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UTILICORP ANNOUNCES AUDITED 1991 RESULTS

 UTILICORP ANNOUNCES AUDITED 1991 RESULTS
 KANSAS CITY, Mo., Feb. 27 /PRNewswire/ -- UtiliCorp United


(NYSE: UCU) today reported audited financial results for 1991. The company achieved record earnings per share for the fourth consecutive year, and record net income for the ninth consecutive year.
 UtiliCorp's net income for 1991 was $73.5 million, an increase of 25 percent from 1990's net income of $58.9 million. Primary earnings per common share were $2.23, versus $2.13 in 1990. Revenues in 1991 were $1.1 billion compared with $894 million in 1990, a 20 percent gain.
 For the fourth quarter ended Dec. 31, 1991 the company recorded net income of $26.2 million compared to $21 million in the 1990 quarter. Primary earnings per common share were $.75 versus $.74 in the fourth quarter of 1990.
 Average common shares outstanding increased to 29 million in 1991 from 24 million in 1990. The increase was due primarily to public offerings of 4 million common shares in late 1990 and 5.1 million common shares in late 1991.
 The annual figures included the fourth quarter results from WestPlains Energy, UtiliCorp's newest electric utility. The acquisition of WestPlains from Centel Corp. was finalized on Sept. 30, 1991.
 UtiliCorp's Aquila Energy subsidiary continued its growth last year. Its net income was $15.4 million compared to $12.3 million in 1990. Aquila continued its strategic acquisition of gas and oil reserves, pipeline and gathering systems and gas processing facilities. Total investments by Aquila during 1991 were $150 million.
 In September 1991, Aquila increased its ownership of gas pipeline and processing facilities by acquiring the remaining ownership interest in Clajon Holdings, LP for approximately $39 million and is now the sole owner. Based in San Antonio, Clajon consists of a 1,300-mile intrastate gas transmission and gathering network.
 UtiliCorp's improved quarterly and yearly results benefited from rate relief at Missouri Public Service, Michigan Gas Utilities, Kansas Public Service, West Kootenay Power, and Peoples Natural Gas, and from Aquila's investments in late 1990 and in 1991.
 Based in Kansas City, UtiliCorp provides gas and electric service to nearly one million customers in eight states and the province of British Columbia. The company also is engaged in various non-regulated energy and utility related enterprises.
 UTILICORP UNITED INC.
 CONSOLIDATED STATEMENT OF INCOME
 (in millions except per share amounts)
 For the Three Months For the Twelve Months
 Ended Dec. 31, Ended Dec. 31,
 1991 1990 1991 1990
 (UNAUDITED)
 Revenues $374.8 $268.6 $1,075.2 $894.4
 Expenses 311.6 222.8 886.4 749.4
 Income from operations 63.2 45.8 188.8 145.0
 Interest charges and other 22.0 15.1 74.0 56.6
 Income before income taxes 41.2 30.7 114.8 88.4
 Income taxes 15.0 9.7 41.3 29.5
 Net income 26.2 21.0 73.5 58.9
 Preference dividends 2.0 2.0 7.8 7.9
 Earnings available for
 common shares $24.2 $19.0 $65.7 $51.0
 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
 Primary 32.27 25.96 29.39 23.97
 Fully Diluted 36.31 30.72 33.81 28.76
 EARNINGS PER COMMON SHARE:
 Primary $.75 $.74 $2.23 $2.13
 Fully diluted $.71 $.68 $2.15 $2.03
 -0- 2/27/92
 /CONTACT: Phil Hermanson, 816-691-3541, UtiliCorp/
 (UCU) CO: Utilicorp United ST: Missouri IN: OIL SU: ERN


AL -- MN006 -- 3291 02/27/92 13:00 EST
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Date:Feb 27, 1992
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