| American Electric Power |
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| Financial Results
by Business Unit |
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| for the Period
Ended June 30, 2001 vs. 2000 |
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| in millions,
except per share amounts |
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| (Data based on
preliminary, unaudited results) (a) |
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|
Three Months Ended |
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|
Six Months Ended |
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|
2001 |
|
2000 |
|
Variance |
|
2001 |
|
2000 |
|
Variance |
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| Wholesale:
(b) (c) |
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|
Gross Margin - Energy Sales |
|
873.8 |
|
844.6 |
|
29.2 |
|
1,692.8 |
|
1,587.0 |
|
105.8 |
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|
Gross Margin - Trading
and Marketing: |
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|
|
|
Power |
|
136.7 |
|
64.4
|
|
72.3 |
|
243.5 |
|
104.3 |
|
139.2 |
|
|
Gas |
|
126.9 |
|
11.0 |
|
115.9 |
|
180.1 |
|
20.9 |
|
159.2 |
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|
Cook Restart &
Jurisdictional Settlements |
|
(30.8) |
|
(118.3) |
|
87.5 |
|
(63.2) |
|
(239.8) |
|
176.6 |
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|
O&M Expense |
|
(446.9) |
|
(382.0) |
|
(64.9) |
|
(897.7) |
|
(729.8) |
|
(167.9) |
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Depreciation &
Amortization |
|
(136.6) |
|
(137.5) |
|
0.9 |
|
(273.6) |
|
(274.2) |
|
0.6 |
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Taxes Other Than FIT |
|
(87.8) |
|
(74.5) |
|
(13.3) |
|
(174.4) |
|
(147.2) |
|
(27.2) |
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Other |
|
(30.3) |
|
(19.0) |
|
(11.3) |
|
(63.7) |
|
(30.6) |
|
(33.1) |
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|
Federal Income Tax |
|
(141.4) |
|
(66.8) |
|
(74.6) |
|
(226.9) |
|
(101.9) |
|
(125.0) |
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Total Wholesale |
|
263.6 |
|
122.0 |
|
216.3 |
|
416.9 |
|
188.8 |
|
353.2 |
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| Energy
Delivery: (b) (d) |
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Revenue |
|
799.5 |
|
788.2 |
|
11.3 |
|
1,527.0
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|
1,501.6 |
|
25.4 |
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|
O&M Expense |
|
(288.0) |
|
(275.0) |
|
(13.0) |
|
(551.4) |
|
(523.5) |
|
(27.9) |
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Depreciation &
Amortization |
|
(140.8) |
|
(117.0) |
|
(23.8) |
|
(262.1) |
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(246.3) |
|
(15.8) |
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Taxes Other Than FIT |
|
(100.8) |
|
(100.1) |
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(0.7) |
|
(195.6) |
|
(197.1) |
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1.5 |
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|
Federal Income Tax |
|
(94.0) |
|
(104.5) |
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10.6 |
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(181.1) |
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(186.8) |
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5.6 |
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Total Energy Delivery |
|
175.9 |
|
191.6 |
|
(26.2) |
|
336.8 |
|
347.9 |
|
(16.8) |
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| Other
Investments (After Tax): |
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|
SEEBOARD |
|
19.3 |
|
19.5
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|
(0.2) |
|
52.8 |
|
50.8 |
|
2.0 |
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CitiPower |
|
3.1
|
|
5.7
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|
(2.6) |
|
5.0 |
|
4.9
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|
0.1 |
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Other |
|
(17.3) |
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(9.3) |
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(8.0) |
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(36.3) |
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(30.6) |
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(5.7) |
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Total Other Investments |
|
5.1
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|
15.9
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|
(10.8) |
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21.5 |
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25.1 |
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(3.6) |
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| Capital
Costs |
|
(157.5) |
|
(175.7) |
|
18.3 |
|
(264.0) |
|
(292.6) |
|
28.6 |
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| On-going
Earnings |
|
287.1 |
|
153.8 |
|
133.3 |
|
511.2 |
|
269.2 |
|
242.0 |
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| Extraordinary
and Special Items (After Tax): |
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Merger Costs |
|
(4.4) |
|
(145.6) |
|
141.2 |
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(11.2) |
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(145.6) |
|
134.4 |
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|
Sale of Frontera
Generation |
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- |
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- |
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- |
|
46.0 |
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- |
|
46.0 |
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|
Merger - 2000 Severance
Adj. |
|
- |
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- |
|
- |
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3.4 |
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- |
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3.4 |
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Extraordinary Item -
Dscnt SFAS 71 |
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- |
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8.9
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|
(8.9) |
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- |
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8.9
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|
(8.9) |
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Extraordinary Item - Ohio
Gross Receipts Tax |
(47.8) |
|
- |
|
(47.8) |
|
(47.8) |
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- |
|
(47.8) |
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Yorkshire |
|
- |
|
7.8
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|
(7.8) |
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6.8 |
|
32.0 |
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(25.2) |
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Other Investment
Write-offs |
|
(3.1) |
|
(33.9) |
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30.8 |
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(10.5) |
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(33.9) |
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23.4 |
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Total Extraordinary &
Special Items |
|
(55.3) |
|
(162.8) |
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|
(13.4) |
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(138.6) |
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| Reported
Earnings |
|
231.8 |
|
(9.0) |
|
240.8 |
|
497.9 |
|
130.6 |
|
367.3 |
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| Average
Shares Outstanding |
|
322.2 |
|
321.7 |
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|
322.1 |
|
321.7 |
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| Earnings
Per Share |
|
$ 0.72 |
|
$ (0.03) |
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$ 0.75 |
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$ 1.54 |
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$ 0.41 |
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$ 1.14 |
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| Dividend
Per Share |
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$ 0.60 |
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$ 0.60 |
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$ -
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$ 1.20 |
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$ 1.20 |
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$ -
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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. |
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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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