Aquila Reports $977.9M 4Q Loss
KANSAS CITY, Mo. (AP) _ Aquila Inc. belatedly reported a fourth quarter loss of $977.9 million on Tuesday, explaining that costs associated with asset sales and the unwinding of energy contracts underpinned the massive setback.
The Kansas City-based company, which posted a net loss of $2.1 billion in 2002, is restructuring to focus its business on regulated energy sales.
The fourth quarter loss was equal to $5.22 per share, compared with a loss of $6.2 million, or 5 cents per share, a year earlier.
Revenue for the quarter was $411.3 million, compared with $732.6 million a year ago.
``During the second half of 2002, we began our transition from being a major player in the energy trading sector to concentrating on being a service-oriented operator of electric and natural gas utilities,″ said Richard C. Green Jr., Aquila’s chairman and chief executive.
During a conference call with analysts, Green said Aquila’s plan eventually ``will return this company to profitability.″
Aquila lost $10.65 per share during 2002 on sales of $2.4 billion, compared with 2001 earnings of $279.4 million, or $2.12 per share, on sales of $3.7 billion.
Shares of Aquila were down 26 cents to $1.95 in afternoon trading Tuesday on the New York Stock Exchange.
Aquila had delayed releasing the earnings to give auditors more time to review the company’s financial results.
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