-----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, U0HhzYbrlSqPcdbi+PuFABxZvZ+TXXkYPuSm4Wb2Up+bcomDmM8Glx94HULcVVlt a9wvnJ2bQgVcE/YK1Xv8ZQ== 0000018540-97-000002.txt : 19970108 0000018540-97-000002.hdr.sgml : 19970108 ACCESSION NUMBER: 0000018540-97-000002 CONFORMED SUBMISSION TYPE: U-1/A PUBLIC DOCUMENT COUNT: 10 FILED AS OF DATE: 19970107 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL & SOUTH WEST CORP CENTRAL INDEX KEY: 0000018540 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 510007707 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-1/A SEC ACT: 1935 Act SEC FILE NUMBER: 070-08557 FILM NUMBER: 97502133 BUSINESS ADDRESS: STREET 1: 1616 WOODALL RODGERS FRWY CITY: DALLAS STATE: TX ZIP: 75202 BUSINESS PHONE: 2147541000 U-1/A 1 AMENDMENT NO. 5 File No. 70-8557 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 5 (POST-EFFECTIVE) TO FORM U-1 APPLICATION-DECLARATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ----------------------------------- CENTRAL AND SOUTH WEST CORPORATION SOUTHWESTERN ELECTRIC POWER COMPANY 1616 Woodall Rodgers Freeway 428 Travis Street Dallas, Texas 75202 Shreveport, Louisiana 71156-0001 CENTRAL POWER AND LIGHT COMPANY WEST TEXAS UTILITIES COMPANY 539 North Carancahua Street 301 Cypress Street Corpus Christi, Texas 78401-2802 Abilene, Texas 79601-5820 PUBLIC SERVICE COMPANY OF OKLAHOMA CENTRAL AND SOUTH WEST 212 East Sixth Street SERVICES, INC. Tulsa, Oklahoma 74119-1212 1616 Woodall Rodgers Freeway Dallas, Texas 75202 (Names of companies filing this statement and addresses of principal executive offices) ---------------------------------- CENTRAL AND SOUTH WEST CORPORATION (Name of top registered holding company parent) --------------------------------- Wendy G. Hargus, Treasurer Central and South West Corporation 1616 Woodall Rodgers Freeway Dallas, Texas 75202 Joris M. Hogan, Esq. Milbank, Tweed, Hadley & McCloy 1 Chase Manhattan Plaza New York, New York 10005 (Names and addresses of agents for service) Central and South West Corporation ("CSW"), a Delaware Corporation and a registered holding company under the Public Utility Holding Company Act of 1935, as amended (the "Act"), and its subsidiary companies Central Power and Light Company ("CPL"), Public Service Company of Oklahoma ("PSO"), Southwestern Electric Power Company ("SWEPCO"), West Texas Utilities Company ("WTU") and Central and South West Services, Inc. ("CSWS"), each referred to as a "Subsidiary" and collectively referred to as the "Subsidiaries", hereby file this Post-Effective Amendment No. 5 to the Form U-1 Application-Declaration in File No. 70-8557 to amend Items 1 and 6 as follows. In all other respects, the Application-Declaration as previously filed and as heretofore amended will remain the same. The Subsidiaries together with CSW are referred to herein collectively as the "Applicants". Item 1. Description of Proposed Transaction. The text of Item 1 under the heading "Security For Loans to Subsidiaries" is hereby amended and restated as follows: Security For Loans to Subsidiaries In view of the restrictions on the amount of unsecured short-term debt that CPL, PSO, SWEPCO and WTU may have outstanding under the terms of their respective charters, it is proposed that borrowings under the Money Pool may be secured from time to time by a subordinated lien on certain assets of the borrowing company. Any loan secured as herein described shall be evidenced by a promissory note, which would, in the case of loans from CSW or any of its Subsidiaries, be substantially in the form previously filed as Exhibit 4 to this Application-Declaration, and would be upon such terms and conditions as have been previously described in this Application-Declaration, as amended. Applicants agree to file any security or other agreement entered into in connection with securing any borrowings under the Money Pool as an exhibit to a certificate of notification filed with the Commission pursuant to Rule 24 in respect of such transaction. Item 6. Exhibits and Financial Statements. Item 6 is hereby amended to delete the following exhibits: Amended Exhibit 4 - Form of note to be executed by borrowing Subsidiaries to CSW or other Subsidiaries. Amended Exhibit 5 - Preliminary opinion of Milbank, Tweed, Hadley & McCloy, counsel to the Applicants. Amended Exhibit 6 - Financial statements as of June 30, 1996 of CSW and Subsidiaries. Amended Exhibit 7 - Final or "Past Tense" opinion of Milbank, Tweed, Hadley & McCloy, counsel to the Applicants. Amended Exhibit 10 - Operation of Central and South West System Money Pool. Item 6 is hereby further amended to add and file the following exhibits: Exhibit 13 - Preliminary opinion of Milbank, Tweed, Hadley & McCloy, counsel to the Applicants. Exhibit 14 - Financial statements as of September 30, 1996 of CSW and Subsidiaries. S I G N A T U R E - - - - - - - - - Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, the undersigned companies have duly caused this document to be signed on their behalf by the undersigned thereunto duly authorized. Dated: January 7, 1997 CENTRAL AND SOUTH WEST CORPORATION CENTRAL POWER AND LIGHT COMPANY By:/s/WENDY G. HARGUS By:/s/WENDY G. HARGUS Wendy G. Hargus Wendy G. Hargus Treasurer Treasurer PUBLIC SERVICE COMPANY OF OKLAHOMA SOUTHWESTERN ELECTRIC POWER COMPANY By:/s/WENDY G. HARGUS By:/s/WENDY G. HARGUS Wendy G. Hargus Wendy G. Hargus Treasurer Treasurer WEST TEXAS UTILITIES COMPANY CENTRAL AND SOUTH WEST SERVICES, INC. By:/s/WENDY G. HARGUS By:/s/WENDY G. HARGUS Wendy G. Hargus Wendy G. Hargus Treasurer Treasurer INDEX OF EXHIBITS EXHIBIT TRANSMISSION NUMBER EXHIBIT METHOD - ------- ------- ------------ 13 Preliminary opinion of Milbank, Tweed, Hadley & McCloy, counsel to the Applicants. Electronic 14 Financial statements as of September 30, 1996 of CSW and Subsidiaries. Electronic EX-13 2 EXHIBIT 13: PERLIMINARY OPINION OF MILBANK Exhibit 13 ------- -- Milbank, Tweed, Hadley & McCloy 1 Chase Manhattan Plaza New York, New York 10005 January 7, 1997 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Form U-1 Application-Declaration File No. 70-8557 Dear Sirs: We refer to the Form U-1 Application-Declaration (File No. 70-8557) under the Public Utility Holding Company Act of 1935, as amended (the "Application-Declaration"), filed by Central and South West Corporation ("CSW"), a Delaware corporation and a registered public utility holding company, Central Power and Light Company ("CPL"), Public Service Company of Oklahoma ("PSO"), Southwestern Electric Power Company ("SWEPCO"), West Texas Utilities Company ("WTU") and Central and South West Services, Inc. ("CSWS"). CPL, PSO, SWEPCO, WTU and CSWS are sometimes hereinafter referred to as the "Subsidiaries." The Application-Declaration relates to the proposed continuation and modification of the previously authorized short-term borrowing program and CSW System Money Pool (the "Money Pool"). Proposed transactions under the Money Pool include (i) issuance and sale of commercial paper by CSW to dealers, (ii) issuance and sale of commercial paper by CSW directly to financial institutions, (iii) issuance of notes by CSW or the Subsidiaries to banks in connection with bank borrowings, (iv) loans by CSW and the Subsidiaries to Subsidiaries borrowing through the Money Pool, (v) related borrowings by one or more of the Subsidiaries from time to time through the Money Pool from one or more of the Subsidiaries or CSW pursuant to open account advances or the issuance upon demand of promissory notes by the respective Subsidiaries to evidence such borrowings and (vi) securing certain borrowings under the Money Pool by a subordinated lien on certain assets of the borrowing company, all as described in the Application-Declaration and the exhibits thereto (collectively, the "Transactions"). We have acted as special counsel for CSW and the Subsidiaries in connection with the Transactions and, as such counsel, we are familiar with the corporate proceedings taken and to be taken by CSW and the Subsidiaries in connection with the Transactions as described in the Application- Declaration. We have examined originals, or copies certified to our satisfaction, of such corporate records of CSW and the Subsidiaries, certificates of public officials, certificates of officers and representatives of CSW and the Subsidiaries and other documents as we have deemed it necessary to require as a basis for the opinions hereinafter expressed. In such examination we have assumed the genuineness of all signatures and the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies. As to various questions of fact material to such opinions we have, when relevant facts were not independently established, relied upon certificates by officers of CSW and the Subsidiaries and other appropriate persons and statements contained in the Application-Declaration. Based upon the foregoing, and having regard to legal considerations which we deem relevant, we are of the opinion that, in the event that the proposed Transactions are consummated in accordance with the Application-Declaration, as it may be amended, and subject to the assumptions and conditions set forth below: 1. CPL, WTU and CSWS are validly organized and duly existing under the laws of the State of Texas, CSW and SWEPCO are validly organized and duly existing under the laws of the State of Delaware and PSO is validly organized and duly existing under the laws of the State of Oklahoma. 2. All state laws applicable to the proposed Transactions will have been complied with. 3. CSW and the Subsidiaries, as lenders, will legally acquire any promissory notes of the Subsidiaries issued in connection with borrowings through the Money Pool. 4. The commercial paper and other notes proposed to be issued by CSW and the notes proposed to be issued by the Subsidiaries to CSW and to other Subsidiaries will be valid and binding obligations of CSW or the Subsidiaries, as the case may be, in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium of other similar laws affecting the enforcement of creditors' rights generally and the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 5. The consummation of the proposed Transactions will not violate the legal rights of the holders of any securities issued by CSW or the Subsidiaries or any associate company thereof. The opinions expressed above in respect of the Transactions described in the Application-Declaration are subject to the following assumptions or conditions: a. The Transactions shall have been duly authorized and approved to the extent required by state law by the Board of Directors of CSW and each of the Subsidiaries. b. The Securities and Exchange Commission shall have duly entered an appropriate order or orders granting and permitting the Application-Declaration to become effective with respect to the Transactions described therein. c. The Transactions shall have been accomplished in accordance with required approvals, authorizations, consents, certificates and orders of any state commission or regulatory authority with respect to the consummation of the Transactions and all such required approvals, authorizations, consents, certificates and orders shall have been obtained and remain in effect. d. The commercial paper and other notes proposed to be issued by CSW and the Notes proposed to be issued by the Subsidiaries to CSW and to the other Subsidiaries shall be substantially in the forms attached as exhibits to the Application-Declaration and shall be properly completed and executed and, where required, countersigned. e. The rate of interest on the commercial paper and notes that are the subject of the Application- Declaration shall not exceed the interest rate permitted by applicable state and federal law. f. Borrowing through the Money Pool will not exceed those levels permitted from time to time by the borrowing Subsidiary's Articles or Certificate of Incorporation. g. No act or event other than as described herein shall have occurred subsequent to the date hereof which would change the opinions expressed above. In rendering the opinions hereinabove expressed, we have relied upon opinions of other counsel to CSW and the Subsidiaries who are qualified to practice in jurisdictions pertaining to the transactions described above in which we are not admitted to practice. We do not express any opinion as to matters governed by any laws other than the Federal laws of the United States of America, the Delaware General Corporation Law, the laws of the State of New York and, to the extent hereinabove stated, the laws of other jurisdictions pertaining to the transactions described above in reliance upon said opinions of counsel to CSW and the Subsidiaries. We hereby consent to the use of this opinion as an exhibit to the Application-Declaration. Very truly yours, RBW/JMH EX-99.14 3 FINANCIALS INDEX EXHIBIT 14 TO FINANCIAL STATEMENTS Page Number CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES Consolidated Balance Sheets - Per Books and Pro Forma as of September 30, 1996 3 - 4 Consolidated Statement of Income for the Twelve Months Ended September 30, 1996 5 Consolidated Statement of Retained Earnings for the Twelve Months Ended September 30, 1996 6 Statements of Long-Term Debt Outstanding as of September 30, 1996 7 - 10 Statements of Preferred Stock Outstanding as of September 30, 1996 11 CENTRAL AND SOUTH WEST CORPORATION (CORPORATE) Balance Sheets - Per Books and Pro Forma as of September 30, 1996 12 Statement of Income for the Twelve Months Ended September 30, 1996 13 CENTRAL POWER AND LIGHT COMPANY Balance Sheets - Per Books and Pro Forma as of September 30, 1996 14 - 15 Statement of Income for the Twelve Months Ended September 30, 1996 16 Statement of Retained Earnings for the Twelve Months Ended September 30, 1996 17 PUBLIC SERVICE COMPANY OF OKLAHOMA Balance Sheets - Per Books and Pro Forma as of September 30, 1996 18 - 19 Statement of Income for the Twelve Months Ended September 30, 1996 20 Statement of Retained Earnings for the Twelve Months Ended September 30, 1996 21 SOUTHWESTERN ELECTRIC POWER COMPANY Balance Sheets - Per Books and Pro Forma as of September 30, 1996 22 - 23 Statement of Income for the Twelve Months Ended September 30, 1996 24 Statement of Retained Earnings for the Twelve Months Ended September 30, 1996 25 INDEX TO FINANCIAL STATEMENTS Page (CONTINUED) Number WEST TEXAS UTILITIES COMPANY Balance Sheets - Per Books and Pro Forma as of September 30, 1996 26 - 27 Statement of Income for the Twelve Months Ended September 30, 1996 28 Statement of Retained Earnings for the Twelve Months Ended September 30, 1996 29 CENTRAL AND SOUTH WEST SERVICES, INC. Balance Sheets - Per Books and Pro Forma as of September 30, 1996 30 - 31 Statement of Income for the Twelve Months Ended September 30, 1996 32 Statement of Retained Earnings for the Twelve Months Ended September 30, 1996 33 PRO FORMA ADJUSTMENTS TO BALANCE SHEETS 34 STATEMENT OF CHANGES 35 CAPITALIZATION RATIOS - Per books and Pro forma 36 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 37 CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- ASSETS FIXED ASSETS Electric utility plant Production $5,833 $5,833 Transmission 1,521 1,521 Distribution 4,040 4,040 General 1,297 1,297 Construction work in progress 203 203 Nuclear fuel 175 175 Other Diversified 57 57 -------- -------- -------- 13,126 13,126 Less - Accumulated depreciation 4,820 4,820 -------- -------- -------- 8,306 8,306 -------- -------- -------- CURRENT ASSETS Cash and temporary cash investments 422 422 Special Deposits 60 60 Accounts receivable 1,216 1,216 Materials and supplies, at average cost 179 179 Electric fuel inventory, substantially at average cost 111 111 Prepayments and other 164 164 -------- -------- -------- 2,152 2,152 -------- -------- -------- DEFERRED CHARGES AND OTHER ASSETS Deferred plant costs 505 505 Mirror CWIP asset - net 302 302 Other non-utility investments 292 292 Income tax related regulatory assets, net 239 239 Goodwill 1,374 1,374 Other 422 422 -------- -------- -------- 3,134 3,134 -------- -------- -------- $13,592 $0 $13,592 ======== ======== ======== CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- CAPITALIZATION AND LIABILITIES CAPITALIZATION Common Stock Equity - Common stock, $3.50 par value, authorized 350,000,000 shares; issued and outstanding 210,800,000 shares $737 $737 Paid-in capital 999 999 Retained earnings 1,996 1,996 Foreign currency translation adjustment (3) (3) -------- -------- -------- Total Common Stock Equity 3,729 3,729 Preferred stock Not subject to mandatory redemption 293 293 Subject to mandatory redemption 32 32 Long-term debt 4,315 4,315 -------- -------- -------- Total Capitalization 8,369 8,369 -------- -------- -------- CURRENT LIABILITIES Long-term debt/preferred stock due within twelve months 65 65 Short-term debt 378 378 Short-term debt - CSW Credit 809 809 Loan Notes 97 97 Accounts payable 457 457 Accrued taxes 451 451 Accrued interest 74 74 Other 175 175 -------- -------- -------- 2,506 2,506 -------- -------- -------- DEFERRED CREDITS Accumulated deferred income taxes 2,229 2,229 Investment tax credits 295 295 Other 193 193 -------- -------- -------- 2,717 2,717 -------- -------- -------- $13,592 $0 $13,592 ======== ======== ======== CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) OPERATING REVENUES $4,806 -------- OPERATING EXPENSES AND TAXES Fuel and purchased power 1,193 United Kingdom Cost of Sales 1,118 Other operating 719 Maintenance 154 Depreciation and amortization 454 Taxes, other than income 177 Income taxes 233 -------- 4,048 -------- OPERATING INCOME 758 -------- OTHER INCOME AND DEDUCTIONS (45) -------- (45) INCOME BEFORE INTEREST CHARGES 713 -------- INTEREST CHARGES Interest on long-term debt 300 Interest on short-term debt and other 99 -------- 399 -------- INCOME FROM CONTINUING OPERATIONS 314 DISCONTINUED OPERATIONS Income from discontinued operations, net of tax 23 Gain on the sale of discontinued operations, net of tax 113 -------- 136 -------- NET INCOME 450 Preferred stock dividends 18 -------- NET INCOME FOR COMMON STOCK $432 ======== CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) RETAINED EARNINGS AT SEPTEMBER 30, 1995 $1,914 Add: Net income for common stock 432 -------- 2,346 Deduct: Common stock dividends 348 Retained earnings adjustment 2 -------- RETAINED EARNINGS AT SEPTEMBER 30, 1996 $1,996 ======== CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES STATEMENT OF LONG-TERM DEBT OUTSTANDING AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) CENTRAL POWER AND LIGHT COMPANY First mortgage bonds - Series J, 6-5/8%, due January 1, 1998 $28 Series L, 7%, due February 1, 2001 36 Series T, 7-1/2%, due December 15, 2014 112 Series AA, 7-1/2%, due March 1, 2020 50 Series BB, 6%, due October 1, 1997 200 Series CC, 7-1/4%, due October 1, 2004 100 Series DD, 7-1/8%, due December 1, 1999 25 Series EE, 7-1/2%, due December 1, 2002 115 Series FF, 6-7/8%, due February 1, 2003 50 Series GG, 7-1/8%, due February 1, 2008 75 Series HH, 6%, due April 1, 2000 100 Series II, 7-1/2%, due April 1, 2023 100 Series JJ, 7-1/2%, due May 1, 1999 100 Series KK, 6-5/8%, due July 1, 2005 200 Installment sales agreements - Pollution control bonds Series 1984, 7-7/8%, due September 15, 2014 6 Series 1986, 7-7/8%, due December 1, 2016 60 Series 1993, 6%, due July 1, 2028 120 Series 1995, 6-1/10%, due July 1, 2028 101 Series 1995, variable, due November 1, 2015 41 Unamortized discount (6) Unamortized costs of reacquired debt (91) -------- $1,522 -------- CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued) AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) PUBLIC SERVICE COMPANY OF OKLAHOMA First mortgage bonds - Series K, 7-1/4%, due January 1, 1999 $25 Series L, 7-3/8%, due March 1, 2002 30 Series S, 7-1/4%, due July 1, 2003 65 Series T, 7-3/8%, due December 1, 2004 50 Series U, 6-1/4%, due April 1, 2003 35 Series V, 7-3/8%, due April 1, 2023 100 Series W, 6-1/2%, due June 1, 2005 50 Long-term note Series A-1, 5.89%, due December 15, 2000 10 Series A-2, 5.91%, due March 1, 2001 6 Series A-3, 6.02%, due March 1, 2001 5 Series A-4, 6.02%, due March 1, 2001 9 Series A-5, 6.43%, due March 30, 2000 10 Installment sales agreements - Pollution control bonds Series A, 5.9%, due December 1, 2007 35 Series 1984 7-7/8, due September 15, 2014 12 * Unamortized discount (4) Unamortized costs of reacquired debt (18) -------- * Rounded down from 12,660,000 $420 -------- CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued) AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) SOUTHWESTERN ELECTRIC POWER COMPANY First mortgage bonds - Series V, 7-3/4%, due June 1, 2004 $40 Series W, 6-1/8%, due September 1, 1999 40 Series X, 7%, due September 1, 2007 90 Series Y, 6-5/8%, due February 1, 2003 55 Series Z, 7-1/4%, due July 1, 2023 45 Series AA, 5-1/4%, due April 1, 2000 45 Series BB, 6-7/8%, due October 1, 2025 80 1976 Series A, 6.2%, due November 1, 2006 7 1976 Series B, 6.2%, due November 1, 2006 1 Installment sales agreements - Pollution control bonds 1978 Series A, 6%, due January 1, 2008 14 Series 1986, 8.2%, due July 1, 2014 82 1991 Series A, 8.2%, due August 1, 2011 17 1991 Series B, 6.9%, due November 1, 2004 12 Series 1992, 7.6%, due January 1, 2019 54 Bank loan, variable rate, due June 15, 2000 50 Railcar lease obligations 11 Unamortized premium 1 Unamortized costs of reacquired debt (44) Amount to be redeemed within one year (4) -------- $596 -------- WEST TEXAS UTILITIES COMPANY First mortgage bonds - Series P, 7-3/4%, due July 1, 2007 25 Series Q, 6-7/8%, due October 1, 2002 35 Series R, 7%, due October 1, 2004 40 Series S, 6-1/8%, due February 1, 2004 40 Series T, 7-1/2%, due April 1, 2000 40 Series U, 6-3/8%, due October 1, 2005 80 Installment sales agreement - Pollution control bonds Series 1984, 7-7/8%, due September 15, 2014 44 Unamortized discount and premium (1) Unamortized costs of reacquired debt (29) -------- $274 -------- CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued) AS OF SEPTEMBER 30, 1996 UNAUDITED (millions) CSW U.K. GROUP Long-term debt facility, floating rate, due 2001 $729 Eurobond, 8-1/2%, due October 3, 2005 156 Eurobond, 8-7/8%, due September 27, 2006 156 Notes, 6.95%, due August 1, 2001 * 202 Notes, 7.45%, due August 1, 2006 * 202 Unamortized discount and premium (2) -------- $1,443 -------- * The $202 million amounts result from a U.S. dollar to British pound cross currency swap and the subsequent translation of those pounds back into U.S. dollars for U.S. reporting purposes. CENTRAL AND SOUTH WEST SERVICES, INC. Term loan facility, Variable rate, due December 1, 2001 60 -------- $60 -------- TOTAL CONSOLIDATED $4,315 ======== CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES STATEMENT OF PREFERRED STOCK OUTSTANDING AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) NOT SUBJECT TO MANDATORY REDEMPTION CENTRAL POWER AND LIGHT COMPANY 4.00% Series, 100,000 shares $10 4.20% Series, 75,000 shares 7 7.12% Series, 260,000 shares 26 8.72% Series, 500,000 shares 50 Auction Money Market, 750,000 shares 75 Auction Series A, 425,000 shares 43 Auction Series B, 425,000 shares 43 Issuance expense (3) -------- $251 -------- PUBLIC SERVICE COMPANY OF OKLAHOMA 4.00% Series, 97,900 shares $10 4.24% Series, 100,000 shares 10 -------- $20 -------- SOUTHWESTERN ELECTRIC POWER COMPANY 5.00% Series, 75,000 shares $8 4.65% Series, 25,000 shares 2 4.28% Series, 60,000 shares 6 -------- $16 -------- WEST TEXAS UTILITIES COMPANY 4.40% Series, 60,000 shares 6 -------- Total Consolidated $293 ======== SUBJECT TO MANDATORY REDEMPTION SOUTHWESTERN ELECTRIC POWER COMPANY 6.95% Series, 352,000 shares $34 Amount to be redeemed within one year (2) -------- Total Consolidated $32 ======== CENTRAL AND SOUTH WEST CORPORATION BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- ASSETS FIXED ASSETS Electric utility plant General $4 $4 Less - Accumulated depreciation (1) (1) -------- -------- -------- NET PLANT 3 3 INVESTMENTS IN COMMON STOCK OF SUBSIDIARY COMPANIES (at equity) 3,914 3,914 -------- -------- -------- CURRENT ASSETS Cash and temporary cash investments 5 5 Advances to affiliates 208 208 Accounts receivable - Affiliated 162 162 Prepayments and other 8 8 -------- -------- -------- 383 383 -------- -------- -------- DEFERRED CHARGES AND OTHER ASSETS 58 58 -------- -------- -------- $4,358 $0 $4,358 ======== ======== ======== CAPITALIZATION Common Stock Equity - Common stock, $3.50 par value; authorized 350,000,000 shares; issued and outstanding 210,800,000 shares $737 $737 Paid-in capital 999 999 Retained earnings 1,996 1,996 -------- -------- -------- Total Common Stock Equity 3,732 3,732 -------- -------- -------- Long-term debt 0 0 -------- -------- -------- Total Capitalization 3,732 3,732 -------- -------- -------- CURRENT LIABILITIES Short-term debt 378 378 Accounts payable and other 214 214 -------- -------- -------- 592 592 -------- -------- -------- DEFERRED CREDITS 34 34 -------- -------- -------- $4,358 $0 $4,358 ======== ======== ======== CENTRAL AND SOUTH WEST CORPORATION STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) INCOME Equity in earnings of subsidiaries Central Power and Light Company $152 Public Service Company of Oklahoma 35 Southwestern Electric Power Company 73 West Texas Utilities Company 17 SEEBOARD plc 62 Transok, Inc. 22 CSW Credit, Inc. 8 CSW Energy, Inc. (9) CSW Leasing, Inc. 1 CSW International, Inc. (4) CSW Communications, Inc. (3) Enershop Inc. (1) Central and South West Services, Inc. 0 Other Income 53 -------- $406 -------- EXPENSES AND TAXES General and administrative expenses 32 Interest expense 59 Federal income taxes (4) -------- 87 -------- DISCONTINUED OPERATIONS Gain on sale of discontinued operations, net of tax 113 -------- NET INCOME $432 ======== CENTRAL POWER AND LIGHT COMPANY BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- ASSETS FIXED ASSETS Electric utility plant Production $3,108 $3,108 Transmission 500 500 Distribution 938 938 General 265 265 Construction work in progress 82 82 Nuclear fuel 175 175 -------- -------- -------- 5,068 5,068 Less - Accumulated depreciation and amortization 1,674 1,674 -------- -------- -------- 3,394 3,394 -------- -------- -------- CURRENT ASSETS Cash and temporary cash investments 6 6 Special deposits 60 60 Accounts receivable 36 36 Under-recovered fuel costs 23 23 Materials and supplies, at average cost 76 76 Fuel inventory, at average cost 16 16 Accumulated deferred income taxes 9 9 Prepayments and other 2 2 -------- -------- -------- 228 228 -------- -------- -------- DEFERRED CHARGES AND OTHER ASSETS Deferred STP costs 481 481 Mirror CWIP asset 302 302 Income tax related regulatory assets, net 337 337 Other 125 125 -------- -------- -------- 1,245 1,245 -------- -------- -------- $4,867 $0 $4,867 ======== ======== ======== CENTRAL POWER AND LIGHT COMPANY BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- CAPITALIZATION AND LIABILITIES CAPITALIZATION Common stock, $25 par value; authorized 12,000,000 shares; issued and outstanding 6,755,535 shares $169 $169 Paid-in capital 405 405 Retained earnings 872 872 -------- -------- -------- Total common stock equity 1,446 1,446 Preferred stock Not subject to mandatory redemption 251 251 Long-term debt 1,522 1,522 -------- -------- -------- Total capitalization 3,219 3,219 -------- -------- -------- CURRENT LIABILITIES Long-term debt due within twelve months 60 60 Advances from affiliates 58 58 Accounts payable 50 50 Accrued taxes 99 99 Accrued interest 36 36 Other 36 36 -------- -------- -------- 339 339 -------- -------- -------- DEFERRED CREDITS Accumulated deferred income taxes 1,150 1,150 Investment tax credits 148 148 Other 11 11 -------- -------- -------- 1,309 1,309 -------- -------- -------- $4,867 $0 $4,867 ======== ======== ======== CENTRAL POWER AND LIGHT COMPANY STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) ELECTRIC OPERATING REVENUE $1,289 -------- OPERATING EXPENSES AND TAXES Fuel and purchased power 378 Other operating 219 Maintenance 59 Depreciation and amortization 165 Taxes, other than income 78 Income taxes 98 -------- 997 -------- OPERATING INCOME 292 -------- OTHER INCOME AND DEDUCTIONS Other 1 -------- 1 -------- INCOME BEFORE INTEREST CHARGES 293 -------- INTEREST CHARGES Interest on long-term debt 110 Interest on short-term debt and other 17 -------- 127 -------- NET INCOME 166 PREFERRED STOCK DIVIDENDS 14 -------- NET INCOME FOR COMMON STOCK $152 ======== 17 CENTRAL POWER AND LIGHT COMPANY STATEMENT OF RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) RETAINED EARNINGS AT SEPTEMBER 30, 1995 $886 Add: Net income (loss) for common stock 152 -------- 1,038 Deduct: Common stock dividends 166 -------- RETAINED EARNINGS AT SEPTEMBER 30, 1996 $872 ======== PUBLIC SERVICE COMPANY OF OKLAHOMA BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- ASSETS FIXED ASSETS Electric utility plant Production $902 $902 Transmission 371 371 Distribution 761 761 General 186 186 Construction work in progress 46 46 -------- -------- -------- 2,266 2,266 Less - Accumulated depreciation 973 973 -------- -------- -------- 1,293 1,293 -------- -------- -------- CURRENT ASSETS Cash and temporary cash investments 1 1 Accounts receivable 27 27 Materials and supplies, at average cost 36 36 Fuel inventory, at LIFO cost 15 15 Accumulated deferred income taxes 2 2 Prepayments 2 2 -------- -------- -------- 83 83 -------- -------- -------- DEFERRED CHARGES AND OTHER ASSETS 58 58 -------- -------- -------- $1,434 $0 $1,434 ======== ======== ======== PUBLIC SERVICE COMPANY OF OKLAHOMA BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- CAPITALIZATION AND LIABILITIES CAPITALIZATION Common stock, $15 par value; authorized 11,000,000 shares; issued 10,482,000 shares; outstanding 9,013,000 shares $157 $157 Paid-in capital 180 180 Retained earnings 147 147 -------- -------- -------- Total common stock equity 484 484 Preferred stock 20 20 Long-term debt 420 420 -------- -------- -------- Total capitalization 924 924 -------- -------- -------- CURRENT LIABILITIES Long-term debt due within twelve months 0 0 Advances from affiliates 30 30 Payable to affiliates 20 20 Accounts payable 41 41 Payables to customers 14 14 Accrued taxes 44 44 Accrued interest 11 11 Other 9 9 -------- -------- -------- 169 169 -------- -------- -------- DEFERRED CREDITS Accumulated deferred income taxes 244 244 Investment tax credits 44 44 Income tax related regulatory liabilities, net 46 46 Other 7 7 -------- -------- -------- 341 341 -------- -------- -------- $1,434 $0 $1,434 ======== ======== ======== PUBLIC SERVICE COMPANY OF OKLAHOMA STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) ELECTRIC OPERATING REVENUE $728 -------- OPERATING EXPENSES AND TAXES Fuel and purchased power 324 Other operating 118 Maintenance 38 Depreciation and amortization 76 Taxes, other than income 27 Income taxes 39 -------- 622 -------- OPERATING INCOME 106 -------- OTHER INCOME AND DEDUCTIONS Other (35) -------- (35) -------- INCOME BEFORE INTEREST CHARGES 71 -------- INTEREST CHARGES Interest on long-term debt 30 Interest on short-term debt and other 5 -------- 35 -------- NET INCOME 36 PREFERRED STOCK DIVIDENDS 1 -------- NET INCOME FOR COMMON STOCK $35 ======== PUBLIC SERVICE COMPANY OF OKLAHOMA STATEMENT OF RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) RETAINED EARNINGS AT SEPTEMBER 30, 1995 $162 Add: Net income (loss) for common stock 35 -------- 197 Deduct: Common stock dividends 50 -------- RETAINED EARNINGS AT SEPTEMBER 30, 1996 $147 ======== SOUTHWESTERN ELECTRIC POWER COMPANY BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- ASSETS FIXED ASSETS Electric utility plant Production $1,406 $1,406 Transmission 451 451 Distribution 835 835 General 272 272 Construction work in progress 50 50 -------- -------- -------- 3,014 3,014 Less - Accumulated depreciation 1,175 1,175 -------- -------- -------- 1,839 1,839 -------- -------- -------- CURRENT ASSETS Cash and temporary cash investments 2 2 Accounts receivable 60 60 Materials and supplies, at average costs 29 29 Fuel inventory, at average cost 64 64 Accumulated deferred income taxes 0 0 Under-recovered fuel costs 10 10 Prepayments and other 16 16 -------- -------- -------- 181 181 -------- -------- -------- DEFERRED CHARGES AND OTHER ASSETS 83 83 -------- -------- -------- $2,103 $0 $2,103 ======== ======== ======== SOUTHWESTERN ELECTRIC POWER COMPANY BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- CAPITALIZATION AND LIABILITIES CAPITALIZATION Common stock, $18 par value; authorized 7,600,000 shares; issued and outstanding 7,536,640 shares $136 $136 Paid-in capital 245 245 Retained earnings 325 325 -------- -------- -------- Total common stock equity 706 706 Preferred stock Not subject to mandatory redemption 16 16 Subject to mandatory redemption 32 32 Long-term debt 596 596 -------- -------- -------- Total capitalization 1,350 1,350 -------- -------- -------- CURRENT LIABILITIES Long-term debt and preferred stock due within twelve months 5 5 Advances from affiliates 78 78 Payable to affiliates 53 53 Accounts payable 44 44 Customer deposits 11 11 Accrued taxes 42 42 Accumulated deferred income taxes 2 2 Accrued interest 12 12 Other 16 16 -------- -------- -------- 263 263 -------- -------- -------- DEFERRED CREDITS Accumulated deferred income taxes 371 371 Investment tax credits 73 73 Income tax related regulatory liabilities, net 38 38 Other 8 8 -------- -------- -------- 490 490 -------- -------- -------- $2,103 $0 $2,103 ======== ======== ======== SOUTHWESTERN ELECTRIC POWER COMPANY STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) ELECTRIC OPERATING REVENUE $904 -------- OPERATING EXPENSES AND TAXES Fuel and purchased power 403 Other Operating 129 Maintenance 43 Depreciation and amortization 90 Taxes, other than income 47 Income taxes 44 -------- 756 -------- OPERATING INCOME 148 -------- OTHER INCOME AND DEDUCTIONS Other (20) -------- (20) -------- INCOME BEFORE INTEREST CHARGES 128 -------- INTEREST CHARGES Interest on long-term debt 45 Interest on short-term debt and other 7 -------- 52 -------- NET INCOME 76 PREFERRED STOCK DIVIDENDS 3 -------- NET INCOME FOR COMMON STOCK $73 ======== SOUTHWESTERN ELECTRIC POWER COMPANY STATEMENT OF RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) RETAINED EARNINGS AT SEPTEMBER 30, 1995 $324 Add: Net income (loss) for common stock 73 -------- 397 Deduct: Common stock dividends 72 -------- RETAINED EARNINGS AT SEPTEMBER 30, 1996 $325 ======== WEST TEXAS UTILITIES COMPANY BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- ASSETS FIXED ASSETS Electric utility plant Production $416 $416 Transmission 200 200 Distribution 343 343 General 94 94 Construction work in progress 26 26 -------- -------- -------- 1,079 1,079 Less - Accumulated depreciation 412 412 -------- -------- -------- 667 667 -------- -------- -------- CURRENT ASSETS Cash and temporary cash investments 1 1 Accounts receivable 21 21 Materials and supplies, at average cost 16 16 Fuel inventory, at average cost 8 8 Coal inventory, at LIFO cost 7 7 Accumulated deferred income taxes 3 3 Under-recovered fuel costs 4 4 Prepayments and other 1 1 -------- -------- -------- 61 61 -------- -------- -------- DEFERRED CHARGES AND OTHER ASSETS Deferred Oklaunion costs 23 23 Regulatory assets 11 11 Other 33 33 -------- -------- -------- 67 67 -------- -------- -------- $795 $0 $795 ======== ======== ======== WEST TEXAS UTILITIES COMPANY BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- CAPITALIZATION AND LIABILITIES CAPITALIZATION Common stock, $25 par value; authorized 7,800,000 shares; issued and outstanding 5,488,560 shares $137 $137 Paid-in capital 2 2 Retained earnings 126 126 -------- -------- -------- Total common stock equity 265 265 Preferred stock Not subject to mandatory redemption 6 6 Long-term debt 274 274 -------- -------- -------- Total capitalization 545 545 -------- -------- -------- CURRENT LIABILITIES Long-term debt due within twelve months 0 0 Advances from affiliates 4 4 Payables to affiliates 7 7 Accounts payable 18 18 Accrued taxes 18 18 Accrued interest 9 9 Other 3 3 -------- -------- -------- 59 59 -------- -------- -------- DEFERRED CREDITS Accumulated deferred income taxes 142 142 Investment tax credits 30 30 Investment tax related regulatory liabilities, net 15 15 Other 4 4 -------- -------- -------- 191 191 -------- -------- -------- $795 $0 $795 ======== ======== ======== WEST TEXAS UTILITIES COMPANY STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) ELECTRIC OPERATING REVENUE $370 -------- OPERATING EXPENSES AND TAXES Fuel and purchased power 160 Other Operating 66 Maintenance 14 Depreciation and amortization 39 Taxes, other than income 22 Income taxes 14 -------- 315 -------- OPERATING INCOME 55 -------- OTHER INCOME AND DEDUCTIONS (12) -------- INCOME BEFORE INTEREST CHARGES 43 -------- INTEREST CHARGES Interest on long-term debt 22 Interest on short-term debt and other 4 -------- 26 -------- NET INCOME 17 PREFERRED STOCK DIVIDENDS 0 -------- NET INCOME FOR COMMON STOCK $17 ======== WEST TEXAS UTILITIES COMPANY STATEMENT OF RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) RETAINED EARNINGS AT SEPTEMBER 30, 1995 $142 Add: Net income (loss) for common stock 17 -------- 159 Deduct: Common stock dividends 33 -------- RETAINED EARNINGS AT SEPTEMBER 30, 1996 $126 ======== CENTRAL AND SOUTH WEST SERVICES, INC. BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- ASSETS General plant $118 $118 Less - Accumulated depreciation 26 26 -------- -------- -------- 92 92 -------- -------- -------- CURRENT ASSETS Cash and temporary cash investments 1 1 Accounts receivable 18 18 Accounts receivable non - affiliated 5 5 Prepayments and other 13 13 -------- -------- -------- 37 37 -------- -------- -------- DEFERRED CHARGES AND OTHER ASSETS 2 2 -------- -------- -------- $131 $0 $131 ======== ======== ======== CENTRAL AND SOUTH WEST SERVICES, INC. BALANCE SHEETS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 UNAUDITED (Millions) Per Pro Forma Pro Books Adjustments Forma -------- ----------- -------- CAPITALIZATION AND LIABILITIES CAPITALIZATION Long-term debt $60 $60 -------- -------- -------- Total capitalization 60 60 -------- -------- -------- CURRENT LIABILITIES Accounts payable 13 13 Advances from affiliates and other 37 37 -------- -------- -------- 50 50 -------- -------- -------- DEFERRED CREDITS 21 21 -------- -------- -------- $131 $0 $131 ======== ======== ======== CENTRAL AND SOUTH WEST SERVICES, INC. STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (Millions) OPERATING REVENUE $0 -------- OPERATING EXPENSES AND TAXES Other Operating 223 Maintenance 3 Depreciation and amortization 9 Taxes, other than income taxes 7 Income taxes 1 -------- 243 -------- OPERATING INCOME (243) -------- OTHER INCOME AND DEDUCTIONS 249 -------- INCOME BEFORE INTEREST CHARGES 6 -------- INTEREST CHARGES 6 -------- NET INCOME FOR COMMON STOCK $0 ======== CENTRAL AND SOUTH WEST SERVICES, INC. STATEMENT OF RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996 UNAUDITED (millions) RETAINED EARNINGS AT SEPTEMBER 30, 1995 $0 Add: Net income (loss) for common stock 0 -------- RETAINED EARNINGS AT SEPTEMBER 30, 1996 $0 ======== CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES PRO FORMA ADJUSTMENTS TO BALANCE SHEETS SEPTEMBER 30, 1996 UNAUDITED (Millions) DR CR -------- -------- CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES None CENTRAL AND SOUTH WEST CORPORATION (CORPORATE) None CENTRAL POWER AND LIGHT COMPANY None PUBLIC SERVICE COMPANY OF OKLAHOMA None SOUTHWESTERN ELECTRIC POWER COMPANY None WEST TEXAS UTILITIES COMPANY None CENTRAL AND SOUTH WEST SERVICES, INC. None CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES STATEMENT OF CHANGES There have been no significant changes in the financial statements of Central and South West Corporation and subsidiary companies subsequent to September 30, 1996, other than in the ordinary course of business. See CSW Combined Quarterly Report on Form 10-Q for the quarter ended September 30, 1996. CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES CAPITALIZATION RATIOS PER BOOKS AND PRO FORMA AS OF SEPTEMBER 30, 1996 Common Stock Preferred Long-term Equity Stock Debt -------- -------- -------- Central and South West Corporation and Subsidiary Companies (Consolidated) Per books 44.6% 3.9% 51.6% Central and South West Corporation and Subsidiary Companies (Consolidated) Pro forma 44.6% 3.9% 51.6% Central and South West Corporation (Corporate) Per books 100.0% 0.0% 0.0% Central and South West Corporation (Corporate) Pro forma 100.0% 0.0% 0.0% Central Power and Light Company Per books 44.9% 7.8% 47.3% Central Power and Light Company Pro forma 44.9% 7.8% 47.3% Public Service Company of Oklahoma Per books 52.4% 2.2% 45.5% Public Service Company of Oklahoma Pro forma 52.4% 2.2% 45.5% Southwestern Electric Power Company Per books 52.3% 3.6% 44.1% Southwestern Electric Power Company Pro forma 52.3% 3.6% 44.1% West Texas Utilities Company Per books 48.6% 1.1% 50.3% West Texas Utilities Company Pro forma 48.6% 1.1% 50.3% Central and South West Services, Inc. Per books 0.0% 0.0% 100.0% Central and South West Services, Inc. Pro forma 0.0% 0.0% 100.0% CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The notes to consolidated financial statements included in Central and South West Corporation's 1995 Annual Report on Form 10-K are hereby incorporated by reference and made a part of this report. Page Reference 1995 Annual Report on Form 10-K pages 2-32 through 2-67 EX-27.1 4
OPUR1 000018540 CENTRAL AND SOUTH WEST CORPORTION & SUBS 1,000,000 12-MOS DEC-31-1996 Sep-30-1996 PER-BOOK 8,250 56 2,152 505 2,629 13,592 737 999 1,993 3,729 32 293 3,025 0 1,283 1,187 60 1 7 4 3,971 13,592 4,806 233 3,815 4,048 758 (45) 713 399 450 18 432 348 216 684 2.13 2.13
EX-27.2 5
OPUR1 002 CENTRAL AND SOUTH WEST CORP. 1,000,000 12-MOS DEC-31-1996 Sep-30-1996 PER-BOOK 3 3,914 383 0 58 4,358 737 999 1,996 3,732 0 0 0 0 0 378 0 0 0 0 248 4,358 0 (4) 32 28 (28) 406 378 59 432 0 432 349 0 339 2.13 2.13
EX-27.3 6
OPUR1 003 CENTRAL POWER AND LIGHT 1,000,000 12-MOS DEC-31-1996 Sep-30-1996 PER-BOOK 3,394 0 228 481 764 4,867 169 405 872 1,446 0 251 1,522 0 0 0 60 0 0 0 1,588 4,867 1,289 98 899 997 292 1 293 127 166 14 152 166 110 335 0.75 0.75
EX-27.4 7
OPUR1 004 PUBLIC SERVICE COMPANY OF OKLAHOMA 1,000,000 12-MOS DEC-31-1996 Sep-30-1996 PER-BOOK 1,293 0 83 0 58 1,434 157 180 147 484 0 20 380 0 40 0 0 0 0 0 510 1,434 728 39 583 622 106 (35) 71 35 36 1 35 50 29 140 0.17 0.17
EX-27.5 8
OPUR1 005 SOUTHWESTERN ELECTRIC POWER COMPANY 1,000,000 12-MOS DEC-31-1996 Sep-30-1996 PER-BOOK 1,839 0 181 0 83 2,103 136 245 325 706 32 16 539 0 50 0 0 1 7 4 748 2,103 904 44 712 756 148 (20) 128 52 76 3 73 72 42 171 0.36 0.36
EX-27.6 9
OPUR1 006 WEST TEXAS UTILITIES COMPANY 1,000,000 12-MOS DEC-31-1996 Sep-30-1996 PER-BOOK 667 0 61 23 44 795 137 2 126 265 0 6 274 0 0 0 0 0 0 0 250 795 370 14 301 315 55 (12) 43 26 17 0 17 33 22 61 0.08 0.08
EX-27.7 10
OPUR1 008 CENTRAL AND SOUTH WEST SERVICES, INC. 1,000,000 12-MOS DEC-31-1996 Sep-30-1996 PER-BOOK 92 0 37 0 2 131 0 0 0 0 0 0 60 0 0 0 0 0 0 0 71 131 0 1 242 243 (243) 249 6 6 0 0 0 0 0 17 0.00 0.00
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