Aquila Aligns Board and Conference Call Schedule With Schedule for SEC Filings

Business Wire, Oct 18, 2002

Business Editors

KANSAS CITY, Mo.--(BUSINESS WIRE)--Oct. 18, 2002

Aquila, Inc. (NYSE:ILA) today announced that its board of directors has elected to align the schedule for its future board meetings and earnings conference calls more closely with the dates for periodic reporting established by the Securities and Exchange Commission (SEC).

As a result, the next meeting of the Aquila board, which includes consideration of the quarterly dividend, will now take place on November 13 instead of November 6 as originally scheduled. The company's third-quarter earnings announcement and conference call are planned for November 14.

"After examining all the recent changes in standards for corporate governance and financial reporting, it was clear that a new approach would best serve the interests of shareholders and the investment community," said Aquila Chairman and Chief Executive Officer Richard C. Green, Jr.

The schedule change eliminates the lag time that historically has occurred between Aquila's announcements of financial results and its 10-Q filings with the SEC. Having the announcements on or close to the filing dates will ensure greater consistency between earlier drafts received by the Audit Committee and what ultimately is publicly filed. It will also enable Aquila to make a smooth transition to new governance and disclosure regulations.

Aquila has tentatively scheduled its conference call on third-quarter financial results for 9:00 a.m. Eastern Standard Time, Thursday, November 14, the day it will release earnings and file its quarterly 10-Q report.

Based in Kansas City, Missouri, Aquila operates electricity and natural gas distribution networks serving customers in seven states and in Canada, the United Kingdom, and Australia. The company also owns and operates power generation assets. At June 30, 2002, Aquila had total assets of $11.9 billion. More information is available at www.aquila.com.