WESTAR ENERGY INC /KS - FORM 8-K - EX-99.1 - PRESS RELEASE DATED FEBRUARY 24, 2016 - February 24, 2016

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Exhibit 99.1
WESTAR ENERGY ANNOUNCES 2015 RESULTS
TOPEKA, Kan., Feb. 24, 2016 - Westar Energy, Inc. (NYSE:WR) today announced earnings of $292 million, or $2.11 per share, for 2015 compared with earnings of $313 million, or $2.40 per share, for 2014. Fourth quarter 2015 earnings were $39 million, or $0.28 per share, compared with earnings of $43 million, or $0.33 per share, for the fourth quarter 2014.
    
Net income for 2015 decreased primarily from lower retail sales, due largely from the effects of mild weather, with the fourth quarter being the second warmest in more than a century. Additionally, energy marketing margins were $11 million lower than the unusually strong results from the year prior and the company having recorded a $14 million customer refund obligation for transmission revenues. The decrease in revenues was partially offset with rate adjustments and lower operating and maintenance expense.

Net income for the fourth quarter 2015 decreased primarily from lower retail sales due to the extremely warm winter weather and the company having recorded a $3 million customer refund obligation for transmission revenues. For the quarter, too, the decrease in revenues was partially offset with rate adjustments and lower operating and maintenance expense.

In addition to the decrease in net income, basic EPS decreased for the quarter and year as a result of the company having issued more shares of common stock.
Earnings Guidance
The company finalized 2016 earnings guidance of $2.38 to $2.53 per share and posted to its website a summary of factors it considers to be principal drivers and assumptions used in arriving at earnings guidance. The summary is located under Supplemental Materials within the Investors section of the company website at www.WestarEnergy.com.
Dividend Declaration    
The Board of Directors today declared a quarterly dividend of 38 cents per share payable April 1, 2016, on the company's common stock payable to shareholders of record as of March 9, 2016. The new dividend reflects a 6 percent increase over the company's previous quarterly dividend of 36 cents per share, and results in an indicated annual dividend of $1.52 per share.
Conference Call and Additional Company Information
Westar Energy management will host a conference call Thursday, Feb. 25, 2016 with the investment community at 10 a.m. ET (9 a.m. CT). Investors, media and the public may listen to the

WESTAR ENERGY NEWS RELEASE    Page 1 of 3

Westar Energy announces 2015 results


conference call by dialing 866-515-2914, participant code 92913091. A webcast of the live conference call will be available at www.WestarEnergy.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 fourth quarter and year-end 2015 financial information, the company's annual report on Form 10-K for the period ended Dec. 31, 2015 and other filings the company made with the Securities and Exchange Commission are available on the company's website at www.WestarEnergy.com.


- 30 -

Westar Energy, Inc. (NYSE: WR) is Kansas' largest electric utility. For more than a century, we have provided Kansans the safe, reliable electricity needed to power their businesses and homes. Every day our team of professionals takes on projects to generate and deliver electricity, protect the environment and provide excellent service to our nearly 700,000 customers. Westar has 7,200 MW of electric generation capacity fueled by coal, uranium, natural gas, wind and landfill gas. We are also a leader in electric transmission in Kansas. Our innovative customer service programs include mobile-enabled customer care, a smart meter pilot project and paving the way for electric vehicle adoption. Our employees live, volunteer and work in the communities we serve.


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, 2015 (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; and (2) 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.

Media Contact:
Gina Penzig
Media Relations Manager
Phone: 785-575-8089
Gina.Penzig@westarenergy.com
Media line: 888-613-0003

Investor Contact:
Cody VandeVelde
Director, Investor Relations
Phone: 785-575-8227
Cody.VandeVelde@westarenergy.com

WESTAR ENERGY NEWS RELEASE    Page 2 of 3

Westar Energy announces 2015 results


Westar Energy, Inc.
Consolidated Statements of Income
(Unaudited)
 
Three Months Ended Dec. 31,
 
Twelve Months Ended Dec. 31,
 
2015
 
2014
 
Change
 
% Change
 
2015
 
2014
 
Change
 
% Change
 
(In Thousands, Except Per Share Amounts)
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
157,843

 
$
164,522

 
$
(6,679
)
 
(4.1)
 
$
768,618

 
$
793,586

 
$
(24,968
)
 
(3.1)
Commercial
161,640

 
165,082

 
(3,442
)
 
(2.1)
 
712,400

 
727,964

 
(15,564
)
 
(2.1)
Industrial
95,751

 
100,478

 
(4,727
)
 
(4.7)
 
400,687

 
414,997

 
(14,310
)
 
(3.4)
Other retail
(11,654
)
 
(6,592
)
 
(5,062
)
 
(76.8)
 
(17,155
)
 
(24,180
)
 
7,025

 
29.1
Total Retail Revenues
403,580

 
423,490

 
(19,910
)
 
(4.7)
 
1,864,550

 
1,912,367

 
(47,817
)
 
(2.5)
Wholesale
68,869

 
102,003

 
(33,134
)
 
(32.5)
 
318,371

 
392,730

 
(74,359
)
 
(18.9)
Transmission
60,765

 
64,527

 
(3,762
)
 
(5.8)
 
241,835

 
256,838

 
(15,003
)
 
(5.8)
Other
12,751

 
6,419

 
6,332

 
98.6
 
34,408

 
39,768

 
(5,360
)
 
(13.5)
Total Revenues
545,965

 
596,439

 
(50,474
)
 
(8.5)
 
2,459,164

 
2,601,703

 
(142,539
)
 
(5.5)
OPERATING EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Fuel and purchased power
101,561

 
166,077

 
(64,516
)
 
(38.8)
 
561,065

 
705,450

 
(144,385
)
 
(20.5)
SPP network transmission costs
57,392

 
55,713

 
1,679

 
3.0
 
229,043

 
218,924

 
10,119

 
4.6
Operating and maintenance
82,026

 
89,347

 
(7,321
)
 
(8.2)
 
330,289

 
367,188

 
(36,899
)
 
(10.0)
Depreciation and amortization
82,062

 
73,172

 
8,890

 
12.1
 
310,591

 
286,442

 
24,149

 
8.4
Selling, general and administrative
70,711

 
70,807

 
(96
)
 
(0.1)
 
250,278

 
250,439

 
(161
)
 
(0.1)
Taxes other than income tax
43,854

 
36,054

 
7,800

 
21.6
 
156,901

 
140,302

 
16,599

 
11.8
Total Operating Expenses
437,606

 
491,170

 
(53,564
)
 
(10.9)
 
1,838,167

 
1,968,745

 
(130,578
)
 
(6.6)
INCOME FROM OPERATIONS
108,359

 
105,269

 
3,090

 
2.9
 
620,997

 
632,958

 
(11,961
)
 
(1.9)
OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Investment earnings
3,372

 
3,414

 
(42
)
 
(1.2)
 
7,799

 
10,622

 
(2,823
)
 
(26.6)
Other income
866

 
4,956

 
(4,090
)
 
(82.5)
 
19,438

 
31,522

 
(12,084
)
 
(38.3)
Other expense
(3,899
)
 
(4,196
)
 
297

 
7.1
 
(17,636
)
 
(18,389
)
 
753

 
4.1
Total Other Income (Expense)
339

 
4,174

 
(3,835
)
 
(91.9)
 
9,601

 
23,755

 
(14,154
)
 
(59.6)
Interest expense
42,682

 
45,043

 
(2,361
)
 
(5.2)
 
176,802

 
183,118

 
(6,316
)
 
(3.4)
INCOME BEFORE INCOME TAXES
66,016

 
64,400

 
1,616

 
2.5
 
453,796

 
473,595

 
(19,799
)
 
(4.2)
Income tax expense
24,190

 
18,627

 
5,563

 
29.9
 
152,000

 
151,270

 
730

 
0.5
NET INCOME
41,826

 
45,773

 
(3,947
)
 
(8.6)
 
301,796

 
322,325

 
(20,529
)
 
(6.4)
Less: Net income attributable to noncontrolling interests
2,591

 
2,324

 
267

 
11.5
 
9,867

 
9,066

 
801

 
8.8
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.
39,235

 
43,449

 
(4,214
)
 
(9.7)
 
291,929

 
313,259

 
(21,330
)
 
(6.8)
Earnings per common share, basic
$
0.28

 
$
0.33

 
$
(0.05
)
 
(15.2)
 
$
2.11

 
$
2.40

 
$
(0.29
)
 
(12.1)
Average equivalent common shares outstanding
141,713

 
131,467

 
10,246

 
7.8
 
137,958

 
130,015

 
7,943

 
6.1
DIVIDENDS DECLARED PER COMMON SHARE
$
0.36

 
$
0.35

 
$
0.01

 
2.9
 
$
1.44

 
$
1.40

 
$
0.04

 
2.9
Effective income tax rate
36.64
%
 
28.92
%
 
 
 
 
 
33.50
%
 
31.94
%
 
 
 
 

WESTAR ENERGY NEWS RELEASE    Page 3 of 3

WESTAR ENERGY INC /KS Reports