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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 1994
CENTRAL POWER AND LIGHT COMPANY
(Exact name of registrant as specified in its charter)
TEXAS
(State or other jurisdiction of incorporation)
0-346 74-0550600
(Commission File Number) (IRS Employer Identification No.)
539 N. Carancahua, Corpus Christi, Texas, 78401
(Address of principal executive offices) (zip code)
(512) 881-5300
(Registrant's telephone number, including area code)
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Item 5. Other Events
In anticipation of possible debt offerings, Central Power and Light Company
hereby files the following financial information.
SELECTED FINANCIAL INFORMATION (UNAUDITED)
(Dollars in Thousands)
Three Months Ended
March 31, Twelve Months Ended
1994 1993 March 31, 1994
Operating Revenues $263,229 $238,254 $1,248,503
Operating Income 36,943 39,593 187,429
Net Income Before Cumulative
Effect of Changes in Accounting
Principles 24,986 26,845 143,271
Net Income 24,986 54,560 142,851
Net Income for Common Stock 21,528 50,980 128,937
Net Utility Plant 3,456,065
Ratio of Earnings to Fixed Charges 2.70
CAPITALIZATION AT MARCH 31, 1994 (UNAUDITED)
(Dollars in Thousands)
Dollars Percent
Common Equity $1,425,667 46.6%
Preferred Stock 268,902 8.8%
Long-Term Debt 1,364,545 44.6%
$3,059,114 100.0%
NET INCOME FOR COMMON STOCK
Net income for common stock decreased 57.8% during the first quarter of 1994 to
$21.5 million from $51.0 million in the same quarter of 1993. The decline
reflects the higher restated level of 1993 net income for common stock due to
the cumulative effect of changes in accounting principles. These changes
included a change in the Company's method of accounting for unbilled revenues
which had a $29.9 million (net of taxes) effect on net income and the offsetting
expense of $2.2 million (net of taxes) for the adoption of Statement of
Financial Accounting Standard No. 112, Employers' Accounting for Postemployment
Benefits. The decline was also attributable to increased South Texas Project
electric generating station operating and maintenance expenses, increased
administrative and general expenses, additional depreciation, higher taxes other
than Federal income taxes, and the decline in Mirror CWIP liability
amortization. Partially offsetting the effects of the above items were increased
base revenues, reduced interest expense resulting from debt management
activities, and lower preferred stock dividends.
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RATIO OF EARNINGS TO FIXED CHARGES
FOR THE TWELVE MONTHS ENDED MARCH 31, 1994
(Dollars in Thousands)
(UNAUDITED)
Operating Income $187,429
Adjustments:
Federal income taxes (24,989)
Provision for deferred Federal income taxes 96,899
Deferred investment tax credits (5,806)
Other income and deductions 2,031
Allowance for borrowed and equity funds
used during construction 2,981
Mirror CWIP amortization 73,776
Earnings $332,321
Fixed charges:
Interest on long-term debt 109,972
Interest on short-term debt and other 13,145
Fixed Charges $123,117
Ratio of Earnings to Fixed Charges 2.70
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENTRAL POWER AND LIGHT COMPANY
Date: May 6, 1994
By:DAVID P. SARTIN
David P. Sartin
Controller and Chief
Accounting Officer