Archive for Thursday, March 11, 2004

Aquila reduces losses to $34 million

March 11, 2004

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— Aquila Inc. narrowed its losses in the fourth quarter to $34 million amid an ongoing restructuring aimed at refocusing the company on its utility operations.

Kansas City, Mo.-based Aquila said Wednesday it lost 18 cents a share in the quarter that ended Dec. 31. That compares with a $977.9 million loss, or $5.22 a share, in the same period a year earlier. Sales increased to $461.8 million from $321.8 million.

It was the seventh-consecutive quarter in which the company reported a loss. Aquila has been selling assets to pay off debt after deciding to leave the energy trading business.

For the year ending Dec. 31, Aquila reported a net loss of $336.4 million, or $1.73 a share. In 2002, the utility lost $2.1 billion, or $12.83 a share.

"Our core domestic utility business remains sound," said Richard C. Green, company chairman and CEO.

Aquila provides natural gas to customers in Lawrence.

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