TOPEKA, KS--(Marketwire - 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.
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, 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