Business & Finance
Business and FinanceBusiness and Finance 
Fri, May 7, 2010
Thu, May 6, 2010
TOPEKA, KS--(Marketwire - May 6, 2010) - Westar Energy, Inc. (
Following is a reconciliation of basic earnings per share:
Three Months Ended --------------------- Mar. 31, Mar. 31, 2010 2009 ---------- ---------- Earnings available from continuing operations $ 0.27 $ 0.10 Discontinued operations, net of tax - 0.30 ---------- ---------- Earnings per share, basic $ 0.27 $ 0.40 ========== ==========
Per share results for the first quarter 2010 reflect more shares outstanding as a result of the company having issued shares to fund capital investments.
Income from continuing operations for the first quarter increased $20 million compared with the same period in 2009 due principally to greater electricity sales and higher prices. Retail electricity sales increased 7 percent due primarily to improved economic conditions and the effects of colder weather. Partially offsetting the higher retail revenues were higher interest and income tax expense.
Earnings Guidance
The company affirmed its 2010 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 Investor Presentations 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 7 with the investment community at 8:30 a.m. ET (7:30 a.m. CT). Investors, media and the public may listen to the conference call by dialing 866-700-7477, participant code 69107716. 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 Erin La Row with any follow-up questions.
This earnings announcement, a package of detailed first quarter 2010 financial information, the company's quarterly report on Form 10-Q for the period ended Mar. 31, 2010 filed with the Securities and Exchange Commission May 6, 2010, 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. (
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, 2009 (a) under the heading, "Forward-Looking Statements," (b) in ITEM 1A. Risk Factors, (c) in ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (d) 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 6, 2010 (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 7 and 8; 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, 2010 2009 Change --------- --------- --------- Retail $ 333,245 $ 290,661 $ 42,584 Wholesale 82,748 85,744 (2,996) Transmission 36,629 26,897 9,732 Other 7,208 18,465 (11,257) --------- --------- --------- Total Revenues $ 459,830 $ 421,767 $ 38,063 Fuel and purchased power 133,800 140,644 (6,844) Operating and maintenance 121,172 122,167 (995) Depreciation and amortization 66,930 58,214 8,716 Selling, general and administrative 45,927 47,982 (2,055) --------- --------- --------- Total Operating Expenses 367,829 369,007 (1,178) --------- --------- --------- Income from Operations 92,001 52,760 39,241 Other expense (1,883) (2,096) 213 Interest expense 44,616 35,077 9,539 Income tax expense 13,820 4,401 9,419 --------- --------- --------- Income from Continuing Operations 31,682 11,186 20,496 Results of discontinued operations, net of tax - 32,978 (32,978) --------- --------- --------- Net Income 31,682 44,164 (12,482) Less: Net income attributable to noncontrolling interests 1,002 - 1,002 --------- --------- --------- Net income attributable to Westar Energy 30,680 44,164 (13,484) --------- --------- --------- Preferred dividends 242 242 - --------- --------- --------- Net Income Attributable to Common Stock $ 30,438 $ 43,922 $ (13,484) ========= ========= ========= Basic Earnings Per Share: Earnings available from continuing operations $ 0.27 $ 0.10 $ 0.17 Discontinued operations, net of tax - 0.30 (0.30) --------- --------- --------- Earnings per common share, basic $ 0.27 $ 0.40 $ (0.13) ========= ========= ========= Average equivalent common shares outstanding 110,925 109,331 1,594 Dividends declared per share $ 0.31 $ 0.30 $ 0.01