SEC Info - Arizona Public Service Co - ‘10-Q’ for 6/30/96

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Arizona Public Service Co – ‘10-Q’ for 6/30/96

As of: Friday, 8/9/96 · For: 6/30/96 · Accession #: 950147-96-319 · File #: 1-04473

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/09/96  Arizona Public Service Co         10-Q        6/30/96    4:50K                                    Imperial Fin’l … Corp/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Second Quarter Report                                 17     81K 
 2: EX-10.1     Amended Decommissioning Trust Agreement                5     17K 
 3: EX-15.1     Letter Re: Unaudited Interim Financial Information     1      6K 
 4: EX-27.1     Financial Data Schedule                                1      6K

10-Q — Second Quarter Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Environmental Matters Exhibits and Reports on Form 8-K Financial Statements Legal Proceedings Liquidity and Capital Resources Management's Discussion and Analysis of Financial Condition and Results Other Income Other Information Property Taxes Regulatory Agreement Regulatory Matters Submission of Matters to a Vote of Security Holders
1	1st Page - Filing Submission
4	Item 1. Financial Statements
10	Regulatory Agreement
13	Item 2. Management's Discussion and Analysis of Financial Condition and Results
14	Other Income
"	Regulatory Matters
"	Liquidity and Capital Resources
15	Item 1. Legal Proceedings
"	Property Taxes
"	Item 4. Submission of Matters to a Vote of Security Holders
16	Item 5. Other Information
"	Environmental Matters
"	Item 6. Exhibits and Reports on Form 8-K

10-Q 1st Page of 17 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 FORM 10-Q
Securities and Exchange Commission
Washington, D.C. 20549

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                    
SECURITIES EXCHANGE ACT OF 1934                   

For the quarterly period ended       June 30, 1996                              
       ---------------------------

OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                   
SECURITIES EXCHANGE ACT OF 1934                 

For the transition period from                 to                               
                 ---------------    ----------------

Commission file number     1-4473                                               
-----------------                   

ARIZONA PUBLIC SERVICE COMPANY
------------------------------------------------------
(Exact name of registrant as specified in its charter)

          Arizona                                             86-0011170
-------------------------------                              -------------------
(State or other jurisdiction of                               (I.R.S. Employer  
 incorporation or organization)                              Identification No.)

400 North Fifth Street, P.O. Box 53999, Phoenix, Arizona              85072-3999
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code:  (602) 250-1000             

--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed                 
since last report)                                                              

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.                                              

Yes  X      No          
-----      -----  

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.                                

  Number of shares of common stock, $2.50 par value,
outstanding as of August 8, 1996: 71,264,947

10-Q 2nd Page of 17 TOC 1st Previous Next ↓Bottom Just 2nd
 -i-

Glossary
--------

ACC - Arizona Corporation Commission                                            

ACC Staff - Staff of the Arizona Corporation Commission                         

AFUDC - Allowance for funds used during construction                            

Company - Arizona Public Service Company                                        

EPA - Environmental Protection Agency                                           

ITC - Investment tax credit                                                     

March 10-Q - Arizona Public Service  Company  Quarterly  Report on Form 10-Q for
the fiscal quarter ended March 31, 1996               

1995 10-K - Arizona  Public  Service  Company Annual Report on Form 10-K for the
fiscal year ended December 31, 1995                     

Palo Verde - Palo Verde Nuclear Generating Station                              

Pinnacle West - Pinnacle West Capital Corporation                               

10-Q 3rd Page of 17 TOC 1st Previous Next ↓Bottom Just 3rd
INDEPENDENT ACCOUNTANTS' REPORT                                                 

Arizona Public Service Company:                                                 

We have reviewed the  accompanying  condensed  balance  sheet of Arizona  Public
Service  Company as of June 30, 1996 and the  related  condensed  statements  of
income for the three-month,  six-month and  twelve-month  periods ended June 30,
1996 and 1995 and cash flows for the  six-month  periods ended June 30, 1996 and
1995.  These  condensed  financial  statements  are  the  responsibility  of the
Company's management.                                                           

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and of making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion regarding the financial statements taken as a whole.   
Accordingly, we do not express such an opinion.                                 

Based on our review, we are not aware of any material  modifications that should
be made to such condensed financial statements for them to be in conformity with
generally accepted accounting principles.                                       

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards,  the balance sheet of Arizona Public  Service  Company as of December
31, 1995 and the related statements of income, retained earnings, and cash flows
for the year then ended (not presented herein); and in our report dated March 1,
1996, we expressed an unqualified opinion on those financial statements.  In our
opinion,  the information set forth in the accompanying  condensed balance sheet
as of December 31, 1995, is fairly stated, in all material respects, in relation
to the balance sheet from which it has been derived.                            

DELOITTE & TOUCHE LLP                                                           
DELOITTE & TOUCHE LLP                                                           
Phoenix, Arizona                                                                
August 1, 1996                                                                  

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 -2-

PART I - FINANCIAL INFORMATION
------------------------------

Item 1. Financial Statements                                                    
----------------------------                                                    

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED STATEMENTS OF INCOME
------------------------------
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                             Three Months                  
                                                                             Ended June 30,                
                                                           ------------------------------------------------
                                                                    1996                       1995        
                                                           ---------------------     ----------------------
                                                                       (Thousands of Dollars)              
                                                                                                           
ELECTRIC OPERATING REVENUES  . . . . . . . . . . . . . . . $            426,658      $             380,178 
                                                           ---------------------     ----------------------

FUEL EXPENSES:                                                                                             
  Fuel for electric generation . . . . . . . . . . . . . .               57,289                     44,823 
  Purchased power  . . . . . . . . . . . . . . . . . . . .               22,466                     17,814 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               79,755                     62,637 
                                                           ---------------------     ----------------------
OPERATING REVENUES LESS FUEL EXPENSES  . . . . . . . . . .              346,903                    317,541 
                                                           ---------------------     ----------------------

OTHER OPERATING EXPENSES:                                                                                  
  Operations excluding fuel expenses . . . . . . . . . . .               74,571                     65,794 
  Maintenance  . . . . . . . . . . . . . . . . . . . . . .               25,725                     28,457 
  Depreciation and amortization  . . . . . . . . . . . . .               58,795                     60,413 
  Income taxes . . . . . . . . . . . . . . . . . . . . . .               49,664                     38,913 
  Other taxes  . . . . . . . . . . . . . . . . . . . . . .               35,170                     35,245 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              243,925                    228,822 
                                                           ---------------------     ----------------------
OPERATING INCOME . . . . . . . . . . . . . . . . . . . . .              102,978                     88,719 
                                                           ---------------------     ----------------------

OTHER INCOME (DEDUCTIONS):                                                                                 
  AFUDC - equity . . . . . . . . . . . . . . . . . . . .                  2,003                      1,348 
  Other - net  . . . . . . . . . . . . . . . . . . . . . .               (2,751)                    (1,253)
  Income taxes . . . . . . . . . . . . . . . . . . . . . .                9,539                      6,803 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .                8,791                      6,898 
                                                           ---------------------     ----------------------
INCOME BEFORE INTEREST DEDUCTIONS  . . . . . . . . . . . .              111,769                     95,617 
                                                           ---------------------     ----------------------

INTEREST DEDUCTIONS:                                                                                       
  Interest on long-term debt . . . . . . . . . . . . . . .               37,360                     40,051 
  Interest on short-term borrowings  . . . . . . . . . . .                4,129                      2,433 
  Debt discount, premium and expense . . . . . . . . . . .                2,004                      2,036 
  AFUDC - debt . . . . . . . . . . . . . . . . . . . . .                 (2,164)                    (2,355)
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               41,329                     42,165 
                                                           ---------------------     ----------------------

NET INCOME . . . . . . . . . . . . . . . . . . . . . . . .               70,440                     53,452 
PREFERRED STOCK DIVIDEND REQUIREMENTS  . . . . . . . . . .                4,326                      4,776 
                                                           ---------------------     ----------------------
EARNINGS FOR COMMON STOCK  . . . . . . . . . . . . . . . . $             66,114      $              48,676 
                                                           =====================     ======================

See Notes to Condensed Financial Statements.                                    

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 -3-

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED STATEMENTS OF INCOME
------------------------------
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                            Six Months                     
                                                                          Ended June 30,                   
                                                           ------------------------------------------------
                                                                    1996                       1995        
                                                           ---------------------     ----------------------
                                                                       (Thousands of Dollars)              
                                                                                                           
ELECTRIC OPERATING REVENUES  . . . . . . . . . . . . . . . $            771,919      $             717,146 
                                                           ---------------------     ----------------------

FUEL EXPENSES:                                                                                             
  Fuel for electric generation . . . . . . . . . . . . . .               99,623                     91,533 
  Purchased power  . . . . . . . . . . . . . . . . . . . .               36,404                     26,024 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              136,027                    117,557 
                                                           ---------------------     ----------------------
OPERATING REVENUES LESS FUEL EXPENSES  . . . . . . . . . .              635,892                    599,589 
                                                           ---------------------     ----------------------

OTHER OPERATING EXPENSES:                                                                                  
  Operations excluding fuel expenses . . . . . . . . . . .              138,340                    131,360 
  Maintenance  . . . . . . . . . . . . . . . . . . . . . .               49,699                     54,323 
  Depreciation and amortization  . . . . . . . . . . . . .              117,181                    120,839 
  Income taxes . . . . . . . . . . . . . . . . . . . . . .               81,023                     60,535 
  Other taxes  . . . . . . . . . . . . . . . . . . . . . .               69,149                     70,599 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              455,392                    437,656 
                                                           ---------------------     ----------------------
OPERATING INCOME . . . . . . . . . . . . . . . . . . . . .              180,500                    161,933 
                                                           ---------------------     ----------------------

OTHER INCOME (DEDUCTIONS):                                                                                 
  AFUDC - equity . . . . . . . . . . . . . . . . . . . .                  3,678                      2,534 
  Other - net  . . . . . . . . . . . . . . . . . . . . . .               (3,042)                     3,531 
  Income taxes . . . . . . . . . . . . . . . . . . . . . .               15,189                      8,525 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               15,825                     14,590 
                                                           ---------------------     ----------------------
INCOME BEFORE INTEREST DEDUCTIONS  . . . . . . . . . . . .              196,325                    176,523 
                                                           ---------------------     ----------------------

INTEREST DEDUCTIONS:                                                                                       
  Interest on long-term debt . . . . . . . . . . . . . . .               74,760                     81,923 
  Interest on short-term borrowings  . . . . . . . . . . .                6,799                      3,657 
  Debt discount, premium and expense . . . . . . . . . . .                4,121                      4,010 
  AFUDC - debt . . . . . . . . . . . . . . . . . . . . .                 (5,401)                    (4,351)
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               80,279                     85,239 
                                                           ---------------------     ----------------------

NET INCOME . . . . . . . . . . . . . . . . . . . . . . . .              116,046                     91,284 
PREFERRED STOCK DIVIDEND REQUIREMENTS  . . . . . . . . . .                8,803                      9,583 
                                                           ---------------------     ----------------------
EARNINGS FOR COMMON STOCK  . . . . . . . . . . . . . . . . $            107,243      $              81,701 
                                                           =====================     ======================

See Notes to Condensed Financial Statements.                                    

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 -4-

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED STATEMENTS OF INCOME
------------------------------
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                             Twelve Months                 
                                                                             Ended June 30,                
                                                           ------------------------------------------------
                                                                    1996                       1995        
                                                           ---------------------     ----------------------
                                                                        (Thousands of Dollars)             
                                                                                                           
ELECTRIC OPERATING REVENUES  . . . . . . . . . . . . . . . $          1,669,725      $           1,600,109 
                                                           ---------------------     ----------------------

FUEL EXPENSES:                                                                                             
  Fuel for electric generation . . . . . . . . . . . . . .              217,018                    210,578 
  Purchased power  . . . . . . . . . . . . . . . . . . . .               71,250                     63,243 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              288,268                    273,821 
                                                           ---------------------     ----------------------
OPERATING REVENUES LESS FUEL EXPENSES  . . . . . . . . . .            1,381,457                  1,326,288 
                                                           ---------------------     ----------------------

OTHER OPERATING EXPENSES:                                                                                  
  Operations excluding fuel expenses . . . . . . . . . . .              291,822                    281,209 
  Maintenance  . . . . . . . . . . . . . . . . . . . . . .              111,348                    110,330 
  Depreciation and amortization  . . . . . . . . . . . . .              238,440                    241,373 
  Income taxes . . . . . . . . . . . . . . . . . . . . . .              199,353                    173,159 
  Other taxes  . . . . . . . . . . . . . . . . . . . . . .              140,173                    140,605 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              981,136                    946,676 
                                                           ---------------------     ----------------------
OPERATING INCOME . . . . . . . . . . . . . . . . . . . . .              400,321                    379,612 
                                                           ---------------------     ----------------------

OTHER INCOME (DEDUCTIONS):                                                                                 
  AFUDC - equity . . . . . . . . . . . . . . . . . . . .                  6,126                      4,652 
  Other - net  . . . . . . . . . . . . . . . . . . . . . .              (23,605)                       370 
  Income taxes . . . . . . . . . . . . . . . . . . . . . .               44,262                     14,983 
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               26,783                     20,005 
                                                           ---------------------     ----------------------
INCOME BEFORE INTEREST DEDUCTIONS  . . . . . . . . . . . .              427,104                    399,617 
                                                           ---------------------     ----------------------

INTEREST DEDUCTIONS:                                                                                       
  Interest on long-term debt . . . . . . . . . . . . . . .              152,869                    161,723 
  Interest on short-term borrowings  . . . . . . . . . . .               11,285                      6,728 
  Debt discount, premium and expense . . . . . . . . . . .                8,733                      7,991 
  AFUDC - debt . . . . . . . . . . . . . . . . . . . . .                (10,115)                    (7,276)
                                                           ---------------------     ----------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              162,772                    169,166 
                                                           ---------------------     ----------------------

NET INCOME . . . . . . . . . . . . . . . . . . . . . . . .              264,332                    230,451 
PREFERRED STOCK DIVIDEND REQUIREMENTS  . . . . . . . . . .               18,354                     20,375 
                                                           ---------------------     ----------------------
EARNINGS FOR COMMON STOCK  . . . . . . . . . . . . . . . . $            245,978      $             210,076 
                                                           =====================     ======================

See Notes to Condensed Financial Statements.                                    

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ARIZONA PUBLIC SERVICE COMPANY
CONDENSED BALANCE SHEETS
------------------------

ASSETS
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                     June 30,                 December 31,    
                                                                       1996                       1995        
                                                              ---------------------     ----------------------

                                                                          (Thousands of Dollars)              
                                                                                                              
UTILITY PLANT:                                                                                                
     Electric plant in service and held for future use  . . . $          6,643,725      $           6,544,860 
     Less accumulated depreciation and amortization . . . . .            2,334,170                  2,231,614 
                                                              ---------------------     ----------------------
        Total . . . . . . . . . . . . . . . . . . . . . . . .            4,309,555                  4,313,246 
     Construction work in progress  . . . . . . . . . . . . .              271,889                    281,757 
     Nuclear fuel, net of amortization  . . . . . . . . . . .               52,404                     52,084 
                                                              ---------------------     ----------------------
        Utility plant - net . . . . . . . . . . . . . . . . .            4,633,848                  4,647,087 
                                                              ---------------------     ----------------------

INVESTMENTS AND OTHER ASSETS :. . . . . . . . . . . . . . .                109,493                     97,742 
                                                              ---------------------     ----------------------

CURRENT ASSETS:                                                                                               
     Cash and cash equivalents  . . . . . . . . . . . . . . .                  335                     18,389 
     Accounts receivable:                                                                                     
        Service customers . . . . . . . . . . . . . . . . . .              108,773                    100,433 
        Other . . . . . . . . . . . . . . . . . . . . . . . .               11,049                     28,107 
        Allowance for doubtful accounts . . . . . . . . . . .               (1,390)                    (1,656)
     Accrued utility revenues . . . . . . . . . . . . . . . .               63,932                     53,519 
     Materials and supplies, at average cost  . . . . . . . .               77,242                     78,271 
     Fossil fuel, at average cost   . . . . . . . . . . . . .               17,422                     21,722 
     Deferred income taxes  . . . . . . . . . . . . . . . . .                5,614                      5,653 
     Other  . . . . . . . . . . . . . . . . . . . . . . . . .               17,474                     17,839 
                                                              ---------------------     ----------------------
        Total current assets  . . . . . . . . . . . . . . . .              300,451                    322,277 
                                                              ---------------------     ----------------------

DEFERRED DEBITS:                                                                                              
     Regulatory asset for income taxes  . . . . . . . . . . .              544,615                    548,464 
     Palo Verde Unit 3 cost deferral  . . . . . . . . . . . .              278,845                    283,426 
     Palo Verde Unit 2 cost deferral  . . . . . . . . . . . .              162,842                    165,873 
     Unamortized costs of reacquired debt . . . . . . . . . .               71,129                     63,518 
     Unamortized debt issue costs . . . . . . . . . . . . . .               16,901                     17,772 
     Other  . . . . . . . . . . . . . . . . . . . . . . . . .              272,469                    272,103 
                                                              ---------------------     ----------------------
        Total deferred debits . . . . . . . . . . . . . . . .            1,346,801                  1,351,156 
                                                              ---------------------     ----------------------

        TOTAL . . . . . . . . . . . . . . . . . . . . . . . . $          6,390,593      $           6,418,262 
                                                              =====================     ======================

See Notes to Condensed Financial Statements.                                    

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ARIZONA PUBLIC SERVICE COMPANY
CONDENSED BALANCE SHEETS
------------------------

 LIABILITIES
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                     June 30,                December 31,     
                                                                       1996                      1995         
                                                              ---------------------     ----------------------

                                                                          (Thousands of Dollars)              
                                                                                                              
CAPITALIZATION:                                                                                               
     Common stock . . . . . . . . . . . . . . . . . . . . . . $            178,162      $             178,162 
     Premiums and expenses - net  . . . . . . . . . . . . . .            1,040,194                  1,039,550 
     Retained earnings  . . . . . . . . . . . . . . . . . . .              383,470                    403,843 
                                                              ---------------------     ----------------------
        Common stock equity . . . . . . . . . . . . . . . . .            1,601,826                  1,621,555 
     Non-redeemable preferred stock . . . . . . . . . . . . .              173,526                    193,561 
     Redeemable preferred stock . . . . . . . . . . . . . . .               66,000                     75,000 
     Long-term debt less current maturities . . . . . . . . .            1,955,285                  2,132,021 
                                                              ---------------------     ----------------------
        Total capitalization  . . . . . . . . . . . . . . . .            3,796,637                  4,022,137 
                                                              ---------------------     ----------------------

CURRENT LIABILITIES:                                                                                          
     Commercial paper . . . . . . . . . . . . . . . . . . . .              194,265                    177,800 
     Current maturities of long-term debt . . . . . . . . . .              153,643                      3,512 
     Accounts payable . . . . . . . . . . . . . . . . . . . .               91,366                    106,583 
     Accrued taxes  . . . . . . . . . . . . . . . . . . . . .               95,731                     82,827 
     Accrued interest . . . . . . . . . . . . . . . . . . . .               38,582                     41,549 
     Common dividends payable . . . . . . . . . . . . . . . .               42,500                         -- 
     Customer deposits  . . . . . . . . . . . . . . . . . . .               32,492                     32,746 
     Other  . . . . . . . . . . . . . . . . . . . . . . . . .               31,565                     21,134 
                                                              ---------------------     ----------------------
        Total current liabilities . . . . . . . . . . . . . .              680,144                    466,151 
                                                              ---------------------     ----------------------

DEFERRED CREDITS AND OTHER:                                                                                   
     Deferred income taxes  . . . . . . . . . . . . . . . . .            1,428,993                  1,429,482 
     Deferred investment tax credit . . . . . . . . . . . . .              102,091                    115,353 
     Unamortized gain - sale of utility plant . . . . . . . .               89,227                     91,514 
     Customer advances for construction . . . . . . . . . . .               21,890                     19,846 
     Other  . . . . . . . . . . . . . . . . . . . . . . . . .              271,611                    273,779 
                                                              ---------------------     ----------------------
        Total deferred credits and other  . . . . . . . . . .            1,913,812                  1,929,974 
                                                              ---------------------     ----------------------

COMMITMENTS AND CONTINGENCIES (Notes 6 and 7)                                                                 

        TOTAL . . . . . . . . . . . . . . . . . . . . . . . . $          6,390,593      $           6,418,262 
                                                              =====================     ======================

See Notes to Condensed Financial Statements.                                    

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ARIZONA PUBLIC SERVICE COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
----------------------------------
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                             Six Months                    
                                                                           Ended June 30,                  
                                                           ------------------------------------------------
                                                                    1996                       1995        
                                                           ---------------------     ----------------------
                                                                        (Thousands of Dollars)             
                                                                                                           
Cash Flows from Operating Activities:                                                                      
  Net income . . . . . . . . . . . . . . . . . . . . . . . $            116,046      $              91,284 
  Items not requiring cash:                                                                                
    Depreciation and amortization  . . . . . . . . . . . .              117,181                    120,839 
    Nuclear fuel amortization  . . . . . . . . . . . . . .               15,788                     15,193 
    AFUDC - equity . . . . . . . . . . . . . . . . . . . .               (3,678)                    (2,534)
    Deferred income taxes - net  . . . . . . . . . . . . .                3,399                     12,821 
    Deferred investment tax credit - net . . . . . . . . .              (13,262)                   (10,223)
  Changes in certain current assets and liabilities:                                                       
    Accounts receivable - net  . . . . . . . . . . . . . .                8,452                     22,334 
    Accrued utility revenues . . . . . . . . . . . . . . .              (10,413)                    (9,902)
    Materials, supplies and fossil fuel  . . . . . . . . .                5,329                      7,372 
    Other current assets . . . . . . . . . . . . . . . . .                  365                     (4,395)
    Accounts payable . . . . . . . . . . . . . . . . . . .               (6,014)                   (21,508)
    Accrued taxes  . . . . . . . . . . . . . . . . . . . .               12,904                     11,036 
    Accrued interest . . . . . . . . . . . . . . . . . . .               (2,967)                    (3,725)
    Other current liabilities  . . . . . . . . . . . . . .                7,590                      7,713 
  Other - net  . . . . . . . . . . . . . . . . . . . . . .               12,889                    (12,308)
                                                           ---------------------     ----------------------
      Net cash flow provided by operating activities . . .              263,609                    223,997 
                                                           ---------------------     ----------------------

Cash Flows from Investing Activities:                                                                      
  Capital expenditures . . . . . . . . . . . . . . . . . .             (120,810)                  (144,227)
  AFUDC - debt . . . . . . . . . . . . . . . . . . . . . .               (5,401)                    (4,351)
  Other  . . . . . . . . . . . . . . . . . . . . . . . . .              (10,147)                    (7,852)
                                                           ---------------------     ----------------------
      Net cash flow used for investing activities. . . . .             (136,358)                  (156,430)
                                                           ---------------------     ----------------------

Cash Flows from Financing Activities:                                                                      
  Long-term debt . . . . . . . . . . . . . . . . . . . . .              100,000                     79,348 
  Short-term borrowings - net  . . . . . . . . . . . . . .               16,465                     47,755 
  Dividends paid on common stock . . . . . . . . . . . . .              (85,000)                   (70,000)
  Dividends paid on preferred stock  . . . . . . . . . . .               (8,994)                    (9,584)
  Repayment of preferred stock . . . . . . . . . . . . . .              (30,603)                        (4)
  Repayment and reacquisition of long-term debt  . . . . .             (137,173)                  (108,044)
                                                           ---------------------     ----------------------
      Net cash flow used for financing activities  . . . .             (145,305)                   (60,529)
                                                           ---------------------     ----------------------

Net increase (decrease) in cash and cash equivalents . . .              (18,054)                     7,038 
Cash and cash equivalents at beginning of period . . . . .               18,389                      6,532 
                                                           ---------------------     ----------------------
Cash and cash equivalents at end of period . . . . . . . . $                335      $              13,570 
                                                           =====================     ======================

Supplemental Disclosure of Cash Flow Information:                                                          
  Cash paid during the period for:                                                                         
    Interest (excluding capitalized interest)  . . . . . . $             78,178      $              85,583 
    Income taxes . . . . . . . . . . . . . . . . . . . . . $             60,499      $              41,515 

See Notes to Condensed Financial Statements.                                    

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-8- 

ARIZONA PUBLIC SERVICE COMPANY

 NOTES TO CONDENSED FINANCIAL STATEMENTS

1. In the opinion of the Company, the accompanying unaudited condensed financial
statements  contain all adjustments  (consisting of normal  recurring  accruals)
necessary to present fairly the financial position of the Company as of June 30,
1996,  the results of  operations  for the three  months,  six months and twelve
months ended June 30, 1996 and 1995, and the cash flows for the six months ended
June  30,  1996  and  1995.  It is  suggested  that  these  condensed  financial
statements  and notes to condensed  financial  statements be read in conjunction
with the financial  statements and notes to financial statements included in the
1995 10-K.  Certain  prior year  balances  have been  restated to conform to the
current year presentation.                                                      

2.  The  Company's  operations  are  subject  to  seasonal  fluctuations,   with
variations occurring in energy usage by customers from season to season and from
month to month  within a  season,  primarily  as a result  of  changing  weather
conditions.  For this and other  reasons,  the results of operations for interim
periods are not  necessarily  indicative  of the results to be expected  for the
full year.                                                                      

3. All the  outstanding  shares  of  common  stock of the  Company  are owned by
Pinnacle West.                                                                  

4. See  "Liquidity  and Capital  Resources" in Part I, Item 2 of this report for
changes in capitalization for the six months ended June 30, 1996.               

5. Regulatory Matters                                                           

Regulatory Agreement                                                            

         In April 1996,  the ACC  approved a  regulatory  agreement  between the
Company  and the ACC Staff.  This  agreement  is  substantially  the same as the
agreement  proposed by the Company and the ACC Staff in December 1995. The major
provisions of the 1996 regulatory agreement are:                                

*    An annual rate reduction of approximately $48.5 million ($29 million after 
     income taxes), or an average 3.4% for all customers except certain contract
customers, effective July 1, 1996.                                    
*    Recovery of substantially all of the Company's  present  regulatory assets 
     through  accelerated  amortization over an eight-year period beginning July
     1, 1996,  increasing annual amortization by approximately $120 million ($72
million after income taxes).                                          
*    A  formula  for  sharing  future  cost  savings   between   customers  and 
shareholders, referencing a return on equity (as defined) of 11.25%.  
*    A  moratorium  on filing for  permanent  rate  changes,  except  under the 
     sharing  formula and under certain other  limited  circumstances,  prior to
July 2, 1999.                                                         

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-9- 

*    Infusion  of  $200  million of common equity  into the Company  by Pinnacle
West, in annual increments of $50 million starting in 1996.           

Competition and Electric Industry Restructuring                                 

         In recognition of evolving competition in the electric utility industry
and an ongoing investigation by the ACC Staff into industry  restructuring in an
open competition  docket involving many parties,  the 1996 regulatory  agreement
also  includes an element  setting out a number of issues  which the Company and
the ACC Staff  agree the ACC  should be  requested  to  consider  in  developing
restructuring  policies. See Note 3 of Notes to Financial Statements in Part II,
Item 8 of the 1995 10-K for further  discussion  of the  industry  restructuring
element of the agreement.  As part of the competition  docket and in response to
the ACC Staff's  request,  on June 28, 1996,  the Company filed its  recommended
phased retail  access plan under which the Company  proposed  generation  market
access to larger customers  beginning in the year 2000 and expanding such access
to smaller commercial and industrial customers, and eventually all customers, in
successive steps thereafter.  The Company expects that the implementation of its
plan  would  support  effective  competition,   including  resolving  issues  of
exclusive  service territory  rights,  obligation to serve,  reciprocity and the
recovery of potentially  stranded costs. Other parties have also submitted their
plans as part of this  docket.  The ACC Staff has  advised  that they  presently
intend to prepare a draft rule on competition and will solicit comments from all
parties on the draft rule. The Company cannot  currently  predict the outcome of
this matter.                                                                    

6. The Palo Verde  participants  have  insurance for public  liability  payments
resulting  from  nuclear  energy  hazards to the full limit of  liability  under
federal law. This potential  liability is covered by primary liability insurance
provided by commercial  insurance carriers in the amount of $200 million and the
balance by an industry-wide  retrospective  assessment program. If losses at any
nuclear power plant  covered by this program  exceed the  accumulated  funds for
this program, the Company could be assessed  retrospective  premium adjustments.
The maximum  assessment per reactor under the program for each nuclear  incident
is  approximately  $79  million,  subject to an annual  limit of $10 million per
incident. Based upon the Company's 29.1% interest in the three Palo Verde units,
the Company's  maximum  potential  assessment per incident is approximately  $69
million, with an annual payment limitation of approximately $9 million.         

         The Palo Verde  participants  maintain  "all risk"  (including  nuclear
hazards) insurance for property damage to, and  decontamination  of, property at
Palo Verde in the aggregate  amount of $2.75 billion,  a substantial  portion of
which must first be applied to stabilization  and  decontamination.  The Company
has also secured  insurance against portions of any increased cost of generation
or  purchased  power  and  business  interruption  resulting  from a sudden  and
unforeseen outage of any of the three units. The insurance coverage discussed in
this and the previous  paragraph  is subject to certain  policy  conditions  and
exclusions.                                                                     

7. The Company has encountered  tube cracking in the Palo Verde steam generators
and has taken, and will continue to take, remedial actions that                 

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-10-

it believes have slowed the rate of tube degradation. The projected service life
of  the  steam  generators  is  reassessed   periodically  in  conjunction  with
inspections made during scheduled outages of the Palo Verde units. The Company's
ongoing analyses indicate that it will be economically desirable for the Company
to replace the Unit 2 steam  generators,  which have been most  affected by tube
cracking,  in five to ten years.  The Company  expects that the steam  generator
replacement can be accomplished within financial  parameters  established before
replacement was a consideration, and the Company estimates that its share of the
replacement  costs (in 1996 dollars and including  installation  and replacement
power costs) will be between $30 million and $50 million,  most of which will be
incurred after the year 2000. The Company expects that the replacement  would be
performed  in  conjunction  with a  normal  refueling  outage  in order to limit
incremental  outage time to approximately 50 days. Based on the latest available
data, the Company  estimates that the Unit 1 and Unit 3 steam generators  should
operate for the license  periods (until 2025 and 2027,  respectively),  although
the  Company  will  continue  its  normal  periodic  assessment  of these  steam
generators.                                                                     

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ARIZONA PUBLIC SERVICE COMPANY

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         -----------------------------------------------------------------------
of Operations.                                                                  
--------------                                                                  

Operating Results                                                               
-----------------                                                               

         The following table summarizes the Company's  revenues and earnings for
the  three-month,  six-month  and  twelve-month  periods ended June 30, 1996 and
1995:                                                                           

                                                        [Enlarge/Download Table]

                                                Periods ended June 30                                          
                                               (Thousands of Dollars)                                          

                      Three Months                    Six Months                      Twelve Months            
              -----------------------------  -----------------------------  -----------------------------------
                  1996           1995            1996           1995              1996              1995       
              -----------------------------  -----------------------------  -----------------------------------
                                                                                                               
Operating        $426,658       $380,178        $771,919       $717,146        $1,669,725        $1,600,109    
revenues                                                                                                       

Earnings for                                                                                                   
common stock     $ 66,114       $ 48,676        $107,243       $ 81,701        $  245,978        $  210,076    

         Operating  Results -  Three-month  period ended June 30, 1996  compared
         -----------------------------------------------------------------------
with three-month period ended June 30, 1995                   
-------------------------------------------                   

         Earnings  increased  in the  three-month  period  ended  June 30,  1996
primarily due to increased  operating revenues resulting from warmer weather and
customer  growth.  Partially  offsetting the increased  operating  revenues were
increases  in fuel  expenses  and  operations  and  maintenance  expenses.  Fuel
expenses  were higher due to increased  retail  sales,  higher coal prices,  and
higher  natural  gas  costs.   Operations  and  maintenance  expenses  increased
primarily due to the timing of charges for employee incentive plans.            

         Operating  Results - Six-month period ended June 30, 1996 compared with
         -----------------------------------------------------------------------
six-month period ended June 30, 1995                          
------------------------------------                          

         Earnings  increased  in  the  six-month  period  ended  June  30,  1996
primarily  due to  increased  operating  revenues  and lower  interest  expense.
Operating  revenues  were  higher due to  customer  growth  and warmer  weather.
Interest expense  decreased due to lower interest rates and lower debt balances.
Partially  offsetting  these positive  factors were an increase in fuel expenses
and a gain on the sale of a small  subsidiary in the first quarter of 1995. Fuel
expenses  were higher due to increased  retail  sales,  higher coal prices,  and
higher natural gas costs.                                                       

         Operating  Results -  Twelve-month  period ended June 30, 1996 compared
         -----------------------------------------------------------------------
with twelve-month period ended June 30, 1995                  
--------------------------------------------                  

         Earnings  increased  in the  twelve-month  period  ended June 30,  1996
primarily due to increased  operating  revenues and  accelerated  investment tax
credit amortization. Operating revenues increased due to customer growth, higher
residential  usage,  and warmer weather.  The accelerated  investment tax credit
amortization  was a result of the 1994 rate                                     

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settlement  (see "Other  Income" below) and is reflected as a decrease in income
tax expense.                                                                    

         Partially   offsetting  these  positive  factors  were  increased  fuel
expenses, write-downs of an office building and certain inventory, and a gain on
the sale of a small  subsidiary in the first quarter of 1995. Fuel expenses were
higher primarily due to increased retail sales.                                 

Other Income                                                  
------------                                                  

         Other income  reflects  accounting  practices  required  for  regulated
public  utilities  and  represents  a  composite  of cash  and  non-cash  items,
including AFUDC. See Note 1 of Notes to Financial  Statements in Part II, Item 8
of the 1995 10-K.                                                               

         As part of a 1994 rate  settlement  agreement with the ACC, the Company
accelerated  amortization  of  substantially  all deferred ITCs over a five-year
period  beginning in 1995,  resulting in a decrease in annual income tax expense
of approximately $21 million.                                                   

Regulatory Matters                                                              
------------------                                                              

         See Note 5 of Notes to Condensed Financial Statements in Part I, Item 1
of this report and Note 3 of Notes to Financial Statements in Part II, Item 8 of
the  1995  10-K for a  discussion  of the  Company's  regulatory  agreement  and
industry restructuring.                                                         

Liquidity and Capital Resources                                                 
-------------------------------                                                 

         For  the  six  months  ended  June  30,  1996,  the  Company   incurred
approximately $114 million in capital expenditures, accounting for approximately
44% of the most recently  estimated 1996 capital  expenditures.  The Company has
estimated total capital  expenditures  for the years 1996,  1997, and 1998 to be
approximately $260 million, $284 million, and $284 million, respectively.  These
amounts include about $30 million each year for nuclear fuel expenditures.      

         Required and optional  redemptions  of  preferred  stock and  long-term
debt,  including  premiums  thereon,  and a  capitalized  lease  obligation  are
expected to total approximately $214 million, $164 million, and $114 million for
the years 1996, 1997, and 1998,  respectively.  During the six months ended June
30, 1996, the Company redeemed  approximately $140 million of its long-term debt
and  approximately $30 million of its preferred stock, and incurred $100 million
of  long-term  debt under a  revolving  credit  agreement.  It is the  Company's
intention over the next several years to use excess cash flow to retire debt and
preferred stock.                                                                

         Although  provisions  in the  Company's  bond  indenture,  articles  of
incorporation,  and  financing  orders  from the ACC  restrict  the  issuance of
additional first mortgage bonds and preferred stock,  management does not expect
any of these  restrictions  to limit the  Company's  ability to meet its capital
requirements.                                                                   

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 PART II - OTHER INFORMATION
 ---------------------------

ITEM 1.      Legal Proceedings                                                  
------------------------------                                                  

Property Taxes                                                  
--------------                                                  

        As  previously  reported,  on April 23,  1996,  the  parties  reached an
agreement to settle the  litigation  in which the Arizona  Court of Appeals held
that an  Arizona  state  property  tax law,  effective  December  31,  1989,  is
unconstitutional  and a lawsuit filed by the Palo Verde participants,  including
the  Company,  was  returned to the Arizona Tax Court for  determination  of the
appropriate  remedy consistent with that decision.  See "Property Taxes" in Part
II,  Item 1 of the March  10-Q.  On July 18,  1996,  the  Governor  signed a new
Arizona property tax law which amends the statute declared  unconstitutional and
is expected to reduce the aggregate property tax of the Company by approximately
$18 million  (before  income  taxes) per year.  Under the formula for  potential
future rate reduction pursuant to the 1996 regulatory agreement (see "Regulatory
Matters  -  Regulatory  Agreement"  in Note 5 of  Notes to  Condensed  Financial
Statements  in Part I, Item 1 of this  report),  the property tax  reduction may
reduce future  retail rates.  The parties to the  litigation  anticipate  that a
settlement  will be reached  pursuant to which the Company will  relinquish  its
claims for retrospective relief provided that the prospective relief provided by
the new law is not  changed  (other than by changes in law  affecting  taxpayers
generally) for a period of three years.                                         

ITEM 4.      Submission of Matters to a Vote of Security Holders                
----------------------------------------------------------------                

        At the  Annual  Meeting  of  Shareholders  held  on May  21,  1996,  the
shareholders  elected all of the  directors  of the  Company,  each of whom will
serve  for  the  ensuing  year or  until  his or her  successor  is  elected  or
qualified, as follows:                                                          

                                                                [Download Table]

                                   Votes                       
                                  Against                Broker
                        Votes       and                   Non- 
         Director        For      Withheld  Abstentions  Votes 
         --------        ---      --------  -----------  ----- 
                                                               
O. Mark De Michele    75,109,537   24,635       N/A       N/A  
Martha O. Hesse       75,109,200   24,717       N/A       N/A  
Marianne M. Jennings  75,107,402   30,226       N/A       N/A  
Robert G. Matlock     75,108,532   24,571       N/A       N/A  
Jaron B. Norberg      75,111,152   22,805       N/A       N/A  
John R. Norton III    75,109,054   26,222       N/A       N/A  
William J. Post       75,111,152   22,975       N/A       N/A  
Donald M. Riley       75,108,861   25,082       N/A       N/A  
Henry B. Sargent      75,109,620   23,646       N/A       N/A  
Wilma W. Schwada      75,107,969   30,425       N/A       N/A  
Richard Snell         75,111,152   23,342       N/A       N/A  
Dianne C. Walker      75,107,644   30,505       N/A       N/A  
Ben F. Williams, Jr.  75,106,759   26,463       N/A       N/A  
Thomas G. Woods, Jr.  75,109,951   27,794       N/A       N/A  

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ITEM 5.      Other Information                                                  
------------------------------                                                  

Environmental Matters                                         
---------------------                                         

         As  previously  reported,  pursuant to the Clean Air Act  Amendments of
1990, the EPA established a "Grand Canyon  Visibility  Transport  Commission" to
complete a study on  visibility  impairment  in the  "Golden  Circle of National
Parks." See  "Environmental  Matters - EPA Environmental  Regulation" in Part I,
Item 1 of the 1995 10-K. The Commission completed its study and on June 10, 1996
submitted its final  recommendations  to EPA.  Pursuant to the  recommendations,
beginning in 2000 and every 5 years  thereafter,  sulfur dioxide emissions would
be measured and if the emissions exceed the projected emissions, which under the
current regulatory scheme are expected to decline, EPA would implement a program
to limit total sulfur dioxide  emissions in the western United States. If such a
program were implemented,  industry,  including the Company's coal plants, could
be  subject  to  further   emissions   limits.   The  EPA  will  consider  these
recommendations  before  promulgating  final  requirements.  The Company  cannot
currently predict the outcome of this matter.                                   

Palo Verde Nuclear Generating Station                           
-------------------------------------                           

        See Note 7 of Notes to Condensed Financial  Statements in Part I, Item 1
of this  report  for a  discussion  of issues  regarding  the Palo  Verde  steam
generators.                                                                     

Construction and Financing Programs                             
-----------------------------------                             

        See "Liquidity  and Capital  Resources" in Part I, Item 2 of this report
for a discussion of the Company's construction and financing programs.          

Competition and Electric Industry Restructuring                 
-----------------------------------------------                 

        See Note 5 of the Notes to  Condensed  Financial  Statements  in Part I,
Item 1 of this report for a discussion of competition and restructuring issues. 

ITEM 6.  Exhibits and Reports on Form 8-K                                       
-----------------------------------------                                       

(a)  Exhibits                                                 

Exhibit No.      Description                                                    
-----------      -----------                                                    

10.1             Amendment  No. 3 to Amended and Restated Decommissioning  Trust
        Agreement  (PVNGS Unit 2) dated as of November 1, 1994

15.1             Letter in Lieu of Consent Regarding Unaudited Interim Financial
Information                                   

27.1             Financial Data Schedule                                        

(b)  Reports on Form 8-K                                      

         During the quarter  ended June 30, 1996, and the period ended August 8,
1996, the Company did not file any reports on Form 8-K.                         

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-15-

SIGNATURES
----------

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Company  has duly  caused  this  report to be  signed on its  behalf by the
undersigned thereunto duly authorized.                                          

ARIZONA PUBLIC SERVICE COMPANY
(Registrant)  

Dated:  August 8, 1996                              By:Jaron B. Norberg         
      ------------------------                      ----------------------------
                                        Jaron B. Norberg
                                                    Executive Vice President and
                                               Chief Financial Officer
                                                    (Principal Financial Officer
                                                   and Officer Duly Authorized
                                            to sign this Report)

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	7/2/99	10
Filed on:	8/9/96
	8/8/96	1	17
	8/1/96	3
	7/18/96	15
	7/1/96	10
For Period End:	6/30/96	1	16
	6/28/96	11
	6/10/96	16
	5/21/96	15
	4/23/96	15
	3/31/96	2		10-Q
	3/1/96	3
	12/31/95	2	3	10-K405, 11-K, DEF 14A
	6/30/95	3	13	10-Q
	11/1/94	16
				List all Filings

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/27/24  Pinnacle West Capital Corp.       10-K       12/31/23  147:25M
 2/27/23  Pinnacle West Capital Corp.       10-K       12/31/22  146:28M
 2/25/22  Pinnacle West Capital Corp.       10-K       12/31/21  150:28M
 2/24/21  Pinnacle West Capital Corp.       10-K       12/31/20  144:26M

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Filing Submission 0000950147-96-000319 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Arizona Public Service Co – ‘10-Q’ for 6/30/96

As of: Friday, 8/9/96 · For: 6/30/96 · Accession #: 950147-96-319 · File #: 1-04473

Quarterly Report — Form 10-QFiling Table of Contents

10-Q — Second Quarter ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

4 Subsequent Filings that Reference this Filing

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — Second Quarter Report
Document Table of Contents