Archive for Wednesday, August 13, 2003

Aquila reports $80 million loss in second quarter

August 13, 2003


— Aquila Inc. on Tuesday reported its fifth-straight quarterly loss as it continued to wind down its wholesale energy business and sell assets to pay debts.

The Kansas City, Mo.-based energy company reported a loss of $80.6 million during the three months that ended June 30, or 41 cents per share, compared with a loss of $810 million, or $5.69 per share during the same period last year.

Aquila reported sales of $403.2 million, down from $589.7 million during the second quarter of 2002.

Aquila attributed the quarterly loss largely to restructuring and impairment charges related to its decision last year to leave the energy trading business and return to its roots as a domestic utility. The company also said operating costs and interest expenses were higher this year because its credit has been rated as junk by credit rating agencies.

Shares of Aquila closed up 2 cents at $2.46 in trading Tuesday on the New York Stock Exchange.

Aquila provides natural gas to customers in Lawrence.

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