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AMERICAN ELECTRIC POWER 1991 EARNINGS BASICALLY UNCHANGED

 AMERICAN ELECTRIC POWER 1991 EARNINGS BASICALLY UNCHANGED
 COLUMBUS, Ohio, Jan. 20 /PRNewswire/ -- American Electric Power Company (NYSE: AEP) ("AEP") today reported earnings of $497,935,000 for 1991, an increase of 0.3 percent from 1990 earnings of $496,414,000. Earnings per share if 1991 were $2.70, an increase of 5 cents or 1.9 percent from per-share earnings of $2.65 in 1990.
 Earnings for the fourth quarter were $115,028,000, an increase of 4. 4 percent from earnings of $110,178,000 for the same quarter in 1990. Earnings per share for the quarter were 62 cents, an increase of 2 cents or 3.3 percent from per-share earnings of 60 cents reported in 1990.
 Earnings per share for the current 12-month period reflect the full 9-million-share reduction in the average number of shares outstanding due to a common stock repurchase plan effected during 1990.
 Operating revenues for 1991 were $5.047 billion, a decrease of 2.5 percent from restated revenues of $5.178 billion in 1990. Fourth quarter revenues were $1.262 billion, a decrease of 1 percent from restated revenues of $1.274 billion the year before.
 R.E. Disbrow, AEP chairman and chief executive officer, explained that the modest increase in 1991 earnings per share was predominantly due to the reduction in the number of shares outstanding. Earnings for the year were basically unchanged although sales to wholesale customers declined significantly and operating costs increased due to the placing in service of the Wm. H. Zimmer Generating Station, the cost of which is not yet reflected in rates. Comparative earnings were bolstered by (a) an increase in the company's more profitable retail sales to residential and commercial customers; (b) a refund in 1990 of Ohio retail jurisdictional fuel revenues; (c) the recordation in 1991 of federal and state tax accrual reversals as a result of the closing of prior year tax returns subject to audit; and (d) a reduction of nuclear plant maintenance expense which was higher in 1990 due to two refueling outages.
 Disbrow attributed the increase in comparative fourth quarter earnings to an increase in retail sales and the reduction of nuclear plant maintenance expense.
 The decline in revenues can be attributed to the decrease in sales to wholesale customers.
 American Electric Power is the parent holding company of eight operating electric utilities providing service to 7 million people in Ohio, Indiana, Michigan, Kentucky, Virginia, West Virginia and Tennessee.
 AMERICAN ELECTRIC POWER COMPANY, INC.
 Three Months Ended Dec. 31
 1991 1990 Pct. Change
 Operating Revenues
 (billions) $1.262 $1.274(A) (1.0)
 Consolidated Net
 Income $115,028,000 $110,178,000 4.4
 Earnings per
 Share $0.62 $0.60 3.3
 Average Shares
 Outstanding 184,535,000 184,535,000 ---
 Twelve Months Ended Dec. 31
 1991 1990 Pct. Change
 Operating Revenues
 (billions) $5.047 $5.178(A) (2.5)
 Consolidated Net
 Income $497,935,000 $496,414,000 0.3
 Earnings per
 Share $2.70 $2.65 1.9
 Average Shares
 Outstanding 184,535,000 187,064,000 (1.4)
 (A) Restated to conform to current year presentation.
 -0- 1/20/92
 /CONTACT: Luke M. Feck of American Electric Power, 614-223-1650/
 (AEP) CO: American Electric Power Company ST: Ohio IN: UTI SU: ERN


CG -- CL012 -- 1534 01/20/92 16:57 EST
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Date:Jan 20, 1992
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