Westar Energy ( WR) said fourth-quarter earnings fell 92% due to a charge. The company earned $7.4 million, or 8 cents a share, in the quarter, compared with $88.6 million, or $1.03 a share, a year ago. Income from continuing operations was $6.9 million, or 8 cents a share in the most recent quarter, compared with $16.9 million, or 20 cents a share, a year ago. Fourth-quarter revenue rose 14.5% from a year ago to $394 million. Analysts were expecting revenue of $362 million. The company expects earnings of $1.55 a share to $1.65 a share for 2006 and earnings of $1.65 a share to $1.75 a share for 2007. Analysts surveyed by Thomson First Call were expecting earnings of $1.58 a share for 2006 and $1.63 a share for 2007. Fourth-quarter operating income fell 27.2% from a year ago to $30.1 million. Operating margin decreased 437 basis points to 7.65%, hurt by an $85.9 million increase in fuel and power costs. Fuel and power cost include a $70.9 million charge to reverse mark-to-market gains on fuel supply contracts for the company's generating units.