Empire District Electric quarterly earnings down

The Empire District Electric Company reported earnings for the third quarter of 2003 of $16.8 million, or 73 cents per share, as compared to earnings in the same quarter of 2002 of $18.4 million, or 82 cents per share, according to a Oct. 23 news release.

Although rate increases for Missouri, Oklahoma and Federal Energy Regulatory Commission customers and decreases in purchased power costs and maintenance expenses had a positive impact on earnings, less favorable weather as compared to the 2002 quarter and a decrease in off-system sales negatively impacted earnings. Higher fuel costs also contributed to the decrease in earnings, as did increases in depreciation and pension expenses.

The company reported earnings for the 12 months ended Sept. 30 of $29.3 million, or $1.29 per share. This compares to earnings of $22 million, or $1.08 per share, for the 12 months ended Sept. 30, 2002.

Revenues and earnings for the 12 months ended Sept. 30 were positively impacted by Missouri, Oklahoma and Federal Energy Regulatory Commission rate increases and favorable weather during the fourth quarter of 2002. Also positively impacting earnings were decreases in maintenance expense and fuel costs. Increases in depreciation, healthcare expense, nonregulated business results, purchased power costs and pension expense had a negative impact on earnings.

At the Board of Directors meeting, the directors declared a quarterly dividend of 32 cents per share on common stock payable Dec. 15 to holders of record as of Dec.1.

Based in Joplin, Missouri, The Empire District Electric Company is an investor-owned utility providing electric service to approximately 154,000 customers in southwest Missouri, southeast Kansas, northeast Oklahoma, and northwest Arkansas. The company also provides fiber optic and Internet services and has an investment in close-tolerance, custom manufacturing. Empire provides water service in three incorporated communities in Missouri.

Empire District is traded on the New York Stock Exchange under the symbol EDE.