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ADT LIMITED
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(Name of Registrant as Specified In Its Charter)
WESTERN RESOURCES, INC.
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The following news release / employee update was issued by Western Resources,
Inc. on January 24, 1997:
DIVIDEND INCREASED; ANNUAL EARNINGS REPORTED
TOPEKA, Kansas, January 24, 1997 -- Western Resources today announced
that it will increase dividends per common share to 52 1/2 cents for the
first quarter of 1997. The increase is a one cent per share gain from the
quarterly rate for 1996. On an annualized basis, the 1997 indicated dividend
rate is $2.10.
Also announced today were 1996 annual earnings for the company.
Earnings were $2.41 per share of common stock for 1996 versus $2.71 a year
earlier. One-time restructuring and other charges, recorded by ADT Limited
(ADT), related to costs associated with discontinued plans to merge with
Republic Industries and to the integration of acquisitions, adversely impacted
Western Resources' earnings by $0.19 per share. Western Resources is the
largest shareowner of ADT, owning 27 percent of the outstanding shares of the
monitored security company. Abnormally cool weather during the summer season
also affected earnings for the utility operations of the company.
"Though final earnings are lower this year, operating revenues improved
and we remain on track to achieve our goal of establishing a branded presence
throughout the United States and abroad," said John E. Hayes, Jr., Western
Resources chairman of the board and chief executive officer.
To prepare for anticipated increased competition in the electric
utility industry, Western Resources executed a number of strategic initiatives
in 1996.
An offer to merge with Kansas City Power & Light Company of Kansas
City, Missouri, has been extended to February 5, 1997. Substantive merger
negotiations continue between the two companies.
Westar Security, a wholly-owned Western Resources subsidiary, grew
through acquisitions to become the third-largest monitored security company in
the U.S. Westar Security has offices in most major markets and direct access
to more than 55 percent of the U.S. population.
Western Resources also has made an offer to acquire all of ADT.
Acquisition of ADT, joined with the security businesses already held, will
make Westar the largest monitored security business in the world, with 280
offices in 46 states in the U.S., Canada, and Europe.
In December, Western Resources struck a strategic alliance with ONEOK,
Inc. of Tulsa, Oklahoma. The natural gas assets of Western Resources will be
contributed to ONEOK in exchange for a 45 percent ownership position in ONEOK.
This transaction also provides access to 735,000 ONEOK customers to whom
security and other services can be marketed.
Western Resources also grew globally in 1996. The Wing Group, acquired
in early 1996, successfully closed three major international power agreements
this year in China, Turkey and Colombia.
"In 1996, we made tremendous progress in securing Western Resources'
future as a dynamic international company in the business of making people's
lives safer and easier. We believe that the benefits of these growth
initiatives will continue to enhance the value of Western Resources."
Operating revenues for 1996 increased 17.4 percent to $2,046,819,000
compared to last year's figure of $1,743,300,000. Operating income improved
nine percent from last year rising from $278,709,000 to $303,993,000. Fuel
cost increases and the amortization of the adjustment for the company's 1992
acquisition of KGE boosted operating expenses from $1,464,591,000 in 1995 to
$1,742,826,000 for 1996.
Sales of electricity and natural gas were higher in 1996 for most
customer classes. Wholesale electricity sales showed the greatest gain,
jumping 47.3 percent to 5.9 million megawatt-hours in 1996.
FOURTH QUARTER REPORT
WESTERN RESOURCES, INC.