View:
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) January 31, 1995
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 press release, reporting the Company's 1994 earnings, was
issued on January 25, 1995.
WESTERN RESOURCES 1994 EARNINGS UP,
INCREASE SIX CENTS PER SHARE;
DIVIDENDS INCREASE
TOPEKA, Kansas, January 25, 1995 -- Western Resources, Inc., today
reported a six cent increase in earnings per share to $2.82 versus the $2.76
reported in 1993.
John E. Hayes, Jr., Western Resources chairman of the board, president,
and chief executive officer, said he was satisfied with the company's earnings
in 1994, which resulted from above average sales growth, continued successful
cost savings by employees, and the sale of its Missouri natural gas properties
completed in the first quarter of 1994.
The company also declared a first-quarter dividend of 50 1/2 cents per
share on its common stock payable April 3, 1995, to shareholders of record on
March 6, 1995. The 1995 dividend is an increase of one cent per share over the
1994 quarterly rate. On an annualized basis, the indicated 1995 dividend rate
is $2.02. The 1994 dividend was $1.98, reflecting a payout ratio of 70 percent
versus an industry average of about 80 percent.
"We are maintaining Western Resources' long-standing policy of returning
a significant portion of earnings to shareholders and at the same time
building the company's financial strength for the increased competition ahead
of us," Hayes said.
"Turning to 1995, we will continue our dividend policy and anticipate
maintaining about the same payout ratio of approximately 70 percent, which is
significantly below the industry average.
"Going forward, we see a very favorable outlook in sales growth
resulting from our unregulated activities headed by Astra Resources, and in
the development of the Mid Continent Market Center, our newest natural gas
transportation and marketing venture," Hayes said.
Hayes said that the economy in Western Resources' service area remained
strong, showing business growth and expansion in a variety of economic
sectors. Among those were the recent announcement by Cessna of a new
production facility in Independence, Kansas, to be operational in 1996. As a
result, Hayes said, other aircraft suppliers are locating and/or expanding in
Western Resources' service territory. Sealright, a major supplier to the food
and dairy packaging industry, recently opened a $20 million,
400,000-square-foot facility in DeSoto, Kansas, which will employ 350 people.
And Russell Stover recently completed its $43 million, 425,000-square-foot
facility in Abilene, Kansas, which will employ 450 people.
In other year-end news, Hayes said Western Resources' net income for
1994 was $187,447,000, including the gain from the Missouri sale, compared to
net income of $177,370,000 for 1993. A decrease in 1994 operating revenues and
expenses was reported and attributed to the sale of the Missouri natural gas
properties. Revenues for 1994 were $1,617,943,000, down 15 percent from the
$1,909,359,000 reported for 1993. Also reflecting the Missouri sale and
successful cost control, expenses were $1,348,397,000, down 17 percent from
the $1,617,296,000 reported for 1993.
Retail kilowatthour sales of electricity to customers in 1994 were 15.9
billion, an increase of 2.7 percent from 1993 retail sales of 15.5 billion
kilowatthours. Natural gas deliveries, including gas transported for large
industrial and commercial customers, were 143,037,000 mcf (thousand cubic
feet), a decrease from the 232,686,000 mcf delivered in 1993. Again, the
decrease was attributed to the first-quarter Missouri sale.
The Board approved May 2, 1995, as the date for the Company's annual
meeting of shareholders. The meeting will be conducted in Topeka, Kansas.
Common and preferred shareholders of record on March 14, 1995, are entitled to
attend and vote at the meeting. The Board declared the regular quarterly
dividends on the Company's preferred and preference stock, payable on April 1,
1995, to shareholders of record on March 6, 1995.
Western Resources 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.
Astra Resources, a wholly-owned subsidiary headquartered in Houston, Texas,
provides natural gas marketing, compression, gathering and processing services
in the continental U.S., the Gulf of Mexico, and offshore.
FOURTH QUARTER REPORT
WESTERN RESOURCES, INC.
Quarter Ended December 31, Year Ended December 31,
1994 1993 1992 1991
1. Operating Revenues $359,226,000 $510,349,000 $1,617,943,000 $1,909,359,000
2. Net Income $33,388,000 $35,026,000 $187,447,000 $177,370,000
3. Earnings Applicable
to Common Stock $30,034,000 $31,671,000 $174,029,000 $163,864,000
4. Average Common Shares
Outstanding 61,617,873 61,603,438 61,617,873 59,294,091
5. Earnings per Average
Common Share Outstanding $0.48 $0.51 $2.82 $2.76
6. Net Plant in Service
(after depreciation) $4,298,280,000 $4,510,236,000
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 January 31, 1995 By S. L. Kitchen
S. L. Kitchen, Executive Vice President
and Chief Financial Officer
Date January 31, 1995 By Jerry D. Courington
Jerry D. Courington,
Controller