SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [FEE REQUIRED].
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED].
For the transition period from ___________________ to ____________________
Commission file number 1-8962
_________
The Savings Plan for Employees of
Pinnacle West Capital Corporation
Pinnacle West Capital Corporation
(Name of issuer)
400 East Van Buren
P. O. Box 52132
Phoenix, Arizona 85072
(Address of issuer's principal executive office)
THE SAVINGS PLAN FOR EMPLOYEES
OF ARIZONA PUBLIC SERVICE COMPANY,
THE SAVINGS PLAN FOR UNION EMPLOYEES OF
ARIZONA PUBLIC SERVICE COMPANY
AND
THE SAVINGS PLAN FOR EMPLOYEES OF
PINNACLE WEST CAPITAL CORPORATION
TABLE OF CONTENTS
-----------------
PAGE
Independent Auditors' Report
Combined Statements of Net Assets Available
for Benefits with Supplemental
Combining Information as of
December 31, 1993 and 1992
Combined Statements of Changes in Net Assets
Available for Benefits with Supplemental
Combining Information for Each of the Three
Years in the Period Ended December 31, 1993
Notes to Combined Financial Statements
Exhibits Filed
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
Pinnacle West Capital Corporation:
We have audited the accompanying combined statements of net assets available
for benefits of The Savings Plan for Employees of Arizona Public Service
Company, The Savings Plan for Union Employees of Arizona Public Service
Company and The Savings Plan for Employees of Pinnacle West Capital
Corporation (the "Plans") as of December 31, 1993 and 1992, and the related
combined statements of changes in net assets available for benefits for each
of the three years in the period ended December 31, 1993. These combined
financial statements are the responsibility of the Plans' management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such combined financial statements present fairly, in all
material respects, the net assets available for benefits of the Plans as of
December 31, 1993 and 1992, and the changes in net assets available for
benefits for each of the three years in the period ended December 31, 1993
in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
combined financial statements taken as a whole. The supplemental combining
information by fund is presented for the purpose of additional analysis of
the basic combined financial statements rather than to present information
regarding the net assets available for benefits and changes in net assets
available for benefits of the individual funds, and is not a required part
of the basic financial statements. This supplemental information is the
responsibility of the Plans' management. Such supplemental combining
information by fund has been subjected to the auditing procedures applied in
our audit of the basic combined financial statements and, in our opinion, is
fairly stated in all material respects when considered in relation to the
basic combined financial statements taken as a whole.
Deloitte & Touche
June 22, 1994
Phoenix, Arizona
</AUDIT-REPORT>
THE SAVINGS PLAN FOR EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY,
THE SAVINGS PLAN FOR UNION EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY AND
THE SAVINGS PLAN FOR EMPLOYEES OF PINNACLE WEST CAPITAL CORPORATION
__________________________________________________________________________
COMBINED STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH SUPPLEMENTAL COMBINING
INFORMATION
DECEMBER 31, 1993
_____________________________________________________________________________________________
SUPPLEMENTAL COMBINING INFORMATION
----------------------------------
PINNACLE WEST FIXED
COMBINED STOCK FUND INDEX FUND INCOME FUND
-------- ---------- ---------- -----------
ASSETS:
Investments at fair value (cost,
Pinnacle West Stock Fund
$67,481,052;
Index Fund, $25,124,773
Fixed Income Fund,
$56,413,890) $173,491,939 $83,081,488 $33,996,561 $56,413,890
Temporary investments (at
cost which approximates
fair value) 9,053,863 405,345 8,648,518
Contributions receivable 2,045,622 956,106 452,650 636,866
Interest receivable 333,111 1,391 331,720
------------ ----------- ----------- -----------
Total assets 184,924,535 84,444,330 34,449,211 66,030,994
------------ ----------- ----------- -----------
LIABILITIES:
Interfund transfers and other
liabilities 405,000 285,466 (112,430) 231,964
------------ ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $184,519,535 $84,158,864 $34,561,641 $65,799,030
============ =========== =========== ===========
See notes to combined financial statements.
THE SAVINGS PLAN FOR EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY,
THE SAVINGS PLAN FOR UNION EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY AND
THE SAVINGS PLAN FOR EMPLOYEES OF PINNACLE WEST CAPITAL CORPORATION
__________________________________________________________________________
COMBINED STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH SUPPLEMENTAL COMBINING
INFORMATION
DECEMBER 31, 1992
_____________________________________________________________________________________________
SUPPLEMENTAL COMBINING INFORMATION
----------------------------------
PINNACLE WEST FIXED
COMBINED STOCK FUND INDEX FUND INCOME FUND
-------- ---------- ---------- -----------
ASSETS:
Investments at fair value (cost,
Pinnacle West Stock Fund
$65,879,192;
Index Fund, $19,998,717;
Fixed Income Fund,
$44,796,362) $145,945,776 $74,723,418 $26,425,996 $44,796,362
Temporary investments (at
cost which approximates
fair value) 4,883,842 134 438 4,883,270
Contributions receivable 1,819,481 873,658 375,573 570,250
Interest receivable 306,267 892 305,375
------------ ----------- ----------- -----------
Total assets 152,955,366 75,598,102 26,802,007 50,555,257
------------ ----------- ----------- -----------
LIABILITIES:
Interfund transfers and other
liabilities 36,963 26,348 (87,634) 98,249
------------ ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $152,918,403 $75,571,754 $26,889,641 $50,457,008
============ =========== =========== ===========
See notes to combined financial statements.
THE SAVINGS PLAN FOR EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY,
THE SAVINGS PLAN FOR UNION EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY AND
THE SAVINGS PLAN FOR EMPLOYEES OF PINNACLE WEST CAPITAL CORPORATION
__________________________________________________________________________
COMBINED STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH SUPPLEMENTAL
COMBINING INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1993
_____________________________________________________________________________________________________
SUPPLEMENTAL COMBINING INFORMATION
----------------------------------
PINNACLE WEST FIXED
COMBINED STOCK FUND INDEX FUND INCOME FUND
-------- ---------- ---------- -----------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income (Note 1):
Dividends on Pinnacle West
Capital Corporation
common stock $ 737,115 $ 737,115
Interest income 3,555,606 16,649 $ 3,538,957
Realized gain on sale of investments 1,364,029 966,319 $ 397,710
Unrealized appreciation of investments
(Note 4) 9,200,720 6,756,211 2,444,509
------------ ----------- ----------- -----------
Total investment income 14,857,470 8,476,294 2,842,219 3,538,957
------------ ----------- ----------- -----------
Contributions (Note 2):
Employers 6,224,933 6,224,933
Participants 17,985,573 5,453,864 5,159,788 7,371,921
------------ ----------- ----------- -----------
Total contributions 24,210,506 11,678,797 5,159,788 7,371,921
------------ ----------- ----------- -----------
Total additions 39,067,976 20,155,091 8,002,007 10,910,878
------------ ----------- ----------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Withdrawals 7,466,844 4,446,946 842,597 2,177,301
Interfund transfers 7,121,035 (512,590) (6,608,445)
------------ ----------- ----------- -----------
Total deductions 7,466,844 11,567,981 330,007 (4,431,144)
------------ ----------- ----------- -----------
Net increase 31,601,132 8,587,110 7,672,000 15,342,022
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year 152,918,403 75,571,754 26,889,641 50,457,008
------------ ----------- ----------- -----------
End of year $184,519,535 $84,158,864 $34,561,641 $65,799,030
============ =========== =========== ===========
See notes to combined financial statements.
THE SAVINGS PLAN FOR EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY,
THE SAVINGS PLAN FOR UNION EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY AND
THE SAVINGS PLAN FOR EMPLOYEES OF PINNACLE WEST CAPITAL CORPORATION
__________________________________________________________________________
COMBINED STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH SUPPLEMENTAL COMBINING
INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1992
__________________________________________________________________________________________________
SUPPLEMENTAL COMBINING INFORMATION
----------------------------------
PINNACLE WEST FIXED
COMBINED STOCK FUND INDEX FUND INCOME FUND
-------- ---------- ---------- -----------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income (Note 1):
Interest income $ 3,440,006 $ 12,381 $ 5 $ 3,427,620
Realized gain on sale of investments 476,673 2,595 474,078
Unrealized appreciation of investments
(Note 4) 11,876,679 10,471,653 1,405,026
------------ ----------- ----------- -----------
Total investment income 15,793,358 10,486,629 1,879,109 3,427,620
------------ ----------- ----------- -----------
Contributions (Note 2):
Employers 5,166,994 5,166,994
Participants 15,859,134 4,612,962 4,519,623 6,726,549
------------ ----------- ----------- -----------
Total contributions 21,026,128 9,779,956 4,519,623 6,726,549
------------ ----------- ----------- -----------
Total additions 36,819,486 20,266,585 6,398,732 10,154,169
------------ ----------- ----------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Withdrawals 6,519,586 3,626,662 764,194 2,128,730
Interfund transfers (215,026) 771,376 (556,350)
------------ ----------- ----------- -----------
Total deductions 6,519,586 3,411,636 1,535,570 1,572,380
------------ ----------- ----------- -----------
Net increase 30,299,900 16,854,949 4,863,162 8,581,789
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year 122,618,503 58,716,805 22,026,479 41,875,219
------------ ----------- ----------- -----------
End of year $152,918,403 $75,571,754 $26,889,641 $50,457,008
============ =========== =========== ===========
See notes to combined financial statements.
THE SAVINGS PLAN FOR EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY,
THE SAVINGS PLAN FOR UNION EMPLOYEES OF ARIZONA PUBLIC SERVICE COMPANY AND
THE SAVINGS PLAN FOR EMPLOYEES OF PINNACLE WEST CAPITAL CORPORATION
__________________________________________________________________________
COMBINED STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH SUPPLEMENTAL COMBINING
INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1991
______________________________________________________________________________________________
SUPPLEMENTAL COMBINING INFORMATION
----------------------------------
PINNACLE WEST FIXED
COMBINED STOCK FUND INDEX FUND INCOME FUND
-------- ---------- ---------- -----------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income (Note 1):
Interest income $ 3,205,607 $ 15,930 $ 9,840 $ 3,179,837
Realized gain (loss) on
sale of investments 140,334 (53,315) 193,649
Unrealized appreciation of investments
(Note 4) 28,677,215 23,654,962 5,022,253
------------ ----------- ----------- -----------
Total investment income 32,023,156 23,617,577 5,225,742 3,179,837
------------ ----------- ----------- -----------
Contributions (Note 2):
Employers 2,753,291 2,753,291
Participants 13,235,813 3,426,886 3,496,010 6,312,917
------------ ----------- ----------- -----------
Total contributions 15,989,104 6,180,177 3,496,010 6,312,917
------------ ----------- ----------- -----------
Total additions 48,012,260 29,797,754 8,721,752 9,492,754
------------ ----------- ----------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Withdrawals 9,529,382 2,900,621 1,902,692 4,726,069
Interfund transfers (1,044,286) 702,091 342,195
------------ ----------- ----------- -----------
Total deductions 9,529,382 1,856,335 2,604,783 5,068,264
------------ ----------- ----------- -----------
Net increase 38,482,878 27,941,419 6,116,969 4,424,490
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year 84,135,625 30,775,386 15,909,510 37,450,729
------------ ----------- ----------- -----------
End of year $122,618,503 $58,716,805 $22,026,479 $41,875,219
============ =========== =========== ===========
See notes to combined financial statements.
THE SAVINGS PLAN FOR EMPLOYEES
OF ARIZONA PUBLIC SERVICE COMPANY,
THE SAVINGS PLAN FOR UNION EMPLOYEES
OF ARIZONA PUBLIC SERVICE COMPANY
AND
THE SAVINGS PLAN FOR EMPLOYEES OF
PINNACLE WEST CAPITAL CORPORATION
NOTES TO COMBINED FINANCIAL STATEMENTS
--------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method of Accounting - The financial statements in this report reflect
the combined assets, liabilities and net assets available for benefits of
The Savings Plan for Employees of Arizona Public Service Company (the
"APS Savings Plan"), The Savings Plan for Union Employees of Arizona
Public Service Company (the "APS Union Plan"), and The Savings Plan for
Employees of Pinnacle West Capital Corporation (the "Pinnacle West
Plan"). The APS Savings Plan, the APS Union Plan, and the Pinnacle West
Plan are collectively referred to as the "Plans." The combined financial
statements have been prepared on the accrual basis of accounting.
Investment transactions are recorded as of the trade date. Dividend
income is recorded as of ex-dividend dates. All the outstanding shares
of common stock of Arizona Public Service Company ("APS") are owned by
Pinnacle West Capital Corporation ("Pinnacle West"). Certain prior year
balances have been reclassified to conform to the 1993 presentation.
Investments - The Plans consist of a salary reduction arrangement and an
employer matching contribution feature. The investment programs for the
Plans consist of the Pinnacle West Stock Fund, the Index Fund, and the
Fixed Income Fund.
The Pinnacle West Stock Fund consists primarily of common stock of
Pinnacle West. The common stock is stated at fair value based on quoted
market prices in an active market. The Index Fund (consisting of common
stocks maintained by the Trustee (defined below) as part of a commingled
fund) is stated at fair value generally based on the last reported sales
price on the last business day of the calendar year. The Fixed Income
Fund (consisting of several guaranteed interest contracts with varying
rates of interest and varying maturities, with a weighted net rate at
December 31, 1993, 1992, and 1991 of 6.65%, 8.00%, and 8.78%,
respectively) is stated at cost which approximates fair value. The cost
of investments sold is determined using average costs.
2. DESCRIPTION OF THE PLANS
General - The APS Savings Plan and APS Union Plan (collectively, the "APS
Plans") are administered by a committee appointed by the APS Board of
Directors. The Pinnacle West Plan is administered by a committee
appointed by the Pinnacle West Board of Directors. The Plans are subject
to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA"). State Street Bank and Trust Company (the "Trustee") is the
Trustee for the Plans under a master trust agreement.
Eligibility - Substantially all employees of APS and Pinnacle West
(collectively, the "Companies" or the "Employer") are eligible to
participate in the pre-tax and after-tax features of the Plans upon
attaining age 21 and completing thirty-one days of consecutive
employment for the APS Plans and thirty days of consecutive employment
for the Pinnacle West Plan and are eligible to participate in the
matching feature upon attaining age 21 and completing one year of
service. The Pinnacle West Plan allows participation by employees of a
company that becomes an affiliate of Pinnacle West if such employees
were formerly participants in a certain type of qualified plan
sponsored by their employer, regardless of whether they have satisfied
the Pinnacle West Plan's other eligibility requirements.
Contributions - Participants may direct the Companies to contribute any
whole percentage from 1% to 10% of the participants' pre-tax base pay
from the Company as their tax deferred contribution to the Plans. The
maximum allowable base pay ($235,840 in 1993) and tax deferred
contribution ($8,994 in 1993) are linked to the cost of living index
and could change on an annual basis. In addition to or in lieu of
making tax deferred contributions to the Plans, participants may elect
to make contributions of up to 10% of their after-tax base pay as a
voluntary contribution, provided that in no event can the total tax
deferred and voluntary contributions made by any participant in any
year exceed 16% of his or her base pay.
The Companies will contribute to the account of each participant in the
Plans' matching feature a minimum amount equal to 30% of such
participant's contribution of up to 6% of the participant's pre-tax
compensation (defined here as the participant's "required
contribution"). Employer contributions will be increased (i) by an
additional one percent for each one percent increase in Pinnacle West
consolidated net income from continuing operations over the prior year
and (ii) by an additional amount determined at the sole discretion of
each Company's Board of Directors, up to a total Employer contribution
of not more than 50 percent of participant required contributions. The
Employer contributions may be in cash, common stock or other property
acceptable to the Trustee.
Effective January 1, 1993, the Plans were amended to allow rollover
contributions from another qualified plan or individual retirement
account subject to certain criteria.
Investment Programs - Participants' contributions may be invested in
one or more of the following funds: Pinnacle West Stock Fund, Index
Fund, or Fixed Income Fund. All Employer contributions are invested in
the Pinnacle West Stock Fund.
Vesting - Each participant is fully vested as to the participant's
contribution account (consisting of the participant's contributions and
related income and appreciation or depreciation). The participants
become vested in their Employer contribution account (consisting of
Employer contributions and related income and appreciation or
depreciation) in the event of termination of service by death,
disability or retirement, upon attaining the age of sixty-five, upon
completion of five years of service, upon termination of the Plans, or
upon complete discontinuance of Employer contributions; otherwise,
participants vest in graduated amounts with 100 percent vesting in five
plan years, beginning with the first plan year an Employer contribution
is made on behalf of the participants. Once a participant is fully
vested as to Employer contributions in any year, all amounts then and
thereafter credited to his or her Employer contribution account will be
fully vested.
Withdrawals and Distributions - A participant may at any time make a
full or partial withdrawal of the balance in the participant's
after-tax contribution account and rollover contribution account. No
withdrawals are permitted from a participant's transfer account. No
withdrawals are permitted from the participant's pre-tax contribution
account, except under certain limited circumstances relating to
financial hardship. If an employee withdraws pre-tax contributions,
the only earnings on those contributions that can be withdrawn are
those credited prior to 1989. Generally, participants who are fully
vested and who have participated in the Plans for five complete plan
years may withdraw the amount in their Employer contribution account.
When the participant's employment with the Companies is terminated, the
participant generally can elect to receive an immediate distribution of
the vested portion of his or her Employer contribution account together
with the participant's contribution accounts.
Forfeitures - Forfeitures of nonvested Employer contributions will
occur upon distribution following termination of employment with the
Companies. However, if a former participant again becomes an employee
of the Companies prior to the end of the fifth calendar year following
the calendar year in which the participant's earlier termination of
employment occurred, the forfeited Employer contributions will be
restored to the participant's Employer contribution account. Beginning
in 1991, the forfeited contributions will be restored to the accounts
of participants in the APS Plans provided that the participant repays
in full the amount previously distributed from the APS Plans.
Forfeitures are used to reduce future Employer contributions to the
Plans.
Termination of the Plans - It is the Companies' present expectation
that these Plans and the payment of Employer contributions will be
continued indefinitely. However, continuance of any feature of the
Plans is not assumed as a contractual obligation. The Companies, at
their discretion, may terminate their respective plans and distribute
net assets. In this event, the balance credited to the accounts of
participants at the date of termination shall be fully vested and
nonforfeitable.
3. INCOME TAX STATUS
The Plans have been determined by the Internal Revenue Service to be
qualified plans under the provisions of the Internal Revenue Code. As
long as the Plans continue to be so qualified, under present Federal
income tax laws and regulations: (a) participants will not be
currently taxed on Employer contributions, on a certain portion of
their own contributions (see Note 2), or on investment earnings on any
contributions at the time such investment earnings are received by the
Trustee, but will be subject to tax thereon at such time as they
receive actual benefits from the Plans; and (b) the Plans will not be
taxed on their dividend and interest income or any capital gains
realized by them or on any unrealized appreciation of investments.
4. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
Changes in unrealized appreciation (depreciation) of investments for
each of the three years in the period ended December 31, 1993 were as
follows:
Unrealized Appreciation (Depreciation)
--------------------------------------
Beginning
of Year End of Year Change
---------- ----------- ----------
1993
----
Pinnacle West
Stock Fund $ 8,844,225 $ 15,600,436 $ 6,756,211
Index Fund 6,427,279 8,871,788 2,444,509
----------- ------------ ------------
Total $ 15,271,504 $ 24,472,224 $ 9,200,720
============ ============ ============
1992
----
Pinnacle West
Stock Fund $ (1,627,428) $ 8,844,225 $ 10,471,653
Index Fund 5,022,253 6,427,279 1,405,026
------------ ------------ ------------
Total $ 3,394,825 $ 15,271,504 $ 11,876,679
============ ============ ============
1991
----
Pinnacle West
Stock Fund $(25,282,390) $ (1,627,428) $ 23,654,962
Index Fund 0 5,022,253 5,022,253
------------ ------------ ------------
Total $(25,282,390) $ 3,394,825 $ 28,677,215
============ ============ ============
5. BENEFITS PAYABLE
As of December 31, 1993 and 1992, net assets available for benefits
included benefits of $535,234 and $254,192, respectively, due to
participants who have withdrawn from participation in the Plans.
6. PARTICIPATING EMPLOYEES
As of December 31, 1993 and 1992, the aggregate number of employees
participating in the Plans was 5,715 and 5,482, respectively.
7. NET ASSET VALUE PER UNIT
Individual participant account investments in the Index Fund and Fixed
Income Fund are maintained on a unit value basis. In accordance with
the provisions of the Plans, the Trustee maintains separate units of
participation in the Plans and related net asset value per unit for the
Index and Fixed Income Funds. The number of units and related net
asset value per unit at December 31, 1993 and 1992 are as follows:
Fixed
Index Fund Income Fund
---------- -----------
December 31, 1993:
Net Asset Value
per Unit $8.894559 $4.181903
Number of Units 3,885,706 15,734,232
December 31, 1992:
Net Asset Value
per Unit $8.090267 $3.928703
Number of Units 3,323,703 12,843,172
8. RELATED PARTY TRANSACTIONS
Costs of Administration - Substantially all costs of administration of
the Plans have been paid by the Companies.
Pinnacle West Stock Fund - The Plans held 3,713,139, 3,667,407, and
3,324,292 shares of Pinnacle West common stock in the Pinnacle West
Stock Fund at December 31, 1993, 1992, and 1991, respectively.
Employer cash contributions were $6,224,933, $5,166,994, and $2,753,291
in 1993, 1992, and 1991, respectively. The Plans made investments in
Pinnacle West common stock of $4,992,235, $6,929,118, and $5,122,331 in
1993, 1992, and 1991, respectively, and had sales of $4,356,695,
$439,522, and $1,237,913, with an aggregate cost of $3,390,376,
$436,927, and $1,291,228 in 1993, 1992, and 1991, respectively.
Index Fund - The Plans made investments in the Trustee's Index Fund of
$6,331,838, $4,999,555, and $18,098,200 in 1993, 1992, and 1991,
respectively, and had sales of $1,603,493, $2,263,445, and $1,503,320
with an aggregate cost of $1,205,783, $1,789,367, and $1,309,671 in
1993, 1992, and 1991, respectively.
Temporary Investments - The Plans made investments in temporary
investment funds managed by the Trustee of $40,690,552, $27,465,000,
and $27,080,000 in 1993, 1992, and 1991, respectively, and had sales
with proceeds of $36,519,689, $26,444,000, and $23,218,000 during those
same periods. The temporary investments are bought and sold at par.
Exhibits Filed.
- --------------
Exhibit No. Description
- ----------- -----------
23.1 Independent Auditors'
Consent
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the Committee has duly caused this annual report to be signed by the
undersigned hereunto duly authorized.
THE SAVINGS PLAN FOR EMPLOYEES OF
PINNACLE WEST CAPITAL CORPORATION
(Name of Plan)
Date: June 28, 1994 By Michael S. Ash
----------------------
Michael S. Ash
Member of the Administrative
Committee of the Pinnacle West Plan,
and Corporate Counsel, Pinnacle West
Capital Corporation