clarinews@clarinet.com (02/01/90)
ST. LOUIS (UPI) -- UtiliCorp United announced Wednesday its earnings in the fourth quarter were $13.9 million, or 56 cents a share, up 30 percent from earnings of $10.7 million, or 49 cents a share, in the fourth quarter of 1988. Revenues for the quarter were $237 million, compared with $187 million a year ago. Earnings for fiscal year 1989 were $48.3 million, or $2.04 a share, up 18 percent from earnings of $40.9 million, or $1.98 a share, in 1988. Revenues last year were $732 million, compared with $673 million in 1988. UtiliCorp officials made the announcement to shareholders and members of the St. Louis financial community, saying the company had achieved records for consolidated net income, operating income, primary earnings per common share and operating revenues. ``In 1989, we continued to position ourselves for long-term growth while also posting improved financial results,'' said Richard Green Jr., UtiliCorp's chairman and president. ``It was a very significant year in many respects.'' Average common shares outstanding increased from 19.4 million in 1988 to 20.9 million in 1989. Year-to-year gains were attributed to strong gas sales and transportation to industrial customers, rate relief, increasing contributions from non-regulated businesses and cost-effective management of divisional operations. Financial results exceeded earlier estimates primarily because of the impact of extremely cold weather in December, company officials said. UtiliCorp spent about $100 million in 1989 on various construction projects, including the life extension of a 490-megawatt power facility serving its Missouri Public Service division. Capital spending was expected to increase to $124 million this year and total $700 million over the next five years. Based in Kansas City, UtiliCorp provides electric and gas service in eight states through its divisions: Missouri Public Service, Peoples Natural Gas, Michigan Gas Utilities, Northern Minnesota Utilities, Kansas Public Service and West Virginia Power.