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 KANSAS CITY, Mo., July 28 /PRNewswire -- UtiliCorp United (NYE: UCU) announced today that second quarter results and earnings per share were significantly higher than last year's second quarter.
 The improvement was due primarily to financial improvement at the company's Aquila Energy subsidiary, cooler, early spring temperatures along with more normal weather in the last half of the quarter, and rate relief at several of the company's utilities.
 For the second quarter ended June 30, 1993 UtiliCorp's revenues were $330 million, compared to $254 million in last year's second quarter. Second quarter income from operations was $34.6 million, up from $14.7 million in the prior year's second quarter. Net income was $7.3 million, compared to last year's loss of $6.2 million in the second quarter. All 1992 figures are restated to reflected the change to full cost accounting.
 In last year's second quarter UtiliCorp took an $11.6 million pretax charge ($7.4 million after taxes) against 1992 second quarter earnings as a result of apparent misappropriated funds during the course of certain transactions by Aquila Energy Resources Corporation to acquire oil and natural gas properties. Aquila Energy Resources is an indirect subsidiary of UtiliCorp.
 For the first six months of this year UtiliCorp's primary earnings per common share were $.97 on net income of $42.1 million, versus earnings per share of $.54 on net income of $22.4 million in the first six months of last year. Revenues for the first half of 1993 were $810 million, compared with revenues of $620 million in last year's six- month period.
 Average common shares in the second quarter increased to 41.3 million from 34.9 million in last year's quarter. The increase was due primarily to a public offering of 4.8 million common shares in February 1993.
 Aquila Energy's new leadership and strategic direction have contributed to its improved financial results, and UtiliCorp's higher second quarter and first half results are also due to 1992 rate case activity totalling $14.9 million in annualized utility revenue.
 Based in Kansas City, UtiliCorp provides gas and electric utility service to more than a million customers in eight states and the province of British Columbia. The company is also engaged in various non-regulated energy and utility related enterprises.
 Consolidated Statement of Income
 (in millions except per share amounts)
 Three Months Ended Six Months Ended
 6/30/93 6/30/92(a) 6/30/93 6/30/92(a)
 Revenue $329.4 $253.6 $810.3 $619.6
 Expenses 294.8 238.9 697.1 540.8
 Income from operations 34.6 14.7 113.2 78.8
 Interest charges and other 22.7 23.9 44.9 43.6
 Income before income taxes 11.9 (9.2) 68.3 35.2
 Income taxes 4.6 (3.0) 26.2 12.8
 Net income 7.3 (6.2) 42.1 22.4
 Preference dividends 1.8 1.7 3.7 3.6
 Earnings available for
 common shares $5.5 $(7.9) $38.4 $18.8
 Weighted Average Common Shares Outstanding:
 Primary 41.26 34.91 39.61 34.78
 Fully diluted 41.26 34.91 43.19 35.66
 Earnings per Share:
 Primary $.13 $(.23) $.97 $.54
 Fully diluted $.13 $(.23) $.96 $.54
 (a) Restated to reflect change to full cost accounting.
 Consolidated Financial Information
 (In millions except per share amounts)
 For the Twelve Months Ended
 6/30/93 6/30/92(a)
 Revenues $1,489.5 $1,188.8
 Income from operations 203.4 182.5
 Net income 72.6 64.2
 Earnings available for common shares $65.6 $56.7
 Weighted Average Common Shares Outstanding:
 Primary 37.35 32.65
 Fully diluted 38.07 33.73
 Earnings Per Common Share:
 Primary $1.76 $1.74
 Fully diluted $1.74 $1.71
 (a) Restated to reflect change to full cost accounting.
 -0- 7/28/93
 /CONTACT: Phil Hermanson, 816-691-3541, UtiliCorp./

CO: UtiliCorp United ST: Missouri IN: UTI SU: ERP

TJ -- MN016 -- 6781 07/28/93 13:51 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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