Empire District earnings stumble

The Joplin-based utility's 2005 revenues of $386.2 million were offset by higher fuel and purchased power costs, which increased 41.1 percent, or $48.2 million, the company said.

Quarterly earnings dropped 3 cents to 5 cents a share while annual earnings increased 6 cents to 92 cents a share. Stock analysts projected 13-cent quarterly earnings and $1.05 annual earnings.

Annual net income was $23.8 million, compared to $21.8 million in 2004. For the fourth quarter, net income fell to $1.3 million from $2 million in fourth-quarter 2004.

To counteract the higher costs, Empire District has requested an increase in its monthly electric rates. The utility filed a 9.6 percent rate increase with the Missouri Public Service Commission that would grow annual revenues by $29.5 million. If approved, monthly rates for average residential customers would increase about $11.11 later this year.

Empire also declared a quarterly dividend of 32 cents per share, payable March 15 to shareholders of record March 1.

The investor-owned utility provides electric service to about 157,000 customers in southwest Missouri, southeast Kansas, northeast Oklahoma and northwest Arkansas. Empire District shares (NYSE: EDE) closed Feb. 8 at $22.08, compared to a 52-week range of $19.25 to $25.01.

Leggett & Platt restructuring

Leggett & Platt announced record fourth-quarter and annual sales but decreased earnings per share, according to its 8-K filing with the Securities and Exchange Commission.

The Carthage-based manufacturer of residential and office furniture reported fourth-quarter sales of $1.34 billion, an increase of 4.5 percent over fourth-quarter 2004. The increase is attributable mostly to seven company acquisitions completed in the quarter, as same location sales were relatively flat.

Annual sales increased 4.2 percent to $5.3 billion. Same-location sales increased 2.1 percent, and acquisitions were responsible for the remaining growth.

Annual earnings per share decreased from $1.45 in 2004 to $1.30 in 2005; analysts projected earnings of $1.37. The decrease is due mostly to an expense of 18 cents per share for restructuring activity in September.

“Looking at the full year, there were numerous accomplishments, and a few disappointments,” chairman and CEO Felix E. Wright said in a news release. “We are pleased to have posted fourth-quarter earnings at the upper end of our guidance, even though restructuring-related costs were recognized more quickly than we anticipated. The disappointments include performance that drove us to initiate a significant companywide restructuring effort,” along with a lack of improvement in the company's fixture and display departments.

Leggett & Platt shares (NYSE: LEG) closed Feb. 8 at $24.16, compared to a 52-week range of $18.19 to $29.61.

Jack Henry revenues rise

Jack Henry & Associates' second-quarter fiscal-year 2006 revenue increased 8-percent over the same period in 2005.

Revenue for the quarter, ended Dec. 31, was $147.7 million, compared to $136 million for second-quarter 2005. Gross profit was up by 20 percent from $54.7 million last year to $65.5 million, and net income increased 22 percent to $21.6 million, or 23 cents per share.

Year-to-date revenue for 2006 was $284.4 million, up from $260.1 million reported in the first half of 2005.

Also for the first six months, gross profit increased to $122 million from $105.3 million last year, and net income added $6.7 million to 2005 figures for a total of $41.1 million.

License revenue for the quarter fell to $20.8 million, a $1.4 million drop from the same quarter last year. Hardware sales also decreased $6 million from the second quarter of 2005, while support and service revenue increased by $18.8 million.

Monett-based Jack Henry is a provider of integrated technology solutions and performs data processing for financial institutions. Jack Henry shares (Nasdaq: JKHY) closed Feb. 8 at $21.75, compared to a 52-week range of $15.35 to $22.25.

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