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 KANSAS CITY, Mo., Oct. 27 /PRNewswire/ -- UtiliCorp United (NYSE: UCU) today announced that third quarter financial results were higher than in last year's third quarter.
 The earnings improvement was due primarily to more normal summer weather and rate relief at two of the company's electric utility divisions. However, the company's third quarter earnings would have been $.09 per share higher if not for the Budget Reconciliation Act of 1993, passed by Congress. As a result of the act the corporate tax rate has increased from 34 percent to 35 percent.
 Revenues for the third quarter ended Sept. 30, 1993, were $330 million compared to $275 million in last year's third quarter. Income from operations was $49 million, compared to $32 million during the 1992 third quarter. Net income was $11.0 million compared to $4.9 million in the third quarter of 1992. Primary earnings per share were $.22 compared to $.10 last year.
 Average common shares outstanding in the third quarter increased to 41.7 million from 34.9 million during last year's quarter. The increase was due primarily to a public offering of 5.3 million common shares earlier this year.
 For the first nine months of this year UtiliCorp's primary earnings per common share were $1.18 on net income of $53.1 million, compared to earnings per share of $.64 on net income of $27.3 in the first nine months of 1992. Revenues for the first nine months of 1993 were $1.1 billion, compared with $894 million in last year's nine-month period.
 Last year, UtiliCorp United took a $6.1 million pretax charge ($3.9 million after taxes) against earnings as a result of investigations into alleged improper payments by former employees of Aquila Energy Resources. The payments were in connection with the purchase of natural gas and oil properties located in Texas, Oklahoma and in the Gulf of Mexico. Aquila Energy Resources is an indirect subsidiary of UtiliCorp.
 Third quarter earnings were enhanced by electric rate increases totaling $5.9 million annually at UtiliCorp's Missouri Public Service and West Virginia Power divisions.
 UtiliCorp Chairman and President Richard C. Green Jr. said, "Last year I said we would rebound in 1993 and our third quarter results show that we are continuing the positive trend we have seen throughout this year."
 Based in Kansas City, UtiliCorp provides gas and electric service to more than a million customers in eight states, British Columbia and New Zealand. The company also is engaged in various non-regulated energy and utility related enterprises in the U.S. and the United Kingdom.
 Consolidated Statement of Income
 (Unaudited; in millions, except per-share amounts)
 Periods ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Revenues $ 330.1 $ 274.6 $ 1,140.4 $ 894.2
 Expenses 281.1 242.6 978.3 783.4
 Income From
 Operations 49.0 32.0 162.1 110.8
 Interest Charges
 and Other 24.3 24.0 69.1 67.6
 Income Before
 Income Taxes 24.7 8.0 93.0 43.2
 Income Taxes 13.7 3.1 39.9 15.9
 Net Income 11.0 4.9 53.1 27.3
 Dividends 1.8 1.5 5.5 5.1
 Available for
 Common Shares $ 9.2 $ 3.4 $47.6 $22.2
 Weighted Average
 Common Shares
 Primary 41.74 34.93 40.32 34.83
 Fully Diluted 41.74 34.93 41.00 34.83
 Earnings per
 Common Share:
 Primary $.22 $.10 $1.18 $ .64
 Fully Diluted $.22 $.10 $1.17 $ .64
 Consolidated Financial Information
 (In millions, except per-share amounts)
 12 months ended Sept. 30 1993 1992
 Revenues $1,545.0 $1,269.0
 Expenses 1,324.7 1,091.6
 Income From Operations 220.3 177.4
 Interest Charges and Other 85.9 89.6
 Income Before Income Taxes 134.4 87.8
 Income Taxes 55.7 32.1
 Net Income 78.7 55.7
 Preference Dividends 7.2 7.1
 Earnings Available for
 Common Shares $71.5 $48.6
 Weighted Average Common
 Shares Outstanding:
 Primary 39.05 34.19
 Fully Diluted 39.74 35.11
 Earnings Per Common Share:
 Primary $1.83 $1.42
 Fully Diluted $1.82 $1.41
 -0- 10/27/93
 /CONTACT: Phil Hermanson of UtiliCorp United, 816-691-3541/

CO: UtiliCorp United Inc. ST: Missouri IN: UTI SU: ERN

CK -- NY089 -- 7379 10/27/93 13:56 EDT
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Publication:PR Newswire
Date:Oct 27, 1993

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