American Electric Power |
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Major Changes
in Earnings Per Share for the Nine Months Ended September 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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5.11 |
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5.04 |
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0.07 |
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Gross Margin - Trading and Marketing: |
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Power |
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0.72 |
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0.58 |
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0.14 |
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Gas |
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0.67 |
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0.09 |
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0.58 |
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Cook Restart & Jurisdictional Settlements |
(0.16) |
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(0.64) |
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0.48 |
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O&M Expense |
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(2.65) |
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(2.29) |
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(0.36) |
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Gas Holding Co. Costs |
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(0.17) |
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(0.08) |
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(0.09) |
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Depreciation & Amortization |
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(0.83) |
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(0.82) |
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(0.01) |
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Taxes Other Than FIT |
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(0.51) |
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(0.48) |
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(0.03) |
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Other |
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(0.03) |
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0.03 |
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(0.06) |
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Total Wholesale |
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2.15 |
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1.43 |
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0.72 |
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Energy
Delivery: (b) (d) |
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Revenue |
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4.96 |
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4.75 |
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0.21 |
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O&M Expense |
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(1.63) |
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(1.60) |
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(0.03) |
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Depreciation & Amortization |
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(0.80) |
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(0.77) |
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(0.03) |
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Taxes Other Than FIT |
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(0.65) |
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(0.58) |
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(0.07) |
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Total Energy Delivery |
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1.88 |
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1.80 |
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0.08 |
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Other
Investments: |
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SEEBOARD |
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0.23 |
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0.20 |
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0.03 |
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CitiPower |
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(0.01) |
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0.03 |
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(0.04) |
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Other |
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(0.11) |
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(0.15) |
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0.04 |
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Total Other Investments |
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0.11 |
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0.08 |
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0.03 |
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Capital Costs |
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(1.13) |
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(1.21) |
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0.08 |
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On-going
Earnings |
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3.01 |
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2.10 |
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0.91 |
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Extraordinary
and Special Items: |
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Merger Costs |
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(0.05) |
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(0.49) |
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0.44 |
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SFAS 133 Transition Adj. |
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0.06 |
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- |
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0.06 |
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Severance Accruals |
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(0.09) |
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- |
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(0.09) |
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Taxes Other Than FIT - Prior Period Adj. |
(0.03) |
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- |
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(0.03) |
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Extraordinary Items |
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(0.15) |
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(0.11) |
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(0.04) |
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Disposition / Writedown of Assets |
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0.10 |
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0.02 |
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0.08 |
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(0.16) |
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(0.58) |
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0.42 |
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Reported
Earnings Per Share |
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2.85 |
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1.52 |
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1.33 |
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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 321.8 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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