Joplin-based Empire District Electric Co. (NYSE: EDE) reported a 16 percent increase in year-end net income to $54.97 million, compared to $47.4 million in the prior year.
The company's profits came primarily from electricity, $50.7 million, with gas earnings pulling in $2.7 million.
As of Dec. 31, the company's customer base was down 1,800 compared to pre-storm levels resulting from the May 22 EF-5 tornado in Joplin. The company realized roughly $20.6 million in initial storm costs, as well as $5.5 million in new service extensions to customers.
Revenue losses were mitigated by a Nov. 30 Missouri Public Service Commission order, which approved the company's request for an accounting authority order filed shortly after the tornado hit. The order allows Empire District to defer actual incremental operating, maintenance and depreciation expenses for the repair, restoration and rebuilding activities resulting from the storm. New customer rates also went into effect in 2010 and 2011 in Missouri, Kansas, Oklahoma and Arkansas to recover costs associated with completion of the Iatan 2 and Plum Point generating facilities, according to a news release.
For the fourth quarter, Empire District reported earnings of $8.69 million, 2.7 percent higher than in fourth-quarter 2010, when profits were $8.46 million.
During the quarter ended Dec. 31, the company's revenues were made up of electricity, $117.97 million; gas, $13.09 million; and other sources, $1.86 million. Consolidated revenues were $132.77 million.
Empire District has roughly 215,000 electric, natural gas and water service customers in Missouri, Kansas, Oklahoma and Arkansas.
As of 10:15 a.m., the company's shares were trading at $21.05, compared to a 52-week range of $18.01 to $23.26.[[In-content Ad]]
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