Great Plains Energy Inc. (GXP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Great Plains Energy Inc. has a market cap of $2.58 billion; its shares were traded at around $19.05 with a P/E ratio of 18.7 and P/S ratio of 1.4. The dividend yield of Great Plains Energy Inc. stocks is 4.3%.GXP is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Murray Stahl of Horizon Asset Management, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
Great Plains Energy s earnings available for common shareholders for the three months ended March 31, 2010, decreased to $19.9 million, or $0.15 per share, from $21.3 million, or $0.18 per share for the same period in 2009.
Great Plains Energy s corporate and other activities had a loss of $5.0 million for the three months ended March 31, 2010, compared to income of $13.9 million for the same period in 2009. First quarter 2010 reflects $4.6 million of after-tax interest expense for Equity Units issued in May 2009 and first quarter 2009 reflects a $16.0 million tax benefit due to the settlement of GMO s 2003-2004 tax audit.
Electric utility had income tax expense of $11.6 million for the three months ended March 31, 2010, compared to an income tax benefit of $5.8 million for the same period in 2009 due to increased pre-tax income and a $2.8 million increase in income tax expense for the cumulative change in tax treatment of the Medicare Part D subsidy under the Federal health care reform legislation signed into law in the first quarter of 2010.
Great Plains Energy's liquid resources at March 31, 2010, consisted of $6.3 million of cash and cash equivalents on hand and $833.6 million of unused bank lines of credit. The unused lines consisted of $357.7 million from Great Plains Energy's revolving credit facility, $375.1 million from KCP&L's credit facilities and $100.8 million from GMO s revolving credit facility. See Note 9 to the consolidated financial statements for more information on these agreements.
On January 1, 2010, Great Plains Energy adopted new accounting guidance for transfers of financial assets, which resulted in the recognition of $95.0 million of accounts receivables pledged as collateral and a corresponding short-term collateralized note payable on Great Plains Energy s balance sheet at March 31, 2010. See Note 3 for additional information. As a result, cash flows from operating activities were reduced by $95.0 million and cash flow from financing activities were raised by $95.0 million with no impact to the net change in cash for the three months ended March 31, 2010. Additionally, cash flows from operating activities for three months ended March 31, 2009, reflected the payment of $79.1 million for the settlement of FSS upon the issuance of $400.0 million of 7.15% Mortgage Bonds Series 2009A in the first quarter of 2009. Other changes in working capital are detailed in Note 2 to the consolidated financial statements. The individual components of working capital vary with normal business cycles and operations.
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Great Plains Energy Inc. has a market cap of $2.58 billion; its shares were traded at around $19.05 with a P/E ratio of 18.7 and P/S ratio of 1.4. The dividend yield of Great Plains Energy Inc. stocks is 4.3%.GXP is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Murray Stahl of Horizon Asset Management, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Great Plains Energy s earnings available for common shareholders for the three months ended March 31, 2010, were $19.9 million or $0.15 per share compared to $21.3 million, or $0.18 per share, for the same period in 2009. Electric utility s net income increased $17.5 million primarily driven by an increase in gross margins due to new retail rates partially offset by increased operations and maintenance expense driven by planned plant outages and increased depreciation and amortization expense due to additional regulatory amortization pursuant to KCP&L s 2009 rate cases and depreciation from placing the Iatan No. 1 environmental equipment in service in April 2009. Great Plains Energy s corporate and other activities had a loss of $5.0 million for the three months ended March 31, 2010, compared to income of $13.9 million for the same period in 2009. First quarter 2010 reflects $4.6 million of after-tax interest expense for Equity Units issued in May 2009 and first quarter 2009 reflects a $16.0 million tax benefit due to the settlement of GMO s 2003-2004 tax audit.Great Plains Energy s earnings available for common shareholders for the three months ended March 31, 2010, decreased to $19.9 million, or $0.15 per share, from $21.3 million, or $0.18 per share for the same period in 2009.
Great Plains Energy s corporate and other activities had a loss of $5.0 million for the three months ended March 31, 2010, compared to income of $13.9 million for the same period in 2009. First quarter 2010 reflects $4.6 million of after-tax interest expense for Equity Units issued in May 2009 and first quarter 2009 reflects a $16.0 million tax benefit due to the settlement of GMO s 2003-2004 tax audit.
Electric utility had income tax expense of $11.6 million for the three months ended March 31, 2010, compared to an income tax benefit of $5.8 million for the same period in 2009 due to increased pre-tax income and a $2.8 million increase in income tax expense for the cumulative change in tax treatment of the Medicare Part D subsidy under the Federal health care reform legislation signed into law in the first quarter of 2010.
Great Plains Energy's liquid resources at March 31, 2010, consisted of $6.3 million of cash and cash equivalents on hand and $833.6 million of unused bank lines of credit. The unused lines consisted of $357.7 million from Great Plains Energy's revolving credit facility, $375.1 million from KCP&L's credit facilities and $100.8 million from GMO s revolving credit facility. See Note 9 to the consolidated financial statements for more information on these agreements.
On January 1, 2010, Great Plains Energy adopted new accounting guidance for transfers of financial assets, which resulted in the recognition of $95.0 million of accounts receivables pledged as collateral and a corresponding short-term collateralized note payable on Great Plains Energy s balance sheet at March 31, 2010. See Note 3 for additional information. As a result, cash flows from operating activities were reduced by $95.0 million and cash flow from financing activities were raised by $95.0 million with no impact to the net change in cash for the three months ended March 31, 2010. Additionally, cash flows from operating activities for three months ended March 31, 2009, reflected the payment of $79.1 million for the settlement of FSS upon the issuance of $400.0 million of 7.15% Mortgage Bonds Series 2009A in the first quarter of 2009. Other changes in working capital are detailed in Note 2 to the consolidated financial statements. The individual components of working capital vary with normal business cycles and operations.
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