Aep Outperformed Expectations in 2009; Is Managing Lingering Effects of the Economic Downturn, Shareholders Learn at Company's Annual Meeting
U.S. Newswire › April 27, 2010
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COLUMBUS, Ohio, April 27 /PRNewswire-FirstCall/ -- American Electric Power (NYSE: AEP) managed the economic upheaval of 2009 and outperformed expectations, but is now taking actions to address the lingering effects of the economic downturn and ensure sustainable financial performance, according to Michael G. Morris, AEP's chairman, president and chief executive officer. Morris addressed shareholders at the company's annual meeting today in Frankfort, Ky.
Morris announced that AEP's Board of Directors declared the company's 400th consecutive quarterly common stock dividend and increased the dividend by one cent per quarter to 42 cents per share, the first dividend increase since December 2007. The dividend will be payable June 10, 2010, to shareholders of record as of May 10, 2010. AEP has paid a cash dividend on its common stock every quarter since July 1910.See the full content of this document
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Aep Outperformed Expectations in 2009; Is Managing Lingering Effects of the Economic Downturn, Shareholders Learn at Company's Annual Meeting
"Our performance in 2009 was extraordinary considering the significant economic uncertainties we encountered. Our very successful $1.6 billion equity offering helped maintain the strength of our balance sheet, and our financial discipline, combined with the regulatory success in many of the states where we operate, helped us achieve 2009 ongoing earnings of $2.97 per share, well within our guidance range," Morris said.
During 2009, AEP received orders from state utility regulators granting rate increases that supplied $725 ...See the full content of this document
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