American Electric Power Reports Second Quarter Earnings

COLUMBUS, Ohio, July 21, 1998 -- American Electric Power Co. (NYSE:AEP) today reported net income for the second quarter of 1998 decreased 2.5 percent to $118.1 million, or 62 cents per share, from $121.1 million, or 64 cents a share in 1997. Net income was $268.7 million, or $1.41 per share, for the six months ended June 30, 1998, down 8.5 percent and 9.6 percent, respectively, compared with $293.7 million, or $1.56 a share, in 1997. For the 12 months ended June 30, income before an extraordinary item increased 1.2 percent to $595.3 million, or $3.14 a share, compared with $588.5 million, or $3.13 a share, for the same period a year earlier. The extraordinary item recorded in the third quarter of 1997 was the United Kingdom’s one-time windfall tax on privatized utilities, which reduced AEP’s share of Yorkshire Power Group’s earnings for the 12 months by $109.4 million. The windfall tax was based on a retroactive revaluation of the original privatization price. After the windfall tax, earnings for the 12 months decreased 17.4 percent to $485.9 million, or $2.56 a share. "Our second quarter 1998 net income declined primarily as a result of a write-down by Yorkshire Power Group of an investment in Ionica, a U.K. telecommunications company, and unplanned outages at some of our generating plants," said E. Linn Draper Jr., AEP chairman, president and chief executive officer. "The adverse impacts were partially offset by increased electricity demand by retail customers, reflecting warmer springtime temperatures. "Our wholesale marketing activity contributed significantly to second quarter earnings, despite tight energy supplies caused by the Cook Nuclear Plant outage and unplanned fossil plant outages, increased usage by residential customers and energy shortages in late June," Draper said. The decline in six months earnings was largely due to additional cost for repairs and restoration of service caused by two severe snowstorms, Yorkshire’s Ionica write-down, and the unavailability of nuclear generating capacity. The year-to-date results were favorably impacted by additional sales to commercial and industrial customers. Despite mild temperatures throughout most of the 12-month period, the Ionica loss and the unavailability of nuclear generating capacity, 12 month earnings before the extraordinary item improved due to increased commercial and industrial sales, and Yorkshire earnings and income tax benefits and adjustments. AEP, a global energy company, is one of the United States' largest investor-owned utilities, providing energy to 3 million customers in Indiana, Kentucky, Michigan, Ohio, Tennessee, Virginia and West Virginia. AEP has holdings in the United States, the United Kingdom, China and Australia. Wholly owned subsidiaries provide power engineering, energy consulting and energy management services around the world. The company is based in Columbus, Ohio. On Dec. 22, 1997, AEP announced a definitive merger agreement for a tax-free, stock-for-stock transaction with Central and South West Corp., a public utility holding company based in Dallas.

Follow the links below for the financial tables: Summary of Sales and Revenue Data Summary of Financial Results for periods ended June 30 Major Changes in Earnings per Share

For More Information, Contact: Media: Pat D. Hemlepp Manager, Media Relations 614/223-1620 Analysts: John S. Bilacic Manager, Investor Relations 614/223-2847

More From PSO

Learn More

Manage Your Electric Bill Year-Round

Sign Up Now Pay Online for Free with Paperless Billing

Pay Online for Free with Paperless Billing

Use Online Form Report Outages On Your Mobile Phone

Report Outages On Your Mobile Phone

How We Restore Power Learn more

How We Restore Power

Visit AEP.com
Use of this site constitutes acceptance of the AEP Terms and Conditions. View our Privacy Policy. © 1996-2019 American Electric Power. All Rights Reserved.

Privacy Policy

Privacy Policy for Public Service Company of Oklahoma (PSO), a unit of American Electric Power (AEP)


This Privacy Policy applies only to PSOklahoma.com and the Public Service Company of Oklahoma customer mobile app (com.aep.customerapp.pso). Other AEP websites and apps may be governed by their own privacy policies, appropriate to the uses and needs of each. Throughout the site or app, we may provide links to resources and sites that are not part of PSOklahoma.com or the Public Service Company of Oklahoma customer mobile app. This Privacy Policy does not apply to those resources and sites.


By using this site or app, you consent to the terms of this Privacy Policy. Whenever you submit information via this site or app, you agree to the collection, use, and disclosure of that information in accordance with this Privacy Policy.

Information Collected

  1. Passively collected information

    During your use of this site or app, we may collect anonymous information about your visit here through the use of server logs, cookies, scripts, tracking pixels and other Web traffic tracking systems. This information is aggregated and used to improve user experience through analysis of user activities. This information is never combined with any of the personally identifiable information you may provide in your use of the features of this site or app.
  2. Personally identifiable information

    On certain forms of this site or app, you may be asked to provide information about yourself or your account with us, either to identify yourself to us or to request a service from us. In each case, we will inform you what information is provided at your option and what information is required to complete the transaction or activity you are engaged in. If you are unwilling to provide this required information, you will be unable to complete the requested transaction.

Use and disclosure of information

The information you provide to us will be used to respond to requests you may make for services. Some or all of this information may be added to your permanent account record and may be used for research purposes.

In addition, we may use elements of this information in the following situations:

  1. We may transfer the information to PSO’s affiliates and subsidiaries, unless such transfer is prohibited by law;
  2. We may transfer the information as part of a merger, consolidation, acquisition, divestiture or other corporate restructuring (including bankruptcy);
  3. We may make the information available to third parties who are providing the product, service or information that you have requested (but not your password);
  4. We may make such information available to third parties who are providing services to PSO (for example, providing the information to third parties performing computer-related services for PSO);
  5. We may use the information to communicate with you about products and services that may be of interest to you.
  6. We may disclose the information if we form a good-faith belief that disclosure of such information is necessary to investigate, prevent, or take action regarding any illegal activities or regarding interference with the operation of our site or violation of its terms of use; or
  7. We may disclose the information if we believe that disclosure is required by law or regulation or in response to a subpoena or other order of a court or other governmental agency.

PSO uses Flurry Analytics Service (provided by Yahoo) in order to improve its mobile apps. Flurry’s privacy policy governs the use of this information.

Also, PSO reserves the right to share any aggregated information (i.e., non-personally identifiable information) with any third parties for any reason, unless prohibited by law.

We will not sell, rent or otherwise disclose the information we gather about you or your account to any third party, except as outlined in this Privacy Policy.


PSO takes reasonable steps to protect your personally identifiable information as it is transferred to us, through the use of Web technologies such as the Secure Sockets Layer and others. However, no Internet transmission of information is ever completely secure or error-free. In particular, e-mail sent to or from PSO may not be secure.

How to Reach Us

If you would like to update your personally identifiable information or if you have questions about this privacy policy, please contact us.

Changes to This Policy

PSO reserves the right to change this Privacy Policy at any time. If this Privacy Policy changes, the revised policy will be posted to this site. Please review this Privacy Policy before you provide any personally identifiable information through this site. Use of our web site after the posting of a revised privacy policy constitutes your consent to the revised policy.

This policy was last revised on December 13, 2017.

Close ×

Sign Up For Alerts

Subscribing to PSO alerts gives you instant notification for:

  • Billing & Payments - avoid late payments and disconnection
  • Outage Updates - find out if there's an outage at your address and when power will be back on

Win an Xbox One with Alerts!

Enroll in alerts to be eligible to win. Subscribing to I&M alerts gives you instant notification for:

  • Billing & Payments - avoid late payments and disconnection
  • Outage Updates - find out if there's an outage at your address and when power will be back on

Loading video...