Empire District Electric reports profit up 56%

Empire District Electric Co. on Thursday reported a $10.9 million profit in the first quarter, up 56 percent from $7 million a year ago.

The Joplin-based, investor-owned utility had earnings of 32 cents per share, compared to 21 cents per share in first-quarter 2008.

Consolidated revenues were $136 million, compared to $137 million a year earlier. Electric revenues were down about 2 percent at $106.8 million, while gas revenues were up about 3 percent at $28.1 million.

Total electric fuel and purchased power expenses were down by about $10.2 million for the quarter.

During the quarter, the company entered into a $50 million unsecured revolving credit facility, expiring in July 2010, in addition to its current $150 million unsecured revolving credit facility that expires at the same time. Empire District also completed an offering of $75 million principal amount first mortgage bonds, the net proceeds of which - about $72.7 million - were used to repay short-term debt.

As of March 31, the company's outstanding short-term debt balance was $47.3 million.

At Empire District's annual meeting Friday morning, stockholders re-elected D. Randy Laney and B. Thomas Mueller to the board. The two newly elected board members are Bonnie C. Lind and Paul R. Portney. All were elected for a three-year term. Retiring from the board were Myron W. McKinney and Mary McCleary Posner.

Shares (NYSE: EDE) closed Thursday at $14.85, compared to a 52-week range of $11.92 to $23.48.