Empire District reports 1Q earnings of $1.6M

The Joplin-based utility announced April 27 earnings of $1.6 million for the quarter, or 6 cents per share, compared to a first-quarter 2005 loss of $250,000.

Revenues were up by $8.4 million, or 10.6 percent. Increased electric rates had the most significant impact on revenues, contributing an estimated $11.6 million. Customer growth also increased revenues by an estimated $1.8 million.

Revenues were hurt, however, by the effects of the quarter’s weather, which reduced revenues by about $2 million and decreased off-system and other electric sales by $1.9 million.

Fuel and purchased power costs for the quarter increased by $5.9 million, or 17 percent, reducing earnings by 15 cents per share from the same quarter last year.

Earnings for the 12 months ended March 31 were $25.6 million, or 99 cents per share, compared to earnings of $20 million, or 78 cents per share, in 2005. Total revenue for the year was up $66.7 million, or 20.3 percent.

Empire also declared a quarterly dividend of 32 cents per share, payable June 15 to shareholders of record June 1.

Empire District shares (NYSE: EDE) closed April 28 at $22.75, compared to a 52-week range of $19.25 to $25.01.