Empire District quarterly earnings increase to $4.5M

The Joplin-based utility’s earnings for the quarter were $4.5 million, or 15 cents per share, compared to $1.6 million, or 6 cents per share, in first-quarter 2006. Earnings for the year ended March 31 were $42.2 million, or $1.44 per share, up from $25.6 million, or 99 cents per share.

The company issued about 3.8 million shares of common stock in June, causing a dilutive effect to earnings of 2 cents per share for the first quarter and 21 cents per share for the year.

Electric operations, which include water operations, contributed $2.8 million in net income for the quarter, compared to $2 million a year ago. Gas operations, which were acquired in June, contributed $1.7 million.

Officials attribute the jump in net income to a $14.3 million increase in electric revenue from first-quarter 2006, due mostly to a rate increase that went into effect Jan. 1. The increase was offset by higher costs in fuel and purchased power and an electric maintenance cost of $5.2 million because of the January ice storm.

The company also declared a quarterly dividend of 32 cents per share of common stock, payable June 15 to shareholders of record on June 1.

Shares (NYSE: EDE) closed today at $25.36, compared to a 52-week range of $20.25 to $26.13.