Business Services Industry
Aquila's Quarterly Earnings Plunge, but Bonuses Are Still Planned.
Knight Ridder/Tribune Business News, August, 2002
By Steve Everly, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Aug. 9--Aquila Inc. told its story with numbers Thursday, releasing quarterly earnings that portray a troubled company with sharp losses, fewer assets and yet -- for a select number -- enough cash for another round of bonuses.
The financial results, which weren't expected to be good, came in far below their billing.
Aquila took a second-quarter loss of $810 million, or $5.69 a share, in large part because it sought to erase past mistakes by taking write-offs, including $693 million for its soured investment in Quanta Services Inc.
Even some of Aquila's dwindling core of businesses that the company is pinning its future on managed to disappoint. The...
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