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AMERICAN ELECTRIC POWER EARNINGS FOR 1992 DECREASE 6 PERCENT

 COLUMBUS, Ohio, Jan. 15 /PRNewswire/ -- American Electric Power Company (NYSE: AEP) today reported earnings of $468,303,000 for 1992, a decrease of 6 percent from the $497,935,000 earned in 1991. Earnings per share in 1992 were $2.54 compared with $2.70 in 1991, a decrease of 16 cents.
 Earnings for the fourth quarter were $155,952,000, an increase of 35.6 percent from earnings of $115,028,000 for the same quarter in 1991. Earnings per share for the quarter were 85 cents, an increase of 23 cents from per-share earnings of 62 cents reported in 1991.
 Operating revenues for 1992 were $5.045 billion, basically unchanged from 1991 revenues of $5.047 billion. Fourth quarter revenues were $1.292 billion, an increase of 2.4 percent from $1.262 billion the year before.
 Richard E. Disbrow, chairman and chief executive officer, attributed the 1992 decline in earnings to: (a) unseasonably cool spring and summer weather in 1992, and unseasonably warm weather in the spring of 1991; (b) continuing price competition in the wholesale sales market; (c) increased operating expenses despite strict cost control efforts largely due to refueling outages at the company's two nuclear units; and (d) favorable federal and state tax accrual adjustments recorded in 1991 as a result of the closing of prior years' tax return audits.
 Disbrow explained that the significant increase in comparative fourth quarter earnings was predominantly due to: (a) the favorable effect of somewhat colder weather on retail sales; (b) a favorable court ruling related to wholesale fuel recoveries; (c) lower employee benefit expenses largely reflecting favorable benefit plan experience; and (d) interest income on prior years' federal income tax refunds.
 Although industrial sales were at an all-time high, total revenues in 1992 remained basically unchanged due to weather-related declines in sales to commercial and residential customers. The 1992 fourth quarter revenue increase reflects the impact of colder weather on residential and commercial sales.
 American Electric Power is the parent holding company of seven operating electric utilities providing service to seven million people in Ohio, West Virginia, Virginia, Indiana, Kentucky, Michigan and Tennessee.
 3 Months Ended December 31
 1992 1991 Pct. Change
 Operating Revenues (billions) $1.292 $1.262 2.4
 Consolidated Net Income $155,952,000 $115,028,000 35.6
 Earnings Per Share $0.85 $0.62 37.1
 Average Shares Outstanding 184,535,000 184,535,000 --
 12 Months Ended December 31
 1992 1991 Pct. Change
 Operating Revenues (billions) $5.045 $5.047 --
 Consolidated Net Income $468,303,000 $497,935,000 (6.0)
 Earnings Per Share $2.54 $2.70 (5.9)
 Average Shares Outstanding 184,535,000 184,535,000 --
 -0- 1/15/93
 /CONTACT: Mike Mahoney of American Electric Power Company, 614-223-1674/
 (AEP)


CO: American Electric Power ST: Ohio IN: UTI SU: ERN

BM -- CL019 -- 5492 01/15/93 16:06 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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