KANSAS CITY, Mo., July 3, 2002 — Aquila Inc. stated recently that it was surprised by the reduced earnings guidance issued by Quanta Services Inc., which is expected to have a negative impact on Aquila’s full-year 2002 results of approximately $.05 per fully diluted share.
“We don’t plan to revise Aquila’s full-year guidance as a result of the Quanta announcement and expect to make up the earnings through reduced costs as part of our ongoing Project BBB+/Baa1 initiative,” said Robert K. Green, Aquila’s president and chief executive officer.
With an approximately 38 percent equity interest, Aquila is Quanta’s largest shareholder.
Based in Kansas City, Missouri, Aquila operates electricity and natural gas distribution networks serving more than six million customers in seven states and in Canada, the United Kingdom, New Zealand and Australia.
The company also owns, operates and contractually controls power generation, natural gas and coal processing assets.
At March 31, 2002, Aquila had total assets of $12.3 billion. More information is available at www.aquila.com.