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UTILICORP ANNOUNCES FIRST QUARTER RESULTS; SUMMARIZES PENDING RATE INCREASE REQUESTS

 UTILICORP ANNOUNCES FIRST QUARTER RESULTS;
 SUMMARIZES PENDING RATE INCREASE REQUESTS
 KANSAS CITY, Mo., April 29 /PRNewswire/ -- UtiliCorp United (NYSE: UCU) announced today that first quarter earnings per common share were lower than results in last year's first quarter. Net income, however, was equal to that in last year's first quarter and revenues were up substantially. The decline in earnings per share was attributable mainly to the effects of mild winter weather and a need for rate relief at some of the regulated utility operations. Additionally, lower natural gas prices impacted the operations of UtiliCorp's Aquila Energy subsidiary. For the quarter ended March 31, 1992, net income was $29 million and primary earnings per common share were $.77, versus net income of $29 million and earnings per share of $.95 in the 1991 first quarter. Revenues for the three month period were $366 million, versus $317 million. Income from operations was $64 million, up from $63 million in the 1991 quarter.
 Average common shares outstanding increased approximately 23 percent, from 28.1 million in last year's quarter to 34.7 million. The increase was primarily due to a public offering of 5,075,000 new shares of common stock in late 1991. The new shares helped finance the September 1991 acquisition of UtiliCorp's WestPlains Energy division. For the 12 months ended March 31, 1992, UtiliCorp had net income of $74 million, and earnings per share of $2.12, versus net income of $65 million and earnings per share of $2.24 in the prior 12-month period. Revenues for the most recent 12-month period were $1.1 billion and income from operations was $191 million, compared with revenues of $910 million and income from operations of $157 million. Increases in first quarter revenues were due primarily to the addition of WestPlains Energy and increased revenues from Aquila Energy. Because of the seasonal nature of the utility business, however, WestPlains is not expected to contribute to earnings until later in the year. In addition, Aquila's contribution to earnings declined from last year's first quarter due to lower prices and reduced margins in the natural gas, oil and natural gas liquids markets.
 UtiliCorp presently has rate increase requests pending in six regulatory jurisdictions where it provides gas or electric service. All of the increases are needed primarily to offset the cost of extensive system improvements. UtiliCorp's Peoples Natural Gas division has filed pending requests for natural gas rate increases in four states. Those requests would increase annual revenues by $1.2 million in Colorado, $4.8 million in Iowa, $7.2 million in Minnesota and $4.3 million in Kansas. Additional requests have been filed by the West Virginia Power and Kansas Public Service divisions and by West Kootenay Power, a Canadian subsidiary. West Virginia Power is seeking to increase electric rates by $2.4 million annually and Kansas Public Service is seeking approval to increase natural gas rates by $1.3 million.
 West Kootenay Power has filed two separate requests with the British Columbia Utilities Commission seeking to increase electric rates by a total of $7.7 million annually. British Columbia regulators in January allowed the subsidiary to implement a $3.2 million rate increase, one of the two it has requested, on an interim basis subject to refund. The other $4.5 million request is not expected to be implemented until early next year. Both requests are needed to offset the costs of system improvements and the costs of new long-term contracts for substantial amounts of purchased power.
 Based in Kansas City, UtiliCorp provides gas and electric service to nearly a 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
 Consolidated Statement of Income
 For the three months ended For the 12 months ended
 March 31 March 31
 1992 1991 1992 1991
 (in millions except per share amounts)
 (UNAUDITED)
 Revenues 366.0 316.6 1124.6 910.3
 Expenses 301.9 253.9 934.4 753.8
 Income From Operations 64.1 62.7 190.2 156.5
 Interest Charges
 and Other 19.7 18.3 75.4 58.5
 Income Before Income
 Taxes 44.4 44.4 114.8 98.0
 Income Taxes 15.8 15.8 41.3 33.5
 Net Income 28.6 28.6 73.5 64.5
 Preference Dividends 1.9 2.0 7.8 7.8
 Earnings Available for
 Common Shares 26.7 26.6 65.7 56.7
 Weighted Average Common
 Shares Outstanding
 Primary 34.65 28.12 31.03 25.27
 Fully Diluted 38.52 32.87 35.28 30.04
 Earnings Per Common Share:
 Primary $ .77 $ .95 $2.12 $2.24
 Fully diluted $ .73 $ .87 $2.05 $2.13
 -0- 4/29/92
 /CONTACT: Roger Dick of UtiliCorp, 816-421-6600/
 (UCU) CO: UtiliCorp United ST: Missouri IN: UTI SU: ERN


LR -- NY089 -- 4621 04/29/92 17:27 EDT
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Date:Apr 29, 1992
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