Empire District Electric earnings up 9.6%

Joplin-based Empire District Electric Co. (NYSE: EDE) third-quarter earnings were up 9.6 percent compared to the same period last year.

Empire reported earnings of $25.2 million – or 60 cents per diluted share – in the quarter, an increase of $2.2 million from the same quarter in 2010. Earnings for the 12 months ended Sept. 30 were $54.7 million, or $1.31 per share, which was up about $8 million compared to the same period last year, according to a company news release.

During the quarter, Empire District employees continued restoration work. Of the company's estimated $20 million to $30 million in cleanup and other costs following the May 22 tornado, about $19.1 million has been paid. Some of the ongoing loss of revenue associated with the tornado has been offset by increased customer usage due to storm recovery efforts and rate increases that became effective earlier this year, the release said.

Approximately 3,900 residential, commercial and industrial customers remain unable to receive service due to damaged or destroyed structures associated with the May 22 tornado in Joplin. About 600 temporary housing units in the Federal Emergency Management Agency camps on the north side of town have been added to Empire’s system during the third quarter to shelter residents displaced by the tornado.

In response to the company’s expected loss of revenues, the level of retained earnings and other relevant factors, the board of directors suspended the company’s quarterly dividend for the third and fourth quarters of 2011. During the board’s Oct. 27 meeting, members reaffirmed their expectation to re-establish the quarterly dividend at an approximate level of 25 cents per share for the first quarter of 2012.

Empire District has roughly 211,000 electric, natural gas and water service customers in Missouri, Kansas, Oklahoma and Arkansas.

As of 10:30 a.m., the company's shares were trading at $20.28, compared to a 52-week range of $18.01 to $23.26.

SBJ staff also contributed to this story.
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