OG&E 2009 Annual Report Download - page 35

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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Currently, all of the Company’s outstanding common stock is held by OGE Energy. Therefore, there is no public trading
market for the Company’s common stock.
During 2009, the Company declared no dividends to OGE Energy. During 2008 and 2007, the Company declared dividends
of approximately $35.0 million and $56.0 million, respectively, to OGE Energy.
Item 6. Selected Financial Data.
HISTORICAL DATA
Year ended December 31 2009 2008 2007 2006 2005
SELECTED FINANCIAL DATA
(In millions)
Results of Operations Data:
Operating revenues $ 1,751.2 $ 1,959.5 $ 1,835.1 $ 1,745.7 $ 1,720.7
Cost of goods sold 796.3 1,114.9 1,025.1 950.0 994.2
Gross margin on revenues 954.9 844.6 810.0 795.7 726.5
Other operating expenses 600.8 566.3 518.0 501.8 494.3
Operating income 354.1 278.3 292.0 293.9 232.2
Interest income 1.1 4.4 --- 1.9 2.6
Allowance for equity funds used during construction 15.1 --- --- 4.1 ---
Other income (loss) 20.4 3.6 5.0 4.0 (2.8)
Other expense 6.7 11.8 7.2 9.7 2.5
Interest expense 93.6 79.1 54.9 60.1 47.2
Income tax expense 90.0 52.4 73.2 84.8 52.6
Net income $ 200.4 $ 143.0 $ 161.7 $ 149.3 $ 129.7
Balance Sheet Data (at period end):
Property, plant and equipment, net $ 4,467.6 $ 3,955.5 $ 3,233.6 $ 2,979.1 $ 2,670.2
Total assets $ 5,478.1 $ 4,851.2 $ 3,874.9 $ 3,589.7 $ 3,255.0
Long-term debt $ 1,541.8 $ 1,541.4 $ 843.4 $ 843.3 $ 844.0
Total stockholder’s equity $ 2,024.3 $ 1,824.3 $ 1,423.3 $ 1,322.0 $ 1,116.0
CAPITALIZATION RATIOS (A)
Stockholder’s equity 56.8% 54.2% 62.8% 61.1% 56.9%
Long-term debt 43.2% 45.8% 37.2% 38.9% 43.1%
RATIO OF EARNINGS TO
FIXED CHARGES (B)
Ratio of earnings to fixed charges 3.71 3.25 4.78 4.43 4.44
(A) Capitalization ratios = [Total stockholder’s equity / (Total stockholder’s equity + Long-term debt + Long-term debt due within
one year)] and [(Long-term debt + Long-term debt due within one year) / (Total stockholder’s equity + Long-term debt + Long-term
debt due within one year)].
(B) For purposes of computing the ratio of earnings to fixed charges, (i) earnings consist of pre-tax income plus fixed charges, less
allowance for borrowed funds used during construction and (ii) fixed charges consist of interest on long-term debt, related
amortization, interest on short-term borrowings and a calculated portion of rents considered to be interest.
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