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0107662.05-New York Server 7aDraft February 7, 1997 - 4:12 pm
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
July 30, 1997 (July 30, 1997)
KANSAS CITY POWER & LIGHT COMPANY
(Exact name of registrant as specified in its charter)
1-707
(Commission file number)
Missouri
44-0308720
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification-No.)
1201 Walnut Street
Kansas City, Missouri
64106-2124
(Address of principal executive offices)
(Zip Code)
(816) 556-2200
(Registrant's telephone number, including area code)
NOT APPLICABLE
- --------------------------------------------------------------
(Former name or former address, if changed since last report)
PART I - FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
KANSAS CITY POWER & LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS
(thousands of dollars)
June 30 December 31
1997 1996
ASSETS
UTILITY PLANT, at original cost
Electric $3,486,400 $3,472,607
Less-accumulated depreciation 1,283,825 1,238,187
Net utility plant in service 2,202,575 2,234,420
Construction work in progress 100,245 69,577
Nuclear fuel, net of amortization of
$94,540 and $84,540 45,006 39,497
Total 2,347,826 2,343,494
REGULATORY ASSET - RECOVERABLE TAXES 126,000 126,000
INVESTMENTS AND NONUTILITY PROPERTY 327,330 231,874
CURRENT ASSETS
Cash and cash equivalents 43,018 23,571
Customer accounts receivable, net of allowance
for doubtful accounts of $1,333 and $1,644 36,403 27,093
Other receivables 24,494 36,113
Fuel inventories, at average cost 18,842 19,077
Materials and supplies, at average cost 47,132 47,334
Deferred income taxes 4,606 2,737
Other 9,284 5,055
Total 183,779 160,980
DEFERRED CHARGES
Regulatory assets
Settlement of fuel contracts 8,951 9,764
KCC Wolf Creek carrying costs 0 1,368
Other 23,710 26,615
Other deferred charges 41,092 14,417
Total 73,753 52,164
Total $3,058,688 $2,914,512
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common stock-authorized 150,000,000 shares
without par value-61,908,726 shares issued-
stated value $449,697 $449,697
Retained earnings 412,890 455,934
Unrealized gain on securities available for sale 5,085 6,484
Capital stock premium and expense (1,665) (1,666)
Common stock equity 866,007 910,449
Cumulative preferred stock 89,062 89,062
Company-obligated mandatorily redeemable Preferred
Securities of subsidiary trust holding solely
KCPL Subordinated Debentures * 150,000 0
Long-term debt 934,767 944,136
Total $2,039,836 $1,943,647
CURRENT LIABILITIES
Notes payable to banks 1,400 0
Current maturities of long-term debt 63,513 26,591
Accounts payable 58,700 55,618
Accrued taxes 11,581 18,443
Accrued interest 18,620 21,054
Accrued payroll and vacations 23,533 25,558
Accrued refueling outage costs 11,657 7,181
Other 13,311 11,980
Total 202,315 166,425
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes 641,812 643,189
Deferred investment tax credits 64,994 67,107
Other 109,731 94,144
Total 816,537 804,440
COMMITMENTS AND CONTINGENCIES
Total $3,058,688 $2,914,512
* The sole asset of the KCPL Financing I Trust is the $154,640,000 principal
amount of 8.3% Junior Subordinated Deferrable Interest Debentures due 2037
KANSAS CITY POWER & LIGHT COMPANY
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Year to Date Twelve Months Ended
June 30 June 30 June 30
1997 1996 1997 1996 1997 1996
(thousands of dollars)
ELECTRIC OPERATING REVENUES $ 215,420 $ 226,205 $ 410,164 $ 432,829 $ 881,254 $ 914,573
OPERATING EXPENSES
Operation
Fuel 29,291 36,096 64,213 66,869 137,849 138,476
Purchased power 17,676 12,540 28,922 26,525 54,852 50,990
Other 47,538 45,519 91,461 89,018 183,162 174,133
Maintenance 19,764 19,409 36,580 37,438 70,637 72,699
Depreciation 27,731 24,861 55,573 49,577 109,908 98,448
Taxes
Income 13,836 18,927 22,366 32,340 58,181 85,862
General 22,026 23,451 44,718 47,812 94,154 98,095
Deferred Wolf Creek costs
amortization 684 2,904 1,368 5,808 7,177 11,864
Total 178,546 183,707 345,201 355,387 715,920 730,567
OPERATING INCOME 36,874 42,498 64,963 77,442 165,334 184,006
OTHER INCOME
Allowance for equity funds
used during construction 733 457 993 1,117 2,244 2,656
Miscellaneous income 8,568 1,948 12,461 2,689 14,615 2,257
Miscellaneous deductions (13,503) (10,928) (75,664) (14,713) (116,123) (19,870)
Income taxes 9,862 8,245 40,095 14,466 62,031 20,951
Total 5,660 (278) (22,115) 3,559 (37,233) 5,994
INCOME BEFORE INTEREST CHARGES 42,534 42,220 42,848 81,001 128,101 190,000
INTEREST CHARGES
Long-term debt 17,628 13,205 32,144 26,629 59,454 53,590
Short-term debt 331 496 1,170 614 1,807 712
Miscellaneous 1,035 1,386 1,910 2,492 4,258 4,347
Allowance for borrowed funds
used during construction (589) (541) (1,373) (931) (2,389) (1,849)
Total 18,405 14,546 33,851 28,804 63,130 56,800
PERIOD RESULTS
Net income 24,129 27,674 8,997 52,197 64,971 133,200
Preferred stock
dividend requirements 959 935 1,914 1,892 3,812 3,855
Earnings available for
common stock 23,170 26,739 7,083 50,305 61,159 129,345
Average number of common
shares outstanding 61,897 61,902 61,896 61,902 61,899 61,902
Earnings per common share $0.37 $0.43 $0.11 $0.81 $0.99 $2.09
Cash dividends per
common share $0.405 $0.39 $0.81 $0.78 $1.62 $1.56
KANSAS CITY POWER & LIGHT COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of dollars)
Year to Date Twelve Months Ended
June 30 June 30
1997 1996 1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 8,997 $ 52,197 $ 64,971 $133,200
Adjustments to reconcile net income
to net cash from operating
activities:
Depreciation 55,573 49,577 109,908 98,448
Amortization of:
Nuclear fuel 10,000 5,689 20,405 13,226
Deferred Wolf Creek costs 1,368 5,808 7,177 11,864
Other 4,032 2,762 6,777 6,849
Deferred income taxes (net) (2,451) 7,369 (18,482) 9,883
Deferred investment tax credit
amortization (2,113) (2,049) (4,227) (4,181)
Deferred storm costs 0 0 (8,885) 0
Deferred merger costs (5,597) (11,718) 6,121 (11,718)
Allowance for equity funds used
during construction (993) (1,117) (2,244) (2,656)
Cash flows affected by changes in:
Receivables 2,309 (9,158) 12,929 (30,301)
Fuel inventories 235 4,156 (895) 1,367
Materials and supplies 202 1,075 (1,032) (480)
Accounts payable 3,082 94 6,100 14,278
Accrued taxes (6,862) (3,447) (24,698) (18,740)
Accrued interest (2,434) (270) 1,984 3,589
Wolf Creek refueling outage
accrual 4,476 (11,290) 9,384 (5,874)
Pension and postretirement benefit
obligations 868 929 (145) (3,898)
Other operating activities 2,350 4,642 9,554 12,236
Net cash from operating
activites 73,042 95,249 194,702 227,092
CASH FLOWS FROM INVESTING ACTIVITIES
Utility capital expenditures (67,055) (52,734) (115,268) (134,758)
Allowance for borrowed funds used
during construction (1,373) (931) (2,389) (1,849)
Purchases of investments (89,702) (11,166) (113,898) (44,827)
Purchases of nonutility property (5,841) (9,558) (16,678) (9,558)
Other investing activities (8,751) (3,489) (6,193) 1,921
Net cash from investing
activities (172,722) (77,878) (254,426) (189,071)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of mandatorily redeemable
Preferred Securities of
subsidiary trust 150,000 0 150,000 0
Issuance of long-term debt 54,360 20,441 169,360 49,114
Repayment of long-term debt (26,807) (44,230) (56,807) (44,239)
Net change in short-term borrowings 1,400 50,000 (67,600) 55,000
Dividends paid (52,041) (50,183) (104,061) (100,440)
Other financing activities (7,785) (363) (9,576) 2,669
Net cash from financing
activities 119,127 (24,335) 81,316 (37,896)
NET CHANGE IN CASH AND CASH
EQUIVALENTS 19,447 (6,964) 21,592 125
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 23,571 28,390 21,426 21,301
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $43,018 $21,426 $43,018 $21,426
CASH PAID DURING THE PERIOD FOR:
Interest (net of amount capitalized) $36,780 $28,306 $60,931 $51,621
Income taxes $0 $27,588 $30,756 $80,992
KANSAS CITY POWER & LIGHT COMPANY
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(thousands of dollars)
Year to Date Twelve Months Ended
June 30 June 30
1997 1996 1997 1996
Beginning balance $455,934 $449,966 $451,980 $419,220
Net income 8,997 52,197 64,971 133,200
464,931 502,163 516,951 552,420
Dividends declared
Preferred stock - at required rates 1,906 1,900 3,788 3,874
Common stock 50,135 48,283 100,273 96,566
Ending balance $412,890 $451,980 $412,890 $451,980
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 thereunto duly
authorized.
KANSAS CITY POWER & LIGHT COMPANY
By: /s/ Jeanie Sell Latz
Name: Jeanie Sell Latz
Title: Corporate Secretary
July 30, 1997