Empire quarterly earnings fall by $1.3M

Consolidated earnings for the Joplin-based utility were $5.8 million, or 19 cents per share, down from $7.1 million, or 27 cents per share, in second-quarter 2006. The issuance of shares in June 2006 cut earnings-per-share by 3 cents for the quarter, according to the release.

Consolidated revenues were $107.5 million, compared to $91.7 million a year ago.

During the quarter, Empire District Gas completed its first year of operations since purchasing Aquila in June 2006. Revenues from Empire’s gas operations were $8.4 million for the quarter, and the cost of natural gas was $4.7 million.

Other quarterly highlights included Empire’s June signing of a 20-year purchase power agreement with Houston-based Horizon Wind Energy, with plans to purchase 100 megawatts beginning in January 2009; and a new 148-megawatt combustion turbine at Empire’s Riverton Power Plant in Riverton, Kan., made available for commercial operation.

Also last week, Empire declared a 32-cent quarterly dividend, payable Sept. 15 to shareholders of record as of Sept. 1.

Company shares (NYSE: EDE) closed Friday at $21.09, compared to a 52-week range of $21.09 to $26.13.