<PAGE>
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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 June 30, 2000
/ / 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 44-0419850
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
520 Francis Street, 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 8,269,548 shares
(Class) (Outstanding at July 31, 2000)
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<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 Flows.........................6
Notes to Consolidated Financial Statements.......7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations................10
Part II. Other Information
Item 1. Legal Proceedings..................................13
Item 2. Changes in the Rights of the Company's Security
Holders............................................13
Item 3. Default Upon Senior Securities.....................13
Item 4. Submission of Matters to a Vote of Security
Holders............................................13
Item 5. Other Information..................................13
Item 6. Exhibits and Reports on Forms 8-K..................13
Signature.....................................................14
Page 2 of 14
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<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric utility $ 22,028,024 $ 21,410,095 $ 41,673,133 $41,055,442
Other utility 2,080,749 2,214,406 5,737,489 5,887,461
Manufacturing 4,270,975 4,681,633 9,561,956 10,048,804
28,379,748 28,306,134 56,972,578 56,991,707
OPERATING EXPENSES:
Production fuel 3,843,775 4,761,777 8,614,077 9,570,470
Purchased power 6,734,841 3,064,462 9,795,179 5,607,808
Gas purchased for resale 283,062 283,753 1,333,199 1,383,210
Manufacturing cost of goods sold 3,750,982 3,752,967 8,108,842 8,245,766
Other operations 4,428,384 5,326,992 9,070,030 10,913,563
Merger-related expenses 50,228 1,816,189 174,286 2,933,438
Maintenance 2,885,861 2,730,817 5,100,575 4,423,059
Depreciation 3,067,943 3,000,053 6,063,791 5,986,542
Taxes other than income taxes 1,750,012 1,773,107 3,514,671 3,543,892
26,795,088 26,510,117 51,774,650 52,607,748
OPERATING INCOME 1,584,660 1,796,017 5,197,928 4,383,959
INTEREST CHARGES (Net) 1,875,255 1,851,845 3,779,115 3,569,038
OTHER INCOME 76,542 170,857 397,469 343,388
INCOME BEFORE INCOME TAXES AND
MINORITY INTEREST (214,053) 115,029 1,816,282 1,158,309
INCOME TAXES (169,192) 248,582 287,691 874,726
INCOME BEFORE MINORITY INTEREST (44,861) (133,553) 1,528,591 283,583
MINORITY INTEREST IN INCOME (LOSS) OF
SUBSIDIARY (97,820) 48,883 129,365 52,182
NET INCOME $ 52,959 $ (182,436) $ 1,399,226 $ 231,401
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 8,268,537 8,187,817 8,268,043 8,173,045
BASIC AND DILUTED EARNINGS PER AVERAGE $0.01 ($0.02) $0.17 $0.03
COMMON SHARE
DIVIDENDS PAID PER COMMON SHARE $0.25 $0.25 $0.50 $0.50
</TABLE>
See Notes to Consolidated Financial Statements.
Page 3 of 14
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<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED BALANCE SHEETS
June 30,
2000 December 31,
(Unaudited) 1999
A S S E T S
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant $ 336,989,944 $ 333,512,749
Other 21,257,276 20,912,132
358,247,220 354,424,881
Less - Reserves for depreciation (183,474,805) (178,056,693)
174,772,415 176,368,188
Construction work in progress 8,451,915 5,660,576
183,224,330 182,028,764
OTHER INVESTMENTS 4,587,926 6,741,478
CURRENT ASSETS:
Cash and cash equivalents 1,163,227 353,774
Receivables, net of reserves 9,968,211 10,013,747
Accrued utility revenue 3,925,334 3,305,683
Manufacturing inventories 2,474,162 3,187,268
Fuel 3,919,918 4,641,063
Materials and supplies 5,583,122 5,625,927
Prepayments and other 3,727,442 3,100,615
30,761,416 30,228,077
DEFERRED CHARGES:
Debt expense 1,296,459 1,248,767
Lease payments receivable 2,980,426 3,042,155
Prepaid pension expense 23,197,171 20,001,265
Regulatory assets 17,668,251 16,445,760
Other 1,485,813 1,589,778
46,628,120 42,327,725
$ 265,201,792 $ 261,326,044
C A P I T A L I Z A T I O N AND L I A B I L I T I E S
CAPITALIZATION (See Statements):
Common equity $ 93,495,394 $ 96,187,818
Long-term debt 74,049,946 68,597,536
167,545,340 164,785,354
MINORITY INTEREST IN CONSOLIDATED
SUBSIDIARY 1,441,880 1,312,515
CURRENT LIABILITIES:
Outstanding checks in excess of
cash balances 61,303 3,610,873
Current maturities of long-term
obligations 489,969 5,685,297
Accounts payable 10,006,022 9,395,499
Notes payable 23,341,000 17,762,000
Accrued income and general taxes 2,046,514 397,920
Accrued interest 2,004,326 1,982,960
Accrued vacation 1,383,354 1,246,619
Other 621,714 686,457
39,954,202 40,767,625
NON-CURRENT LIABILITIES AND DEFERRED
CREDITS:
Capital lease obligations 2,588,324 2,696,951
Deferred income taxes 34,881,071 32,610,148
Investment tax credit 3,071,389 3,279,211
Accrued claims and benefits 1,925,594 1,586,124
Deferred revenues 1,963,646 2,021,468
Regulatory liabilities 8,431,099 8,811,770
Other 3,399,247 3,454,878
56,260,370 54,460,550
$ 265,201,792 $ 261,326,044
</TABLE>
See Notes to Consolidated Financial Statements.
Page 4 of 14
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<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF CAPITALIZATION
June 30,
2000 December 31,
(Unaudited) 1999
<S> <C> <C>
COMMON EQUITY:
Common stock--authorized 25,000,000
shares without par value, issued
9,252,748 shares $ 33,816,099 $ 33,816,099
Retained earnings 68,641,207 71,375,756
Other paid-in capital 2,897,119 2,879,114
Less-treasury stock, at cost,
983,200 shares (11,859,031) (11,883,151)
93,495,394 96,187,818
LONG-TERM DEBT:
First mortgage bonds -
9.44% series due February 1, 2021 22,500,000 22,500,000
Unsecured pollution control
revenue bonds-
5.85% series due February 1, 2013 5,600,000 5,600,000
Unsecured medium-term notes-
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
40,000,000 40,000,000
Other long-term debt 6,439,915 6,182,833
Less current maturities (489,969) (5,685,297)
74,049,946 68,597,536
Total capitalization $ 167,545,340 $ 164,785,354
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Balance at beginning of
period $ 68,588,248 $ 69,784,361 $ 71,375,756 $ 73,450,443
Net income 52,959 (182,436) 1,399,226 231,401
68,641,207 69,601,925 72,774,982 73,681,844
Less-dividends on common
stock - - (4,133,775) (4,079,919)
Balance at end of period $ 68,641,207 $ 69,601,925 $ 68,641,207 $ 69,601,925
</TABLE>
See Notes to Consolidated Financial Statements.
Page 5 of 14
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<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months
Ended
June 30
2000 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,399,226 $ 231,401
Adjustment to reconcile net income
to net cash provided by operating
activities:
Depreciation 6,474,128 6,233,123
Pension expense (2,477,786) (1,317,424)
Deferred taxes and investment tax credit 1,089,252 (310,350)
Allowance for equity funds used during
construction - (66,104)
Net changes in working capital items
not considered elsewhere:
Accounts receivable and accrued utility
revenues (574,115) (1,159,189)
Inventories 1,477,056 (722,661)
Accounts payable and outstanding checks (2,939,047) (2,694,605)
Accrued income and general taxes 1,648,594 2,112,087
Other, net (533,470) (60,718)
Net change in regulatory assets and
liabilities (629,313) (2,962,276)
Net change in other assets and liabilities (2,905,531) (1,496,280)
Net cash provided by (used in) operating
activities 2,028,994 (2,212,996)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to plant (5,008,897) (4,168,215)
Allowance for borrowed funds used during
construction 98,702 29,083
Investments 2,153,551 (1,670,761)
Other (98,702) 37,021
Net cash used in investing activities (2,855,346) (5,772,872)
CASH FLOWS FROM FINANCING ACTIVITIES:
Lines of credit increase 5,579,000 11,571,000
Principal payments under capital
lease obligations (108,627) (100,868)
Long-term debt retired (3,709,846) (1,703,552)
Long-term debt issued 3,966,928 993,431
Common stock issued 42,125 1,705,089
Dividends paid (4,133,775) (4,079,919)
Net cash provided by financing
activities 1,635,805 8,385,181
NET INCREASE IN CASH AND CASH EQUIVALENTS 809,453 399,313
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 353,774 371,768
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,163,227 $ 771,081
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 3,791,986 $ 3,472,447
Income taxes, net of refund $ - $ 745,500
</TABLE>
For purposes of the Consolidated 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.
See Notes to Consolidated Financial Statements.
Page 6 of 14
<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION: The consolidated financial
statements include St. Joseph Light & Power Company and its
wholly owned subsidiary, SJLP Inc., and its subsidiary, Percy
Kent Bag Co., Inc. Collectively, these entities are referred to
herein as the "Company." All significant intercompany
transactions have been eliminated.
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 Consolidated
Financial Statements included in the Company's 2000 Annual Report
to Shareholders incorporated by reference in the Company's 1998
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 six months ended June 30, 2000
are not necessarily indicative of the results for the entire year
2000.
NEW ACCOUNTING PRONOUNCEMENT: Statement of Financial Accounting
Standards (SFAS)133, "Accounting for Derivative Instruments and
Hedging Activities," as amended, is effective for fiscal years
beginning after June 15, 2000. The Company has determined that
the implementation of this new standard will have little or no
impact on the financial statements. For further discussion refer
to Note 1 in Notes to Consolidated financial Statements included
in the Company's 1999 Annual Report to Shareholders incorporated
by reference in the Company's 1999 Annual Report on Form 10-K.
RECLASSIFICATIONS: Certain reclassifications have been made in
the financial statements to enhance comparability.
Page 7 of 14
<PAGE>
(2) EARNINGS PER SHARE
Basic and diluted earnings per average common share were
calculated by dividing net income by the following:
For the three months For the six months
ended June 30 Ended June 30
2000 1999 2000 1999
Denominator for
basic EPS:
Weighted average
number of shares
outstanding
during the year 8,268,537 8,187,817 8,268,043 8,173,045
Effect of
dilutive securities:
Contingently
issurable shares
pursuant to long-
term incentive plan 18,316 21,724 18,316 21,972
Directors' stock
options 19,081 17,685 18,113 14,651
Denominator for
diluted EPS 8,305,934 8,227,226 8,304,472 8,209,668
(3) SEGMENTS OF BUSINESS
The following table sets forth certain information regarding
the Company's segments of business:
Electric Manufact All Totals
Utility ur-ing Other
THREE MONTHS
ENDED JUNE 30,
2000:
Revenues from
external
customer $ 22,028,024 $ 4,270,975 $ 2,080,749 $ 28,379,748
Segment profit(loss)$ 1,891,536 $ (126,191) $ (39,986) $ 1,725,359
Non-manufacturing
interest expense
(net) (1,702,129)
Other income 48,204
Income taxes on
other income (18,475)
Consolidated net
income $ 52,959
Electric Manufact All Totals
Utility ur-ing Other
THREE MONTHS
ENDED JUNE 30,
1999:
Revenues from
external
customers $ 21,410,095 $ 4,681,633 $ 2,214,406 $ 28,306,134
Segment profit
(loss) $ 1,574,083 $ 26,500 $ (111,739) $ 1,488,844
Non-manufacturing
interest expense
(net) (1,686,944)
Other income 26,241
Income taxes on
other income (10,577)
Consolidated net
income $ (182,436)
Page 8 of 14
<PAGE>
Electric Manufact All Totals
Utility ur-ing Other
SIX MONTHS ENDED
JUNE 30, 2000:
Revenues from
external
customers $ 41,673,133 $ 9,561,956 $ 5,737,489 $ 56,972,578
Segment profit
(loss) $ 4,313,258 $ 85,888 $ 397,548 $ 4,796,694
Non-manufacturing
interest expense
(net) (3,421,688)
Other income 37,932
Income taxes on
other income (13,712)
Consolidated net
income $ 1,399,226
Electric Manufact All Totals
Utility ur-ing Other
SIX MONTHS ENDED
JUNE 30, 1999:
Revenues from
external
customers $ 41,055,442 $ 10,048,804 $ 5,887,461 $ 56,991,707
Segment profit
(loss) $ 3,250,875 $ 5,555 $ 131,489 $ 3,387,919
Non-manufacturing
interest expense
(net) (3,236,526)
Other income 133,750
Income taxes on
other income (53,742)
Consoldiated net
income 231,401
(4) PROPOSED MERGER
On March 4, 1999, the Company and UtiliCorp United Inc.
entered into an Agreement and Plan of Merger to form a strategic
business combination. Under terms of the agreement, each share
of common stock of the Company will be valued at $23 per share,
when exchanged for shares of UtiliCorp United Inc. common stock.
The Agreement has been approved by a vote of the Company's
shareholders, by the Federal Energy Regulatory Commission, by the
Department of Justice, and by the Public Utility Commissions of
Colorado, West Virginia, Iowa and Minnesota.
The transaction is subject to several additional closing
conditions, including approval by the Missouri Public Service
Commission (PSC). The PSC held hearings in July 2000 and has
ordered initial briefs to be filed by all parties by August 28
and reply briefs by September 22, 2000. Management expects the
merger to be completed in 2000. Through June 2000, the Company
has incurred merger-related expenses with an after tax impact of
$2.9 million. Additional merger-related expenses are expected to
be incurred in the remainder of 2000, resulting in an additional
after tax impact to earnings of approximately $4.1 million.
The Merger Agreement limits the Company's ability to do
certain things prior to closing, including issue or redeem
securities, merge with any entity or make acquisitions, incur
material liens, and declare or pay dividends other than regular
quarterly cash dividends.
(5) TURBINE FAILURE
On June 7,2000, a turbine failed and a fire erupted at the
Company's Lake Road poer plant, which resulted in the unplanned
shutdown of the plant's largest unit. The unit was returned to
service on August 8.
Page 9 of 14
<PAGE>
Estimated incremental replacement energy costs above the energy
cost of the unit and repair costs, net of insurance proceeds, are
expected to total about $4 million, $1.1 million of which were
incurred in June.
The Company has applied for regulatory approval to defer the
costs and expects to seek recovery over a five-year period in its
next rate case. Included in "Regulatory Assets" in the
Consolidated Balance Sheet as of June 30, 2000 are $1.1 million
of such costs incurred in June. However, if the proposed merger
(see Note 4 above) is approved and a rate moratorium is also
approved as one of the conditions, then some portion of such
deferred costs may be expensed.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following Management's Discussion and Analysis of
Financial Condition and Results of Operations should be read in
conjunction with Management's Discussion and Analysis of
Financial Condition and Results of Operations in the Company's
1999 Annual Report on Form 10-K.
The Company is engaged primarily in the business of generating
and distributing electric energy in a ten-county area of
northwestern Missouri. It also sells natural gas and industrial
steam in limited areas. In the electric utility industry,
results of operations generally show a seasonal pattern of higher
revenues and earnings in the third quarter due to weather.
The Company owns SJLP Inc., a non-regulated subsidiary. SJLP
Inc. holds a controlling interest in Percy Kent Bag Co., Inc.
(Percy Kent), a manufacturer of multiwall and small paper bags.
Neither SJLP Inc.'s nor Percy Kent's operations were material to
the Company's financial position or results of operations.
RESULTS OF OPERATIONS
COMPARISON OF THE QUARTERS ENDED JUNE 30, 2000 AND 1999
Electric operating revenus were up 3% for the period with
both retail revenue and sales for resale revenue posting
increases. Depsite the $2.5 million annual rate reduction which
was effective October 1999, retail revenues increased $.5 million
or 3% primarily due to warmer weather. Sales to the residential
and commercial classes increased 8% and 10% respectively, while
sales to the industrial class were slightly lower. Sales for
resale increased 27%, reflecting increased sales and higher per
unit prices.
Other utility revenues were down 6% primarily due to reduced
industrial steam sales to a large customer.
Total energy costs (production fuel and purchased power)
increased 35% for the period primarily due to the replacement
energy required by the scheduled outage at the Iatan generating
station. Increased system requirements and higher per-unit costs
for purchased power and natural gas fuel also contributed to the
increase. Replacement power and maintenance expenses related to
the Lake Road turbine failure have been deferred. For further
discussion refer to Note 5, Turbine Failure, in the Notes to
Consolidated Financial Statements.
Page 10 of 14
<PAGE>
Other operations expense decreased primarily due to lower
pension expenses resulting from an accounting change ordered by
the Missouri Public Service Commission in the October 1999 rate
order and from better than expected pension investment returns.
The merger-related expenses are related to the proposed
merger with UtiliCorp United Inc. See Note 4, Proposed Merger,
in the Notes to Consolidated Financial Statements. The majority
of merger-related expenses are not deductible for income tax
purposes.
Maintenance expense increased reflecting the scheduled
maintenance outage at the Iatan plant that began in March and was
completed in May. Partially offsetting the increase were lower
maintenance requirements at the Lake Road plant than in the prior
period.
COMPARISON OF THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
Electric operating revenues increased 2% despite the October
1999 rate reduction. Electric retail sales increased 3% with all
classes contributing to the gain. The sales increase reflects
continued economic growth in the service territory and warmer
weather. Sales for resale and related purchased power for resale
increased due to higher sales and increased per unit prices.
Combined production fuel and purchased power increased 21% for
the period due to expensive replacement energy required by the
scheduled outage at the Iatan generating station, increased
system requirements and higher per unit costs for purchased
power.
Other operations were lower primarily due to lower payroll and
benefit costs. Benefit costs were significantly lower due to the
October 1999 accounting change for pension expenses and higher
pension investment returns.
Maintenance expense was higher during the first half of 2000,
primarily due to scheduled major maintenance requirements at the
Iatan station. Reduced maintenance expenses at the Lake Road
plant partially offset the increase.
LIQUIDITY AND CAPITAL RESOURCES
The Company believes its liquidity and capital resources are
sufficient and provide adequate financial flexibility.
Historically, operations have generated strong cash flow.
Negative cash flow from operating activities in the prior year
was primarily due to merger-related expenses and increased energy
costs. At June 30, 2000, the Company had $1.2 million in cash.
The Company's short-term financing requirements are satisfied
through borrowings under unsecured lines of credit maintained
with banks. At June 30, 2000, the Company had available
committed lines of credit of $2 million and an additional $2.2
million of uncommitted lines. Percy Kent also has a secured
credit agreement with an available balance of $2.1 million.
Percy Kent's outstading borrowings were reclassified on the
Consolidated Balance Sheet from current maturities of long-term
obligations to long-term debt due to a refinancing.
Page 11 of 14
<PAGE>
Capital expenditures, excluding allowance for funds used
during construction and including non-utility investments, are
currently projected to be $5 million for the remainder of 2000.
The Company expects to finance these expenditures through a
combination of internally generated funds and external financing.
FORWARD LOOKING INFORMATION
This quarterly report contains forward looking information
that is intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of
1995. Although the Company believes that its expectations are
based on reasonable assumptions, actual results could differ
materially from those currently anticipated. Factors that could
cause actual results to differ from those anticipated include,
but are not limited to, the effects of regulatory actions,
competition, future economic conditions, and weather.
Page 12 of 14
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in the Rights of the Company's Security Holders
None.
Item 3. Default Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
a. The annual meeting of common stockholders was held
May 17, 2000.
b. The following persons were elected Directors of the
Company to serve until the 2003 annual meeting of common
stockholders:
Daniel A. Burkhardt (6,725,620 votes for; 116,785 withheld)
James P. Carolus (6,724,999 votes for; 117,406 withheld)
Terry F. Steinbecker (6,719,661 votes for; 122,744 withheld)
c. The appointment of Arthur Andersen LLP as independent
auditors for 2000 was approved. (6,761,182 votes for; 39,884
against; and 41,339 withheld)
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit 27 - Financial Data Schedule
b. A Form 8-K was filed on June 23, 2000 to disclose
the filing of a regulatory application to defer
costs associated with the June 7 shutdown of a
turbine-generator at the Company's Lake Road power
plant.
Page 13 of 14
<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)
/s/ L. J. Stoll
---------------------------------
Dated: August 11, 2000 L. J. STOLL
Vice President-Finance, Treasurer
and Assistant Secretary
(Duly Authorized Officer)
Page 14 of 14
