Accounting & Tax

Kansas Utility May Restate Financials

Concerns arose as Westar was attempting to finalize the details of a planned offering.
Stephen TaubMarch 25, 2004

Westar Energy Inc. announced that it may have to restate its 2003 financials because it understated its cash flow from operations.

Other items were potentially overstated in the consolidated statement of cash flows by an identical amount, noted the company.

The revision would not impact the company’s total cash flows, income statement, or balance sheets, added Westar.

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If a restatement is required, said Kansas’ largest electric energy provider, it anticipates promptly filing an amended 10-K for the year ended December 31, 2003, to reflect any reclassifications.

A Westar spokeswoman told the Associated Press that concerns were raised Tuesday afternoon as Westar was attempting to finalize the details of its planned offering of 9.25 million shares, which was announced last week. The company is trying to slice its huge debt, which stood at about $2.3 billion at the end of 2003.

Last week the company also announced that it will redeem its 7.875 percent preferred securities at par.