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8-K - FORM 8-K - WESTAR ENERGY INC /KSd8k.htm
EX-99.2 - 2011 FIRST QUARTER EARNINGS PACKAGE - WESTAR ENERGY INC /KSdex992.htm

Exhibit 99.1

 

LOGO    Media contact:
   Gina Penzig,
   director, corporate
communications
   Phone: 785.575.8089
   gina.penzig@WestarEnergy.com
  

 

Investor contact:

   Bruce Burns,
   director, investor relations
   Phone: 785.575.8227
   bruce.burns@WestarEnergy.com

 

 

WESTAR ENERGY ANNOUNCES FIRST QUARTER 2011 RESULTS

TOPEKA, Kan., May 5, 2011 — Westar Energy, Inc. (NYSE:WR) today announced earnings of $31 million, or $0.27 per share, for the first quarter 2011 unchanged from the first quarter 2010.

Per share results for the first quarter 2011 reflect additional shares outstanding as a result of the company having issued shares to fund capital investments.

Net income for the first quarter increased $1 million compared with the same period in 2010. A $22 million increase in revenues was offset by higher operating expenses.

Earnings Guidance

The company affirmed its 2011 earnings guidance of $1.65 to $1.80 per share. The company has posted to its website a summary of factors it considers to be principal drivers and adjustments used in arriving at its earnings guidance. The summary is located under Supplemental Materials within the Investors section of the company website at www.WestarEnergy.com.

 

Page 1 of 3


Westar Energy announces first quarter 2011 results   Page 2 of 3

 

Conference Call and Additional Company Information

Westar Energy management will host a conference call Friday, May 6 with the investment community at 10:00 a.m. ET (9:00 a.m. CT). Investors, media and the public may listen to the conference call by dialing 800-510-9691, participant code 50313220. A webcast of the live conference call will be available at www.WestarEnergy.com.

Members of 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 first quarter 2011 financial information, the company’s quarterly report on Form 10-Q for the period ended Mar. 31, 2011 filed with the Securities and Exchange Commission May 5, 2011, and other filings the company has made with the Securities and Exchange Commission are available on the company’s website at www.WestarEnergy.com.

Westar Energy, Inc. (NYSE: WR) is the largest electric utility in Kansas, providing electric service to about 687,000 customers in the state. Westar Energy has about 6,800 megawatts of electric generation capacity and operates and coordinates more than 34,000 miles of electric distribution and transmission lines.

For more information about Westar Energy, visit us on the Internet at http://www.WestarEnergy.com.

Forward-looking statements: Certain matters discussed in this news release are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like “believe,” “anticipate,” “target,” “expect,” “pro forma,” “estimate,” “intend,” “guidance” or words of similar meaning. Forward-looking statements describe future plans, objectives, expectations or goals. Although Westar Energy believes that its expectations are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as (1) those discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2010 (a) under the heading, “Forward-Looking Statements,” (b) in ITEM 1. Business, (c) in ITEM 1A. Risk Factors, (d) in ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (e) in ITEM 8. Financial Statements and Supplementary Data: Notes 13 and 15; (2) those discussed in the company’s Quarterly Report on Form 10-Q filed May 5, 2011 (a) in ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 8 and 9; and (3) other factors discussed in the company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date such statement was made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made.


Westar Energy announces first quarter 2011 results   Page 3 of 3

 

WESTAR ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

    

Three Months Ended

March 31,

 
     2011     2010     Change  

Retail

   $ 357,917      $ 333,245      $ 24,672   

Wholesale

     78,594        82,748        (4,154

Transmission

     37,176        36,629        547   

Other

     8,033        7,208        825   
                        

Total Revenues

   $ 481,720      $ 459,830      $ 21,890   

Fuel and purchased power

     134,184        133,800        384   

Operating and maintenance

     137,351        121,172        16,179   

Depreciation and amortization

     70,259        66,930        3,329   

Selling, general and administrative

     48,767        45,927        2,840   
                        

Total Operating Expenses

     390,561        367,829        22,732   
                        

Income from Operations

     91,159        92,001        (842

Other expense

     (1,151     (1,883     732   

Interest expense

     43,538        44,616        (1,078

Income tax expense

     13,513        13,820        (307
                        

Net Income

     32,957        31,682        1,275   

Less: Net income attributable to noncontrolling interests

     1,373        1,002        371   
                        

Net income attributable to Westar Energy

     31,584        30,680        904   
                        

Preferred dividends

     242        242        —     
                        

Net Income Attributable to Common Stock

   $ 31,342      $ 30,438      $ 904   
                        

Earnings per common share, basic

   $ 0.27      $ 0.27      $ —     
                        

Average equivalent common shares outstanding

     113,875        110,925        2,950   

Dividends declared per share

   $ 0.32      $ 0.31      $ 0.01