Westar Energy, Inc. announced Friday earnings of $5.6 million, or $0.06 per share, for the second quarter 2008, compared with earnings of $32.5 million, or $0.36 per share, for the second quarter 2007.

The 83 percent decline in earnings for the quarter was due primarily to additional planned and unplanned extended maintenance outages at the company’s lower-cost power plants. Reduced plant availability stemming from maintenance outages caused a decrease in wholesale sales volumes and an increase in fuel and purchased power expense, thereby reducing wholesale sales and energy marketing margins, in addition to the higher direct maintenance expenses.

The company also said that earnings were affected by capital investments not yet reflected in the prices it charges customers and a $3.2 million refund obligation to one of its energy management customers. Per share results were also lower as a result of the company having issued additional shares to fund its capital investments.

Earnings for the six months ended June 30, 2008, were boosted by a one-time tax benefit recorded in the first quarter of $39.4 million, or $0.40 per share, resulting from the completion of a federal income tax audit covering multiple years. Without the tax benefit, earnings for the six months ended June 30, 2008 were $27.1 million, or $0.27 per share, also much lower than last year’s six months earnings of $62.4 million, or $0.70 per share. With the tax benefit, earnings for the six months ended June 30, 2008 were $66.5 million, or $0.67 per share.

For the full news release, click on the PDF above.