Empire District reports quarterly net income down $1M

The Joplin-based utility’s consolidated net income was $4.8 million, or 14 cents per share, down $1 million from $5.8 million, or 19 cents per share, in second-quarter 2007.

Electric revenues were up 3 percent to $100 million, and electric net income was $5.2 million, down from $6.6 million last year. Empire saw off-system growth during the quarter, but weather and increased fuel and purchased power costs hurt overall electric revenues.

Gas revenues were $9.1 million, compared to $8.4 million a year ago, while the quarter showed a gas net loss of $648,000, an improvement from a $736,000 loss last year. Operations and maintenance expenses in that segment were down slightly but were offset by higher income and other taxes.

Also Thursday, Empire declared a quarterly dividend of 32 cents per share, payable Sept. 15 to shareholders of record on Sept. 1.

Shares (NYSE: EDE) closed Thursday at $19.57 and were trading up at $19.75 as of 9:45 this morning. The 52-week range is $18.30 to $24.34.

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