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<PAGE>
AEP INVESTMENTS, INC.
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 25667
FOR THE QUARTER ENDED DECEMBER 31, 1995
[CAPTION]
CONTENTS
Page
[S] [C]
Statements of Income and Statements of Retained Earnings 1
Balance Sheet 2
Statements of Cash Flows 3
Notes to Financial Statements 4
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<TABLE>
AEP INVESTMENTS, INC.
STATEMENTS OF INCOME
(UNAUDITED)
<CAPTION>
Three Twelve
Months Ended Months Ended
December 31, 1995 December 31, 1995
(in thousands)
<S> <C> <C>
REVENUES $ - $ 39
EXPENSES:
Affiliated Services 1 29
Ohio Corporate Franchise Taxes 6 27
Research and Development - 200
Other (1) 1
Total Operating Expenses 6 257
OPERATING LOSS (6) (218)
OTHER INCOME DEDUCTIONS - 75
LOSS BEFORE FEDERAL INCOME TAXES (6) (293)
FEDERAL INCOME TAX CREDIT (1) (102)
NET LOSS $ (5) $(191)
</TABLE>
<TABLE>
STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
<CAPTION>
Three Twelve
Months Ended Months Ended
December 31, 1995 December 31, 1995
(in thousands)
<S> <C> <C>
BALANCE AT BEGINNING OF PERIOD* $(8,396) $(8,210)
NET LOSS (5) (191)
BALANCE AT END OF PERIOD* $(8,401) $(8,401)
*Parentheses Denote Accumulated Deficit.
The common stock of the Company is wholly owned by
American Electric Power Company, Inc.
See Notes to Financial Statements.
/TABLE
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<TABLE>
AEP INVESTMENTS, INC.
BALANCE SHEET
DECEMBER 31, 1995
(UNAUDITED)
<CAPTION>
(in thousands)
ASSETS
<S> <C>
INVESTMENTS
Intersource Technologies, Inc. $11,500
Envirotech Investment Fund I 314
PHPK Technologies, Inc. 601
TOTAL INVESTMENTS 12,415
CURRENT ASSETS:
Cash 47
Notes Receivable - Intersource Technologies, Inc. 1,000
Accounts Receivable 40
Accrued Tax Benefits 1
Prepayments 1
TOTAL CURRENT ASSETS 1,089
DEFERRED FEDERAL INCOME TAXES 4,485
DEFERRED CHARGES 234
TOTAL ASSETS $18,223
CAPITALIZATION AND LIABILITIES
Paid-in Capital $14,084
Accumulated Deficit (8,401)
TOTAL CAPITALIZATION 5,683
PROVISION FOR LOSS - Intersource Technologies, Inc. 12,540
TOTAL CAPITALIZATION AND LIABILITIES $18,223
See Notes to Financial Statements.
</TABLE>
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<TABLE>
AEP INVESTMENTS, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Three Twelve
Months Ended Months Ended
December 31, 1995 December 31, 1995
(in thousands)
OPERATING ACTIVITIES:
<S> <C> <C>
Net Loss $ (5) $ (191)
Changes in Certain Assets
and Liabilities:
Accounts Receivable 40 -
Prepayments 7 (1)
Deferred Federal Income Taxes - (96)
Accounts Payable - (25)
Accrued Tax Benefits (18) 1
Other (net) - (234)
Net Cash Flows From (Used For)
Operating Activities 24 (546)
INVESTING ACTIVITIES:
Envirotech Investment Fund I (117) (314)
PHPK Technologies, Inc. (302) (601)
Net Cash Flows Used
For Investing Activities (419) (915)
FINANCING ACTIVITIES -
Capital Contributions from Parent Company 400 1,474
NET INCREASE IN CASH 5 13
CASH AT BEGINNING OF PERIOD 42 34
CASH AT END OF PERIOD $ 47 $ 47
SUPPLEMENTAL DISCLOSURE:
Cash paid and (refunded) for income taxes was $16,000 and $(6,000) in the
three and twelve months ended periods, respectively.
See Notes to Financial Statements.
/TABLE
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AEP INVESTMENTS, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
(UNAUDITED)
PROVISION FOR LOSS
In June 1994 the Company recorded a provision of $12,540,000 ($8,151,000 net of
a provision for deferred federal income taxes) for its investment in and
advances to Intersource Technologies, Inc., which has been engaged in
development of a new lighting technology called the E-lamp. Efforts are
being made to recoup a portion of the investment. The Company has agreed
to waive its right to exercise any of the remedies specified in the
agreements supporting the $1,040,000 of receivables from Intersource
Technologies, Inc. and released its security interest in the collateral.
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