Electric revenue growth boosts Empire earnings

Net income was $6.99 million, up from $4.5 million in the same quarter in 2007. Earnings per share were 21 cents, compared to 15 cents a year ago.

Electric segment revenues were $108.74 million, up 12 percent from first-quarter 2007. That increase was fueled by more off-system sales, customer growth and rate changes, and a 14 percent climb in estimated heating-degree days, according to the report. Natural gas revenues were $27.28 million, down 1 percent from last year, and other revenues were $1.06 million, compared to $795,000 reported a year ago.

Fuel and purchase power expenses grew 16 percent to $74.64 million, while other operating expenses saw some relief, falling about 4 percent to $47.74 million for the quarter.

During the period, Empire’s Asbury plant returned to service Feb. 10 after an extended maintenance outage, and the company March 11 completed a solicitation of consents from Electric First Mortgage Bonds holders, which allows Empire more flexibility in paying shareholder dividends, according to the report.

Also April 24, Empire declared a 32-cent quarterly dividend. It is payable June 15 to shareholders on record as of June 1.

Shares (NYSE: EDE) of the Joplin-based, investor-owned utility closed Monday at $21.28, compared to a 52-week range of $19.33 to $25.09.