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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) October 14, 1999
(October 13, 1999)
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 (785) 575-6300
WESTERN RESOURCES, INC.
Item 5. Other Events
On October 13, 1999, Western Resources, Inc. announced the filing of a
petition for reconsideration with the Kansas Corporation Commission (KCC) on
the KCC order issued September 28, 1999.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 - Press release dated as of October 13, 1999, issued by
Western Resources, Inc.
SIGNATURE
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 October 14, 1999 By /s/ William B. Moore
William B. Moore, Executive Vice
President, Chief Financial
Officer and Treasurer
Date October 14, 1999 By /s/ Leroy P. Wages
Leroy P. Wages, Controller
EXHIBIT INDEX
Exhibit Number Description of Exhibit
99.1 Press release dated as of October 13,
1999, issued by Western Resources, Inc.
Exhibit 99.1
October 13, 1999
WESTERN RESOURCES SEEKS
CLARIFICATION FROM KCC OF ITS MERGER ORDER
Western Resources today filed a petition for reconsideration with the
Kansas Corporation Commission (KCC) on the KCC order issued September 28 in
the company's merger with Kansas City Power & Light Company.
Western Resources is in conceptual agreement with the KCC order. The
company believes that it is apparent from the language in their order that it
is the commission's intent to see this transaction completed with an equitable
sharing of merger savings between customers and shareholders. Western
Resources' motion today is limited in its scope. The company is asking for
clarification in two areas: 1) how the merger savings are to be shared after
the moratorium period; and 2) that the intent of the service quality standards
would be to preserve the company's good customer service.
"From the beginning of this proposed transaction, our focus has been to
complete the merger in a manner that is in the best interests of our
shareholders, our customers and our employees," said David C. Wittig, Western
Resources chairman of the board, president and chief executive officer. "The
clarifications we have requested are to be true to that goal. The customers
will gain significant long-term savings, and the shareholders achieve the
goals we have previously outlined."
The company believes that the calculation in the order of the merger
savings on a NPV (Net Present Value) basis and then the recovery of that
amount during 35 years is confusing and requires additional explanation.
Regarding customer service standards, the company is asking the KCC to
implement standards based upon today's level of service in each of its utility
operating divisions. These standards would be the benchmark versus an
averaging calculation that sets artificial standards. The new standards appear
to ignore issues such as customer density, which varies greatly across the
three operating divisions.
"We strive to improve customer service on a daily basis and take our
commitment to our customers very seriously," said Wittig. "However, we believe
it would be more advantageous for our customers if we continue investing in
customer service upgrades."
The KCC has 30 calendar days to respond to the company's petition.
Forward-Looking Statements: Certain matters discussed in this employee
update 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 we
"believe", "anticipate," "expect" or words of similar meaning. Forward-looking
statements describe our future plans, objectives, expectations, or goals. Such
statements address future events and conditions concerning capital
expenditures, earnings, litigation, rate and other regulatory matters, closing
of the KCPL transaction, successful integration of Western Resources' and
KCPL's businesses and achievement of anticipated cost savings, the outcome of
accounting issues being reviewed by the SEC staff, possible corporate
restructurings, mergers, acquisitions, dispositions, liquidity and capital
resources, interest and dividend rates, year 2000 issue, environmental
matters, changing weather, nuclear operations, ability to enter new markets
successfully and capitalize on growth opportunities in nonregulated
businesses, events in foreign markets in which investments have been made, and
accounting matters. Our actual results may differ materially from those
discussed here. See the company's 1998 Annual Report on Form 10-K and
quarterly reports on Forms 10-Q for further discussion of factors affecting
the company's performance. Western Resources disclaims any obligation to
update any forward-looking statements as a result of developments occurring
after the date of this employee update.