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Exhibit 99
[KCPL Logo]
Media Contact: Tom Robinson
816.556.2902
Investor Contact: Susan M. Johnson
816.556.2312
FOR IMMEDIATE RELEASE #2979
KCPL Amends First Quarter Financials
Kansas City, MO, June 22, 2000 - Kansas City Power & Light
Company (NYSE:KLT) today filed with the SEC amended financial
statements and common stock earnings for the first quarter of
2000. The company is now reporting a one-time gain of $0.49 per
share resulting from the cumulative effect of changes in KCPL's
pension plan accounting for the years 1986-1999 from the
previously reported $0.57 per share. The associated reduction in
pension expense in the year 2000, previously expected to be $10
million, will now be $8 million, the result being a contribution
to earnings per share of $0.08 versus $0.10. The adjustment to
the non-cash cumulative effect of the pension accounting changes
will have no effect on KCPL's cash flow or funding of its pension
plans. Currently, the company's plans remain well-funded due to
investment performance over the past ten years.
In the company's first quarter earnings release, it was reported
that beginning January 1, 2000, KCPL had changed its methods of
amortizing unrecognized net gains and losses and determination of
expected return related to its accounting for pension expenses.
Accounting principles required KCPL to record the cumulative effect
of these changes expenses for the years 1986-1999 in the first
quarter ended March 31, 2000. The company reported an increase
in common stock earnings of $0.57 per share or $35.0 million.
The calculation of this amount omitted the effects of capitalized
labor (net of depreciation) and joint-owner shares of power
plants during the period 1986-1999. The first quarter amended
financial statements reflect the adjusted cumulative effect of
changes in pension accounting of $0.49 per share, or $30.1
million.
Kansas City Power & Light Company is a leading provider of energy
and related products and services to a growing and diversified
service territory encompassing metropolitan Kansas City and parts
of eastern Kansas and western Missouri. KLT Inc. and Home
Service Solutions, wholly owned subsidiaries of KCPL, pursue
unregulated business ventures nationally, capturing growth
opportunities in markets outside the regulated utility business.
CERTAIN FORWARD-LOOKING INFORMATION - Statements made in this
report which are not based on historical facts are forward-
looking and, accordingly, involve risks and uncertainties that
could cause actual results to differ materially from those
discussed. Any forward-looking statements are intended to be as
of the date on which such statement is made. In
connection with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, we are providing a
number of important factors that could cause actual results to
differ materially from provided forward-looking information.
These important factors include: future economic conditions in
the regional, national and international markets; state, federal
and foreign regulation; weather conditions; financial market
conditions, including, but not limited to changes in interest
rates; inflation rates; increased competition, including, but not
limited to, the deregulation of the United States electric
utility industry, and the entry of new competitors; ability to
carry out marketing and sales plans; ability to achieve
generation planning goals and the occurrence of unplanned
generation outages; nuclear operations; ability to enter new
markets successfully and capitalize on growth opportunities in
nonregulated businesses; and adverse changes in applicable laws,
regulations or rules governing environmental (including air
quality regulations), tax or accounting matters. This list of
factors may not be all-inclusive since it is not possible for us
to predict all possible factors.
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