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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 September 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 October 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
<PAGE>
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric utility $ 31,594,849 $ 30,403,624 $73,267,981 $ 71,459,065
Other utility 1,951,169 1,972,148 7,688,659 7,859,610
33,546,018 32,375,772 80,956,640 79,318,675
OPERATING EXPENSES:
Production fuel 6,793,383 6,499,206 15,407,459 16,069,675
Purchased power 7,889,898 4,086,977 17,685,077 9,694,786
Gas purchased for resale 240,510 164,426 1,573,710 1,547,636
Other operations 4,370,378 4,643,997 12,439,866 14,120,700
Merger-related expenses 22,444 -- 118,730 2,933,438
Maintenance 2,215,863 1,789,801 7,313,738 6,207,858
Depreciation 3,070,186 2,980,179 9,083,659 8,885,264
Taxes other than income taxes 1,957,885 1,955,689 5,418,807 5,492,294
26,560,547 22,120,275 69,041,046 64,951,651
OPERATING INCOME 6,985,471 10,255,497 11,915,594 14,367,024
INTEREST CHARGES (Net) 1,759,856 1,630,806 5,188,365 4,867,332
GAIN ON SALE OF WARRANTS 6,250,000 -- 6,250,000 --
OTHER INCOME (EXPENSE) (31,656) 86,096 67,759 311,668
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 11,443,959 8,710,787 13,044,988 9,811,360
INCOME TAXES 4,436,452 3,128,855 4,724,144 4,003,581
INCOME FROM CONTINUING OPERATIONS 7,007,507 5,581,932 8,320,844 5,807,779
DISCONTINUED OPERATIONS:
Loss from discontinued operations (194,824) (177,503) (108,936) (171,948)
Loss on disposal of discontinued
operations,net of income tax
benefit of$588,258 (463,681) -- (463,681) --
NET INCOME $ 6,349,002 $ 5,404,429 $ 7,748,227 $ 5,635,831
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 8,269,548 8,241,328 8,268,548 8,196,056
BASIC EARNINGS PER AVERAGE SHARE:
Income from discontinued operations $0.85 $0.68 $1.01 $0.71
Loss from discontinued operations (0.02) (0.02) (0.01) (0.02)
Loss from disposal of discontinued
operations (0.06) -- (0.06) --
Net income $0.77 $0.66 $0.94 $0.69
DILUTED EARNINGS PER AVERAGE SHARE:
Income from continuing operations $0.84 $0.67 $1.00 $0.70
Loss from discontinued operations (0.02) (0.02) (0.01) (0.02)
Loss on disposal of discontinued
operations (0.06) -- (0.06) --
Net income $0.76 $0.65 $0.93 $0.68
DIVIDENDS PAID PER COMMON SHARE $0.25 $0.25 $0.75 $0.75
</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
September 30,
2000 December 31,
(Unaudited) 1999
A S S E T S
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant $ 340,669,279 $ 333,512,749
Other 10,947,320 10,792,117
351,616,599 344,304,866
Less - Reserves for depreciation (182,773,058) (175,080,469)
168,843,541 169,224,397
Construction work in progress 6,934,098 5,660,576
175,777,639 174,884,973
Net property, plant and equipment
of discontinued operations -- 7,143,791
175,777,639 182,028,764
OTHER INVESTMENTS 4,454,372 6,741,478
CURRENT ASSETS:
Cash and cash equivalents 1,203,520 353,774
Receivables, net of reserves 12,465,525 8,163,572
Accrued utility revenue 3,555,131 3,305,683
Fuel 3,957,729 4,641,063
Materials and supplies 5,854,030 5,625,927
Prepayments and other 2,287,099 3,033,723
Current assets of discontinued
operations -- 5,104,335
29,323,034 30,228,077
DEFERRED CHARGES:
Debt expense 1,174,425 1,238,419
Lease payments receivable 2,952,230 3,042,155
Prepaid pension expense 24,795,124 20,001,265
Regulatory assets 19,605,545 16,445,760
Other 185,635 295,398
Deferred charges of discontinued
operations -- 1,304,728
48,712,959 42,327,725
$ 258,268,004 $ 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 $ 95,709,608 $ 96,187,818
Long-term debt 68,100,000 68,100,000
Long-term debt of discontinued
operations -- 497,536
163,809,608 164,785,354
MINORITY INTEREST IN DISCONTINUED
OPERATIONS -- 1,312,515
CURRENT LIABILITIES:
Outstanding checks in excess of
cash balances -- 3,610,873
Accounts payable 6,982,510 6,167,627
Notes payable 19,868,000 17,762,000
Accrued income and general taxes 4,144,022 397,920
Accrued interest 1,294,481 1,982,960
Accrued vacation 1,286,365 1,246,619
Dividends declared 2,067,387 --
Other 507,949 526,825
Current liabilities of discontinued
operations -- 9,072,801
36,150,714 40,767,625
NON-CURRENT LIABILITIES AND DEFERRED
CREDITS:
Capital lease obligations 2,532,482 2,696,951
Deferred income taxes 36,864,217 32,610,148
Investment tax credit 2,967,478 3,279,211
Accrued claims and benefits 2,332,177 1,586,124
Deferred revenues 1,934,816 2,021,468
Regulatory liabilities 8,431,099 8,811,770
Other 3,245,413 3,361,764
Non-current liabilities of discontinued
operations -- 93,114
58,307,682 54,460,550
$ 258,268,004 $ 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
September 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 70,855,434 71,375,756
Other paid-in capital 2,897,106 2,879,114
Less-treasury stock, at cost,
983,200 and 985,200 shares (11,859,031) (11,883,151)
95,709,608 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
Long-term debt of discontiued
operations -- 6,182,833
Less current maturities of discontinued
operations -- (5,685,297)
68,100,000 68,597,536
Total capitalization $ 163,809,608 $ 164,785,354
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Balance at beginning of
period $ 68,641,207 $ 69,601,925 $ 71,375,756 $ 73,450,443
Net income 6,349,002 5,404,429 7,748,227 5,635,831
74,990,209 75,006,354 79,123,983 79,086,274
Less-dividends on common
stock (4,134,775) (4,114,169) (8,268,549) (8,194,089)
Balance at end of period $ 70,855,434 $ 70,892,185 $ 70,855,434 $ 70,892,185
</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)
Nine Months Ended
September 30
2000 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from continuing operations $ 8,320,844 $ 5,807,779
Adjustments to reconcile net income
to net cash provided by operating
activities:
Loss from discontinued operations (108,936) (171,948)
Gain on sale of warrants (6,250,000) --
Depreciation 9,345,465 8,885,264
Pension expense (3,729,623) (2,049,004)
Deferred taxes and investment
tax credit 2,968,487 165,666
Allowance for equity funds used
during construction -- (78,763)
Net changes in working capital items
not considered elsewhere:
Accounts receivable and
accrued utility revenue (4,551,401) (2,999,613)
Inventories 455,231 (1,084,986)
Accounts payable and outstanding
checks (2,795,990) (3,801,878)
Accrued income and general taxes 3,746,102 4,801,285
Other, net 79,015 (1,078,056)
Net change in regulatory assets and
liabilities (2,566,607) (2,647,963)
Net changes in other assets and
liabilities (1,045,606) (2,888,296)
Net changes in discontinued operations 8,931 1,192,871
Net cash provided by operating
activities 3,875,912 4,052,358
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to plant (9,450,029) (5,902,241)
Allowance for borrowed funds used
during construction 155,086 63,993
Proceeds from the sale of warrants 6,250,000 --
Proceeds from the sale of discontinued
operations 1,475,000 --
Investments 2,287,106 (1,519,159)
Other (155,086) 14,770
Net changes in discontinued operations 506,948 (309,811)
Net cash provided by (used in)
investing activities 1,069,025 (7,652,448)
CASH FLOWS FROM FINANCING ACTIVITIES:
Lines of credit increase 2,106,000 8,868,000
Principal payments under capital lease
obligation (164,469) (152,722)
Common stock issued 42,112 2,092,746
Dividends paid (6,201,162) (6,138,339)
Net borrowings (repayments) from
discontinued operations 122,328 (883,048)
Net cash (used in) provided by
financing activities (4,095,191) 3,786,637
NET INCREASE IN CASH AND CASH
EQUIVALENTS 849,746 186,547
CASH AND CASH EQUIVALENTS AT BEGINNING 353,774 371,768
OF PERIOD
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $ 1,203,520 $ 558,315
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 5,960,078 $ 5,497,529
Income taxes (refunded), net $ (805,647) $ 1,745,500
</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. 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 1999 Annual Report
to Shareholders incorporated by reference in the Company's 1999
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 months ended September 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. Manufacturing
operations have been reclassified to discontinued operations due
to the sale of Percy Kent.
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 nine months
ended September 30 ended September 30
2000 1999 2000 1999
Denominator for
basic EPS:
Weighted average
number of shares
outstanding
during the year 8,269,548 8,241,328 8,268,548 8,196,056
Effect of dilutive
securities:
Contingently
issuable shares
pursuant to
long-term
incentive plan 18,316 19,236 18,316 21,060
Directors' stock
options 20,840 18,641 18,966 16,061
Denominator for
Diluted EPS: 8,308,704 8,279,205 8,305,830 8,233,177
(3) SEGMENTS OF BUSINESS
On September 25,2000, SJLP Inc. sold its controlling interest
in Percy Kent Bag Co., Inc. (Percy Kent) to an unrelated party for
cash of $1,475,000. Since Percy Kent was the only operation in
the Company's manufacturing segment, it has been accounted for as
a discontinued operation.
The following table sets forth certain information regarding
the Company's segments of business:
Three months ended September 30, 2000
Electric Other Totals
Utility
Revenues from external
customers $ 31,594,849 $ 1,951,169 $ 33,546,018
Segment profit $ 5,492,495 $ 3,306,363 $ 8,798,858 )
Interest expense (net) (1,759,856)
Other expense (53,274)
Income taxes on
other expense 21,779
Loss from and on
discontinued operations (658,505)
Consolidated net incomee $ 6,349,002
Three months ended September 30, 1999:
Electric Other Totals
Utility
Revenues from external
customers $ 30,403,624 $ 1,972,148 $ 32,375,772
Segment profit (loss) $ 7,303,367 $ (107,225) $ 7,196,142
Interest expense (net) (1,630,806)
Other income 27,744
Income taxes on other
income (11,148)
Loss from discontinued
operations (177,503)
Consolidated net income $5,404,429
Page 8 of 14
<PAGE>
(3) SEGMENTS OF BUSINESS (continued)
Nine months ended September 30, 2000
Electric Other Totals
Utility
Revenues from external
customers $ 73,267,981 $ 7,688,659 $ 80,956,640
Segment profit $ 9,805,753 $ 3,710,732 $ 13,516,485
Interest expense (net) (5,188,365)
Other expense (15,343)
Income taxes on other
expense 8,067
Loss from and on
discontinued operations (572,617)
Consolidated net income $ 7,748,227
Nine months ended September 30, 1999:
Electric Other Totals
Utility
Revenues from external
customers $ 71,459,065 $ 7,859,610 $ 79,318,675
Segment profit (loss) $ 10,554,241 $ 24,263 $ 10,578,504
Interest expense (net) (4,867,332)
Other income 161,496
Income taxes on other
income (64,889)
Loss from discontinued
operations (171,948)
Consolidated net income $ 5,635,831
Revenues from discontinued operations were $4,383,634, $3,971,973,
$13,945,590, and $14,020,777, for the three and nine months ended
September 30,2000 and 1999, respectively.
(4) PROPOSED MERGER
On March 4, 1999, the Company and UtiliCorp United
Inc.(UtiliCorp) 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 $23.00 per share, when exchanged for shares of UtiliCorp
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).UtiliCorp has suspended ongoing merger
transition team meetings and is currently conducting a further
due diligence investigation of the Lake Road plant. See Note 5
below. Both the Company and UtiliCorp have requested the PSC to
continue its regulatory review of the proposed merger during the
pendency of UtiliCorp's ongoing investigation.
Through September 2000, the Company has incurred merger-
related expenses with an after tax imppact 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 $4.3 million.
Page 9 of 14
<PAGE>
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.
(5) TURBINE FAILURE
On June 7, 2000, a turbine failed and a fire erupted at the
Company's Lake Road power plant, which resulted in the unplanned
shutdown of the plant's largest unit. The unit was returned to
service on August 8. Incremental replacement energy costs above
the energy costs of the unit and repair costs, net of insurance
proceeds, were about $3.3 million.
The Company has applied for reulatory approval to defer the
costs and an order responding to that application is expected
later this year. The Company expects to seek recovery over a
five-year period in its next rate case. The costs are included
in "Regulatory Assets" in the Consolidated Balance Sheet as of
September 30. 2000. 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. During
the third quarter of 2000, SJLP Inc. sold its controlling
interest in Percy Kent, a manufacturer of multiwall and small
paper bags. The operations of Percy Kent have been reflected as
discontinued operations in the consolidated financial statements.
RESULTS OF OPERATIONS
COMPARISON OF THE QUARTERS ENDED SEPTEMBER 30, 2000 AND 1999
Electric operating revenues were up 4% for the period.
Despite the $2.5 million annual rate reduction which was
effective October 1999, retail revenues increased $1.0 million or
3% primarily due to warmer weather. Sales to the residential and
commercial classes increased 9% and 7% respectively, while sales
to the industrial class increased 1%.
Page 10 of 14
<PAGE>
Other utility revenues were down 1%, primarily due to lower
natural gas and industrial steam sales partially offset by
increased gas prices which are passed on to retail gas customers.
Total energy costs (production fuel and purchased power)
increased 39% for the period primarily due to increased system
requirements, higher cost replacement energy required by
unplanned outages at the Iatan generating station and higher per-
unit costs for natural gas fuel. Replacement power and
maintenance expenses related to the Lake Road turbine have been
deferred. For further discussion refer to Note 5, Turbine
Failure, in the Notes to Consolidated Financial statements.
Maintenance expense increased 24% from the prior year
primarily as a result of increased maintenance requirements
at the Lake Road plant.
Gain on sale of warrants reflects the sale of SJLP Inc.'s
investment in ExOp of Missouri for cash of $6,250,000.
COMPARISON OF THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
Electric operating revenues increased 3% despite the October
1999 rate reduction. Electric retail sales increased 4% with all
classes contributing to the gain. The sales increased reflects
continued economic growth in the service territory and warmer
weather. Sales for resale increased 12% due to increased per
unit prices and slightly higher sales.
Other utility revenues were down 2% due to reduced industrial
steam sales to a large customer.
Comined production fuel and purchased power increased 28% for
the period due to expensive replacement energy required by the
outages at the Iatan generating station, increased system
requirements and higher per-unit costs for natural gas fuel.
Other operations were lower primarily due to lower payroll and
benefit costs. Benefit costs were significantly lower due to an
accounting change ordered by the Missouri Public Service
Commission in the October 1999 rate order and from higher
pension investment returns.
Maintenance expense was higher during the first three quarters
of 2000, primarily due to scheduled major maintenance
requirements at the Iatan station.
Gain on sale of warrants reflects the sale of SJLP Inc.'s
investment in ExOp of Missouri for cash of $6,250,000.
LIQUIDITY AND CAPITAL RESOURCES
The Company believes its liquidity and capital resources are
sufficient and provide adequate financial flexibility. At
September 30, 2000, the Company had $1.2 million in cash.
Page 11 of 14
<PAGE>
The Company's short-term financing requirements are satisfied
through borrowings under unsecured lines of credit maintained
with banks. At September 30, 2000, the Company had available
committed lines of credit of $3 million and an additional $4.6
million of uncommitted lines.
Capital expenditures, excluding allowance for funds used
during construction, are currently projected to be $1.3 million
for the remainder of 2000. The Company expects to finance these
expenditures through a combination of internally generated funds
supplemented by external financing as necessary.
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
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit 27 - Financial Data Schedule
b. Forms 8-K were filed on September 5 and 26, 2000 to
disclose the sale by SJLP Inc. of its investmens in
ExOP of Missouri and Percy Kent Bag Co., Inc.,
respectively, and on September 28 and October 11,
2000 to disclose UtiliCorp United Inc.'s intent to
suspend ongoing merger transition team meetings and
to conduct a further due diligence investigation of
St. Joseph Light & Power 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: November 06, 2000 L. J. STOLL
Vice President-Finance, Treasurer
and Assistant Secretary
(Duly Authorized Officer)
Page 14 of 14
