SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
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FORM 8-K |
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Current Report |
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Pursuant to Section 13 or 15(d) of the |
Securities Exchange Act of 1934 |
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Date of Report (Date of earliest event reported): May 3, 2006 |
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I.R.S. Employer |
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001-32206 |
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GREAT PLAINS ENERGY INCORPORATED |
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43-1916803 |
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(A Missouri Corporation) |
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1201 Walnut Street |
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Kansas City, Missouri 64106 |
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(816) 556-2200 |
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NOT APPLICABLE |
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(Former name or former address, |
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000-51873 |
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KANSAS CITY POWER & LIGHT COMPANY |
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44-0308720 |
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(A Missouri Corporation) |
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1201 Walnut Street |
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Kansas City, Missouri 64106 |
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(816) 556-2200 |
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NOT APPLICABLE |
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(Former name or former address, |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Great Plains Energy Incorporated (Great Plains Energy) and Kansas City Power & Light Company (KCP&L) (the Registrants) are separately furnishing this combined Current Report on Form 8-K (Report). Information contained herein relating to an individual Registrant is furnished by such registrant on its own behalf. Each Registrant makes representations only as to information relating to itself.
Item 2.02 |
Results of Operations and Financial Condition |
On May 3, 2006, Great Plains Energy issued a press release announcing first quarter 2006 earnings information. A copy of the press release is attached to this report on Form 8-K as Exhibit 99.
The press release contains information regarding Great Plains Energy's reportable segments, including the KCP&L reportable segment. Accordingly, this report is also being furnished on behalf of KCP&L.
The information, including the exhibit attached hereto, in this report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 |
Financial Statements and Exhibits |
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(c) Exhibit No. |
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99 |
Press release issued by Great Plains Energy Incorporated on May 3, 2006. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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GREAT PLAINS ENERGY INCORPORATED |
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/s/Terry Bassham |
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Terry Bassham |
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Executive Vice President- Finance & Strategic Development and Chief Financial Officer |
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KANSAS CITY POWER & LIGHT COMPANY |
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/s/Terry Bassham |
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Terry Bassham |
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Chief Financial Officer |
Date: May 4, 2006
Media Contact: | Tom Robinson | |
816-556-2902 | ||
Investor Contact: | Todd Allen | |
816-556-2083 |
GREAT
PLAINS ENERGY
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|||||||
Consolidated
Statements of Income
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|||||||
(Unaudited)
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|||||||
Three
Months Ended March 31
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2006
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2005
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|||||
Operating
Revenues
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(thousands,
except per share amounts)
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||||||
Electric
revenues - KCP&L
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$
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240,390
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$
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233,215
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Electric
revenues - Strategic Energy
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318,012
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311,316
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Other
revenues
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783
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583
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Total
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559,185
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545,114
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Operating
Expenses
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|||||||
Fuel
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47,400
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41,490
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Purchased
power - KCP&L
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5,117
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11,490
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Purchased
power - Strategic Energy
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325,758
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277,866
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Skill
set realignment costs
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9,393
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-
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|||||
Other
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76,235
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79,895
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Maintenance
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22,590
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29,358
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Depreciation
and amortization
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38,946
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37,862
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General
taxes
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27,644
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25,856
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(Gain)
loss on property
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99
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(519
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)
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Total
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553,182
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503,298
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Operating
income
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6,003
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41,816
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Non-operating
income
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2,985
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1,924
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|||||
Non-operating
expenses
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(2,141
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)
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(1,315
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)
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Interest
charges
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(17,323
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)
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(17,487
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)
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Income
(loss) before income taxes, minority interest in
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|||||||
subsidiaries
and loss from equity investments
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(10,476
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)
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24,938
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Income
taxes
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8,630
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(5,291
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)
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Minority
interest in subsidiaries
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-
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888
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Loss
from equity investments, net of income taxes
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(290
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)
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(345
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)
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Net
income (loss)
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(2,136
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)
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20,190
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Preferred
stock dividend requirements
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411
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411
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Earnings
(loss) available for common shareholders
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$
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(2,547
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)
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$
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19,779
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Average
number of common shares outstanding
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74,659
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74,436
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Basic
and diluted earnings (loss) per common share
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$
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(0.03
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)
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$
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0.27
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Cash
dividends per common share
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$
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0.415
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$
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0.415
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GREAT
PLAINS ENERGY
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|||||||||||||
Consolidated
Earnings and Earnings Per Share
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|||||||||||||
Three
Months Ended March 31
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(Unaudited)
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|||||||||||||
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Earnings
(Loss) per Great
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||||||||||
Earnings
(Loss)
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Plains
Energy Share
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2006
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2005
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2006
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2005
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(millions)
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KCP&L
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$
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12.0
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$
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10.8
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$
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0.16
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$
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0.15
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Strategic
Energy
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(10.9
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)
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12.8
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(0.15
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)
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0.17
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KLT
Investments
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0.7
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3.0
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0.01
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0.04
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Other
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(3.9
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)
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(6.4
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(0.05
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(0.09
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)
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Net
income (loss)
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(2.1
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)
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20.2
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(0.03
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0.27
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Preferred
dividends
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(0.4
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)
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(0.4
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-
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-
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|||||||
Earnings
(loss) available for common shareholders
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$
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(2.5
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)
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$
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19.8
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$
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(0.03
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)
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$
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0.27
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Reconciliation
of GAAP to Non-GAAP
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|||||||||||||
Earnings
(loss) available for common shareholders
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$
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(2.5
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)
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$
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19.8
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$
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(0.03
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)
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$
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0.27
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Reconciling
items
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KCP&L
- skill set realignment costs
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5.8
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-
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0.08
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-
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Strategic
Energy - mark-to-market impacts
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|||||||||||||
from
energy contracts
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21.1
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(2.9
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)
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0.28
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(0.04
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)
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|||||||
Core
earnings
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$
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24.4
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$
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16.9
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$
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0.33
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$
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0.23
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|||||
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Core
earnings
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|||||||||||||
KCP&L
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$
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17.8
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$
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10.8
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$
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0.24
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$
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0.15
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|||||
Strategic
Energy
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10.2
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9.9
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0.13
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0.13
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|||||||||
KLT
Investments
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0.7
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3.0
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0.01
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0.04
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|||||||||
Other
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(4.3
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)
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(6.8
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)
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(0.05
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)
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(0.09
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)
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|||||
Core
earnings
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$
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24.4
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$
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16.9
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$
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0.33
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$
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0.23
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GREAT
PLAINS ENERGY
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|||||||||||||
Summary
Income Statement by Segment
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|||||||||||||
Three
Months Ended March 31, 2006
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|||||||||||||
(Unaudited)
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|||||||||||||
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Consolidated
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Strategic
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|
|||||||||
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GPE
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KCP&L
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Energy
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Other
|
|||||||||
(millions)
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|||||||||||||
Operating
revenues
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$
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559.2
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$
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240.4
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$
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318.8
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$
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-
|
|||||
Fuel
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(47.4
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)
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(47.4
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)
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-
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-
|
|||||||
Purchased
power
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(330.9
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)
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(5.1
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)
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(325.8
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)
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-
|
||||||
Skill
set realignment costs
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(9.4
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)
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(9.3
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)
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-
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(0.1
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)
|
||||||
Other
operating expense
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(126.5
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)
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(111.4
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)
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(12.5
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)
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(2.6
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)
|
|||||
Depreciation
and amortization
|
(38.9
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)
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(37.0
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)
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(1.9
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)
|
-
|
||||||
Gain
(loss) on property
|
(0.1
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)
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(0.1
|
)
|
-
|
-
|
|||||||
Operating
income (loss)
|
6.0
|
30.1
|
(21.4
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)
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(2.7
|
)
|
|||||||
Non-operating
income (expenses)
|
0.8
|
0.7
|
0.9
|
(0.8
|
)
|
||||||||
Interest
charges
|
(17.3
|
)
|
(14.9
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)
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(0.3
|
)
|
(2.1
|
)
|
|||||
Income
taxes
|
8.7
|
(3.9
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)
|
9.9
|
2.7
|
||||||||
Loss
from equity investments
|
(0.3
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)
|
-
|
-
|
(0.3
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)
|
|||||||
Net
income (loss)
|
$
|
(2.1
|
)
|
$
|
12.0
|
$
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(10.9
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)
|
$
|
(3.2
|
)
|
||
Earnings
(loss) per GPE common share
|
$
|
(0.03
|
)
|
$
|
0.16
|
$
|
(0.15
|
)
|
$
|
(0.04
|
)
|
GREAT
PLAINS ENERGY
|
|||||||
Consolidated
Balance Sheets
|
|||||||
(Unaudited)
|
|||||||
March
31
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December
31
|
||||||
|
2006
|
2005
|
|||||
ASSETS
|
(thousands)
|
||||||
Current
Assets
|
|||||||
Cash
and cash equivalents
|
$
|
87,553
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$
|
103,068
|
|||
Restricted
cash
|
-
|
1,900
|
|||||
Receivables,
net
|
241,792
|
259,043
|
|||||
Fuel
inventories, at average cost
|
21,186
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17,073
|
|||||
Materials
and supplies, at average cost
|
57,556
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57,017
|
|||||
Deferred
income taxes
|
19,783
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-
|
|||||
Assets
of discontinued operations
|
-
|
627
|
|||||
Derivative
instruments
|
15,753
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39,189
|
|||||
Other
|
13,248
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13,001
|
|||||
Total
|
456,871
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490,918
|
|||||
Nonutility
Property and Investments
|
|||||||
Affordable
housing limited partnerships
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26,302
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28,214
|
|||||
Nuclear
decommissioning trust fund
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95,063
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91,802
|
|||||
Other
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16,961
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17,291
|
|||||
Total
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138,326
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137,307
|
|||||
Utility
Plant, at Original Cost
|
|||||||
Electric
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4,999,326
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4,959,539
|
|||||
Less-accumulated
depreciation
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2,354,984
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2,322,813
|
|||||
Net
utility plant in service
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2,644,342
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2,636,726
|
|||||
Construction
work in progress
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123,881
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100,952
|
|||||
Nuclear
fuel, net of amortization of $119,130 and $115,240
|
34,849
|
27,966
|
|||||
Total
|
2,803,072
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2,765,644
|
|||||
Deferred
Charges and Other Assets
|
|||||||
Regulatory
assets
|
188,383
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179,922
|
|||||
Prepaid
pension costs
|
87,763
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98,295
|
|||||
Goodwill
|
88,139
|
87,624
|
|||||
Derivative
instruments
|
8,628
|
21,812
|
|||||
Other
|
47,668
|
52,204
|
|||||
Total
|
420,581
|
439,857
|
|||||
Total
|
$
|
3,818,850
|
$
|
3,833,726
|
GREAT
PLAINS ENERGY
|
|||||||
Consolidated
Balance Sheets
|
|||||||
(Unaudited)
|
|||||||
March
31
|
December
31
|
||||||
|
2006
|
2005
|
|||||
LIABILITIES
AND CAPITALIZATION
|
(thousands)
|
||||||
Current
Liabilities
|
|||||||
Notes
payable
|
$
|
-
|
$
|
6,000
|
|||
Commercial
paper
|
73,800
|
31,900
|
|||||
Current
maturities of long-term debt
|
390,275
|
1,675
|
|||||
Accounts
payable
|
205,435
|
231,496
|
|||||
Accrued
taxes
|
41,593
|
37,140
|
|||||
Accrued
interest
|
13,102
|
13,329
|
|||||
Accrued
payroll and vacations
|
31,054
|
36,024
|
|||||
Accrued
refueling outage costs
|
12,148
|
8,974
|
|||||
Deferred
income taxes
|
-
|
1,351
|
|||||
Supplier
collateral
|
-
|
1,900
|
|||||
Liabilities
of discontinued operations
|
-
|
64
|
|||||
Derivative
instruments
|
31,623
|
7,411
|
|||||
Other
|
24,821
|
25,658
|
|||||
Total
|
823,851
|
402,922
|
|||||
Deferred
Credits and Other Liabilities
|
|||||||
Deferred
income taxes
|
610,073
|
621,359
|
|||||
Deferred
investment tax credits
|
28,937
|
29,698
|
|||||
Asset
retirement obligations
|
148,294
|
145,907
|
|||||
Pension
liability
|
87,919
|
87,355
|
|||||
Regulatory
liabilities
|
71,284
|
69,641
|
|||||
Derivative
instruments
|
18,652
|
7,750
|
|||||
Other
|
64,141
|
65,787
|
|||||
Total
|
1,029,300
|
1,027,497
|
|||||
Capitalization
|
|||||||
Common
shareholders' equity
|
|||||||
Common
stock-150,000,000 shares authorized without par value
|
|||||||
74,931,157
and 74,783,824 shares issued, stated value
|
747,903
|
744,457
|
|||||
Retained
earnings
|
454,308
|
488,001
|
|||||
Treasury
stock-44,836 and 43,376 shares, at cost
|
(1,346
|
)
|
(1,304
|
)
|
|||
Accumulated
other comprehensive loss
|
(25,925
|
)
|
(7,727
|
)
|
|||
Total
|
1,174,940
|
1,223,427
|
|||||
Cumulative
preferred stock $100 par value
|
|||||||
3.80%
- 100,000 shares issued
|
10,000
|
10,000
|
|||||
4.50%
- 100,000 shares issued
|
10,000
|
10,000
|
|||||
4.20%
- 70,000 shares issued
|
7,000
|
7,000
|
|||||
4.35%
- 120,000 shares issued
|
12,000
|
12,000
|
|||||
Total
|
39,000
|
39,000
|
|||||
Long-term
debt
|
751,759
|
1,140,880
|
|||||
Total
|
1,965,699
|
2,403,307
|
|||||
Commitments
and Contingencies
|
|||||||
Total
|
$
|
3,818,850
|
$
|
3,833,726
|
GREAT
PLAINS ENERGY
|
|||||||||||
Statistical
Summary
|
|||||||||||
Three
Months Ended March 31
|
2006
|
2005
|
|||||||||
KCP&L
|
|||||||||||
Retail
revenues (millions)
|
$
|
189.2
|
$
|
189.5
|
|||||||
Wholesale
revenues (millions)
|
$
|
47.5
|
$
|
39.1
|
|||||||
Average
non-firm wholesale price per MWh
|
$
|
50.45
|
$
|
34.88
|
|||||||
Wholesale
MWh sales (thousands)
|
1,104
|
1,210
|
|||||||||
Equivalent
availability - coal plants
|
80
|
%
|
78
|
%
|
|||||||
Capacity
factor - coal plants
|
70
|
%
|
75
|
%
|
|||||||
Strategic
Energy
|
|||||||||||
Average
retail gross margin per MWh
|
$
|
(2.12
|
)
|
$
|
7.16
|
||||||
Change
in fair value related to non-hedging energy
|
|||||||||||
contracts
and from cash flow hedge ineffectiveness
|
9.79
|
(1.08
|
)
|
||||||||
Average
retail gross margin per MWh without fair
|
|||||||||||
value
impacts (a)
|
$
|
7.67
|
$
|
6.08
|
|||||||
MWhs
delivered (thousands)
|
3,662
|
4,625
|
|||||||||
MWhs
delivered plus current year backlog (thousands)
|
13,794
|
16,634
|
|||||||||
Average
duration - new and resigned contracts (months)
|
18
|
10
|
|||||||||
MWh
sales (thousands)
|
7,302
|
2,969
|
|||||||||
Retention
rate
|
50
|
%
|
72
|
%
|
|||||||
Retention
rate including month to month customers
|
62
|
%
|
79
|
%
|
|||||||
(a)
This is a non-GAAP financial measure that differs from
GAAP because
it excludes the impact
|
|||||||||||
of
unrealized fair value gains or losses. Management believes this
measure is
more
|
|||||||||||
reflective
of average retail gross margins on MWhs delivered due to the
non-cash
nature and
|
|||||||||||
volatility
of changes in fair value related to non-hedging energy contracts
and from
cash flow
|
|||||||||||
hedge
ineffectiveness.
|