SEC Info - Pinnacle West Capital Corp - ‘10-Q’ for 9/30/97

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Pinnacle West Capital Corp – ‘10-Q’ for 9/30/97

As of: Friday, 11/14/97 · For: 9/30/97 · Accession #: 950147-97-810 · File #: 1-08962

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

11/14/97  Pinnacle West Capital Corp        10-Q        9/30/97    2:48K                                    Imperial Fin’l … Corp/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      24     87K 
 2: EX-27       Financial Data Schedule Ut                             1      7K

10-Q — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Exhibits and Reports on Form 8-K Financial Statements Liquidity and Capital Resources Management's Discussion and Analysis of Financial Condition and Results Other Information
1	1st Page - Filing Submission
4	Item 1. Financial Statements
15	Item 2. Management's Discussion and Analysis of Financial Condition and Results
"	Liquidity and Capital Resources
22	Item 5. Other Information
23	Item 6. Exhibits and Reports on Form 8-K

10-Q 1st Page of 24 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            September 30, 1997                    
                     ---------------------------------------

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     1-8962                                               
---------------                   

 PINNACLE WEST CAPITAL CORPORATION
------------------------------------------------------------------
(Exact name of registrant as specified in its charter)

     Arizona                                              86-0512431
--------------------------------                           ---------------------
(State or other jurisdiction of                              (I.R.S. Employer   
Incorporation or organization)                             Identification No.)

400 E. Van Buren St., P.O. Box 52132, Phoenix, Arizona          85072-2132      
-------------------------------------------------------    ---------------------
(Address of principal executive offices)                        (Zip Code)      

Registrant's telephone number, including area code:        (602) 379-2500       

-------------------------------------------------------------------------       
(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, no par value,
 outstanding as of November 13, 1997: 84,717,595

10-Q 2nd Page of 24 TOC 1st Previous Next ↓Bottom Just 2nd
 i

Glossary
--------

ACC........................Arizona Corporation Commission                       

ACC Staff .................Staff of the Arizona Corporation Commission          

Affected Utilities ........Utilities affected  by the  ACC's Proposed  Rules  on
            retail electric competition in Arizona

APS .......................Arizona Public Service Company                       

Cholla.....................Cholla Power Plant                                   

Company ...................Pinnacle West Capital Corporation                    

El Dorado .................El Dorado Investment Company                         

EPA........................United States Environmental Protection Agency        

FERC ......................Federal Energy Regulatory Commission                 

Four Corners...............Four Corners Power Plant                             

ITCs ......................Investment tax credits                               

1996 10-K .................Pinnacle West Capital  Corporation Annual  Report  on
                           Form 10-K for the fiscal year ended December 31, 1996

NGS........................Navajo Generating Station                            

Palo Verde ................Palo Verde Nuclear Generating Station                

Rules .....................Rules  adopted by  the ACC  for the  introduction  of
            retail electric competition in Arizona

SFAS No. 71 ...............Statement of  Financial Accounting Standards  No. 71,
                           "Accounting for  the  Effects  of  Certain  Types  of
Regulation"               

SFAS No. 128 ..............Statement of  Financial Accounting Standards No. 128,
"Earnings per Share"      

SFAS No. 130...............Statement of  Financial Accounting Standards No. 130,
      "Reporting Comprehensive Income"

10-Q 3rd Page of 24 TOC 1st Previous Next ↓Bottom Just 3rd
ii

SFAS No. 131 ..............Statement of  Financial Accounting Standards No. 131,
                           "Disclosures about  Segments  of  an  Enterprise  and
Related Information"      

Pinnacle West .............Pinnacle West Capital Corporation                    

SunCor ....................SunCor Development Company                           

10-Q 4th Page of 24 TOC 1st Previous Next ↓Bottom Just 4th
PART I. FINANCIAL INFORMATION 
----------------------------- 

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

PINNACLE WEST CAPITAL CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
------------------------------------------- 
(Unaudited) 
(Dollars in thousands, except per share amounts)

                                                        [Enlarge/Download Table]

                                                              Three Months Ended       
                                                                 September 30,         
                                                            1997              1996     
                                                        ------------      ------------ 
                                                                                       
Operating Revenues                                                                     
   Electric                                             $    632,821      $    566,899 
   Real estate                                                30,929            31,892 
                                                        ------------      ------------ 
Total                                                        663,750           598,791 
                                                        ------------      ------------ 
Fuel Expenses                                                                          
   Fuel for electric generation                               48,379            68,243 
   Purchased power                                           110,151            39,793 
                                                        ------------      ------------ 
Total                                                        158,530           108,036 
                                                        ------------      ------------ 
Operating Expenses                                                                     
   Utility operations and maintenance                        110,102           100,386 
   Real estate operations                                     29,487            28,396 
   Depreciation and amortization                              91,594            91,144 
   Taxes other than income taxes                              30,583            25,029 
                                                        ------------      ------------ 
Total                                                        261,766           244,955 
                                                        ------------      ------------ 
Operating Income                                             243,454           245,800 
                                                        ------------      ------------ 
Other Income (Deductions)                                                              
   Allowance for equity funds used during construction          --               1,942 
   Interest on long-term debt                                (40,775)          (41,366)
   Other interest                                             (4,403)           (6,824)
   Capitalized interest                                        3,997             2,021 
   Preferred stock dividend requirements of APS               (2,984)           (4,153)
   Other-net                                                   1,937              (272)
                                                        ------------      ------------ 
Total                                                        (42,228)          (48,652)
                                                        ------------      ------------ 
Income Before Income Tax and Extraordinary Charge            201,226           197,148 
Income Tax Expense                                            76,886            75,742 
                                                        ------------      ------------ 
Income Before Extraordinary Charge                           124,340           121,406 
Extraordinary Charge for Early Retirement of Debt,                                     
     Net of Income Tax of $9,667                                --             (14,272)
                                                        ------------      ------------ 
Net Income                                              $    124,340      $    107,134 
                                                        ============      ============ 

Average Common Shares Outstanding                         84,747,949        87,439,830 

Earnings Per Average Common Share Outstanding:                                         
     Income before extraordinary charge                 $       1.47      $       1.39 
     Extraordinary charge                                       --               (0.16)
                                                        ------------      ------------ 
Total                                                   $       1.47      $       1.23 
                                                        ============      ============ 

Dividends Declared Per Share                            $         --      $      0.275 
                                                        ============      ============ 

See Notes to Condensed Consolidated Financial Statements.                       
1 

10-Q 5th Page of 24 TOC 1st Previous Next ↓Bottom Just 5th
PINNACLE WEST CAPITAL CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
------------------------------------------- 
(Unaudited) 
(Dollars in thousands, except per share amounts)

                                                        [Enlarge/Download Table]

                                                               Nine Months Ended       
                                                                 September 30,         
                                                            1997              1996     
                                                        ------------      ------------ 
                                                                                       
Operating Revenues                                                                     
   Electric                                             $  1,470,593      $  1,338,818 
   Real estate                                                80,638            74,036 
                                                        ------------      ------------ 
Total                                                      1,551,231         1,412,854 
                                                        ------------      ------------ 
Fuel Expenses                                                                          
   Fuel for electric generation                              155,127           167,866 
   Purchased power                                           188,182            76,197 
                                                        ------------      ------------ 
Total                                                        343,309           244,063 
                                                        ------------      ------------ 
Operating Expenses                                                                     
   Utility operations and maintenance                        287,280           288,425 
   Real estate operations                                     77,550            71,749 
   Depreciation and amortization                             276,005           209,421 
   Taxes other than income taxes                              91,138            94,740 
                                                        ------------      ------------ 
Total                                                        731,973           664,335 
                                                        ------------      ------------ 
Operating Income                                             475,949           504,456 
                                                        ------------      ------------ 
Other Income (Deductions)                                                              
   Allowance for equity funds used during construction          --               5,620 
   Interest on long-term debt                               (120,679)         (131,950)
   Other interest                                            (14,877)          (17,871)
   Capitalized interest                                       12,391             7,422 
   Preferred stock dividend requirements of APS               (9,805)          (12,956)
   Other-net                                                  10,983               415 
                                                        ------------      ------------ 
Total                                                       (121,987)         (149,320)
                                                        ------------      ------------ 
Income Before Income Tax and Extraordinary Charge            353,962           355,136 

Income Tax Expense                                           137,058           137,417 
                                                        ------------      ------------ 
Income Before Extraordinary Charge                           216,904           217,719 
Extraordinary Charge for Early Retirement of Debt,                                     
     Net of Income Tax of $13,777                              --             (20,340) 
                                                        ------------      ------------ 
Net Income                                              $    216,904      $    197,379 
                                                        ============      ============ 

Average Common Shares Outstanding                         85,764,317        87,436,827 

Earnings Per Average Common Share Outstanding:                                         
     Income before extraordinary charge                 $       2.53      $       2.49 
     Extraordinary charge                                       --               (0.23)
                                                        ------------      ------------ 
Total                                                   $       2.53      $       2.26 
                                                        ============      ============ 

Dividends Declared Per Share                            $      0.825      $      1.025 
                                                        ============      ============ 

See Notes to Condensed Consolidated Financial Statements.                       
2 

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PINNACLE WEST CAPITAL CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
------------------------------------------- 
(Unaudited) 
(Dollars in thousands, except per share amounts)

                                                        [Enlarge/Download Table]

                                                                    Twelve Months Ended      
                                                                       September 30,         
                                                                  1997              1996     
                                                              ------------      ------------ 
                                                                                             
Operating Revenues                                                                           
   Electric                                                   $  1,850,047      $  1,687,542 
   Real estate                                                     106,090            97,009 
                                                              ------------      ------------ 
Total                                                            1,956,137         1,784,551 
                                                              ------------      ------------ 
Fuel Expenses                                                                                
   Fuel for electric generation                                    217,654           216,546 
   Purchased power                                                 207,115            87,504 
                                                              ------------      ------------ 
Total                                                              424,769           304,050 
                                                              ------------      ------------ 
Operating Expenses                                                                           
   Utility operations and maintenance                              429,569           405,991 
   Real estate operations                                          101,881            90,941 
   Depreciation and amortization                                   366,091           270,095 
   Taxes other than income taxes                                   118,475           130,515 
                                                              ------------      ------------ 
Total                                                            1,016,016           897,542 
                                                              ------------      ------------ 
Operating Income                                                   515,352           582,959 
                                                              ------------      ------------ 
Other Income (Deductions)                                                                    
   Allowance for equity funds used during construction                (411)            6,957 
   Interest on long-term debt                                     (160,187)         (182,291)
   Other interest                                                  (20,770)          (21,693)
   Capitalized interest                                             14,478            10,006 
   Preferred stock dividend requirements of APS                    (13,941)          (17,732)
   Other-net                                                         3,820             4,134 
                                                              ------------      ------------ 
Total                                                             (177,011)         (200,619)
                                                              ------------      ------------ 
Income From Continuing Operations Before Income Tax                338,341           382,340 

Income Tax Expense                                                 128,097           146,380 
                                                              ------------      ------------ 
Income From Continuing Operations                                  210,244           235,960 
Loss on Discontinued Operations, Net of Income Tax of $6,461        (9,539)             --   
Extraordinary Charge for Early Retirement of Debt,                                           
     Net of Income Tax of $21,611                                     --             (31,911)
                                                              ------------      ------------ 
Net Income                                                    $    200,705      $    204,049 
                                                              ============      ============ 

Average Common Shares Outstanding                               86,190,582        87,443,641 

Earnings Per Average Common Share Outstanding:                                               
     Continuing operations                                    $       2.44      $       2.69 
     Discontinued operations                                         (0.11)             --   
     Extraordinary charge                                             --               (0.36)
                                                              ------------      ------------ 
Total                                                         $       2.33      $       2.33 
                                                              ============      ============ 

Dividends Declared Per Share                                  $      0.825      $      1.275 
                                                              ============      ============ 

See Notes to Condensed Consolidated Financial Statements.                       
3 

10-Q 7th Page of 24 TOC 1st Previous Next ↓Bottom Just 7th
PINNACLE WEST CAPITAL CORPORATION 
CONDENSED CONSOLIDATED BALANCE SHEETS 
------------------------------------- 
(Unaudited) 

                                                                [Download Table]

                                          ASSETS                                   
                                          ------                                   
                                  (Thousands of Dollars)                           

                                                        September 30,  December 31,
                                                            1997           1996    
                                                        -------------  ------------
                                                                                   
Current Assets                                                                     
   Cash and cash equivalents                             $   47,346     $   26,686 
   Customer and other receivables--net                      254,064        169,237 
   Accrued utility revenues                                  82,067         55,470 
   Material and supplies                                     74,583         74,120 
   Fossil fuel                                               11,388         13,928 
   Deferred income taxes                                     69,723         69,688 
   Other current assets                                      43,182         41,140 
                                                         ----------     ---------- 
      Total current assets                                  582,353        450,269 
                                                         ----------     ---------- 

Investments and Other Assets                                                       
   Real estate investments--net                             378,563        398,527 
   Other assets                                             214,048        173,109 
                                                         ----------     ---------- 
      Total investments and other assets                    592,611        571,636 
                                                         ----------     ---------- 

Utility Plant                                                                      
   Electric plant in service and held for future use      6,930,706      6,803,211 
   Less accumulated depreciation and                                               
     amortization                                         2,616,756      2,426,143 
                                                         ----------     ---------- 
      Total                                               4,313,950      4,377,068 

   Construction work in progress                            299,166        226,935 
   Nuclear fuel, net of amortization                         59,268         51,137 
                                                         ----------     ---------- 
      Net utility plant                                   4,672,384      4,655,140 
                                                         ----------     ---------- 

Deferred Debits                                                                    
   Regulatory asset for income taxes                        471,653        516,722 
   Rate synchronization cost deferrals                      372,674        414,082 
   Other deferred debits                                    344,247        381,440 
                                                         ----------     ---------- 
      Total deferred debits                               1,188,574      1,312,244 
                                                         ----------     ---------- 

Total Assets                                             $7,035,922     $6,989,289 
                                                         ==========     ========== 

See Notes to Condensed Consolidated Financial Statements.                       
4 

10-Q 8th Page of 24 TOC 1st Previous Next ↓Bottom Just 8th
PINNACLE WEST CAPITAL CORPORATION 
CONDENSED CONSOLIDATED BALANCE SHEETS 
------------------------------------- 
(Unaudited) 

LIABILITIES AND EQUITY
----------------------
(Thousands of Dollars)

                                                                [Download Table]

                                                  September 30,  December 31,
                                                      1997           1996    
                                                  -------------  ------------
                                                                             
Current Liabilities                                                          
   Accounts payable                                $  194,939     $  184,095 
   Accrued taxes                                      183,727         82,413 
   Accrued interest                                    27,885         39,652 
   Short-term borrowings                              117,794         16,900 
   Current maturities of long-term debt               107,774        156,277 
   Customer deposits                                   32,594         34,222 
   Other current liabilities                           33,842         37,056 
                                                   ----------     ---------- 
      Total current liabilities                       698,555        550,615 
                                                   ----------     ---------- 

Long-Term Debt Less Current Maturities              2,276,234      2,372,113 
                                                   ----------     ---------- 
Deferred Credits and Other                                                   
   Deferred income taxes                            1,334,158      1,359,312 
   Deferred investment tax credit                      53,372         74,379 
   Unamortized gain - sale of utility plant            83,507         86,939 
   Other                                              382,024        356,935 
                                                   ----------     ---------- 
      Total deferred credits and other              1,853,061      1,877,565 
                                                   ----------     ---------- 
Commitments and Contingencies (Notes 5, 6 and 7)                             

Minority Interests                                                           
   Non-redeemable preferred stock of APS              142,927        165,673 
                                                   ----------     ---------- 

   Redeemable preferred stock of APS                   29,110         53,000 
                                                   ----------     ---------- 
Common Stock Equity                                                          
   Common stock, no par value                       1,555,907      1,636,354 
   Retained earnings                                  480,128        333,969 
                                                   ----------     ---------- 
      Total common stock equity                     2,036,035      1,970,323 
                                                   ----------     ---------- 

Total Liabilities and Equity                       $7,035,922     $6,989,289 
                                                   ==========     ========== 

See Notes to Condensed Consolidated Financial Statements.                     
5 

10-Q 9th Page of 24 TOC 1st Previous Next ↓Bottom Just 9th
 PINNACLE WEST CAPITAL CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 -----------------------------------------------
(Unaudited) 
(THOUSANDS OF DOLLARS)

                                                                [Download Table]

                                                               Nine Months Ended    
                                                                 September 30,      
                                                              1997           1996   
                                                           ---------      --------- 
                                                                                    
CASH FLOWS FROM OPERATING ACTIVITIES                                                
Income before extraordinary charge                         $ 216,904      $ 217,719 

   Items not requiring cash                                                         
      Depreciation and amortization                          300,698        235,600 
      Deferred income taxes--net                             (17,740)         3,195 
      Allowance for equity funds used during construction       --           (5,620)
      Deferred investment tax credit                         (21,007)       (22,244)
      Other--net                                              (5,017)          (459)
   Changes in current assets and liabilities                                        
      Customer and other receivables--net                    (86,483)       (39,756)
      Accrued utility revenues                               (26,597)       (20,489)
      Materials, supplies and fossil fuel                      2,077          8,934 
      Other current assets                                    (1,898)          (591)
      Accounts payable                                        20,287          9,004 
      Accrued taxes                                          101,314         95,861 
      Accrued interest                                       (11,767)       (19,449)
      Other current liabilities                               (4,883)        20,421 
   Decrease in land held                                      16,677         16,043 
   Other--net                                                 56,234          7,401 
                                                           ---------      --------- 
Net Cash Flow Provided By Operating Activities               538,799        505,570 
                                                           ---------      --------- 
CASH FLOWS FROM INVESTING ACTIVITIES                                                
   Capital expenditures                                     (229,608)      (196,641)
   Capitalized interest                                      (12,391)        (7,422)
   Other--net                                                (31,083)       (21,649)
                                                           ---------      --------- 
Net Cash Flow Used For Investing Activities                 (273,082)      (225,712)
                                                           ---------      --------- 
CASH FLOWS FROM FINANCING ACTIVITIES                                                
   Issuance of long-term debt                                112,413        112,765 
   Short-term borrowings--net                                100,894        132,889 
   Dividends paid on common stock                            (70,745)       (65,576)
   Repayment of long-term debt                              (260,536)      (410,582)
   Redemption of preferred stock                             (46,511)       (46,083)
   Repurchase and retirement of common stock                 (81,251)          --   
   Extraordinary charge for early retirement of debt            --          (20,340)
   Other--net                                                    679          1,938 
                                                           ---------      --------- 
Net Cash Flow Used For Financing Activities                 (245,057)      (294,989)
                                                           ---------      --------- 
Net Cash Flow                                                 20,660        (15,131)

Cash and Cash Equivalents at Beginning of Period              26,686         79,539 
                                                           ---------      --------- 
Cash and Cash Equivalents at End of Period                 $  47,346      $  64,408 
                                                           =========      ========= 

Supplemental Disclosure of Cash Flow Information:                                   
   Cash paid during the period for:                                                 
      Interest, net of amounts capitalized                 $ 128,414      $ 155,943 
      Income taxes                                         $ 106,440      $  72,224 

See Notes to Condensed Consolidated Financial Statements.                       
6 

10-Q 10th Page of 24 TOC 1st Previous Next ↓Bottom Just 10th
 PINNACLE WEST CAPITAL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. The  condensed  consolidated  financial  statements  include the  accounts of
Pinnacle West and its subsidiaries:  APS, SunCor and El Dorado.  All significant
intercompany  balances  have been  eliminated.  Certain prior year balances have
been restated to conform to the current year presentation.                      

2.  In  the  opinion  of  the  Company,  the  accompanying  unaudited  condensed
consolidated financial statements contain all adjustments  (consisting of normal
recurring  accruals)  necessary  to present  fairly the  financial  position  of
Pinnacle  West and its  subsidiaries  as of September  30, 1997,  the results of
operations for the three months,  nine months and twelve months ended  September
30, 1997 and 1996,  and the cash flows for the nine months ended  September  30,
1997 and 1996.  It is  suggested  that these  condensed  consolidated  financial
statements and notes to condensed  consolidated  financial statements be read in
conjunction with the consolidated financial statements and notes to consolidated
financial statements included in the 1996 10-K.                                 

3. The operations of APS are subject to seasonal  fluctuations,  with variations
in energy usage by customers  occurring  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.         

4. See  "Liquidity  and Capital  Resources" in Part I, Item 2 of this report for
changes in capitalization for the nine months ended September 30, 1997.         

5. Regulatory Matters                                                           

Electric Industry Restructuring                                                 

STATE  The  ACC  has  been   conducting  an  ongoing   investigation   into  the
restructuring  of the  Arizona  electric  industry.  In December  1996,  the ACC
adopted rules that provide a framework for the  introduction  of retail electric
competition.  The ACC has ordered that numerous issues,  including  reliability,
stranded cost measurement and recovery, the phase-in process, bundled, unbundled
and  metering  services,  and  Independent  System  Operators  and  spot  market
development,  as well as legal issues, will require additional consideration and
will be  addressed  through  workshops  and  working  groups  which  will  issue
recommendations to the ACC. Some of the working group reports have recently been
issued and the  balance are  scheduled  to be issued by year end.  These  issued
reports recommend that further ACC consideration of the Rules is necessary prior
to implementation of retail electric competition. Some parties that participated
in the working groups also indicated that state legislation and                 
7 

10-Q 11th Page of 24 TOC 1st Previous Next ↓Bottom Just 11th
possibly  amendments to the Arizona  Constitution  may be  necessary.  The Rules
include the following major provisions:                                         

*    The Rules are  intended to apply to virtually  all of the Arizona  electric
utilities regulated by the ACC, including APS.                        

*    Each  affected  utility  would be  required to make  available  at least 20
     percent of its 1995 system  retail peak demand for  competitive  generation
     supply to all customer  classes not later than January 1, 1999; at least 50
     percent not later than  January 1, 2001;  and all of its retail  demand not
later than January 1, 2003.                                           

*    Electric  service  providers that obtain a Certificate  of Convenience  and
     Necessity  (CC&N) from the ACC would be allowed to supply,  market,  and/or
     broker specified electric services at retail.  These services would include
 electric generation but exclude electric transmission and distribution.

*    On or before December 31, 1997,  each affected  utility is required to file
     with the ACC  proposed  tariffs  for bundled  service,  if  different  from
     current  tariffs,  and unbundled  service.  Bundled  service means electric
     service  elements  (i.e.,  generation,   transmission,   distribution,  and
     ancillary  services)  provided as a package to consumers within an affected
     utility's  current service area.  Unbundled  service means electric service
elements provided and priced separately.                              

*    The Rules indicate that the ACC will allow recovery of unmitigated stranded
     costs.  Stranded costs are the costs of generating plants, other assets and
     contract  commitments that were prudently incurred to serve power customers
     that could go unrecovered if these customers are allowed to use open access
     to move to another  supplier.  Each  affected  utility would be required to
     file with the ACC estimates of unmitigated  stranded  costs.  The ACC would
     then, after hearing and  consideration  of various  factors,  determine the
     magnitude  of  stranded  cost  and   appropriate   stranded  cost  recovery
mechanisms and charges.                                               

The Arizona  legislature  has appointed a joint  legislative  committee to study
electric utility industry  restructuring issues and report back to it by the end
of 1997. Arizona  legislative  counsel recently prepared a memorandum related to
the legal  authority  of the ACC to  deregulate  the  Arizona  electric  utility
industry.  This  memorandum  raises a question as to the degree to which the ACC
may  deregulate  any  portion of the  electric  utility,  and allow  rates to be
determined  by  market  forces  under  the  Arizona  Constitution.  The  Company
continues to believe that State  legislation  ultimately will be required before
significant  implementation of retail electric competition can lawfully occur in
Arizona.  The Company  cannot  accurately  predict  the  impact,  if any, of the
regulatory  and  legislative  activities  and of the possible  amendments to the
Arizona  Constitution  (which  amendments would require a vote of the people) on
the  timing or manner  of  implementation  of  retail  electric  competition  in
Arizona.                                                                        
8 

10-Q 12th Page of 24 TOC 1st Previous Next ↓Bottom Just 12th
The  Company  continues  to  focus  on  working  with  the ACC  and the  Arizona
Legislature to bring  competitive  benefits to Arizona but believes that certain
provisions of the Rules are  deficient.  In February 1997, APS filed lawsuits to
protect its legal rights regarding the Rules.                                   

Until it has been further  determined  how  competition  will be  implemented in
Arizona,  the  Company  cannot  accurately  predict  the  impact of full  retail
competition on its financial position or results of operations.                 

FEDERAL  The  Energy  Policy  Act of 1992 and  recent  rulemakings  by FERC have
promoted  increased  competition in the wholesale  electric  power markets.  The
Company  does not expect  these  rulemakings  to have a  material  impact on its
financial statements.                                                           

Several  electric  utility  reform  bills  have been  introduced  during  recent
congressional  sessions,  which as currently  written,  would allow consumers to
choose their electricity supplier by 2000 or 2003. These bills, other bills that
are expected to be  introduced,  and ongoing  discussions  at the federal  level
suggest  a wide  range of  opinion  that  will need to be  narrowed  before  any
substantial restructuring of the electric utility industry can occur.           

REGULATORY   ACCOUNTING  The  Company  prepares  its  financial   statements  in
accordance  with the provisions of Statement of Financial  Accounting  Standards
(SFAS) No. 71, "Accounting for the Effects of Certain Types of Regulation." SFAS
No. 71 requires a cost-based, rate-regulated enterprise to reflect the impact of
regulatory  decisions  in  its  financial  statements.  The  Company's  existing
regulatory  orders and current  regulatory  environment  support its  accounting
practices  related to regulatory  assets,  which amounted to approximately  $1.0
billion at September 30, 1997. In accordance with the 1996 regulatory  agreement
(see below),  the ACC accelerated the amortization of  substantially  all of the
Company's regulatory assets over an eight-year period beginning July 1, 1996. If
rate recovery of these assets is no longer probable,  whether due to competition
or  regulatory  action,  the  Company  would  no  longer  be able to  apply  the
provisions  of SFAS No. 71 to all or some part of its  operations,  which  could
have a material impact on the Company's financial statements.                   

1996 Regulatory Agreement                                                       

In April 1996, the ACC approved a regulatory  agreement  between APS and the ACC
Staff. The major provisions of this agreement are:                              

*    An annual  retail  price  reduction  of  approximately  $48.5  million ($29
     million after income  taxes),  or 3.4% on average for all customers  except
certain contract customers, effective July 1, 1996.                   
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*    Recovery of  substantially  all of APS' 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  (price reduction formula)  referencing a return on equity (as
defined) of 11.25%.                                                   

*    A moratorium  on filing for  permanent  rate changes prior to July 2, 1999,
     except under the price  reduction  formula and under  certain other limited
circumstances.                                                        

*    Infusion of $200  million of common  equity into APS by Pinnacle  West,  in
annual payments of $50 million, starting in 1996.                     

Pursuant to the price reduction formula,  in May 1997, the ACC approved a retail
price  reduction of  approximately  $17.6  million  annually  ($11 million after
income taxes), or 1.2%, effective July 1, 1997.                                 

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,  APS
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 APS'
29.1% interest in the three Palo Verde units, APS' 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.  APS 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. APS has encountered  tube cracking in the Palo Verde steam generators and has
taken, and will continue to take,  remedial actions that it believes have slowed
the rate of tube degradation. The projected service life of the steam generators
is  reassessed  periodically  and  these  analyses  indicate  that  it  will  be
economically  desirable for APS to replace the Unit 2 steam  generators  between
2003 and 2008.  APS estimates that its share of the  replacement  costs (in 1997
dollars  and  including  installation  and  replacement  power  costs)  will  be
approximately  $50 million,  most of which will be incurred after the year 2000.
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Based on the latest  available  data,  APS estimates  that the Unit 1 and Unit 3
steam  generators  should operate for the license  periods (until 2025 and 2027,
respectively),  although APS will  continue its normal  periodic  assessment  of
these steam generators.                                                         

8. The Financial Accounting Standards Board recently issued three new standards;
SFAS 128 on "Earnings per Share"; SFAS 130 on "Reporting  Comprehensive Income";
and SFAS  131 on  "Disclosures  about  Segments  of an  Enterprise  and  Related
Information".                                                                   

The  "Earnings  per Share"  standard is  effective  for both  interim and annual
periods  ending after  December 15, 1997.  The standard will not have a material
effect on the Company's earnings per share.                                     

The  "Reporting  Comprehensive  Income"  standard is effective  for fiscal years
beginning after December 15, 1997. The standard changes the reporting of certain
items  currently  reported  in the common  stock  equity  section of the balance
sheet.  The Company is currently  evaluating what impact this standard will have
on its financial statements.                                                    

The  "Disclosures  about  Segments of an  Enterprise  and  Related  Information"
standard is effective for fiscal years  beginning  after  December 15, 1997. The
standard  requires  that  public  companies  report  certain  information  about
operating segments in their financial  statements.  It also establishes  related
disclosures about products and services,  geographic areas, and major customers.
The Company is currently  evaluating  what impact this standard will have on its
disclosures.                                                                    
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PINNACLE WEST CAPITAL CORPORATION                                               

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

         The following discussion relates to Pinnacle West and its subsidiaries:
APS, SunCor and El Dorado.                                                      

LIQUIDITY AND CAPITAL RESOURCES                                                 

Parent Company                                                                  
--------------                                                                  

         For the nine months ended  September  30, 1997,  the primary  source of
cash has been dividends  from APS.  SunCor and El Dorado both have provided cash
to the parent during 1997.                                                      

         During the quarter ended  September 30, 1997, the parent company repaid
$40  million  on its  existing  line  of  credit.  The  parent  company's  total
outstanding debt as of September 30, 1997, was $240 million.                    

         In March,  the Board approved a program for the repurchase of up to $80
million of the Company's common stock. As of July 2, 1997 the Company  completed
the  program,  spending  approximately  $80  million for the  repurchase  of 2.7
million shares of stock.                                                        

         The Board  declared  a  quarterly  dividend  of 30.0 cents per share of
common stock, payable December 1, 1997, to shareholders of record on November 3,
1997, totaling approximately $25.4 million.                                     

APS                                                                             
---                                                                             

         For  the  nine  months  ended   September   30,   1997,   APS  incurred
approximately $221 million in capital  expenditures,  which is approximately 75%
of the most recently  estimated 1997 capital  expenditures.  APS estimates total
capital expenditures for the years 1997, 1998, and 1999 to be approximately $296
million,  $290 million,  and $265 million,  respectively.  These amounts include
about $30 million each year for nuclear fuel expenditures.                      
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         Required and optional  redemptions of preferred  stock and repayment of
long-term debt, including premiums thereon, and payments for a capitalized lease
obligation are expected to total approximately $272 million,  $114 million,  and
$114 million for the years 1997, 1998, and 1999,  respectively.  During the nine
months ended  September 30, 1997, APS repaid  approximately  $223 million of its
long-term  debt and redeemed  approximately  $47 million of its preferred  stock
with funds from internal cash from operations and long-term and short-term debt.
As a result of the 1996  regulatory  agreement (see Note 5 of Notes to Condensed
Consolidated Financial Statements), Pinnacle West invested $50 million in APS in
1996 and will invest similar amounts annually in 1997 through 1999.             

         During the nine months  ended  September  30,  1997,  APS  incurred $60
million of long-term debt under credit  agreements and issued $50 million of its
senior notes.  Simultaneously  with the issuance of the senior notes, APS issued
$50 million of its first mortgage  bonds  ("senior note mortgage  bonds") to the
senior  note  trustee as  collateral  for the  senior  notes.  The senior  notes
mortgage bonds have the same interest rate,  interest  payment dates,  maturity,
and  redemption  provisions  as the senior  notes.  APS'  payment of  principal,
premium,  and/or interest on the senior notes satisfy APS' corresponding payment
obligation  on the  senior  note  mortgage  bonds.  As long as the  senior  note
mortgage bonds secure the senior notes,  the senior notes will  effectively rank
pari passu with the first mortgage bonds. On the date that APS has repaid all of
its first  mortgage  bonds,  other than those that secure the senior notes,  the
senior note mortgage bonds will no longer secure the senior notes and will cease
to be outstanding.                                                              

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

OPERATING RESULTS                                                               

The  following  table  shows the income  and/or  loss of  Pinnacle  West and its
subsidiaries  for the  three-month,  nine-month and  twelve-month  periods ended
September 30, 1997 and 1996:                                                    
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 Income (Loss)
 (Unaudited)
(Thousands of Dollars)

                                                        [Enlarge/Download Table]

                      Three Months Ended          Nine Months Ended         Twelve Months Ended   
                         September 30,              September 30,              September 30,      
                      1997           1996        1997           1996        1997           1996   
                   ---------      ---------   ---------      ---------   ---------      --------- 
                                                                                                  
APS                $ 126,715      $ 124,331   $ 218,032      $ 231,574   $ 212,837      $ 246,739 

SunCor                   450          2,278       2,706          1,186       5,674          5,465 

El Dorado                 63           (231)      7,019           (270)      7,660          7,933 

Pinnacle West (1)     (2,888)       (19,244)    (10,853)       (35,111)    (25,466)       (56,088)

                   ---------      ---------   ---------      ---------   ---------      --------- 
NET INCOME         $ 124,340      $ 107,134   $ 216,904      $ 197,379   $ 200,705      $ 204,049 
                   =========      =========   =========      =========   =========      ========= 

(1)  Includes Pinnacle West's interest expense,  extraordinary  charge for early
     retirement of debt,  discontinued  operations and operating expenses net of
     income tax  benefits.  Income tax benefits  are as follows (in  thousands):
     $1,264 and $9,997 for the three months ended  September  30, 1997 and 1996,
     respectively;  and $2,472 and $18,271 for the nine months  ended  September
     30,  1997 and 1996,  respectively;  and $8,945 and  $27,409  for the twelve
months ended September 30, 1997 and 1996, respectively.               
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APS                                                                             
---                                                                             

Operating  Results -  Three-month  period ended  September  30, 1997 compared to
three-month period ended September 30, 1996                                     

         Earnings  increased  slightly  in  the  three-month  comparison  as the
impacts of two settlements  related to coal and gas used for electric generation
and strong customer growth offset the effects of higher operating costs,  milder
weather, and a rate reduction which became effective July 1, 1997 (see Note 5 of
Notes to Condensed Consolidated Financial Statements).                          

         The fuel-related  settlements contributed to earnings approximately $21
million  before  income  taxes and were  reflected  on the income  statement  as
reductions  in fuel expense and as other  income.  Approximately  $16 million of
these settlements related to prior years.                                       

         Operating revenues increased $66 million primarily due to a $67 million
increase in sales for resale and $18 million  from  retail  customer  growth and
higher  usage,  partially  offset by an $11  million  decrease  attributable  to
weather effects and the 1997 retail price reduction impact of $6 million.  Sales
for resale are sales of electricity  at wholesale to other  electric  utilities,
power  marketers,  or public  authorities  for  resale to their  customers.  The
increase in sales for resale was a result of increased  activity in  competitive
bulk power  markets and was  accompanied  by  significant  increases  in related
purchased  power.  These bulk power  activities  did not result in a significant
variance in earnings due to market pressures on prices.                         

         Operation and maintenance  expenses increased $10 million primarily due
to the  timing of  charges  for  employee  incentive  plans,  nuclear  refueling
outages,  and other expenses,  partially  offset by the cost savings from a 1996
voluntary  severance program.  Other taxes increased $5 million primarily due to
an  adjustment  in the third quarter of 1996 to reflect the impacts of a tax law
change on the first half of 1996.                                               

Operating  Results - Nine-month  period  ended  September  30, 1997  compared to
nine-month period ended September 30, 1996                                      

         Earnings  decreased in the nine-month  comparison due to the effects of
the 1996  regulatory  agreement  (see Note 5 of Notes to Condensed  Consolidated
Financial  Statements).  These effects were partially offset by customer growth,
two settlements related to coal and gas used for electric generation,  and lower
financing costs.                                                                

         In the nine-month  comparison,  the regulatory agreement,  which became
effective  July 1,  1996,  resulted  in $58  million  (before  income  taxes) of
accelerated  regulatory  asset  amortization  and retail price  reductions which
reduced pretax revenues by $30 million.                                         
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         Operating  revenues  increased  $132  million  primarily  due to a $113
million  increase in sales for resale and $53 million of retail  customer growth
and higher usage, partially offset by the $30 million impact of the retail price
reduction.  Sales for  resale are sales of  electricity  at  wholesale  to other
electric utilities,  power marketers,  or public authorities for resale to their
customers.  The increase in sales for resale was a result of increased  activity
in competitive  bulk power markets and was accompanied by significant  increases
in related  purchased  power.  These bulk power  activities  did not result in a
significant  variance  in  earnings  due to  market  pressures  on  prices.  The
fuel-related  settlements  contributed  to  earnings  approximately  $21 million
before income taxes and were reflected on the income  statement as reductions in
fuel expense and as other income. Approximately $16 million of these settlements
related to prior  years.  Financing  costs  decreased  $10  million due to lower
amounts of debt and  preferred  stock  outstanding  and lower  average  interest
rates.                                                                          

Operating  Results -  Twelve-month  period ended  September 30, 1997 compared to
twelve-month period ended September 30, 1996                                    

         Earnings  decreased in the twelve-month  comparison ended September 30,
1997 due to the effects of the 1996 regulatory agreement (see Note 5 of Notes to
Condensed Consolidated Financial Statements), a $32 million pretax charge in the
fourth  quarter of 1996 for a voluntary  severance  program,  and an increase in
fuel expenses.  These effects were partially  offset by strong customer  growth,
property tax and financing cost savings, two settlements related to coal and gas
used for  electric  generation,  and $6 million  related to the  recognition  of
income tax benefits associated with capital loss carryforwards. The twelve-month
comparison  was  also  positively   impacted  by  $8  million  of  pretax  asset
write-downs in the twelve months ended September 30, 1996.                      

         In the twelve-month comparison,  the regulatory agreement, which became
effective July 1, 1996, resulted in $88 million of accelerated  regulatory asset
amortization  and retail price reductions which reduced revenues by $42 million.
Fuel  expenses  increased  $121 million  primarily  due to increased  retail and
wholesale  sales volumes,  partially  offset by the effects of the  fuel-related
settlements. These settlements contributed to earnings approximately $21 million
before income taxes and were reflected on the income  statement as reductions in
fuel expense and as other income. Approximately $16 million of these settlements
related to prior years.                                                         

         Operating  revenues  increased  $163  million  primarily  due to a $125
million  increase  in sales for resale and $77  million of  customer  growth and
higher  usage,  partially  offset by the $42 million  impact of the retail price
reduction.  Sales for  resale are sales of  electricity  at  wholesale  to other
electric utilities,  power marketers,  or public authorities for resale to their
customers.  The  increase  in sales for resale was  accompanied  by  significant
increases in related  purchased power and was a result of increased  activity in
competitive bulk power markets.  These bulk power activities did                
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not result in a  significant  variance in earnings  due to market  pressures  on
prices.  Other taxes  decreased  $13 million  primarily  due to a 1996 change in
property tax law and adjustments to property tax estimates to reflect the actual
amounts  billed.  Financing  costs decreased $13 million due to lower amounts of
debt and preferred stock outstanding and lower average interest rates.          

Non-utility Operations                                                          
----------------------                                                          

         The parent  company's  losses  decreased  in all  periods  due to lower
interest  expense  resulting from debt reduction and  refinancing  which yielded
lower average  interest  rates.  Additionally,  all periods ended September 1996
included  extraordinary  charges  related to the early  retirement of debt.  The
twelve-month  period  ended  September  1997  included an  extraordinary  charge
related to a loss from  discontinued  operations  on a legal  matter  related to
MeraBank, A Federal Savings Bank (a former subsidiary).                         

         SunCor's  earnings  decreased in the three-month  period due to a joint
venture sale in the third quarter of 1996.  Earnings increased in the nine-month
and  twelve-month  period due to an increase in net home sales and the sale of a
joint venture project in the first half of 1997.                                

         El Dorado's  increase in earnings  in the  three-month  and  nine-month
periods was the result of investment sales.  Earnings in the twelve-month period
decreased due to the sale of an investment in the fourth  quarter of 1995 offset
by current year gains on sales.                                                 

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

         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 consolidated income
tax expense of approximately $18 million.                                       

CURRENT ISSUES                                                                  

         The  Company's  ability to maintain  and  improve its current  level of
earnings will depend on several factors.  As the electric  industry becomes more
competitive, the Company's ability to reduce costs and increase productivity and
resource  utilization will be important factors in maintaining a price structure
that is both  attractive  to customers  and  profitable  to the  Company.  Other
important factors that could affect the Company's future earnings levels and any
forward-looking  statements  contained  in  this  "Management's  Discussion  and
Analysis of Financial  Condition and Results of                                 
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Operations" include regulatory developments;  competitive developments; regional
economic conditions;  the cost of debt and equity capital;  regulatory,  tax and
environmental  legislation;  weather  variations  affecting  customer usage; and
technological developments in the electricity industry.                         

Competition                                                   
-----------                                                   

         See Note 5 of Notes to Condensed  Consolidated  Financial Statements in
Part I, Item 1 of this report for  discussions of competitive  developments  and
regulatory accounting.                                                          

Rate Matters                                                  
------------                                                  

         See Note 5 of Notes to Condensed  Consolidated  Financial Statements in
Part I, Item 1 of this  report  for a  discussion  of a price  reduction,  which
became effective on July 1, 1997.                                               
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PART II. OTHER INFORMATION
--------------------------

         The following  information  relates  primarily to Pinnacle West and its
principal subsidiary, APS.                                                      

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

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

Plant Sites Leased from Navajo Nation                         
-------------------------------------                         

         In September  1997, a settlement  agreement was finalized  between APS,
the coal supplier to Four Corners and the Navajo Nation,  which settled  certain
issues in the Four Corners lease  regarding the  obligation of the fuel supplier
to pay taxes prior to the expiration of tax waivers in 2001.  See  "Properties -
Plant Sites  Leased from the Navajo  Nation" in Part I, Item 2 of the 1996 10-K.
Pursuant to the agreement,  APS recognized  approximately  $14 million of pretax
earnings  related  to a refund of  possessory  interest  taxes  paid by the fuel
supplier.  The parties also agreed to renegotiate  their  business  relationship
before 2001 in an effort to permit the electricity  generated at Four Corners to
be priced  competitively.  The Company cannot  currently  predict the outcome of
this matter.                                                                    

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

         See Note 7 of Notes to Condensed  Consolidated  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 APS' construction and financing programs.                   
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Competition and Electric Industry Restructuring               
-----------------------------------------------               

         See Note 5 of Notes to Condensed  Consolidated  Financial Statements in
Part I, Item 1 of this  report for a  discussion  of  competition  and the Rules
regarding  the  introduction  of retail  electric  competition  in  Arizona.  On
February  28,  1997,  a lawsuit  was filed by APS to  protect  its legal  rights
regarding  the Rules and in its complaint APS asked the Court for (i) a judgment
vacating the retail electric competition rules, (ii) a declaratory judgment that
the Rules are  unlawful  because,  among other  things,  they were  entered into
without proper legal authorization, and (iii) a permanent injunction barring the
ACC from enforcing or  implementing  the Rules and from  promulgating  any other
regulations without lawful authority.                                           

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

(a)  Exhibits                                                 

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

27                         Financial Data Schedule                              

         In addition to the Exhibit shown above, the Company hereby incorporates
the following  Exhibits pursuant to Exchange Act Rule 12b-32 by reference to the
filings set forth below:                                                        

                                 Previously Filed     File          Date
Exhibit No.     Description             As Exhibit        No.         Effective 
-----------     -----------          ----------------     ----        --------- 

10.1            ACC Order            10.1 to APS'         1-4473      11/12/97  
dated                March 1996                 
April 24, 1996       Form 10-Q Rpt.             

(b)  Reports on Form 8-K                                      

         During the quarter ended  September 30, 1997, and the period October 1,
through November 13, 1997, the Company filed no reports on Form 8-K.            
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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.                                                      

                                     PINNACLE WEST CAPITAL CORPORATION
                                                          (Registrant)

Dated: November 13, 1997                    By: /s/ George A. Schreiber, Jr.    
                                            ----------------------------
                                        George A. Schreiber, Jr.
                                            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

	1/1/03	11
	1/1/01	11
	7/2/99	13
	1/1/99	11
	12/31/97	11		10-K405, 11-K, 4, 5, U-3A-2
	12/15/97	14
	12/1/97	15
	11/19/97
Filed on:	11/14/97
	11/13/97	1	24
	11/3/97	15
For Period End:	9/30/97	1	23
	7/2/97	15
	7/1/97	13	21	4
	2/28/97	23		4, U-3A-2
	12/31/96	2		10-K, 11-K, 5, U-3A-2
	9/30/96	10	19	10-Q
	7/1/96	12	19
	4/24/96	23
				List all Filings

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Filing Submission 0000950147-97-000810 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Pinnacle West Capital Corp – ‘10-Q’ for 9/30/97

As of: Friday, 11/14/97 · For: 9/30/97 · Accession #: 950147-97-810 · File #: 1-08962

Previous ‘10-Q’: ‘10-Q’ on 8/14/97 for 6/30/97 · Next: ‘10-Q’ on 5/15/98 for 3/31/98 · Latest: ‘10-Q’ on 5/2/24 for 3/31/24

Quarterly Report — Form 10-QFiling Table of Contents

10-Q — Quarterly ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — Quarterly Report
Document Table of Contents