Printer Friendly

KANSAS CITY POWER & LIGHT REPORTS LOWER THIRD QUARTER SALES AND REVENUES

KANSAS CITY POWER & LIGHT REPORTS LOWER THIRD QUARTER SALES AND REVENUES
 KANSAS CITY, Mo., Oct. 26 /PRNewswire/ -- Kansas City Power & Light Co. (KCPL) (NYSE: KLT) today reported third quarter earnings per average common share of 60 cents, compared with 78 cents for the like period a year ago. Earnings per average common share for the 12 months ended Sept. 30, 1992, were $1.16 compared with $1.69 for the like period a year ago. The decreases in earnings mainly reflect lower revenues due to abnormally cool weather in the summer of 1992, the coolest since 1950, compared with abnormally warm weather last summer.
 KCPL reported that third quarter electric operating revenues decreased 9.8 percent to $229.4 million from $254.4 million in the prior year. For the 12 months ended Sept. 30, 1992, electric operating revenues decreased 6.0 percent to $786.2 million from $836.6 million for the like period a year ago.
 Retail kilowatt-hour sales decreased 10.2 percent in the third quarter due primarily to cooler weather. Retail Kwh sales decreased 4.3 percent for the 12 month period reflecting decreased usage due to cooler weather in both the second and third quarters of 1992.
 Third quarter 1992 net income decreased to $38.0 million from $49.6 million a year ago. For the 12 months ended Sept. 30, 1992, net income decreased to $75.4 million compared with $110.7 million in the prior period.
 KCPL's board of directors' quarterly meeting is scheduled for Nov. 3, 1992.
 Kansas City Power & Light provides electric service to about 415,000 customers in a 4,700 square-mile area in eastern Kansas and western Missouri, including metropolitan Kansas City.
 KANSAS CITY POWER & LIGHT CO.
 Financial - Results Of Operations
 (In Thousands)
 Three Months Ended
 September
 1992 1991
 MWH Retail Sales-- 3,007,209 3,350,220
 Percent increase/(decrease) (10.2) ---
 Operating revenues(a) $229,425 $254,392
 Net income $38,044 $49,633
 Preferred dividends $829 $1,569
 Earnings available for common $37,215 $48,064
 Average number of shares
 outstanding(b) 61,909 61,909
 Earnings per share(b) $.60 $.78
 Year-to-Date
 September
 1992 1991
 MWH Retail Sales-- 8,057,768 8,571,967
 Percent increase/(decrease) (6.0) ---
 Operating revenues(a) $605,952 $644,818
 Net income $67,700 $96,194
 Preferred dividends $2,247 $4,740
 Earnings available for common $65,453 $91,454
 Average number of shares
 outstanding(b) 61,909 61,909
 Earnings per share(b) $1.06 $1.48
 Twelve Months Ended
 September
 1992 1991
 MWH Retail Sales-- 10,538,070 11,009,396
 Percent increase/(decrease) (4.3) ---
 Operating revenues(a) $786,235 $836,550
 Net income $75,399 $110,728(c)
 Preferred dividends $3,530 $6,331
 Earnings available for common $71,869 $104,397(c)
 Average number of shares
 outstanding(b) 61,909 61,909
 Earnings per share(b) $1.16 $1.69(c)
 (a) 1991 Operating Revenues have been restated to reflect the
 inclusion of Bulk Power Sales.
 (b) Reflects the two-for-one common stock split approved by the
 shareholders on May 5, 1992.
 (c) Includes a 13 cent per share reduction due to the
 December 1990 terminated tender offer.
 -0- 10/26/92
 /CONTACT: Bernie Beaudoin, 816-556-2543 or Robert Levesque, 816-556-2312, both of Kansas City Power & Light/
 (KLT) CO: Kansas City Power & Light Co. ST: Missouri IN: UTI SU: ERN


MC-BB -- DV004 -- 4757 10/26/92 12:03 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1992
Words:573
Previous Article:GE CAPITAL MORTGAGE CORP. MAKES HOME OWNERSHIP EASIER FOR WORKING CLASS FAMILIES
Next Article:ROLLINS REPORTS RECORD THIRD QUARTER RESULTS
Topics:


Related Articles
PUGET SOUND POWER & LIGHT REPORTS THIRD-QUARTER RESULTS
FPL GROUP REPORTS THIRD QUARTER RESULTS
KANSAS CITY POWER & LIGHT ANNOUNCES EARNINGS
CP&L REPORTS THIRD-QUARTER EARNINGS
KANSAS CITY POWER & LIGHT COMPANY REPORTS HIGHER THIRD QUARTER SALES AND REVENUES
KCPL REPORTS HIGHER EARNINGS FOR FIRST QUARTER
KCPL REPORTS HIGHER EARNINGS FOR FIRST QUARTER
Mild Weather and One-Time Charge Affect KCPL's Third Quarter Earnings
KCPL Announces Fourth Quarter Earnings
KCPL Reports Strong Second Quarter Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters