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): February 23, 1996 Commission Registrant, State of Incorporation, I.R.S. Employer File Number Address and Telephone Number Identification No. 0-343 Public Service Company of Oklahoma 73-0410895 (An Oklahoma Corporation) 212 East 6th Street Tulsa, Oklahoma 74119-1212 (918) 599-2000 ITEM 5. OTHER EVENTS UNAUDITED FINANCIAL INFORMATION IN ANTICIPATION OF A DEBT OFFERING BY PUBLIC SERVICE COMPANY OF OKLAHOMA OVERVIEW Net income for common stock for 1995 was $81 million, a 20% increase from 1994 net income for common stock of $67 million. The increase was due primarily to decreased operating and maintenance expenses and the sale of a non- utility fiber optic telecommunication property during 1995. Net income for common stock for the three month period ended December 31, 1995 was $3.0 million, compared to $7.8 million for the same period in 1994. The decrease was due primarily to lower unbilled revenues, higher depreciation and amortization due to increased depreciable plant and higher interest expense due to increased borrowings, offset in part by lower maintenance costs. SELECTED FINANCIAL INFORMATION (UNAUDITED) (thousands) 1995 Operating Revenues $690,823 Operating Income 111,769 Net Income 81,828 Net Income for Common Stock 81,012 Stock Net Utility Plant 1,330,376 CAPITALIZATION (UNAUDITED) (thousands, except percentages) December 31, 1995 Common Equity $487,511 55.0% Preferred Stock 19,826 2.2% Long-term Debt (1) 379,250 42.8% $886,587 100.0% (1) Does not include $25.0 million of long-term debt, the principal of which is due within 12 months. RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) (thousands, except ratios) Twelve Months Ended December 31, 1995 Operating Income $111,769 Adjustments: Federal and state income taxes 37,491 Provision for deferred Federal and state income taxes 2,703 Deferred investment tax credits (2,789) Other income and deductions 2,274 Allowance for borrowed and equity funds used during construction 3,734 Earnings $155,182 Fixed Charges: Interest on long-term debt $ 29,594 Other interest 6,355 Fixed Charges $ 35,949 Ratio of Earnings to Fixed Charges 4.32 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. PUBLIC SERVICE COMPANY OF OKLAHOMA Date: February 23, 1996 By: /s/ R. Russell Davis R. Russell Davis Controller