UtiliCorp Announces 1996 Results; Reports Record Sales and Record Earnings Available for Common Shares

Business Wire, Feb 18, 1997

KANSAS CITY, Mo.--(BUSINESS WIRE)--Feb. 18, 1997--UtiliCorp United (NYSE:UCU) today reported audited financial results fnd taxes (EBIT) were $322.1 million vers us $25 percent compared to $2.01 in 1995. This is within our stated growth target of 4 to 6 percent -- a goal we anticipate reaching again in 1997 while continuing to invempany (KCPL), net of a $5 million termination hase plan.

Earnings growth in 1996 was boosted significantly by contributions from international interests, Green said. In particular, United Energy, the Australient-owned Aquila Gas Pipeline subsidiary was aighth-largest wholesale marketer of electricity in the U.S. Onl y in its second year of operation, Aquila Power is still building market share as a start-up business arevenues in 1996, and favorable weather.

Green said the company continues to be encouraged by the progress made in the emerging retail energy markets by its UtiliCorrimarily in the 1996 first quarte r. The unit's continuing investment will now shift from brand development to product development. "Successful introduction of several new products and services will take place in mid-1997," Green said year earlier. Primary earnings per a verage comstomers a nd operations across the U.S. and in Canada, Great Britain, New Zealand, Australia and Jamaica. -0-

                          UTILICORP UNITED INC.
        1,337.0     633.9   3,422.5   1,881.8
Gross profit                         253.3     230.0     909.8     916.7
Provision for
 asset impairments                      ts
 and partnerships                     26.4       252.5
Interest expense - short- and
 long-term debt                       34.6      33.1     135.6     120.7
Income before income taxes            51.5      12.1     186.5     131.8
Income taxes                          23.5       4.6      80.7      52.0
Net income                            28.0       7.5     105.8      79.8
Preference
 dividends                              .5        .5       2.1       2.1
Earnings
 Available for
 Common Shares

Earnings Per Common Share:
  Primary                                   Ellen Fairchild, 816/467-3506