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UTILICORP EXPECTS RECORD 1991 RESULTS; ANNOUNCES 1992 CAPITAL EXPENDITURE PLANS

 UTILICORP EXPECTS RECORD 1991 RESULTS;
 ANNOUNCES 1992 CAPITAL EXPENDITURE PLANS
 NEW YORK, Dec. 19 /PRNewswire/ -- UtiliCorp United (NYSE:UCU) announced today it expects record financial results for both the fourth quarter and for 1991. It will be the fourth consecutive year in which UtiliCorp has logged record earnings per share, and the ninth consecutive year for record net income. The estimated results were released today in a presentation to members of the New York financial community.
 UtiliCorp also estimated its utility capital expenditures will be about $169 million for 1992 and $868 million for the next five years, both record levels.
 UtiliCorp estimates that 1991 net income will be $72.8 million, compared to $58.9 million in 1990. Primary earnings per common share are estimated to be $2.23, versus $2.13 in 1990. Revenues are estimated at $1.077 billion compared with $894 million in 1990.
 In the fourth quarter ending Dec. 31, 1991, the company estimated net income of $25.5 million, compared to $21 million in the 1990 quarter. Primary earnings per common share are projected at $.75 versus $.74 in the prior year's period. Revenues are estimated to be $376 million compared with $269 million in the 1990 quarter.
 Average common shares outstanding have increased from 24 million in 1990 to 29 million this year. The increase is due primarily to a public offering of 4 million common shares in late 1990 and 5.1 million common shares in late 1991.
 UtiliCorp Chairman and President Richard C. Green Jr. attributed the record earnings to the company's growth strategy which calls for reducing the risk of utility operations through a program of geographic expansion in varying climates and regulatory jurisdictions. "This performance was another milestone for UtiliCorp." Green said. "It was built on positive contributions from each of our utility and energy operations. The company's newest electric utility acquisition, WestPlains Energy, contributed results for the first time in the fourth quarter."
 Aquila Energy continued its dramatic growth in 1991. Its estimated net income will be between $15 million and $16 million, compared to $12.3 million in 1990. Aquila continues to enhance its natural gas marketing capability through strategic acquisitions of reserves, pipeline and gathering systems and processing facilities. Total investments by Aquila during 1991 were approximately $114 million compared to $245 million in 1990.
 UtiliCorp's improved quarterly and yearly results also are attributed to rate relief at Missouri Public Service, Michigan Gas Utilities, Kansas Public Service and West Kootenay Power, and to Aquila's investments in late 1990 and in 1991.
 West Kootenay Power recently filed an application for additional rate relief, seeking approval for combined increases of 8.9 percent effective Jan. 1, 1992, and another 6.0 percent effective Jan. 1, 1993. The new rates, if approved, are expected to add approximately $6.8 million in revenues in 1992 and $4.7 million in 1993 and are needed to offset higher operating costs.
 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, Texas, Clajon consists of a 1,200-mile intrastate gas transmission and gathering network.
 In November, UtiliCorp announced interest in the purchase of Citizens Gas & Coke Utility, Indianapolis, Ind., for $250 million to $350 million.
 UtiliCorp's 1992 utility capital expenditures are expected to be approximately $169 million. About $105 million of that amount is for electric operations and about $64 million is for gas operations. Utility expenditures are expected to total approximately $868 million over the next five years.
 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.
 -0- 12/19/91
 /CONTACT: Phil Hermanson of Utilicorp, 816-691-3541/
 (UCU) CO: Utilicorp United ST: New York IN: OIL SU:


KH -- MN008 -- 3861 12/19/91 11:43 EST
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Publication:PR Newswire
Date:Dec 19, 1991
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