SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) July 23, 1996
WESTERN RESOURCES, INC.
(Exact name of Registrant as Specified in Its Charter)
KANSAS 1-3523 48-0290150
(State or Other Jurisdiction of (Commission (Employer
Incorporation or Organization File Number Identification No.)
818 KANSAS AVENUE, TOPEKA, KANSAS 66612
(address of Principal Executive Offices (Zip Code)
Registrant's Telephone Number Including Area Code (913) 575-6300
WESTERN RESOURCES, INC.
Item 5. Other Events
The following earnings release was issued on July 23, 1996:
WESTERN RESOURCES REPORTS MAJOR JUMP IN EARNINGS
WHOLESALE ELECTRIC REVENUES LEAD THE WAY
TOPEKA, Kansas, July 23, 1996 -- Spurred by a 56 percent increase in
wholesale electricity sales, Western Resources today announced a 33 percent
increase in earnings per share of common stock compared to the same quarter
one year ago.
"This increase is another validation of our strategy to maintain Western
Resources as a strong regional utility as we continue expanding into new
unregulated areas. While the core residential, commercial and industrial
electric sales were up due to the weather in our service area, it is most
satisfying to see the growth in our wholesale business, developing our
position as the leading wholesaler of electricity in this region," said
John E. Hayes, Jr., chairman and chief executive officer.
Earnings were $0.40 per share, which is up from the $0.30 per share recorded
during the second quarter of 1995. Net income year-to-date is up 16 percent
compared to last year.
Operating income for the second quarter of 1996 was $59,020,000. Operating
revenues for the second quarter 1996 were $436,121,000, up 17 percent from the
second quarter of last year.
Total electric sales for April through June of 1996 grew 19 percent compared
to last year. Residential sales were up 20 percent, commercial sales were up
9 percent and industrial sales were up 3 percent for the second quarter.
Wholesale electricity sales to other utilities, electric cooperatives and
municipalities were up 534.4 million kilowatt-hours, or 56 percent ahead of
last year's second quarter sales volumes. "Our results reflect more than the
warm weather. They reflect a successful cost containment program and savings
through early retirement programs implemented last year. They reflect the
success of Western Resources management and vision as the utility marketplace
continues to change," said Hayes.
Western Resources (NYSE:WR) is a diversified energy company. Its utilities,
operating in Kansas and Oklahoma, provide natural gas service to approximately
650,000 customers and electric service to approximately 600,000 customers.
Through its subsidiaries, Westar Energy, Westar Security, Westar Capital, and
The Wing Group, energy-related products and services are developed and
marketed in the continental U.S., and offshore.
For more information about Western Resources and its operating companies,
visit us on the Internet at http://www.wstnres.com.
Quarter Ended June 30, Twelve Months Ended June 30,
1996 1995 1996 1995
1. Operating Revenues $436,121,000 $372,295,000 $1,812,983,000 $1,640,188,000
2. Net Income $28,746,000 $21,716,000 $191,920,000 $154,358,000
3. Earnings Applicable
to Common Stock $25,392,000 $18,362,000 $178,501,000 $140,940,000
4. Average Common Shares
Outstanding 63,465,666 61,885,556 62,903,857 61,716,449
5. Earnings per Average
Common Share Outstanding $0.40 $0.30 $2.84 $2.28
6. Net Utility Plant
(after depreciation) $4,348,305,000 $4,319,335,000
This news release is neither an offer to exchange nor a solicitation
of an offer to exchange shares of common stock of KCPL. Such offer is made
solely by the Prospectus dated July 3, 1996, and the related Letter of
Transmittal, and is not being made to, nor will tenders be accepted from or
on behalf of, holders of shares of common stock of KCPL in any jurisdiction
in which the making of such offer or the acceptance thereof would not be in
compliance with the laws of such jurisdiction. In any jurisdictions where
securities, blue sky or other laws require such offer to be made by a
licensed broker or dealer, such offer shall be deemed to be made on behalf
of Western Resources, Inc. by Salomon Brothers Inc or one or more registered
brokers or dealers licensed under the laws of such jurisdiction.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Western Resources, Inc.
Date July 23, 1996 By Jerry D. Courington
Jerry D. Courington,
Controller
INDEX TO EXHIBITS
Sequentially
Numbered
Exhibit No. Description Pages
12 Computation of Ratio of
Consolidated Earnings to
Fixed Charges
<TABLE> Exhibit 12
WESTERN RESOURCES, INC.
Computations of Ratio of Earnings to Fixed Charges and
Computations of Ratio of Earnings to Combined Fixed Charges
and Preferred and Preference Dividend Requirements
(Dollars in Thousands)
<CAPTION>
Unaudited
Twelve
Months
Ended
March 31, Year Ended December 31,
1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Net Income . . . . . . . . . . . $184,890 $181,676 $187,447 $177,370 $127,884 $ 89,645
Taxes on Income. . . . . . . . . 83,339 83,392 99,951 78,755 46,099 42,527
Net Income Plus Taxes . . . 268,229 265,068 287,398 256,125 173,983 132,172
Fixed Charges:
Interest on Long-Term Debt . . 98,615 95,962 98,483 123,551 117,464 51,267
Interest on Other Indebtedness 27,957 27,487 20,139 19,255 20,009 10,490
Interest on Other Mandatorily
Redeemable Securities. . . . 2,363 372 - - - -
Interest on Corporate-owned
Life Insurance Borrowings. . 34,253 32,325 26,932 16,252 5,294 -
Interest Applicable to
Rentals. . . . . . . . . . . 31,647 31,650 29,003 28,827 27,429 5,089
Total Fixed Charges. . . . 194,835 187,796 174,557 187,885 170,196 66,846
Preferred and Preference Dividend
Requirements:
Preferred and Preference
Dividends. . . . . . . . . . 13,419 13,419 13,418 13,506 12,751 6,377
Income Tax Required. . . . . . 6,049 6,160 7,155 5,997 4,596 3,025
Total Preferred and Preference
Dividend Requirements. . . 19,468 19,579 20,573 19,503 17,347 9,402
Total Fixed Charges and Preferred
and Preference Dividend
Requirements. . . . . . . . . 214,303 207,375 195,130 207,388 187,543 76,248
Earnings (1) . . . . . . . . . . $463,064 $452,864 $461,955 $444,010 $344,179 $199,018
Ratio of Earnings to Fixed Charges 2.38 2.41 2.65 2.36 2.02 2.98
Ratio of Earnings to Combined Fixed
Charges and Preferred and Preference
Dividend Requirements. . . . . 2.16 2.18 2.37 2.14 1.84 2.61
(1) Earnings are deemed to consist of net income to which has been added income taxes (including
net deferred investment tax credit) and fixed charges. Fixed charges consist of all interest
on indebtedness, amortization of debt discount and expense, and the portion of rental expense
which represents an interest factor. Preferred and preference dividend requirements consist
of an amount equal to the pre-tax earnings which would be required to meet dividend
requirements on preferred and preference stock.
</TABLE>
