Empire reports 9% revenue growth in 3Q

Revenues for the quarter were $142.5 million, up from $130.9 million in third-quarter 2006.

Consolidated net income for the quarter was $23.3 million, or 76 cents per share, compared to $22.4 million, or 74 cents per share, in the same period last year.

New electric rates that took effect Jan. 1 were responsible for part of that growth, increasing revenues by $9.9 million for the third quarter. Off-system sales, customer growth and weather conditions also contributed.

For the 12 months ended Sept. 30, consolidated net income was $41.8 million, or $1.38 per share, up from $32.3 million, or $1.19 per share, last year.

On the last day of the quarter, Empire sold its Internet service-provider subsidiary Fast Freedom Inc. The effects of the sale were not material to the quarterly results, according to the release.

The day after the quarter ended, the Joplin-based utility filed a request with the Missouri Public Service Commission for a $34.7 million, or 10.11 percent, increase in revenues. That would result in a monthly increase of about $9.75 for a residential customer using 1,000 kilowatt hours of electricity. Hearings in the rate case are scheduled for May.

Also Thursday, Empire declared a quarterly dividend of 32 cents per share of common stock, payable Dec. 15 to shareholders of record as of Dec. 1.

Shares (NYSE: EDE) closed Thursday at $23.18 and were trading at $23.43 at 10 a.m. The 52-week range is $21.09 to $26.13.