-----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, In7SeMIT48mCMWUNPT7fWicCOgENAvYMHrn5DQN6ekHkQBJIG7rDZ/RStbs0e1Hu gSbEmeJBpoy1MThrmmCw5g== 0000004904-98-000113.txt : 19980831 0000004904-98-000113.hdr.sgml : 19980831 ACCESSION NUMBER: 0000004904-98-000113 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980828 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL OHIO COAL CO CENTRAL INDEX KEY: 0000018713 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: SEC FILE NUMBER: 070-08611 FILM NUMBER: 98699610 BUSINESS ADDRESS: STREET 1: C/O AMERICAN ELECTRIC POWER SERVICE CORP STREET 2: 1 RIVERSIDE PLAZA CITY: COLUMBUS STATE: OH ZIP: 43215 35-CERT 1 CENTRAL OHIO COAL COMPANY QUARTERLY REPORT PER REQUIREMENTS OF HOLDING COMPANY ACT RELEASE NO. 26573 FOR THE QUARTER ENDED JUNE 30, 1998 CONTENTS Page Statements of Income and Retained Earnings 1 Balance Sheets 2-3 Information Concerning Mine Operations and Capital Improvements 4 Calculation of Cost of Capital and Statement of Cost of Commercial Coal Sold and Shipped 5 Statement of Cost of Operation 6 Analysis of Mining Plant in Service 7 CENTRAL OHIO COAL COMPANY STATEMENT OF INCOME FOR THE QUARTER ENDED JUNE 30, 1998 (UNAUDITED) (in thousands) OPERATING REVENUES $27,298 COST OF OPERATION 28,183 OPERATING LOSS (885) NONOPERATING INCOME 646 LOSS BEFORE FEDERAL INCOME TAXES (239) FEDERAL INCOME TAX CREDIT (239) NET INCOME $ - STATEMENT OF RETAINED EARNINGS FOR THE QUARTER ENDED JUNE 30, 1998 (UNAUDITED) (in thousands) BALANCE AT BEGINNING OF PERIOD $ - NET INCOME - CASH DIVIDENDS DECLARED - BALANCE AT END OF PERIOD $ - The common stock of the Company is wholly owned by Ohio Power Company. CENTRAL OHIO COAL COMPANY BALANCE SHEET (UNAUDITED) JUNE 30, 1998 (in thousands) ASSETS MINING PLANT: Mining Plant in Service $39,553 Accumulated Depreciation and Amortization 35,637 NET MINING PLANT 3,916 OTHER PROPERTY AND INVESTMENTS 2,114 CURRENT ASSETS: Cash and Cash Equivalents 45,279 Accounts Receivable: General 120 Affiliated Companies 11,304 Coal 46 Materials and Supplies 7,156 Prepayments 141 TOTAL CURRENT ASSETS 64,046 DEFERRED INCOME TAXES 28,208 REGULATORY ASSETS 194 DEFERRED CHARGES 912 TOTAL $99,390 CENTRAL OHIO COAL COMPANY BALANCE SHEET (UNAUDITED) JUNE 30, 1998 (in thousands) CAPITALIZATION AND LIABILITIES SHAREHOLDER'S EQUITY: Common Stock - Par Value $0.10: Authorized - 100,000 Shares Outstanding - 69,000 Shares $ 7 Retained Earnings - TOTAL SHAREHOLDER'S EQUITY 7 OTHER NONCURRENT LIABILITIES: Accrued Postretirement Benefits Other Than Pensions 15,658 Accrued Reclamation Costs 33,924 Other Operating Reserves 10,521 TOTAL OTHER NONCURRENT LIABILITIES 60,103 CURRENT LIABILITIES: Accounts Payable: General 1,893 Affiliated Companies 533 Taxes Accrued 625 Accrued Reclamation Costs 3,690 Accrued Vacation Pay 866 Workers' Compensation Claims 810 Other 2,756 TOTAL CURRENT LIABILITIES 11,173 DEFERRED CREDITS 28,107 TOTAL $99,390 CENTRAL OHIO COAL COMPANY INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS FOR THE QUARTER ENDED JUNE 30, 1998 There were no significant changes with regard to the Company's operations and mining plant during the quarter. CENTRAL OHIO COAL COMPANY CALCULATION OF COST OF CAPITAL AND STATEMENT OF COST OF COMMERCIAL COAL SOLD AND SHIPPED FOR THE QUARTER ENDED JUNE 30, 1998 (in thousands, except as noted)
April through June 1998 I. Calculation of Cost-of-Capital Compensation: A. Equity Investment at Beginning of Period: Common Stock $ 7 B. Rate of Return Allowable per HCAR No. 26573: 10.51% per annum, 2.6275% per quarter .026275 C. Earnings Allowable on Equity Investment 1. Current Quarter $ - 2. Year-to-Date $ - D. Net Income per Statement of Income $ - Add: Interest Charges - Less: Nonoperating Income 646 E. Applied Cost-of-Capital Billing Adder: 1. Current Quarter $ (646) 2. Year-to-Date $ (1,131) II. Coal Billing Calculation: A. Total Operating Expenses (a) $ 27,944 B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I (646) C. Cost Applicable to Current Quarter Coal Billings 27,298 Less: Cost Applicable to Coal Sold to Unaffiliated Companies 228 Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 27,070 D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 363,413 E. Average Price per Ton to Ohio Power (in dollars) (C/D) $74.49 (a) As represented by Cost of Operation plus Federal Income Taxes reported in Statement of Income. /TABLE CENTRAL OHIO COAL COMPANY STATEMENT OF COST OF OPERATION FOR THE QUARTER ENDED JUNE 30, 1998 (in thousands) Direct Labor-UMW* $ 522 Indirect Labor-UMW* 1,697 Benefits-UMW* 2,437 Salaries and Benefits-Nonunion 1,200 Operating Supplies 1,624 Repair Parts and Materials 1,515 Electricity and Other Utilities 651 Outside Services-Maintenance, Haulage and Reclamation 643 Taxes Other Than Federal Income Taxes** 347 Rental of Equipment 788 Depreciation, Depletion and Amortization 625 Mining Cost Normalization*** 10,510 Reclamation 2,730 Other Production Costs 2,928 Subtotal 28,217 Transfers of Production Costs (to)/from Coal Inventory (34) Total $28,183 * United Mine Workers of America. ** Excludes FICA, Federal Unemployment and State Unemployment. These costs are reflected in employee benefits. *** Represents the deferral/accrual required to establish a selling price based on forecasted results for the year. The amount of mining cost normalization is established on an "overall" company basis(i.e., not itemized) and is eliminated by year-end. CENTRAL OHIO COAL COMPANY ANALYSIS OF MINING PLANT IN SERVICE AND RELATED ACCUMULATED PROVISIONS FOR DEPRECIATION AND AMORTIZATION JUNE 30, 1998 Net Gross Accumulated Carrying Cost Provisions Amount (in thousands) Description Surface Lands $ 324 $ - $ 324 Mining Structures and Equipment 34,737 33,345 1,392 Coal Interests (net of depletion) 2,200 - 2,200 Leasehold Improvements 2,292 2,292 - Total Mining Plant in Service $39,553 $35,637 $3,916 -----END PRIVACY-ENHANCED MESSAGE-----