidated Eliminations Total inc. ------ ------------ ------------ ----- ---- PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ -- $ -- $ -- $ -- Gas 2,000,000 -- 2,000,000 -- Steam and other 707,308 -- 707,308 653,891 Common to all departments -- -- -- -- Construction in progress -- -- -- -- ----- ----- ----- ----- 2,707,308 -- 2,707,308 653,891 Less: accumulated depreciation 123,270 -- 123,270 78,826 ------- ----- ------- ------ Total property, plant and equipment 2,584,038 -- 2,584,038 575,065 --------- ----- --------- ------- INVESTMENTS: Subsidiaries consolidated - common stock -- (19,383,487)(6) 19,383,487 19,383,487 Note receivable from associated company -- -- -- -- Other, at cost 8,986,938 -- 8,986,938 1,630,415 --------- ----- --------- --------- Total investments 8,986,938 (19,383,487) 28,370,425 21,013,902 --------- ----------- ---------- ---------- CURRENT ASSETS: Cash and temporary cash investments 2,176,708 -- 2,176,708 453,196 Accounts receivable 40,600,311 -- 40,600,311 16,606,144 Reserve for uncollectible accounts (723,862) -- (723,862) (45,274) Accounts receivable from associated companies 430,639 (404,281)(7) 834,920 1,024,630 Accrued unbilled revenues -- -- -- -- Recoverable purchased gas and electric energy costs - net -- -- -- -- Materials and supplies, at average cost 227,923 -- 227,923 227,923 Fuel inventory, at average cost -- -- -- -- Fuel inventory financed -- -- -- -- Gas in underground storage, at cost (LIFO) -- -- -- -- Regulatory assets recoverable within one year -- -- -- -- Prepaid expenses and other 1,848,338 -- 1,848,338 26,206 --------- ----- --------- ------ Total current assets 44,560,057 (404,281) 44,964,338 18,292,825 ---------- -------- ---------- ---------- DEFERRED CHARGES: Regulatory assets -- -- -- -- Unamortized debt expense -- -- -- -- Other 18,160,687 -- 18,160,687 1,598,115 ---------- ----- ---------- --------- Total deferred charges 18,160,687 -- 18,160,687 1,598,115 ---------- ----- ---------- --------- $ 74,291,720 $ (19,787,768) $ 94,079,488 $ 41,479,907 ============= ============= ================ ============ -------------------------------------------------------- Texas-Ohio Texas-Ohio Young Gas Gas, Pipeline, Storage ASSETS Inc. Inc. Company ------ ---- ---- ------- PROPERTY, PLANT AND EQUIPMENT, at cost: Electric $ -- $ -- $ -- Gas -- 2,000,000 -- Steam and other 53,417 -- -- Common to all departments -- -- -- Construction in progress -- -- -- ----- ----- ----- 53,417 2,000,000 -- Less: accumulated depreciation -- 44,444 -- ----- ------ ----- Total property, plant and equipment 53,417 1,955,556 -- ------ --------- ----- INVESTMENTS: Subsidiaries consolidated - common stock -- -- -- Note receivable from associated company -- -- -- Other, at cost -- -- 7,356,523 ----- ----- --------- Total investments -- -- 7,356,523 ----- ----- --------- CURRENT ASSETS: Cash and temporary cash investments 1,613,734 109,778 -- Accounts receivable 23,984,917 -- 9,250 Reserve for uncollectible accounts (678,588) -- -- Accounts receivable from associated companies (287,896) 94,422 3,764 Accrued unbilled revenues -- -- -- Recoverable purchased gas and electric energy costs - net -- -- -- Materials and supplies, at average cost -- -- -- Fuel inventory, at average cost -- -- -- Fuel inventory financed -- -- -- Gas in underground storage, at cost (LIFO) -- -- -- Regulatory assets recoverable within one year -- -- -- Prepaid expenses and other 1,817,636 4,496 -- --------- ----- ----- Total current assets 26,449,803 208,696 13,014 ---------- ------- ------ DEFERRED CHARGES: Regulatory assets -- -- -- Unamortized debt expense -- -- -- Other 16,562,572 -- -- ---------- ----- ----- Total deferred charges 16,562,572 -- -- ---------- ----- ----- $ 43,065,792 $ 2,164,252 $ 7,369,537 ============ ============= ============
E PRIME, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET WITH CONSOLIDATING INFORMATION - DECEMBER 31, 1996 CONSOLIDATING INFORMATION --------------------------------------------------------- e prime, CAPITAL AND LIABILITIES Consolidated Eliminations Total inc. ----------------------- ------------ ------------ ----- ---- COMMON STOCK $ 24,448,605 $ -- $ 24,448,605 $ 24,448,605 COMMON STOCK OF SUBSIDIARIES -- (19,509,971) 19,509,971 -- RETAINED EARNINGS (DEFICIT) (1,188,870) 126,484 (6) (1,315,354) (1,188,870) ---------- ------- ---------- ---------- Total common equity 23,259,735 (19,383,487) 42,643,222 23,259,735 PREFERRED STOCK: Not subject to mandatory redemption -- -- -- -- Subject to mandatory redemption at par -- -- -- -- LONG-TERM DEBT -- -- -- -- ----- ------ ----- ----- 23,259,735 (19,383,487) 42,643,222 23,259,735 ---------- ------------ ---------- ---------- NONCURRENT LIABILITIES: Employees' postretirement benefits other than pensions -- -- -- -- Employees' postemployment benefits -- -- -- -- ----- ------ ----- ----- Total noncurrent liabilities -- -- -- -- ----- ------ ----- ----- CURRENT LIABILITIES: Notes payable and commercial paper 3,500,000 -- 3,500,000 3,500,000 Long-term debt due within one year -- -- -- -- Preferred stock subject to mandatory redemption within one year -- -- -- -- Accounts payable 38,589,304 -- 38,589,304 14,310,708 Accounts payable to associated companies -- (404,281)(7) 404,281 262,541 Note payable to associated company -- -- -- -- Dividends payable -- -- -- -- Customers' deposits 324,875 -- 324,875 -- Accrued taxes 210,954 -- 210,954 19,445 Accrued interest 7,647 -- 7,647 7,647 Current defueling & decommissioning liability -- -- -- -- Current accumulated deferred income taxes -- -- -- -- Other 1,910,212 -- 1,910,212 108,829 --------- ------ --------- ------- Total current liabilities 44,542,992 (404,281) 44,947,273 18,209,170 ---------- -------- ---------- ---------- DEFERRED CREDITS: Customers' advances for construction -- -- -- -- Unamortized investment tax credits -- -- -- -- Accumulated deferred income taxes 6,488,993 -- 6,488,993 11,002 Other -- -- -- -- ----- ------ ----- ----- Total deferred credits 6,488,993 -- 6,488,993 11,002 COMMITMENTS AND CONTINGENCIES --------------- -------------- ---------------- --------------- $ 74,291,720 $ (19,787,768) $ 94,079,488 $ 41,479,907 =============== ============== ================ =============== ---------------------------------------------------- Texas-Ohio Texas-Ohio Young Gas Gas, Pipeline, Storage CAPITAL AND LIABILITIES Inc. Inc. Company ----------------------- ---- ---- ------- COMMON STOCK $ -- $ -- $ -- COMMON STOCK OF SUBSIDIARIES 11,200,000 2,000,000 6,309,971 RETAINED EARNINGS (DEFICIT) (634,794) 124,083 384,227 -------- ------- ------- Total common equity 10,565,206 2,124,083 6,694,198 PREFERRED STOCK: Not subject to mandatory redemption -- -- -- Subject to mandatory redemption at par -- -- -- LONG-TERM DEBT -- -- -- ----- ----- ----- 10,565,206 2,124,083 6,694,198 ---------- --------- --------- NONCURRENT LIABILITIES: Employees' postretirement benefits other than pensions -- -- -- Employees' postemployment benefits -- -- -- ----- ----- ----- Total noncurrent liabilities -- -- -- ----- ----- ----- CURRENT LIABILITIES: Notes payable and commercial paper -- -- -- Long-term debt due within one year -- -- -- Preferred stock subject to mandatory redemption within one year -- -- -- Accounts payable 24,257,872 20,724 -- Accounts payable to associated companies 141,740 -- -- Note payable to associated company -- -- -- Dividends payable -- -- -- Customers' deposits 324,875 -- -- Accrued taxes 173,860 -- 17,649 Accrued interest -- -- -- Current defueling & decommissioning liability -- -- -- Current accumulated deferred income taxes -- -- -- Other 1,801,383 -- -- --------- ----- ----- Total current liabilities 26,699,730 20,724 17,649 ---------- ------ ------ DEFERRED CREDITS: Customers' advances for construction -- -- -- Unamortized investment tax credits -- -- -- Accumulated deferred income taxes 5,800,856 19,445 657,690 Other -- -- -- ----- ----- ----- Total deferred credits 5,800,856 19,445 657,690 COMMITMENTS AND CONTINGENCIES -------------- ------------- ---------------- $ 43,065,792 $ 2,164,252 $ 7,369,537 ============== ============= ================
E PRIME, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS WITH CONSOLIDATING INFORMATION YEAR ENDED DECEMBER 31, 1996 CONSOLIDATING INFORMATION ----------------------------------------------------------------------- e prime, Consolidated Eliminations Total inc. ------------ ------------ ----- ---- OPERATING REVENUES: Electric $ 7,806,079 $ -- $ 7,806,079 $ 7,449,135 Gas 64,388,543 283,540 (8) 64,672,083 25,928,881 Other 955,697 -- 955,697 955,697 ------- ------- ------- 73,150,319 283,540 73,433,859 34,333,713 OPERATING EXPENSES: Fuel used in generation -- -- -- -- Purchased power 7,649,440 -- 7,649,440 7,300,242 Gas purchased for resale 60,840,781 (283,540)(8) 61,124,321 23,588,723 Other operating expenses 6,224,141 -- 6,224,141 5,125,320 Maintenance -- -- -- -- Depreciation and amortization 1,053,131 -- 1,053,131 180,559 Taxes (other than income taxes) 148,723 -- 148,723 116,797 Income taxes (864,623) -- (864,623) (893,962) -------- ----- -------- -------- 75,051,593 (283,540) 75,335,133 35,417,679 ---------- -------- ---------- ---------- OPERATING INCOME (LOSS) (1,901,274) -- (1,901,274) (1,083,966) OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction -- -- -- -- Equity in earnings of consolidated subsidiaries -- 706,697 (6) 706,697 706,697 Interest income from subsidiaries -- -- -- -- Miscellaneous income (deductions) - net 1,198,116 -- 1,198,116 (327,388) --------- ----- --------- -------- 1,198,116 706,697 1,904,813 379,309 INTEREST CHARGES: Interest on long-term debt -- -- -- -- Amortization of debt discount and expense less premium -- -- -- -- Other interest 45,581 -- 45,581 44,082 Allowance for borrowed funds used during construction -- -- -- -- ----- ----- ----- ----- 45,581 -- 45,581 44,082 ------ ----- ------ ------ NET INCOME (LOSS) (a) (748,739) 706,697 (b) (42,042) (748,739) RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR (a) (440,131) (650,040)(b) 209,909 (440,131) -------- -------- ------- -------- (1,188,870) 1,356,737 167,867 (1,188,870) DIVIDENDS ON PREFERRED STOCK -- -- -- -- DIVIDENDS ON COMMON STOCK -- (1,483,221)(b) (1,483,221) -- OTHER ADJUSTMENT -- -- -- -- ----- ----- ----- ----- RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ (1,188,870) $ (126,484) $ (1,315,354) $ (1,188,870) ============= ============== ================ =============== (a) Young Gas Storage Company became a subsidiary of e prime, inc. effective February 1, 1996. The statement of income includes eleven months of operations. e prime, inc acquired Texas-Ohio Gas, Inc. and Pipeline, Inc. effective September 1, 1996 and accordingly, the statement of income includes four months of operations. (b) To eliminate intercompany investment, earnings and dividends. ------------------------------------------------ Texas-Ohio Texas-Ohio Young Gas Gas, Pipeline, Storage Inc. (a) Inc. (a) Company (a) -------- -------- ----------- OPERATING REVENUES: Electric $ 356,944 $ -- $ -- Gas 38,459,662 283,540 -- Other -- -- -- ----- ----- ----- 38,816,606 283,540 -- OPERATING EXPENSES: Fuel used in generation -- -- -- Purchased power 349,198 -- -- Gas purchased for resale 37,535,598 -- -- Other operating expenses 1,050,623 48,198 -- Maintenance -- -- -- Depreciation and amortization 828,128 44,444 -- Taxes (other than income taxes) 31,926 -- -- Income taxes (338,048) 66,815 300,572 -------- ------ ------- 39,457,425 159,457 300,572 ---------- ------- ------- OPERATING INCOME (LOSS) (640,819) 124,083 (300,572) OTHER INCOME AND DEDUCTIONS: Allowance for equity funds used during construction -- -- -- Equity in earnings of consolidated subsidiaries -- -- -- Interest income from subsidiaries -- -- -- Miscellaneous income (deductions) - net 7,524 -- 1,517,980 ----- ----- --------- 7,524 -- 1,517,980 INTEREST CHARGES: Interest on long-term debt -- -- -- Amortization of debt discount and expense less premium -- -- -- Other interest 1,499 -- -- Allowance for borrowed funds used during construction -- -- -- ----- ----- ----- 1,499 -- -- ----- ----- ----- NET INCOME (LOSS) (a) (634,794) 124,083 1,217,408 RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR (a) -- -- 650,040 ----- ----- ------- (634,794) 124,083 1,867,448 DIVIDENDS ON PREFERRED STOCK -- -- -- DIVIDENDS ON COMMON STOCK -- (1,483,221) OTHER ADJUSTMENT -- -- -- ----- ----- ----- RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ (634,794) $ 124,083 $ 384,227 ============= ============= ================
E PRIME, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS WITH CONSOLIDATING INFORMATION YEAR ENDED DECEMBER 31, 1996 CONSOLIDATING INFORMATION ------------------------------------------------------------------- e prime, Consolidated Eliminations Total inc. ------------ ------------ ----- ---- OPERATING ACTIVITIES: Net income (loss) $ (748,739) $ 706,697 (a) $ (42,042) $ (748,739) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 112,275 -- 112,275 67,831 Amortization of investment tax credits -- -- -- -- Deferred income taxes 136,473 -- 136,473 7,825 Allowance for equity funds used during construction -- -- -- -- Change in accounts receivable (35,331,229) (404,281)(b) (35,735,510) (17,338,923) Change in inventories (227,923) -- (227,923) (227,923) Change in other current assets (1,845,266) -- (1,845,266) (23,134) Change in accounts payable 28,392,727 404,281 (b) 28,797,008 14,313,896 Change in other current liabilities 1,680,064 -- 1,680,064 78,580 Change in deferred amounts (279,665) -- (279,665) (1,128,168) Change in noncurrent liabilities -- -- -- -- Other 80,584 -- 80,584 102,964 ------ ----- ------ ------- Net cash provided by (used in) operating activities $ (8,030,699) 706,697 (7,324,002) (4,895,791) INVESTING ACTIVITIES: Construction expenditures (586,680) -- (586,680) (543,840) Allowance for equity funds used during construction -- -- -- -- Proceeds from (cost of) disposition of property, plant and equipment 4,279 -- 4,279 4,279 Purchase of other investments (1,716,660) -- (1,716,660) (1,726,475) Sale of other investments 19,004 -- 19,004 -- Subsidiary dividends in excess of earnings -- 776,524 (a) 776,524 776,524 Payment for purchase of companies, net of cash acquired 3,648,965 -- 3,648,965 (2,000,000) --------- ----- --------- ---------- Net cash provided by (used in) investing activities 1,368,908 776,524 2,145,432 (3,489,512) FINANCING ACTIVITIES: Proceeds from sale of common stock 5,182,855 -- 5,182,855 5,182,855 Repurchase of common stock -- -- -- -- Proceeds from sale of long-term notes and bonds -- -- -- -- Redemption of long-term notes and bonds -- -- -- -- Short-term borrowings - net 3,500,000 -- 3,500,000 3,500,000 Redemption of preferred stock -- -- -- -- Dividends on common stock -- (1,483,221)(a) (1,483,221) -- Dividends on preferred stock -- -- -- -- ----- ----- ----- ----- Net cash provided by (used in) financing activities 8,682,855 (1,483,221) 7,199,634 8,682,855 --------- ---------- --------- --------- Net increase in cash and temporary cash investments 2,021,064 -- 2,021,064 297,552 Cash and temporary cash investments at beginning of year 155,644 -- 155,644 155,644 ------- ------- ------- Cash and temporary cash investments at end of year $ 2,176,708 $ -- $ 2,176,708 $ 453,196 ============= ============= ================ =============== (a) Eliminate subsidiary net income, undistributed equity in earnings of subsidiaries and dividends paid to parent. (b) Eliminate changes in accounts payable to and receivables from associated companies. (c) Young Gas Storage Company became a subsidiary of e prime, inc. effective February 1, 1996. The statement of cash flows includes eleven months of operations. e prime, inc. acquired Texas-Ohio Gas, Inc. and Texas-Ohio Pipeline, Inc. effective September 1, 1996 and accordingly, the statement of cash flows includes four months of operations. ------------------------------------------------------------------------ Texas-Ohio Texas-Ohio Young Gas Gas, Pipeline, Storage Inc. (c) Inc. (c) Company (c) -------- -------- ----------- OPERATING ACTIVITIES: Net income (loss) $ (634,794) $ 124,083 $ 1,217,408 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization -- 44,444 -- Amortization of investment tax credits -- -- -- Deferred income taxes (289,844) 19,445 399,047 Allowance for equity funds used during construction -- -- -- Change in accounts receivable (18,298,401) (94,422) (3,764) Change in inventories -- -- -- Change in other current assets (1,817,636) (4,496) -- Change in accounts payable 14,746,193 714 (263,795) Change in other current liabilities 1,493,973 -- 107,511 Change in deferred amounts 828,128 -- 20,375 Change in noncurrent liabilities -- -- -- Other -- -- (22,380) ----- ----- -------- Net cash provided by (used in) operating activities (3,972,381) 89,768 1,454,402 INVESTING ACTIVITIES: Construction expenditures (42,840) -- -- Allowance for equity funds used during construction -- -- -- Proceeds from (cost of) disposition of property, plant and equipment -- -- -- Purchase of other investments -- -- 9,815 Sale of other investments -- -- 19,004 Subsidiary dividends in excess of earnings -- -- -- Payment for purchase of companies, net of cash acquired 5,628,955 20,010 -- --------- ------ ----- Net cash provided by (used in) investing activities 5,586,115 20,010 28,819 FINANCING ACTIVITIES: Proceeds from sale of common stock -- -- -- Repurchase of common stock -- -- -- Proceeds from sale of long-term notes and bonds -- -- -- Redemption of long-term notes and bonds -- -- -- Short-term borrowings - net -- -- -- Redemption of preferred stock -- -- -- Dividends on common stock -- -- (1,483,221) Dividends on preferred stock -- -- -- ----- ----- ----- Net cash provided by (used in) financing activities -- -- (1,483,221) ----- ----- ---------- Net increase in cash and temporary cash investments 1,613,734 109,778 -- Cash and temporary cash investments at beginning of year -- -- -- ----- ----- ----- Cash and temporary cash investments at end of year $ 1,613,734 $ 109,778 $ -- ============= ============= ================
E PRIME, INC. AND SUBSIDIARIES CONSOLIDATING ELIMINATIONS FOR THE BALANCE SHEET AND STATEMENT OF INCOME AND RETAINED EARNINGS DECEMBER 31, 1996 DEBIT CREDIT ----- ------ (6) Common stock of subsidiaries $ 19,509,971 Retained earnings includes: (a) 1996 subsidiary earnings of $706,697 attributable to parent and (b) $650,040 of subsidiaries retained earnings at dates of acquisition $ 126,484 Investment in consolidated subsidiaries 19,383,487 To eliminate investment in consolidated subsidiaries. (7) Accounts payable to associated companies $ 404,281 Accounts receivable from associated companies $ 404,281 To eliminate intercompany accounts, as follows: Current Payable by: Accounts Receivable by: - ----------- -------- -------------- Texas-Ohio Gas, Inc. $ 141,740 Texas-Ohio Pipeline, Inc. 8,900 Texas-Ohio Gas, Inc. 52 Texas-Ohio Pipeline, Inc. 253,589 Young Gas Storage Company ------- e prime, inc. 262,541 ------- $ 404,281 ============= (8) Operating revenues - gas $ 283,540 Gas purchased for resale $ 283,540 To eliminate intercompany revenues and expenses.
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