Business Context and Reporting Period
This Form 8-K is filed by American Electric Power Company, Inc. on September 8, 2009. The report serves as a Regulation FD disclosure regarding investor meetings scheduled between September 8, 2009, and September 16, 2009.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the current period. It references a prior guidance range for ongoing earnings.
- Ongoing Earnings Guidance (2009 Fiscal Year): $2.75 to $3.05 per share.
- Definition: Ongoing earnings are defined as GAAP earnings adjusted for certain items, which management considers a more meaningful performance measure.
Material Changes
There are no material changes to financial results reported in this document. The filing confirms the reaffirmation of the earnings guidance previously issued on July 31, 2009.
Guidance, Outlook, and Risks
Outlook: Management reaffirms the 2009 ongoing earnings guidance of $2.75 to $3.05 per share during the upcoming investor meetings.
Risks and Contingencies: The filing includes an extensive list of factors that could cause actual results to differ materially from projections, including:
- Weather conditions, electric load, and customer growth.
- Fuel costs, availability, and supplier creditworthiness.
- Regulatory decisions, rate cases, and environmental compliance (emissions of sulfur, nitrogen, mercury, carbon).
- Litigation risks, including Clean Air Act enforcement and disputes related to the Enron Corp. bankruptcy.
- Financial market conditions affecting capital availability and debt refinancing.
- Performance of pension and postretirement benefit plans.
- Unforeseen events such as wars, terrorism, and catastrophic events.
The company expressly disclaims any obligation to update forward-looking information.
Investor Verification Checklist
- Verify the definition of "ongoing earnings" adjustments against GAAP earnings in the referenced July 31, 2009, filing.
- Monitor upcoming regulatory rate cases and environmental compliance costs.
- Assess the impact of fuel price volatility and creditworthiness of suppliers on future margins.
- Review the status of pending litigation, specifically Clean Air Act actions and Enron-related disputes.
- Track changes in credit ratings and the cost of capital for debt refinancing.