WESTAR ENERGY INC /KS - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - August 8, 2017

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EX-99.4 - EXHIBIT 99.4 - WESTAR ENERGY INC /KSwr063020178kexhibit994.htm
EX-99.3 - EXHIBIT 99.3 - WESTAR ENERGY INC /KSwr063020178kexhibit993.htm
EX-99.2 - EXHIBIT 99.2 - WESTAR ENERGY INC /KSwr-06302017x8xkexhibit992.htm
8-K - 8-K - WESTAR ENERGY INC /KSwr-06302017xearningsreleas.htm
Exhibit 99.1

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Westar Energy announces 2nd quarter 2017 results.
TOPEKA, Kan., Aug. 8, 2017 - Westar Energy, Inc. (NYSE:WR) today announced earnings of $72 million, or $0.50 per share, for the second quarter 2017 compared with earnings of $72 million, or $0.51 per share, for the second quarter 2016. Earnings for the six months ended June 30, 2017 were $132 million, or $0.92 per share, compared with $138 million, or $0.97 per share, for the same period in 2016.

Lower earnings per share for the second quarter were driven by lower residential and commercial sales primarily due to milder weather this year compared to last year. The lower sales were partially offset by a decrease in merger-related expenses and lower employee benefit costs.
    
Lower earnings per share for the six months ended June 30, 2017 were also driven by the effect of mild weather this year when compared to last year resulting in lower residential and commercial sales. Also contributing to lower net income was a decrease in corporate-owned life insurance income. Partially offsetting lower sales was a decrease in merger-related expenses.
 
Conference Call and Additional Company Information

Westar Energy management will host a conference call Wednesday, Aug. 9 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 (844) 646-4526, conference ID 59525914. 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 second-quarter financial information, the company's quarterly report on Form 10-Q for the period ended June 30, 2017 and other filings the company has made with the Securities and Exchange Commission are available on the company's website at www.WestarEnergy.com.
- 30 -

As Kansas’ largest electric utility, Westar Energy, Inc. (NYSE:WR) provides customers the safe, reliable electricity
needed to power their businesses and homes. We have 7,800 MW of electric generation capacity that includes renewables and
traditional power sources with half the electricity supplied to our more than 700,000 customers from emissions free sources:
nuclear, wind and solar, with a third coming from renewables. We are a leader in electric transmission in Kansas coordinating a
network of lines and substations that supports one of the largest consolidations of wind energy in the nation. 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.


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WESTAR ENERGY NEWS RELEASE    Page 1 of 3
Westar Energy announces 2nd quarter results



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, 2016 (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 3, 14 and 16; (2) those discussed in the company's Quarterly Reports on Form 10-Q filed on May 9, 2017 and Aug. 8, 2017, (a) under the heading "Forward-Looking Statements." (b) in ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, (c) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 3, 11, 12 (in the Form 10-Q filed on May 9, 2017), and 13 (in the Form 10-Q filed on Aug. 8, 2017), and (d) ITEM 1A. Risk Factors; 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.


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


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WESTAR ENERGY NEWS RELEASE    Page 2 of 3
Westar Energy announces 2nd quarter results

Westar Energy, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
Change
 
% Change
 
2017
 
2016
 
Change
 
% Change
 
(Dollars In Thousands, Except Per Share Amounts)
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
188,142

 
$
202,838

 
$
(14,696
)
 
(7.2
)
 
$
364,310

 
$
382,128

 
$
(17,818
)
 
(4.7
)
Commercial
182,110

 
188,197

 
(6,087
)
 
(3.2
)
 
337,817

 
353,870

 
(16,053
)
 
(4.5
)
Industrial
107,990

 
108,004

 
(14
)
 
—

 
206,506

 
208,702

 
(2,196
)
 
(1.1
)
Other retail
(10,092
)
 
(16,502
)
 
6,410

 
38.8

 
(22,440
)
 
(30,884
)
 
8,444

 
27.3

Total Retail Revenues
468,150

 
482,537

 
(14,387
)
 
(3.0
)
 
886,193

 
913,816

 
(27,623
)
 
(3.0
)
Wholesale
63,044

 
66,687

 
(3,643
)
 
(5.5
)
 
140,411

 
134,099

 
6,312

 
4.7

Transmission
70,152

 
66,620

 
3,532

 
5.3

 
139,593

 
130,535

 
9,058

 
6.9

Other
7,975

 
5,604

 
2,371

 
42.3

 
15,698

 
12,448

 
3,250

 
26.1

Total Revenues
609,321

 
621,448

 
(12,127
)
 
(2.0
)
 
1,181,895

 
1,190,898

 
(9,003
)
 
(0.8
)
OPERATING EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Fuel and purchased power
111,790

 
118,630

 
(6,840
)
 
(5.8
)
 
225,645

 
218,688

 
6,957

 
3.2

SPP network transmission costs
61,763

 
55,227

 
6,536

 
11.8

 
122,437

 
115,987

 
6,450

 
5.6

Operating and maintenance
87,158

 
85,619

 
1,539

 
1.8

 
168,356

 
163,377

 
4,979

 
3.0

Depreciation and amortization
94,029

 
84,226

 
9,803

 
11.6

 
182,655

 
167,866

 
14,789

 
8.8

Selling, general and administrative
57,579

 
75,724

 
(18,145
)
 
(24.0
)
 
116,735

 
132,179

 
(15,444
)
 
(11.7
)
Taxes other than income tax
41,890

 
48,407

 
(6,517
)
 
(13.5
)
 
84,606

 
97,375

 
(12,769
)
 
(13.1
)
Total Operating Expenses
454,209

 
467,833

 
(13,624
)
 
(2.9
)
 
900,434

 
895,472

 
4,962

 
0.6

INCOME FROM OPERATIONS
155,112

 
153,615

 
1,497

 
1.0

 
281,461

 
295,426

 
(13,965
)
 
(4.7
)
OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Investment earnings
2,636

 
2,280

 
356

 
15.6

 
5,790

 
4,296

 
1,494

 
34.8

Other income
523

 
3,382

 
(2,859
)
 
(84.5
)
 
1,823

 
12,860

 
(11,037
)
 
(85.8
)
Other expense
(2,647
)
 
(2,908
)
 
261

 
9.0

 
(7,963
)
 
(8,451
)
 
488

 
5.8

Total Other Income (Expense)
512

 
2,754

 
(2,242
)
 
(81.4
)
 
(350
)
 
8,705

 
(9,055
)
 
(104.0
)
Interest expense
43,679

 
39,683

 
3,996

 
10.1

 
84,774

 
80,114

 
4,660

 
5.8

INCOME BEFORE INCOME TAXES
111,945

 
116,686

 
(4,741
)
 
(4.1
)
 
196,337

 
224,017

 
(27,680
)
 
(12.4
)
Income tax expense
35,906

 
40,542

 
(4,636
)
 
(11.4
)
 
56,816

 
79,165

 
(22,349
)
 
(28.2
)
NET INCOME
76,039

 
76,144

 
(105
)
 
(0.1
)
 
139,521

 
144,852

 
(5,331
)
 
(3.7
)
Less: Net income attributable to noncontrolling interests
3,974

 
3,804

 
170

 
4.5

 
7,795

 
6,927

 
868

 
12.5

NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.
$
72,065

 
$
72,340

 
$
(275
)
 
(0.4
)
 
$
131,726

 
$
137,925

 
$
(6,199
)
 
(4.5
)
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO WESTAR ENERGY, INC. (See 10-Q Note 2):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per common share
$
0.50

 
$
0.51

 
$
(0.01
)
 
(2.0
)
 
$
0.92

 
$
0.97

 
$
(0.05
)
 
(5.2
)
Diluted earnings per common share
$
0.50

 
$
0.51

 
$
(0.01
)
 
(2.0
)
 
$
0.92

 
$
0.97

 
$
(0.05
)
 
(5.2
)
AVERAGE EQUIVALENT COMMON SHARES OUTSTANDING (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
142,466

 
142,034

 
432

 
0.3

 
142,451

 
142,013

 
438

 
0.3

Diluted
142,596

 
142,497

 
99

 
0.1

 
142,579

 
142,361

 
218

 
0.2

DIVIDENDS DECLARED PER COMMON SHARE
$
0.40

 
$
0.38

 
$
0.02

 
5.3

 
$
0.80

 
$
0.76

 
$
0.04

 
5.3

Effective income tax rate
32
%
 
35
%
 
 
 
 
 
29
%
 
35
%
 
 
 
 

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WESTAR ENERGY NEWS RELEASE    Page 3 of 3

WESTAR ENERGY INC /KS Reports