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KLT SPLITS TWO-FOR-ONE

 KLT SPLITS TWO-FOR-ONE
 KANSAS CITY, Mo., May 5 /PRNewswire/ -- Kansas City Power & Light


Co.'s (NYSE: KLT) shareholders approved a two-for-one split of the outstanding shares of the company's common stock at the May 5 Annual meeting the company announced today.
 The common stock split was approved concurrently with shareholder approval of an amendment to the company's Restated Articles of Consolidation that increased the number of authorized shares of common stock from 60,000,000 to 150,000,000.
 The record date for the two-for-one split is May 13, 1992. The mailing date for the additional shares of common stock is set for May 29, 1992.
 Earnings per share for the three and 12 months ended March 31, 1992 were 12 cents and $1.44 down from 26 cents and $1.62 for the like periods last year. All earnings per average common share (EPS) data reflect the two-for-one stock split. EPS for the 12 months ended March 31, 1991 reflects a 13 cent/share reduction due to the expense of the unsuccessful attempt to acquire and merge with Kansas Gas and Electric Co. and 10 cents/share for the 1990 refueling outage. The 1992 three and 12 month periods were negatively affected by the 1992 forced outage (5 cents), the 1993 refueling outage accrual (3 cents), the extended 1991 refueling outage (2 cents/share for the quarter and 26 cents for the 12 month period), reduced bulk power sales and the effects of increased employee wages and benefits and other inflation related increases on operating expense. These factors were partially offset by increased retail sales and a reduction in interest expense and preferred dividend requirements.
 The scheduled refueling outage at Wolf Creek began Sept. 20, 1991 and lasted until Jan. 15, 1992. The unit was off-line for a total of 51 days in the first quarter due to the extended refueling and a forced outage prolonged by a noise problem during restart. The unit has been running continuously since March 27.
 The electric utility reported first quarter 1992 operating revenues of $180.0 million compared to $181.9 million in the prior year. For 12 months ended March 31, 1992, operating revenues increased to $823.3 million compared to $820.7 million for the like period a year ago.
 Retail kwh sales in the first quarter of 1992 increased 2.2 percent compared to the 1991 period. For the 12 months ended March 31, 1992, retail kwh sales increased 4.5 percent over 1991.
 First quarter 1992 earnings available for common stock decreased to $7.7 million from $16.1 million a year ago. For the year ended March 31, 1992, earnings available for common stock decreased to $89.5 million compared with $100.2 million in 1991.
 Kansas City Power & Light provides electric service to approximately 416,000 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
 March
 1992 1991
 Operating revenues(a) $180,022 $181,851
 Retail Kwh sales -
 Increase/(decrease)pct. 2,485,938 2.2pct. 2,433,154
 Net income $8,321 $17,728
 Preferred dividends $596 $1,589
 Earnings available for common $7,725 $16,139
 Average shares outstanding(b) 61,909 61,909
 Earnings per share(b) $.12 $.26
 Twelve Months Ended
 March
 1992 1991
 Operating revenues(a) $823,272 $820,662
 Retail Kwh sales -
 Increase/(decrease)pct. 11,105,053 4.5pct. 10,626,721
 Net income $94,486 $106,508(c)
 Preferred dividends $5,030 $6,358
 Earnings available for common $89,456 $100,150(c)
 Average shares outstanding(b) 61,909 61,903
 Earnings per share(b) $1.44 $1.62(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- 5/5/92
 /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


BB -- DV005 -- 6558 05/05/92 12:17 EDT
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Publication:PR Newswire
Date:May 5, 1992
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