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KLT TO SPLIT; DECLARES $0.70/SHARE DIVIDEND; REPORTS 1991 YEAR EARNINGS UP; REDEEMS 9 1/8 PERCENT FIRST MORTGAGE BONDS

 KLT TO SPLIT; DECLARES $0.70/SHARE DIVIDEND; REPORTS 1991 YEAR
 EARNINGS UP; REDEEMS 9 1/8 PERCENT FIRST MORTGAGE BONDS
 KANSAS CITY, Mo., Feb. 4 /PRNewswire/ -- Kansas City Power & Light Co.'s (NYSE: KLT) board of directors authorized a two-for-one split of the outstanding shares of the company's common stock subject to shareholder approval, the company announced Feb. 4. The board also declared a quarterly dividend of 70 cents per share on its common stock payable, March 20, 1992, to stockholders of record on Feb. 28, 1992 and regular dividends on the preferred stock, payable June 1, 1992 to shareholders of record May 8, 1992. Earnings per share in 1991 were $3.16, compared with $3.11 in 1990, even though fourth quarter earnings were down from last year. Additionally, the company announced that it will redeem $35 million of its First Mortgage Bonds, 9 1/8 percent Series due 2000, on March 9, 1992.
 The split of common stock is subject to shareholder approval of an amendment to the company's Restated Articles of Consolidation increasing the number of authorized shares of common stock from 60,000,000 to 150,000,000 and shareholder approval of the split. Approval will be sought at the Annual Meeting of the Stockholders set for May 5, 1992.
 The amendment to the company's Restated Articles of Consolidation will become effective on May 13, 1992, the record date for the two- for-one split. The mailing date for the additional shares of common stock created by the split was set for May 29, 1992. The state regulatory commissions will also need to approve the issuance of the additional shares of common stock to effect the split.
 Earnings per average common share for the 12 months ended Dec. 31, 1991 were $3.16 compared with $3.11 in 1990. Earnings for 1990 reflected a 26 cent reduction due to the expense of the unsuccessful attempt to acquire and merge with Kansas Gas and Electric Co. Earnings for 1991 were positively affected by favorable weather conditions, increased load growth and a reduction in interest charges, which were more than offset by increased purchased power and refueling outage costs, reduced bulk power sales and the effect of inflation and other increases on operating expense.
 KCPL today reported fourth quarter earnings per average common share of $0.21, compared with $0.42 for the like period a year ago. The decrease in earnings reflects a prolonged scheduled refueling and maintenance outage which began Sept. 20, 1991 at the Wolf Creek Nuclear Generating Station. The unit was off-line 103 days in 1991 and was returned to service on Jan. 15, 1992 for a total outage of 117 days. The additional outage time was necessary because additional motor operated valve testing was performed in response to a Nuclear Regulatory Commission industry-wide generic letter.
 The electric utility reported fourth quarter 1991 operating revenues of $180.3 million compared to $191.7 million in the prior year. For 12 months ended Dec. 31, 1991, operating revenues increased 1.2 percent to $825.1 million from $815.6 million for the like period a year ago.
 Retail kwh sales in the fourth quarter of 1991 increased 1.8 percent compared to the 1990 period. For the year 1991, retail kwh sales increased 5.3 percent over 1990.
 Fourth quarter 1991 earnings for common decreased to $6.4 million from $12.9 million a year ago. For the year ended Dec. 31, 1991, earnings for common increased 1.6 percent to $97.9 million compared with $96.4 million in 1990.
 The company is notifying the bondholders of the 9 1/8 percent series that the special redemption price of 100.46 percent of the principal amount of the bonds plus accrued interest will be paid upon surrender of the Bonds to Continental Bank, N.A. on the redemption date March 9, 1992.
 Kansas City Power & Light provides electric service to over 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
 December
 1991 1990
 Operating revenues $180,283 $191,732(a)
 Retail Kwh sales -
 Increase/(decrease)pct. 2,480,302 1.8pct. 2,437,429
 Net income $7,699 $14,534(b)
 Preferred dividends $1,282 $1,590
 Earnings available for common $6,416 $12,944(b)
 Avg. No. of shares outstanding 30,954 30,954
 Total earnings $.21 $.42
 Net AFUDC and other non-cash
 earnings $.02 $.03
 Earnings from other operations $.19 $.39(b)
 Year-to-Date
 December
 1991 1990
 Operating revenues $825,101 $815,570(a)
 Retail Kwh sales -
 Increase/(decrease)pct. 11,052,269 5.3pct. 10,491,556
 Net income $103,893 $102,732(b)
 Preferred dividends $6,023 $6,360
 Earnings available for common $97,870 $96,372(b)
 Avg. No. of shares outstanding 30,954 30,950
 Total earnings $3.16 $3.11
 Net AFUDC and other non-cash
 earnings $.12 $.11
 Earnings from other operations $3.04 $3.00(b)
 (a) 1990 Operating Revenues have been restated to reflect the inclusion of Bulk Power Sales.
 (b) The company incurred legal, financial and administrative costs associated with the tender offer for KGE. Concurrent with the decision to withdraw the offer, these costs were expensed in December 1990, in the amount of $12.9 million before taxes and $8.1 million after taxes ($.26 per share).
 -0- 2/4/92
 /CONTACT: Bernie Beaudoin, 816-556-2543 or Jeanie Sell Latz, 816-556-2936, both of Kansas City Power & Light/
 (KLT) CO: Kansas City Power & Light Co. ST: Missouri IN: UTI SU: ERN


BB -- DV007 -- 6799 02/04/92 15:05 EST
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Date:Feb 4, 1992
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