Category Archives: Business

Evergy Announces Third Quarter 2021 Results

 

 

  • Third quarter 2021 GAAP EPS of $1.95; Adjusted EPS (Non-GAAP) of $1.98
  • Increasing quarterly dividend 7%, to $0.5725 per share, annualized to $2.29
  • Raising and narrowing 2021 GAAP EPS Guidance to $3.71 to $3.81; Adjusted EPS Guidance to $3.50 to $3.60

 

Kansas City, Mo., November 3, 2021 – Evergy, Inc. (NYSE: EVRG) today announced third quarter 2021 earnings of $449 million, or $1.95 per share, compared with earnings of $365 million, or $1.60 per share, for the third quarter of 2020.

 

Evergy’s adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were

$455 million and $1.98 per share, respectively, in the third quarter of 2021 compared with $393 million and $1.73 per share, respectively, in the third quarter of 2020. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

 

Third quarter earnings per share were driven higher primarily by higher retail sales from warmer weather, increased transmission margin, higher other income, and lower income tax expense, partially offset by a decrease in weather-normalized demand.

 

“We continue to execute on all elements of our strategy, including investment in energy infrastructure and disciplined cost management.  This execution and favorable sales in the third quarter, driven primarily by warm weather, have allowed us to raise and narrow our 2021 adjusted earnings guidance range to $3.50 to $3.60 per share from $3.20 to $3.40.  We are also increasing our fourth quarter dividend by seven percent, reflecting confidence in the outlook of our business.” said David Campbell, Evergy president and chief executive officer. “As we look ahead, we will remain focused on executing our strategy and delivering benefits to all of our stakeholders.”

 

Earnings Guidance

 

The Company raised and narrowed its 2021 adjusted EPS guidance range to $3.50 to $3.60 from its original guidance range of $3.20 to $3.40.   The Company affirmed its 2022 adjusted EPS guidance range of $3.43 to $3.63, as well as its long-term adjusted EPS annual growth target of 6% to 8% through 2025 from the $3.30 midpoint of the original 2021 adjusted EPS guidance range.

 

Dividend Declaration

 

The Board of Directors declared a dividend on the Company’s common stock of $0.5725 per share

payable on December 20, 2021. The dividends are payable to shareholders of record as of November 19, 2021.

 

Earnings Conference Call

 

Evergy management will host a conference call Wednesday, November 3, with the investment community at 9:00 a.m. ET (8:00 a.m. CT). Investors, media and the public may listen to the conference call by dialing (888) 353-7071, conference ID 3955549. A webcast of the live conference call will be available at http://investors.evergy.com.

 

Members of the media are invited to listen to the conference call and then contact Gina Penzig with

any follow-up questions.

 

This earnings announcement, a package of detailed third-quarter financial information, the

Company’s quarterly report on Form 10-Q for the period ended September 30, 2021, and other filings the Company has made with the Securities and Exchange Commission are available on the Company’s website at http://investors.evergy.com.

 

Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)

 

Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) exclude the income or costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event, and costs resulting from executive transition, severance, advisor expenses and the revaluation of deferred tax assets and liabilities from the Kansas corporate income tax rate change. This information is intended to enhance an investor’s overall understanding of results.  Management believes that adjusted earnings (non-GAAP) provide a meaningful basis for evaluating Evergy’s operations across periods because it excludes certain items that management does not believe are indicative of Evergy’s ongoing performance. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board of Directors. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies’ presentations or more useful than the GAAP information provided elsewhere in this report.

 

The following tables provide a reconciliation between net income attributable to Evergy, Inc. and diluted earnings per common share as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP).

 

 

Evergy, Inc

Consolidated Earnings and Diluted Earnings Per Share

(Unaudited)

 

Earnings (Loss)

 

Earnings (Loss) per Diluted Share

 

Earnings (Loss)

 

Earnings (Loss) per Diluted Share

Three Months Ended September 30

2021

 

2020

 

(millions, except per share amounts)

Net income attributable to Evergy, Inc. $

449.4

  $

1.95

  $

364.5

  $

1.60

Non-GAAP reconciling items:              
Non-regulated energy marketing costs related to February 2021

winter weather event, pre-tax(b)

1.9

 

0.01

 

 

Executive transition costs, pre-tax(c)

3.3

 

0.02

 

 

Severance costs, pre-tax(d)

 

 

28.7

 

0.13

Advisor expenses, pre-tax(e)

1.2

 

 

9.7

 

0.04

Income tax benefit(f)

(1.0)

 

 

(9.6)

 

(0.04)

Adjusted earnings (non-GAAP) $

454.8

  $

1.98

  $

393.3

  $

1.73

 

Earnings (Loss)

 

Earnings (Loss) per Diluted Share

 

Earnings (Loss)

 

Earnings (Loss) per Diluted Share

Year to Date September 30

2021

 

2020

 

(millions, except per share amounts)

Net income attributable to Evergy, Inc. $

826.3

  $

3.60

  $

567.3

  $

2.49

Non-GAAP reconciling items:              
Non-regulated energy marketing margin related to February 2021

winter weather event, pre-tax(a)

(95.0)

 

(0.42)

 

 

Non-regulated energy marketing costs related to February 2021

winter weather event, pre-tax(b)

5.9

 

0.03

 

 

Executive transition costs, pre-tax(c)

10.6

 

0.05

 

 

Severance costs, pre-tax(d)

2.8

 

0.01

 

55.3

 

0.24

Advisor expenses, pre-tax(e)

8.4

 

0.04

 

26.1

 

0.12

Income tax expense (benefit)(f)

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Grants Available for Economic Stability and  Rural Food Systems

 

The Healthy Bourbon County Action Team Inc. (HBCAT) has developed three grant programs, funded by the Patterson Family Foundation, for minority, women-owned or low-income start-up businesses, restaurants and food retail, and farmers/ranchers. Tools and technical assistance to increase the chance of a sustainable business model will be provided, free of cost, by a team of support organizations at the Action Team’s Center for Economic Growth (Center).

The Center’s team is made of Dacia Clark, Assistant Director with Pittsburg State Small Business Development Center (PSU SBDC), Lindsay Madison, President and CEO Fort Scott Area Chamber of Commerce, Jody Hoener, President and CEO HBCAT, Rachel Carpenter, Program Coordinator HBCAT, and Christina Abbott, Southeast KANSASWORKS. Together the collaboration is offering a one-stop-shop to community members seeking to build financial stability.

Each grant program will have separate eligibility criteria.

All three grant programs will require the applicant to be an official client of the PSU SBDC at the Center, develop a plan and financial projections.

Food retail/restaurant and farmer/rancher grants will be required to submit documentation of a wholesale relationship.

“One goal with this funding is to support our local farmers and ranchers,” Jody Hoener, HBCAT, “We want to be able to eat food grown locally or meat raised in Bourbon County in our schools, restaurants, and stores.”

In addition, the Center is seeking to support individuals who have dreams of building their own business but don’t know where to start.

“Many of our clients have innovative ideas and develop solid business plans, they just need a little extra financial support to kickstart their business,” Dacia Clark, PSU SBDC.

Like many rural communities, Bourbon County has seen inadequate levels of venture or capital injection and historically no programming available to focus on employment, mentoring, business planning or other wealth-building strategies. The Center is addressing this need.

Individuals interested in applying for one of the three programs are encouraged to reach out to Rachel Carpenter at [email protected].

Find us on social media! On Facebook, Instagram and Twitter #healthybbco

Background of The Healthy Bourbon County Action Team:
The Healthy Bourbon County Action Team is a Blue Cross Blue Shield Pathways to Healthy Kansas Community. Its mission is to increase access to healthy food and physical activity, promote commercial tobacco cessation, enhance quality of life and encourage economic growth. The problems of health inequity and social injustice are complex in nature and inextricably linked to key economic indicators. A healthy workforce is a prerequisite for
economic success in any industry and in all cities.

Contact information:
Jody Hoener, President and CEO
The Healthy Bourbon County Action Team, Inc
620-215-5725
[email protected]

Rachel Carpenter
The Healthy Bourbon County Action Team, Inc
620-215-2562
[email protected]

Mary Hunt, Interim Operations Director
Southeast KANSASWorks
Desk: 620-232-1222
Cell: 620-670-0006
Website: www.sekworks.org

Dacia Clark, Assistant Director, PSU SBDC
[email protected]
785-445-2537

Lindsay Madison, President and CEO
The Fort Scott Area Chamber of Commerce
[email protected]
(620) 223-3566

In accordance with Federal civil rights law and U.S. Department of Agriculture (USDA) civil rights regulations and policies, the USDA, its Agencies, offices, and employees, and institutions
participating in or administering USDA programs are prohibited from discriminating based on race, color, national origin, religion, sex, gender identity (including gender expression), sexual
orientation, disability, age, marital status, family/parental status, income derived from a public assistance program, political beliefs, or reprisal or retaliation for prior civil rights activity, in any
program or activity conducted or funded by USDA (not all bases apply to all programs).

Remedies and complaint filing deadlines vary by program or incident.

Persons with disabilities who require alternative means of communication for program information (e.g., Braille, large print, audiotape, American Sign Language, etc.) should contact the responsible Agency or USDA’s TARGET Center at (202) 720-2600 (voice and TTY) or contact USDA through the Federal Relay Service at (800) 877-8339.

Additionally, program information may be made available in languages other than English.

To file a program discrimination complaint, complete the USDA Program Discrimination Complaint Form, AD-3027, found online at http://www.ascr.usda.gov/complaint_filing_cust.html and at any USDA office or write a letter addressed to USDA and provide in the letter all of the information requested in the form.

To request a copy of the complaint form, call (866) 632-9992. Submit your completed form or letter to USDA by:
(1) mail: U.S. Department of Agriculture
Office of the Assistant Secretary for Civil Rights
1400 Independence Avenue, SW
Washington, D.C. 20250-9410;
(2) fax: (202) 690-7442; or
(3) email: [email protected].
USDA is an equal opportunity provider, employer, and lender.
b. Exceptions to Including the Full USDA Nondiscrimination Statement

Marsha’s Deli Name Changed to Lancaster’s Great Plains Deli

Debbie Baxley and Shelly Rowe are the managers of Lancaster’s Great Plains Deli.

The signs on the local restaurant will remain the same, Marsha’s Great Plans Deli, but the owners have changed.

Owner Marsha Lancaster died on September 19, 2021, and on October 13, her siblings became the owners of her decades-running restaurant.

The restaurant will be called Lancaster’s Great Plain Deli.

Debbie Baxley, Tom Lancaster, and Don Lancaster all of Fort Scott and Carolyn Washburn, Alaska, Marsha’s brothers, and sisters, are the new owners.

“We are going to keep the signs that say Marsha’s Deli, but the business will be called Lancaster Great Plains Deli,” Baxley said.

“The last time we saw her (before she died), she said she wanted us to keep it going,” she said.

Baxley and her daughter, Shelly Rowe, are the restaurant managers.

Changes

They have recently created a new menu, dropping some options that didn’t have enough sales.

The menu of Lancaster’s Great Plains Deli. Submitted photo.

The family raised the price of their meats.

“Our prices went up on the meat price,” Baxley said. “All of our providers of meat by the pound raised their prices.”

“Marsha hadn’t raised prices in years,” she said.

“An example, like roast beef it is $7.75 per pound when we buy it but we were selling it for $6,” Rowe said. “But now it has gone up again and we are paying a little over $10.”

Family Deaths and the Pandemic

They were closed for three weeks following Marsha’s death, and the death of another family member soon after.

Since then they have been working on the paperwork involved in the new business and grieving their losses, Baxley said.

“All the people that work here have been with Marsha for over 20 years,” Rowe said.

They have had difficulty finding more employees, as many businesses have during the COVID-19 Pandemic, Baxley said.

The pandemic protocols of wiping down menus after each use, along with cleaning the chairs, after each use,  etc. have increased the labor involved in running a restaurant, Baxley said.

The family has been using a walk-up order window since the pandemic began, Baxley said.

As of today, November 1, people will be able to come in and order, but won’t be able to sit and eat the food as the restaurant, Rowe said.

“We didn’t want people to stand in the cold outside to order,” Baxley said.

They currently have six employees. Martha’s three siblings in Fort Scott, along with Rowe,  help out as needed, Rowe said.

“We are a tight-knit family, if we need help, we can call on others,” Rowe said.

Rebounding

Rowe said the re-opening of the restaurant on Oct. 13, following the death of Marsha was very busy.

“The first three days we re-opened, we ran out of bread, we were so busy,” Rowe said. “Everybody was so glad to have us back. It made us feel good the community is happy, wanting us to keep it going.”

Locally known for the size of their sandwiches

“Our big sandwiches are what we are known for,” Rowe said. “The meats on the sandwiches are stacked.”

“If you don’t get full, it’s your fault,” Baxley said.

The most asked for sandwich is #25, The Marsha, Rowe said. The sandwich includes turkey, ham, salami with cheddar cheese. “That was her favorite and everybody loved it.”

Marsha named all her sandwiches after family members.

History

Marsha Lancaster took over the business called the Great Plains Deli in 2002. “She worked here before she owned it,” Rowe said. “She put her name in front of it.”

 

 

 

The hours of operation are 10:30 a.m. to 5 p.m. Monday through Saturday. For more information or to place an order: 620.223.6432.

Lancaster’s Great Plains Deli delivers to homes and businesses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debbie Baxley and Shelly Rowe stand in front of the sign at Marsha’s Great Plains Deli.

New Barbershop Opens Soon At 118 S. Main

Matt Park. Submitted photos.
Hare & Crow is the name of a new barbershop soon to be opened at 118 S. Main.
Matt Park is the owner and soon-to-be barber.

“I recently graduated from Headlines Barber Academy in Kansas City,” Park said. “I have a couple of exams to take and hope to have my license within the next few weeks. We’re putting the finishing touches on the shop as we speak. If all goes to plan, we should be able to open by the end of November.”

Park has put together a link to a community survey he created.
“I’m hoping to get some insight on pricing, hours and services so we can serve our community well,” Park said.

The survey: https://hareandcrow.com/survey

“Hare & Crow is a modern barbershop with a traditional aesthetic and atmosphere,” Park said. “We offer haircuts, straight razor shaves complete with hot lather and steam towels, beard and mustache trims, facials and shampoos.”
Inside the Hare and Crow Barbershop, 118 S. Main. Submitted photo.
“We also plan to sell some retail items,” he said. “Mostly related to men’s hair and grooming, but we will also carry other items such as locally roasted coffee, craft chocolates, and handmade wood and leather goods from local and regional makers.”
“Our shop will be a comfortable and inviting space with a lounge feel for those waiting for their turn in the chair,” he said. “It will be a place to hang out, have a cup of coffee or a pop, chew the fat with friends and neighbors whether you need a haircut or not—loafers are more than welcome.”
Matt Park gives a shave. Submitted photo.

“This is a family business,” he said.  “My wife and I bought the building in July of 2020 and we live in the apartment above the shop with our four kids.”

Park can be reached by phone at (620)705-9287 or by email at [email protected].
118 S. Main, with Matt Park in front, will be open soon. Submitted photos.

Chamber After-Hours on Nov. 4 at Landmark Bank

Chamber After-hours hosted by the Fort Scott Area Community Foundation

The Fort Scott Area Chamber of Commerce announces an After-hours event hosted by the Fort Scott Area Community Foundation will take place Thursday, November 4, 2021 from 5:15 to 6:30pm at Landmark National Bank, 200 S. Main Street.

The mission of the Community Foundation is to “Honor the Past, Impact the Future” by creating a giving and granting environment which addresses the immediate and long-term charitable needs of our community. The After-hours event will feature grant presentations to the 2021 award recipients. Light refreshments will be served.

Any individual or organization can donate to the foundation in the form of monetary gifts, transfer of real estate, investments, or a memorial. Contributions are placed in an endowed fund which is a permanent pool of resources of which only the interest is used in granting each year. The goal of the endowed funds is to exist in perpetuity so that the needs of the greater Bourbon County area are met both now and in the future.

Contact Community Foundation Chairman Carla Farmer at 620-224-6500 or the Chamber at 620-223-3566 for more information.

Hedgehog INK Begins Writing Wednesdays

Hedgehog.INK, located at 16 S. Main, in historic downtown Fort Scott.

Writing Wednesdays start at Hedgehog.INK! on November 3, 10 and 17 from 1:30 to 3 p.m. to kick-off
National Novel Writing Month.

“There is no fee for the sessions and they are intended to provide encouragement and support in our writing endeavors,” Jan Hedges, owner, said. “Whether it be writing a novel, a poem, working on a memoir, cookbook, genealogy or keeping a journal, you are invited to attend. No matter your age or writing skill level, you are invited to attend. Please help us share the word with others. We will meet in the Great Room at Hedgehog.INK!”

New Business: Rocking K Construction

Brandon Krebs, owner of Rocking K Construction. Submitted photos.

Brandon Krebs, started a new business, Rocking K Construction, in August 2021.

Krebs offers the community brush mowing, pasture reclaiming, hauling and excavation, demolition, snow removal, leveling for both residential and commercial, and firewood for the winter. He offers free quotes for proposed work.

“I enjoy being able to help people out and offer honest, fair prices to the community,” he said. “As a lifelong resident of Fort Scott, I feel I can help the community out and look forward to building loyal customers and lifelong relationships.”

He has a background in farm and construction.

“I started out on a family farm running tractors, grain trucks, combines, and other equipment from the age of 9 to 14 years old,” he said. “Then went on to work for local businesses doing the same work until 25. I then worked construction for three years, running big equipment such as dozers, track hoes, haul trucks, scrapers, etc. “
He drove a tow truck, and picked up repossessed cars for four years, and then worked at Twister Trailers for five years.
Rocking K Construction is owned by Brandon Krebs. Submitted photos.
In his spare time, Krebs enjoys outdoor activities.
“I like spending time with my kids, family, and friends going fishing, camping, boating, and riding motorcycles, he said. “I enjoy participating in benefit rides such as the Care to Share Ride and being a part of charity events raising money for those in need.”
Krebs can reach by phone at 620-215-3570

Sweets Featured in New Roving Food Truck

 

People line up at the Crumble and Cream food truck on Thursday afternoon on the Tractor Supply Company parking lot.

A new food truck business visited Fort Scott on Oct. 21.

The Crumble and Cream food truck was positioned in the parking lot of Tractor Supply Company, Scooters Coffee House, and Hibbets Sports Store on South Main Street, for its debut in Fort Scott.

Specials of the day for Crumble and Cream food truck are listed on signs in front of the truck.

“We specialize in deep dish cookies,” Joshua Scott, operations manager, said. “They are soft and gooey on the inside and slightly crusty on the outside.” They also have ice cream and sundaes.

Joshua Scott, operations manager of Crumble and Cream food truck.

The Crumble and Cream business is headquartered in Wichita and is owned by Rachel Marlow. Marlow started the venture four months ago, Scott said.

The food truck gets daily shipments of fresh cookies to replenish supplies.

“The home office in Wichita is where the bakery is,” Scott said. “We are entirely mobile, on the road.”

“We are visiting many towns really quick, going to places a second time in maybe six weeks,” Scott said.

The hours were from 11 a.m. to 8 p.m.

The price of the cookies is $5 each or six cookies for $25.

Cara Guthries pays the food truck assistant Tandi Jackson, Pittsburg, for sundaes.

“Facebook is our huge (marketing) type of notifying people of when we will be in town,” he said. On Oct. 20 they were in Chanute, yesterday in Fort Scott, and today in Iola, he said.

Blaze Burns smiles after just receiving his Monster Sundae on Thursday afternoon at the Crumble and Cream food truck.

He stays in a hotel each night in between cities.

“Going to small towns, we are having success,” he said. “We also do corporate events.”

Corporate events,  such as an apartment landlord providing the truck for a few hours for tenants, or Scholfield Honda and Home Depot paying a flat fee and serving all their employees to show appreciation, Scott said.

To find out more,  follow them on their Crumble and Cream Facebook page.

A cinnamon roll cookie.

 

 

Dry Wood Creek Cafe: Open For Business

The cafe sign just inside the door reflects the glassed-in eating area at Drywood Creek Cafe.

After the Lyons family closed the Twin Mansions on National Avenue in March 2020, the bed and breakfast along with the restaurant remained shuttered.

The family closed as the COVID-19 Pandemic shut down businesses in the nation.

A new chapter started in June 2021 when the Elton family moved from Kansas City into the northern mansion to make their home at 742 S. National Avenue and in September 2021, the southern mansion at 750 S. National Avenue was once again opened as a restaurant.

Dry Wood Creek Cafe is owned by Chef Marty Elton and his wife, Carrie.

Dry Wood Creek Cafe Chef Marty Elton. Submitted photo.

To view a prior feature on the business: Dry Wood Creek Cafe: New Business Owners at the Former Lyon’s Mansions

The new business venture idea came about during downtime following lockdown, because Elton’s K.C. area catering business was affected by COVID-19 as well.

“During COVID,  a catering business was up in the air,” Elton said.

His own home needed some remodeling and he looked on Zillow for possible properties to look at and saw the property in Fort Scott, known as the Twin Mansions.

“The property attracted us, and the people and town have been great,” Elton said in a break from restaurant work on Wednesday morning.

He is hoping to have a grand opening later in the year, close to the holidays, he said.

Until then, he and his four employees are serving breakfast and lunch from Wednesday through Friday from 8 a.m. to 3 p.m. and Saturday and Sunday from 7 a.m. to 3 p.m.

He said after decades in the business he knew he wanted more time with his family and the cafe hours allow that.

“I’m spending my evenings with my kids,’ Elton said.

Elton also caters meals to all size orders, from box lunches to weddings, he said.

In the southern mansion on an upper level, the Elton’s have an office for rent that would be suitable for an accountant or lawyer, he said.

Dry Wood Creek Cafe is located at 750 S. National and can be reached at 620-224-2970. For the latest info, see their Facebook page.

 

 

Chamber Coffee at Sleep Inn on Oct. 21

Join us for this week’s
Chamber Coffee hosted by
Sleep Inn & Suites
Thursday, October 21st
8 am
302 E. Wall St.
Fort Scott, Kansas
Let’s celebrate with
Managing Partner Bill Michaud & staff
on their 7th anniversary of providing
award-winning hospitality!
Click herefor Sleep Inn & Suites website.
Click hereto visit their Facebook page.
Contact the Fort Scott Area Chamber of Commerce for more information at 620-223-3566 or [email protected].
UPCOMING CHAMBER COFFEE’S
10/28 ~ Chamber Coffee hosted by Trinity Lutheran Church
11/4 ~ Chamber Coffee hosted by VFW
11/4 ~ Chamber After-hours Event hosted by the Fort Scott Area Community Foundation at Landmark National Bank
11/11 ~ No Coffee… Veterans Day
11/18 ~ Chamber Coffee hosted by FS Compassionate Ministries
11/25 ~ No Coffee…Thanksgiving Holiday
12/2 ~ Chamber Coffee hosted by Fort Scott National Historic Site
12/9 ~ Chamber Coffee hosted by Sunshine Boutique
12/16 ~ Chamber Coffee hosted by City of Fort Scott
12/23 ~ No Coffee…Christmas Holiday
12/30 ~ No Coffee…New Year’s Holiday