American Electric Power |
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Major Changes in
Earnings Per Share for the Six Months Ended June 30, 2001 vs. 2000 |
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(Data based on
preliminary, unaudited results) (a) |
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2001 |
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2000 |
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Variance |
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Wholesale:
(b) (c) |
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Gross Margin - Energy Sales |
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3.42 |
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3.21 |
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0.21 |
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Gross Margin - Trading
and Marketing: |
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Power |
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0.49 |
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0.21 |
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0.28 |
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Gas |
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0.36 |
|
0.04 |
|
0.32 |
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Cook Restart &
Jurisdictional Settlements |
(0.13) |
|
(0.48) |
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0.35 |
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O&M Expense |
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(1.82) |
|
(1.48) |
|
(0.34) |
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Depreciation &
Amortization |
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(0.55) |
|
(0.55) |
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0.00 |
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Taxes Other Than FIT |
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(0.35) |
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(0.30) |
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(0.05) |
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Other |
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(0.13) |
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(0.06) |
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(0.07) |
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Total Wholesale |
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1.29 |
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0.59 |
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0.70 |
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Energy
Delivery: (b) (d) |
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Revenue |
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3.08 |
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3.04 |
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0.04 |
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O&M Expense |
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(1.11) |
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(1.06) |
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(0.05) |
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Depreciation &
Amortization |
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(0.53) |
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(0.50) |
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(0.03) |
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Taxes Other Than FIT |
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(0.39) |
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(0.40) |
|
0.01 |
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Total Energy Delivery |
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1.05 |
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1.08 |
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(0.03) |
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Other
Investments: |
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SEEBOARD |
|
0.16 |
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0.16 |
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0.00 |
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CitiPower |
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0.02 |
|
0.02 |
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0.00 |
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Other |
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(0.12) |
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(0.10) |
|
(0.02) |
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Total Other Investments |
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0.06 |
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0.08 |
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(0.02) |
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Capital
Costs |
|
(0.82) |
|
(0.91) |
|
0.09 |
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On-going
Earnings |
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1.58 |
|
0.84 |
|
0.74 |
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Extraordinary
and Special Items: |
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Merger Costs |
|
(0.03) |
|
(0.45) |
|
0.42 |
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Sale of Frontera
Generation |
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0.14 |
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- |
|
0.14 |
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Merger - 2000 Severance
Adj. |
|
0.01 |
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- |
|
0.01 |
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Extraordinary Item -
Dscnt SFAS 71 |
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- |
|
0.03 |
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(0.03) |
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Extraordinary Item - Ohio
Gross Receipts Tax |
(0.15) |
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- |
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(0.15) |
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Yorkshire |
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0.02 |
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0.10 |
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(0.08) |
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Other Investment
Write-offs |
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(0.03) |
|
(0.11) |
|
0.08 |
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|
(0.04) |
|
(0.43) |
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0.39 |
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Reported
Earnings Per Share |
|
1.54 |
|
0.41 |
|
1.13 |
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Footnotes: |
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a)
For analysis purposes, certain financial statement amounts have been
reclassified |
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for this effect on earnings
presentation. |
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b)
The data presented for the Wholesale and Energy Delivery business
segments represent |
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on-going earnings before interest
expense, on an after tax (35%) basis, using outstanding |
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shares of 321.7 million and 322.1
million for 2000 and 2001, respectively. |
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c)
Wholesale includes wholesale sales in the U. S., the generation
component of sales to |
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domestic retail customers,
worldwide trading, and other related businesses |
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including Pro Serv, AEP Energy
Services, CSW Energy, and LIG. |
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d)
Energy Delivery includes the domestic electric transmission and
distribution businesses. |
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