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AMERICAN ELECTRIC POWER RESTATES EARNINGS, DECLARES $10 MILLION THIRD QUARTER LOSS

 COLUMBUS, Ohio, Nov. 15 /PRNewswire/ -- American Electric Power Company, Inc. (NYSE: AEP) has restated earnings to show a loss of $10,139,000 or 6 cents per share for the three months ended Sept. 30, 1993.
 The restated third quarter earnings reflect a $144,534,000 after-tax loss due to a November 3 Ohio Supreme Court ruling. The court upheld a 1992 Public Utilities Commission of Ohio (PUCO) order that imposed a disallowance of part of the company's investment in the Wm. H. Zimmer Generating Station.
 The third quarter 1993 loss represents a decline of 109.4 percent from earnings of $107,795,000 or 58 cents per share for the three months ended Sept. 30, 1992. Prior to the disallowance, earnings for the three months ended Sept. 30, 1993 were $134,395,000 or 73 cents per share.
 For the 12 months ended Sept. 30, 1993, earnings decreased 14.6 percent to a restated $365,090,000, compared with $427,379,000 for the same period in 1992. Per share earnings declined 34 cents to a restated $1.98 compared with $2.32 in 1992.
 Prior to the court ruling on the disallowance, earnings and earnings per share for the 12 months ended Sept. 30 were $509,624,000 and $2.76, respectively, a 19.2 percent increase over 1992.
 Operating revenues for the third quarter were $1.406 billion, an increase of 9.7 percent over revenues of $1.282 billion in 1992. For the 12-month period, revenues of $5.230 billion were up 4.3 percent from revenues of $5.015 billion for 1992.
 E. Linn Draper Jr., chairman, president and chief executive officer, noted that the increase in earnings, exclusive of the Zimmer disallowance, for both comparative periods, was predominantly due to an increase in sales reflecting warmer summer weather in 1993 versus 1992, continuing improvement in industrial sales and decreases in interest expense due to refinancings.
 Revenues in both comparative periods increased due to the improvement in sales and rate increases.
 Draper indicated that the Ohio Supreme Court also ruled the PUCO lacked authorization to order a three-year phase-in of CSP's rates. The company is working with the PUCO in an effort to minimize the impact of the court order on customers.
 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 Sept. 30
 Percent
 1993 1992 Change
 Operating Revenues (billions) $1.406 $1.282 9.7
 Consolidated Net
 Income (Loss) ($10,139,000)(A) $107,795,000 (109.4)
 Earnings (Loss) Per Share ($0.06)(A) $0.58 (110.3)
 Average Shares Outstanding 184,535,000 184,535,000 ---
 12 Months Ended Sept. 30
 Percent
 1993 1992 Change
 Operating Revenues (billions) $5.230 $5.015 4.3
 Consolidated Net Income $365,090,000(A) $427,379,000 (14.6)
 Earnings Per Share $1.98(A) $2.32 (14.7)
 Average Shares Outstanding 184,535,000 184,535,000 ---
 (A) -- Includes a reduction in earnings and earnings per share of $144,534,000 and 78 cents, respectively, due to the disallowance of a portion of CSP's Zimmer Plant investment.
 -0- 11/15/93
 /CONTACT: Luke M. Feck, senior vice president, public affairs, of American Electric Power, 614-223-1650/
 (AEP)


CO: American Electric Power Company, Inc. ST: Ohio IN: UTI SU: ERN

BM-KL -- CL021 -- 4449 11/15/93 12:57 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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