Empire District posts year-end results, quarterly dividend

SBJ Staff

Posted online February 5, 2010 | 9:51 am

Empire District Electric Co. (NYSE: EDE) posted yearly earnings in 2009 that were flat compared to 2008.

Consolidated earnings totaled $41.3 million, or $1.18 per diluted share, compared to $1.17 per share in 2008. Fourth-quarter 2009 earnings were $7.9 million, or 22 cents per share, compared to $7.7 million or 23 cents per share in the same quarter of 2008.

In the fourth quarter, Empire filed two rate-increase requests: one with the Missouri Public Service Commission, which would increase revenues by about 20 percent, and another with the Kansas Corporation Commission that would increase Kansas revenues by 25 percent.

Electric segment revenues for the year totaled $434.9 million, a 2.9 percent decrease from 2008. The company attributed the decrease to mild third-quarter weather, leading to decreased demand.

Gas revenues totaled $57.3 million, down 12.4 percent, and other revenue sources increased 10 percent to $5.6 million.

The company also announced a fourth-quarter dividend of 32 cents per share. The dividend is payable March 15 to shareholders of record as of March 1.

Shares of Empire District Electric stock closed Thursday at $18.04, compared to a 52-week range of $11.92–$19.36.

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