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SECOND QUARTER EARNINGS DECREASE 26.7 PERCENT

 SECOND QUARTER EARNINGS DECREASE 26.7 PERCENT
 COLUMBUS, Ohio, July 17 /PRNewswire/ -- American Electric Power


Company (NYSE: AEP) today reported second quarter earnings of $74,293,000, a decrease of 26.7 percent from 1991 earnings of $101,384,000. Earnings per share for the quarter were 40 cents, a decrease of 15 cents or 27.3 percent from the 55 cents reported in 1991.
 For the 12 months ended June 30, earnings decreased 6.3 percent to $455,545,000 from $486,203,000 and 16 cents per share to $2.47 from $2.63.
 Operating revenues for the second quarter were $1.174 billion, a decrease of 4.9 percent over restated revenues of $1.235 billion in 1991. For the twelve-month period, revenues of $5.022 billion were down 1.7 percent from restated revenues of $5.108 billion for 1991. Reduced retail sales negatively impacted second quarter revenues while wholesale sales contributed negatively to the decline in revenues for both periods.
 Richard E. Disbrow, chairman and chief executive officer, attributed the decline in 12-month earnings and earnings per share to increased operating expenses even in the face of strict cost control, a lower contribution from wholesale sales and a delay in recovering the costs of placing the Wm. H. Zimmer Generating Station into service. Effective May 12, 1992, the Public Utilities Commission of Ohio (PUCO) awarded Columbus Southern Power Company (CSP) a $123 million annual rate increase and disallowed $165 million of the Zimmer plant investment. CSP has not yet recorded the disallowance pending an appeal to the courts. The decline in second quarter revenues, earnings and earnings per share was predominately due to a reduction in sales as a result of the cooler than normal spring weather of 1992, as compared with the unseasonably warm weather in the spring of 1991.
 American Electric Power is the parent holding company of seven 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 June 30
 1992 1991 Pct Change
 Operating Revenues
 (billions) $1.174 $1.235 (A) (4.9)
 Consolidated Net
 Income $74,293,000 $101,384,000 (26.7)
 Earnings per Share $0.40 $0.55 (27.3)
 Average Shares
 Outstanding 184,535,000 184,535,000 --
 Twelve Months Ended June 30
 1992 1991 Pct Change
 Operating Revenues
 (billions) $5.022 $5.108 (A) (1.7)
 Consolidated Net
 Income $455,545,000 $486,203,000 (6.3)
 Earnings per Share $2.47 $2.63 (6.1)
 Average Shares
 Outstanding 184,535,000 184,535,000 --
 (A) -- Restated to conform to current year presentation.
 -0- 7/17/92
 /CONTACT: Luke M. Feck, senior vice president-public affairs of American Electric Power, 614-223-1650/
 (AEP) CO: American Electric Power Company ST: Ohio IN: UTI SU: ERN


BM -- CL016 -- 0261 07/17/92 12:42 EDT
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Publication:PR Newswire
Date:Jul 17, 1992
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