UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-3576
ST. JOSEPH LIGHT & POWER COMPANY
(Exact name of registrant as specified in its charter)
State of Missouri 44-04l9850
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
520 Francis St., P.O. Box 998, St. Joseph, Missouri 64502-0998
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (816) 233-8888
Former name, former address and former fiscal year, if changed
since last report.
Indicate by check mark whether the registrant (l) has filed all
reports required to be filed by Section l3 or l5(d) of the
Securities Exchange Act of l934 during the preceding l2 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Common Stock, without par value 7,901,229 shares
(Class) (Outstanding at October 31, 1996)<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
INDEX
Page Number
Part I. Financial Information
Item 1. Consolidated Financial Statements:
Statements of Income . . . . . . . . . . . . . . . . 3
Balance Sheets . . . . . . . . . . . . . . . . . . . 4
Statements of Capitalization . . . . . . . . . . . . 5
Statements of Retained Earnings. . . . . . . . . . . 5
Statements of Cash Flow. . . . . . . . . . . . . . . 6
Note to Financial Statements . . . . . . . . . . . . 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . . 8
Part II. Other Information
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . 11
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . 11
Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . 11
Item 4. Submission of Matters to a Vote of
Security Holders . . . . . . . . . . . . . . . . . . 11
Item 5. Other Information. . . . . . . . . . . . . . . . . . 11
Item 6. Exhibits and Reports on Forms 8-K. . . . . . . . . . 11
Signature. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12<PAGE>
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
September 30
1996 1995
OPERATING REVENUES:
Electric
Retail sales & other $25,119,370 $27,110,240
Sales for resale 219,399 736,689
Other 1,964,905 1,895,648
$27,303,674 $29,742,577
OPERATING EXPENSES:
Production fuel $ 4,531,010 $ 4,674,833
Purchased power-System
energy 2,536,102 2,388,501
Resale 180,006 584,346
Gas purchased for
resale 204,951 200,043
Other operations 4,143,192 4,870,360
Maintenance 1,860,531 1,990,633
Depreciation 2,659,899 2,517,023
Taxes - General 1,721,467 1,692,062
Income 2,870,914 3,294,569
$20,708,072 $22,212,370
OPERATING INCOME $ 6,595,602 $ 7,530,207
OTHER INCOME & DEDUCTIONS:
Allowance for equity
funds used during
construction $ 107,304 $ 67,050
Other - including
income taxes on
nonutility operations (13,797) 12,951
$ 93,507 $ 80,001
INCOME BEFORE INTEREST
CHARGES $ 6,689,109 $7,610,208
INTEREST CHARGES (Net):
Long-term debt $ 1,462,400 $ 1,462,400
Interest on bank notes 0 0
Other 34,547 35,149
Allowance for borrowed
funds used during
construction (67,944) (105,439)
$ 1,429,003 $ 1,392,110
NET INCOME AVAILABLE
FOR COMMON STOCK $ 5,260,106 $ 6,218,098
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 7,885,649 7,812,738
EARNINGS PER AVERAGE
COMMON SHARE $0.67 $0.80
DIVIDENDS PAID PER
COMMON SHARE $0.235 $0.23
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited Interim Report)
Nine Months Ended
September 30
1996 1995
OPERATING REVENUES:
Electric
Retail sales & other $64,153,367 $63,773,724
Sales for resale 1,356,111 899,474
Other 8,350,477 8,294,072
$73,859,955 $72,967,270
OPERATING EXPENSES:
Production fuel $12,806,496 $11,443,587
Purchased power-System
energy 6,618,250 6,637,918
Resale 1,109,207 690,844
Gas purchased for
resale 2,056,946 1,854,082
Other operations 13,342,662 13,839,306
Maintenance 5,952,844 7,610,530
Depreciation 7,813,451 7,443,813
Taxes - General 5,016,880 4,940,736
Income 5,177,819 4,576,881
$59,894,555 $59,037,697
OPERATING INCOME $13,965,400 $13,929,573
OTHER INCOME & DEDUCTIONS:
Allowance for equity
funds used during
construction $ 258,915 $ 95,650
Other - including
income taxes on
nonutility operations (16,710) 599,079
$ 242,205 $ 694,729
INCOME BEFORE INTEREST
CHARGES $14,207,605 $14,624,302
INTEREST CHARGES (Net):
Long-term debt $ 4,387,200 $ 4,095,899
Interest on bank notes 0 118,170
Other 103,641 112,852
Allowance for borrowed
funds used during
construction (178,921) (230,172)
$ 4,311,920 $ 4,096,749
NET INCOME AVAILABLE
FOR COMMON STOCK $ 9,895,685 $10,527,553
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 7,853,072 7,813,584
EARNINGS PER AVERAGE
COMMON SHARE $1.26 $1.35
DIVIDENDS PAID PER
COMMON SHARE $0.705 $0.69
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited Interim Report)
Twelve Months Ended
September 30
1996 1995
OPERATING REVENUES:
Electric
Retail sales & other $81,321,728 $81,311,931
Sales for resale 1,508,801 1,313,297
Other 11,582,774 11,582,456
$94,413,303 $94,207,684
OPERATING EXPENSES:
Production fuel $15,902,007 $15,080,835
Purchased power-System
energy 9,574,195 8,574,650
Resale 1,210,209 943,796
Gas purchased for
resale 2,948,623 2,617,101
Other operations 18,939,027 19,204,593
Maintenance 8,130,628 10,406,021
Depreciation 10,391,487 9,888,735
Taxes - General 6,409,116 6,459,210
Income 5,159,573 4,605,438
$78,664,865 $77,780,379
OPERATING INCOME $15,748,438 $16,427,305
OTHER INCOME & DEDUCTIONS:
Allowance for equity
funds used during
construction $ 301,776 $ 97,715
Other - including
income taxes on
nonutility operations 127,936 532,858
$ 429,712 $ 630,573
INCOME BEFORE INTEREST
CHARGES $16,178,150 $17,057,878
INTEREST CHARGES (Net):
Long-term debt $ 5,849,600 $ 5,161,649
Interest on bank notes 80 195,292
Other 138,061 139,550
Allowance for borrowed
funds used during
construction (218,181) (238,570)
$ 5,769,560 $ 5,257,921
NET INCOME AVAILABLE
FOR COMMON STOCK $10,408,590 $11,799,957
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 7,842,933 7,814,134
EARNINGS PER AVERAGE
COMMON SHARE $1.33 $1.51
DIVIDENDS PAID PER
COMMON SHARE $0.935 $0.915
<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED BALANCE SHEETS
<CAPTION>
September 30, December 31,
1996 1995
(Unaudited)
<C> <C>
<S>
ASSETS
UTILITY PLANT:
Electric $295,857,671 $283,958,833
Other 9,740,856 9,624,603
$305,598,527 $293,583,436
Less-Reserves for
depreciation 147,119,456 140,391,437
$158,479,071 $153,191,999
Construction work in progress 5,330,304 7,505,407
$163,809,375 $160,697,406
OTHER INVESTMENTS $ 2,231,335 $ 1,727,267
CURRENT ASSETS:
Cash and cash equivalents $ 453,193 $ 287,319
Temporary investments 4,726,557 6,201,584
Receivables, less reserves 8,715,571 7,567,875
Unbilled revenue 2,978,052 3,594,938
Fuel, at average cost 3,020,507 4,015,138
Materials and supplies, at 5,636,386 5,500,452
average cost
Prepayments and other 2,008,045 1,208,038
$ 27,538,311 $ 28,375,344
DEFERRED CHARGES
Debt expense $ 1,581,641 $ 1,668,452
Lease payments receivable 3,443,393 3,535,986
Prepaid pension expense 10,425,884 8,836,140
Regulatory assets 14,285,264 14,126,115
Other 401,089 363,505
$ 30,137,271 $ 28,530,198
$223,716,292 $219,330,215
CAPITALIZATION & LIABILITIES
CAPITALIZATION (See statements):
Common stock and retained
earnings $ 85,304,846 $ 81,393,532
Long-term debt 73,100,000 73,100,000
$158,404,846 $154,493,532
CURRENT LIABILITIES:
Outstanding checks in
excess of cash balances $ 178,388 $ 2,523,453
Accounts payable 4,965,351 7,935,124
Accrued income & general taxes 4,338,611 721,469
Accrued interest 1,358,454 1,961,342
Accrued vacation 1,146,100 1,122,925
Dividends declared 1,856,448 0
Other 416,120 394,990
$ 14,259,472 $ 14,659,303
DEFERRED CREDITS AND
NON-CURRENT LIABILITIES:
Capital lease obligations $ 3,312,886 $ 2,511,699
Deferred income taxes 29,998,315 29,303,855
Investment tax credit 4,601,511 4,910,823
Accrued claims and benefits 1,422,407 1,699,204
Deferred revenues 2,401,853 2,490,578
Regulatory liabilities 7,287,180 7,287,180
Other 2,027,822 1,974,041
$ 51,051,974 $ 50,177,380
$223,716,292 $219,330,215
<FN> The accompanying Notes to Financial Statements are an
integral part of these statements.
</TABLE>
PAGE
<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF CAPITALIZATION
<CAPTION> September 30, December 31,
1996 1995
(Unaudited) (Unaudited)
<C> <C>
<S>
COMMON EQUITY:
Common stock--authorized 50,000,000
shares, without par value, issued
9,252,748 shares $ 33,816,099 $ 33,816,099
Retained earnings 67,071,596 64,560,183
Other paid-in capital 734,777 380,148
Less-treasury stock, at cost,
1,352,970 and 1,440,010 shares
respectively (16,317,626) (17,362,898)
$ 85,304,846 $ 81,393,532
LONG-TERM DEBT:
First Mortgage Bonds -
9.44% Series due
February 1, 2021 $ 22,500,000 $ 22,500,000
Unsecured Pollution Control Bonds-
5.85% Series due February 1, 2013 $ 5,600,000 $ 5,600,000
Medium-term notes-
5.77% due December 8, 1998 $ 5,000,000 $ 5,000,000
7.13% due November 29, 2013 1,000,000 1,000,000
7.16% due November 29, 2013 9,000,000 9,000,000
7.17% due December 1, 2023 7,000,000 7,000,000
7.33% due November 30, 2023 3,000,000 3,000,000
8.36% due March 15, 2005 20,000,000 20,000,000
$ 45,000,000 $ 45,000,000
Total Long-Term Debt $ 73,100,000 $ 73,100,000
Total Capitalization $158,404,846 $154,493,532
<FN> The accompanying Notes to Financial Statements
are an integral part of these statements.
</TABLE>
<PAGE>
TABLE
<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(Unaudited Interim Report)
<CAPTION> Three Months Ended September 30
1996 1995
<C> <C>
<S>
Balance at beginning of period $65,518,590 $61,423,039
Net Income 5,260,106 6,218,098
$70,778,696 $67,641,137
Dividends on common stock 3,707,100 3,593,859
Balance at end of period $67,071,596 $64,047,278
<CAPTION> Nine Months Ended September 30
1996 1995
<C> <C>
<S>
Balance at beginning of period $64,560,183 $60,708,144
Net Income 9,895,685 10,527,553
$74,455,868 $71,235,697
Dividends on common stock 7,384,272 7,188,419
Balance at end of period $67,071,596 $64,047,278
<CAPTION> Twelve Months Ended September 30
1996 1995
<C> <C>
<S>
Balance at beginning of period $64,047,278 $59,435,740
Net Income 10,408,590 11,799,957
$74,455,868 $71,235,697
Dividends on common stock 7,384,272 7,188,419
Balance at end of period $67,071,596 $64,047,278
<FN> The accompanying Notes to Financial Statements are an
integral part of these statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited Interim Report)
<CAPTION> Nine Months Ended September 30
1996 1995
<C> <C>
<S>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 9,895,685 $10,527,553
Adjustments to reconcile net income
to cash provided by operating
activities:
Depreciation 7,813,451 7,443,813
Pension expense (1,319,488) (730,248)
Other postretirement
benefits (236,728) (171,551)
Deferred taxes and investment credit 385,148 (268,287)
Allowance for equity funds used
during construction (258,915) (95,650)
Gain on unit coal trains -- (805,874)
Net changes in working capital items
not considered elsewhere:
Accounts receivable and unbilled
revenues (530,810) (2,055,371)
Fuel 994,631 (412,436)
Accounts payable and outstanding
checks (5,314,838) (4,135,397)
Accrued income and general taxes 3,617,142 5,207,637
Other, net (1,494,524) (998,794)
Net changes in regulatory
assets and liabilities (159,149) 201,557
Net changes in other assets
and liabilities 19,595 140,562
Net cash provided by
operating activitie $13,411,200 $ 13,847,514
CASHFLOWS FROM INVESTING ACTIVITIES:
Gross additions to plant $(9,992,648) $(15,225,663)
Allowance for borrowed funds used
during construction 178,921 230,172
Investments 970,959 (7,995,226)
Sale of unit coal trains -- 930,870
Other 79,994 (134,522)
Net cash used in investing
activities $(8,762,774) $(22,194,369)
CASHFLOWS FROM FINANCING ACTIVITIES:
Decrease in notes payable $ -- $(6,300,000)
Long-term debt issued -- 20,000,000
Common stock purchased (17,446) (50,153)
Common stock issued 1,062,718 --
Dividends paid (5,527,824) (5,391,489)
Net cash used in financing
activities $(4,482,552) $ 8,258,358
NET INCREASE IN CASH AND
CASH EQUIVALENTS $ 165,874 $ (88,497)
CASH AND CASH
EQUIVALENTS $ 287,319 $ 407,392
AT BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 453,193 $ 318,895
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid during year:
Interest $ 5,006,918 $ 4,410,735
Income taxes $ 3,330,000 $ 2,297,000
<FN>For purposes of the Statements of Cash Flows,
the Company considers all highly liquid debt
instruments purchased with an original maturity
of three months or less to be cash equivalents.
<FN> The accompanying Notes to Financial
Statements are an integral part of these statements.
</TABLE>
PAGE
<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
NOTE TO FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation: The consolidated financial
statements include St. Joseph Light & Power Company and its
wholly owned subsidiary, SJLP Inc. which was formed in September
1996. Collectively, these entities are referred to herein as the
"Company."
General: The unaudited consolidated financial statements
included herein have been prepared by the Company, pursuant to
the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance
with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations,
although the Company believes that the disclosures are adequate
to make the information presented not misleading. See Notes to
Financial Statements included in the Company's 1995 Annual
Report to Shareholders incorporated by reference in the
Company's 1995 Annual Report on Form 10-K.
There are no significant differences in the Company's
interim and annual accounting policies. However, due to
estimates inherent in the accounting process for other than
annual periods, the accuracy of the amounts in the interim
financial statements is in some respects dependent upon facts
that will exist and reviews that will be performed by the
Company later in the fiscal year. The information contained in
these consolidated financial statements reflects all adjustments
which are, in the opinion of management, necessary to state
fairly the results of the interim periods.
The results for the three and nine month periods ended
September 30, 1996 are not necessarily indicative of the results
for the entire year 1996.
Restatement: All common share information for prior periods
presented in these statements has been restated to give
retroactive effect to a two-for-one stock split which was
effective July 15, 1996.
FERC Orders 888 and 889: The Federal Energy Regulatory
Commission (FERC) issued Orders 888 (Open Access Transmission
and Stranded Investment) and 889 (Open Access Same Time
Information System and Standards of Conduct) on April 24, 1996.
Order 888 required public utilities to file open access
transmission tariffs by July 9, 1996. The Company filed its
tariff on July 2, and anticipates that the overall effect of
Order 888 on Company operations will be minimal. Order 889
requires public utilities to separate their power and energy
marketing functions from their transmission operating functions
no later than January 3, 1997. The Company has filed a request
for waiver with FERC from this provision. If the waiver is
approved, the impact of Order 889 on the Company's operations
would be minimal. If the waiver request is denied, the Company
anticipates a compliance cost of as much as $550,000 per year.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
In the electric and natural gas utility industries, results
of operations generally show a seasonal pattern influenced
primarily by the weather. The Company expects that its
historical pattern of higher revenues and earnings in the third
quarter will be more pronounced as a result of rate-design
changes implemented in June 1995 which increase electric rates
from June through September and decrease rates from October
through May.
RESULTS OF OPERATIONS
Comparison of the quarters ended September 30, 1996 and 1995
Electric retail sales and other revenues decreased 7% for the
quarter while sales decreased 6% primarily due to cooler than
normal summer temperatures.
Sales for resale and related purchased power expense
decreased reflecting reduced demand from regional utilities and
energy marketers.
Other operating revenues increased 4% primarily due to a 19%
increase in industrial steam sales. Industrial steam revenues,
however, increased only 4% reflecting a September 1995 rate
decrease for a major customer.
System energy costs remained relatively stable despite the
electric sales decrease of 6%. Unscheduled outages at the Iatan
plant, the Company's most efficient unit, required the use of
more expensive purchased power.
Other operations decreased 15% primarily due to reduced
pension expense.
Maintenance expense decreased 7% during the quarter primarily
due to reduced maintenance at the Lake Road plant.
Comparison of the nine months ended September 30, 1996 and 1995
Electric retail sales and other revenues remained relatively
stable while sales for the period increased 3% due to cooler
than normal winter weather and economic improvement in the
Company's service territory. Revenues were also affected by the
following:
* the rate-design changes implemented in June 1995
reduced winter rates and increased summer rates to
reflect seasonal production costs; and
* an allocations case which was designed to increase
annual electric and natural gas operating revenues by
$500,000 and $50,000, respectively, and decrease
industrial steam operating revenues by $550,000 was
effective in June 1995.
The increases in sales for resale and the related purchased
power expense reflect increased transactions with regional
utilities and energy marketers.
Other operating revenues remained relatively stable. Natural
gas revenues were up 11% primarily due to cooler than normal
winter temperatures which increased heating requirements.
Offsetting the natural gas increase was a 6% reduction in
revenues for the industrial steam segment despite a 13% increase
in sales. The decrease in industrial steam revenues reflects
the June 1995 allocation case and a September 1995 rate
decrease for a major customer.
System energy costs increased 7% due to higher system
requirements and higher unit prices resulting from increased use
of the less efficient Lake Road generating facility.
The 11% increase in gas purchased for resale reflects the
increase in natural gas sales.
Other operations expense decreased 4% for the period
primarily as a result of reduced pension expense.
Maintenance expense decreased significantly due to a
scheduled overhaul of a boiler and turbine at the Lake Road
plant during the 1995 period.
Other income was down primarily due to a 1995 gain on the
sale of the Iatan unit coal trains.
Net interest charges increased 5% primarily as a result of
the issuance of $20 million of medium-term notes in March 1995.
<PAGE>
Comparison of the twelve months ended September 30, 1996 and
1995
Electric retail sales and other revenues remained stable
while sales for the period increased 3%. The sales increase was
primarily due to cooler than normal winter weather. Increased
revenues from higher sales and the allocation case were offset
by lower rates as a result of the rate-design change.
Sales for resale and related purchased power expenses
increased due to expanded transactions with regional utilities
and energy marketers.
Other operating revenues remained stable for the period.
Industrial steam revenues decreased 9% despite a 10% increase
in sales. This resulted from a June 1995 allocation case reduction
and a September 1995 rate decrease for a major customer. Offsetting
the industrial steam decrease was an increase in natural gas revenue
of 12%. The increase was primarily due to cooler than normal winter
temperatures which impacted heating requirements.
System energy costs increased 8% primarily as a result of two
factors: 1) 3% increase in retail sales, and 2) a late fall
outage in 1995 at the Iatan plant, the Company's most efficient
unit.
The 13% increase in gas purchased for resale was the result
of increased natural gas sales.
Maintenance expense decreased significantly due to a
reduction in maintenance requirements at the Company's Lake Road
plant partially offset by increased maintenance at the Iatan
plant.
The decrease in other income was primarily attributable to a
1995 gain on the sale of the Iatan unit coal trains.
Net interest charges increased 10%, primarily as a result of
the issuance of $20 million of medium-term notes in March 1995.
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 1996, the Company had $5.2 million in cash
and temporary investments, $5.5 million in unused committed
lines of credit, and $5.0 million in other unused borrowing
facilities. Financial coverages are at levels in excess of
those required for issuance of debt and preferred stock.
<PAGE>
The Company's short-term construction program (net of allowance
for funds used during construction) is currently projected at
$3.6 million for the remainder of 1996 and about $77 million for
the five-year period ending 2000. The Company expects to
finance these expenditures through internally generated funds,
short-term debt and common equity.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
The board of directors of the Company approved a new
Shareholder Rights Plan to replace an existing plan which
expires on December 4, 1996. While the plan does not
prevent a takeover, it does encourage anyone seeking to
acquire the Company to negotiate with the board prior to
attempting a takeover. Under the new plan, the board
declared a dividend distribution of one Common Share
Purchase Right (Right) for each outstanding share of
common stock in the Company. One Right will be
distributed to the holder of each common share of the
Company at the close of business on December 4, 1996.
The Rights distribution has been approved by the Missouri
Public Service Commission.
Item 3. Default Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit 27 - Financial Data Schedule
b. A Current Report on Form 8-K regarding the Shareholder Rights
Plan was filed on September 18, 1996.
<PAGE>
SIGNATURE
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.
ST. JOSEPH LIGHT & POWER COMPANY
(Registrant)
Dated: November 14, 1996
L. J. STOLL
Vice President-Finance, Treasurer
and Assistant Secretary
(Duly Authorized Officer)
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-1-1996
<PERIOD-END> SEP-30-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 163809375
<OTHER-PROPERTY-AND-INVEST> 2231335
<TOTAL-CURRENT-ASSETS> 27538311
<TOTAL-DEFERRED-CHARGES> 30137271
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 223716292
<COMMON> 17498473
<CAPITAL-SURPLUS-PAID-IN> 734777
<RETAINED-EARNINGS> 67071596
<TOTAL-COMMON-STOCKHOLDERS-EQ> 85304846
0
0
<LONG-TERM-DEBT-NET> 73100000
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 3312886
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 61998560
<TOT-CAPITALIZATION-AND-LIAB> 223716292
<GROSS-OPERATING-REVENUE> 73859955
<INCOME-TAX-EXPENSE> 5177819
<OTHER-OPERATING-EXPENSES> 54716736
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0
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