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ADT LIMITED
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WESTERN RESOURCES, INC.
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The following Press Release was issued by Western Resources, Inc. on April 25,
1997:
WESTERN RESOURCES ANNOUNCES FIRST QUARTER EARNINGS
WHOLESALE ELECTRIC SALES UP 39%, SECURITY SALES STRONG
TOPEKA, Kansas, April 25, 1997 -- Western Resources (NYSE: WR) today
announced first quarter earnings of $39.8 million or $0.61 per share of common
stock. Warmer winter weather and increased financing charges resulted in
quarterly earnings $0.05 per share lower than the first quarter of 1996.
However, wholesale electricity sales continue to grow, reflecting
Western Resources' ability to take advantage of a niche opportunity, which
will have great importance as the industry changes. Wholesale electric sales
increased almost 39 percent, compared to first quarter 1996, to 1.6 million
megawatt-hours. Westar Security, a wholly-owned Western Resources subsidiary
and the nation's third-largest security company, by customer count, posted
strong growth in the first quarter of 1997, adding more than 18,000 customers
in the period January through March 1997.
Retail sales of electricity and natural gas were lower in the first
quarter of 1997 for most customer classes, because of winter weather for the
quarter that was one percent warmer than last year and two percent warmer than
the 20-year average. Company officials noted that higher customer heating
bills for the winter reflected only a pass through of supplier charges.
Operating income for first quarter 1997 was nine percent ahead of last
year's totals, recorded at $82 million versus $75 million for the same
three-month period in 1996. Financing charges were about $49 million in the
first quarter of 1997 as compared to approximately $36 million reported in the
first quarter of 1996. The increase is primarily attributable to financing
related to acquisition activities to meet the company's strategic plan.
"We now have major building blocks in place for our strategic approach
to the future. The strong growth in our monitored security business validates
this direction as does our move to grow wholesale electric sales," said John
E. Hayes, Jr., Western Resources chairman of the board and chief executive
officer.
In the first quarter of 1997, Western Resources also reached a
definitive agreement to merge with KCPL on February 7, 1997. This merger,
which is expected to close in early 1998, allows an expanded electric customer
base, increased revenues and improved cash flow.
Late last year, Western Resources struck a strategic alliance with ONEOK
Inc. of Tulsa, Oklahoma. This alliance creates the eighth-largest natural gas
distribution company in the country. The natural gas assets of Western
Resources will be contributed to ONEOK in exchange for a 45 percent ownership
position in ONEOK.
The following table was attached to the press release: