美國電力 (AEP) 2006Q3電話會議重點和逐字稿 - 財報狗 (2024)

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• Operator

• Ladies and gentlemen, thank you for standing by.

• Welcome to the American Electric Power third-quarter 2006 earnings call. [OPERATOR INSTRUCTIONS] I would now like to turn the conference over to our host, Ms.Julie Sloat.

• Please go ahead.

• - Vice President Investor Relations

• Thanks, Pat.

• Good morning and thank you for joining us today to discuss AEP's 2006 third-quarter and nine-month year-to-date earnings.

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• I expect that you have seen the press release issued earlier today.

• It's also available on our webpage at aep.com.

• In addition to the financial schedules included in the press release package, the webcast of this call will include visuals of charts and graphics referred to by AEP management during the call.

• An investor information packet will also be available at aep.com today at approximately 10 a.m. that will include the consolidated balance sheet and statement of cash flows, as well as full income statements for our utility operations, gas operations, investments and parent company.

• The earnings release and other matters that may be discussed on the call today contain forward looking statements and estimates that are subject to various risks and uncertainties.

• Please refer to the SEC filings, including the most recent annual reports on form 10-K and quarter reports on form 10-Q for discussion of factors that may cause results to differ from management projections, forecasts, estimates and expectations.

• Also on the call we will discuss the measures about Company performance.

• That is ongoing earnings versus reported earnings that differ from those recognized by Generally Accepted Accounting Principles or GAAP.

• You can find the reconciliation of these non-GAAP measures on our Investor Relations website at aep.com.

• I'll now turn the proceedings over to Mike Morris, Chairman, President and CEO of the Company to lead an opening presentation and then there will be time for questions.

• Mike?

• - Chairman, President & CEO

• Thanks a lot, Julie.

• I appreciate you being the lawyer today and making that statement.

• Welcome to all of you who have joined us today.

• It's a bit anti-climatic after already having told you earlier in the month what we thought third-quarter earnings would be with our pre-release on our 10-10 meeting.

• However, I hope you see that in fact the quarter closed as we had hoped that it would and thought it would and we feel very comfortable about where we ended up at $0.99 per share on an ongoing basis.

• As you know the sale of the Dow Plaquemine Plant, which was occasioned by the failure of the Tractebel Energy Marketing USA to live up to their contract terms, did have an impact on that quarter activity.

• However, as I hope you will remember in our discussions with you, we see that as a constructive change for us, not only in '06 but in '07 and beyond on the cost of running the plant and being responsible for supplying steam to Dow and power at contract prices.

• The rest of the month in the quarter went pretty much as scheduled.

• Sales were strong.

• Holly will talk a bit about that.

• We were disappointed without question.

• We told you before that the Indiana and Virginia rate cases surely weren't coming out in a timely fashion.

• I guess like jury proceedings when it takes a long time you can't expect good things to happen and in fact that's what we were experienced with.

• We're not overly concerned.

• The Indiana depreciation case had an interesting order, wherein the Commission said that the accounting was right, but that the implementation of accounting wasn't necessary.

• We're not sure that's accurate.

• We continue to evaluate our potentials.

• We might well go back and ask the Commission to reconsider that point and if not we might well go forward in a court proceeding because it's very important that utilities get their accounting right as they go forward.

• So that's one that we will continue to watch that space.

• As to the Virginia E&R case, as you know, I think the administrative law judge and I guess they shared with you at one of the Merrill conferences not long ago.

• She really decided it on a process basis and laid out the going-forward undertaking that one would have to pursue to implement the Virginia single purpose rate review issue as it pertains to reliability and/or environmental investments.

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