This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Empire District Electric Company Second Quarter 2012 Earnings Report And Declaration Of Dividend

At the Board of Directors meeting of The Empire District Electric Company (NYSE:EDE) held today, the Directors declared a quarterly dividend of $0.25 per share on common stock payable September 15, 2012, to holders of record as of September 1, 2012. The Company, an operator of regulated electric, gas and water utilities, announced today the results for the quarter and twelve months ended June 30, 2012.

Highlights

  • The Company reported consolidated earnings for the second quarter of 2012 of $10.7 million, or $0.25 per share, compared with 2011 same quarter earnings of $9.2 million, or $0.22 per share. Earnings for the twelve months ended June 30, 2012 were $54.4 million, or $1.29 per share, compared to earnings of $52.5 million, or $1.26 per share for the 2011 twelve month period, resulting in a return on equity during the 2012 period of 7.8%.
  • Total Company after tax gross margin increased $0.07 per share during the second quarter of 2012 when compared to the 2011 period, primarily as a result of increased customer rates which drove electric segment margin higher. The increased gross margin was partially offset by increased operating expenses. Customer counts, which continue to improve since the May 2011 tornado, slightly increased margins. Weather impact reduced margins quarter over quarter due to the timing of the warmth throughout the 2012 quarter and the extreme weather in the latter part of the 2011 quarter.
  • On July 6, 2012, the Company filed a rate request with the Missouri Public Service Commission (MPSC) seeking an annual increase in electric customer revenues of approximately $30.7 million, or 7.56%, and the continuation of the Fuel Adjustment Clause. After factoring in the Fuel Adjustment Clause revenue of $8.6 million paid by customers during the rate case test year, the impact of the requested annual increase in base rates is approximately $22.1 million, or 5.3%. The filing seeks to recover operating and maintenance expenses and capital costs associated with the May 2011 tornado, Southwest Power Pool transmission charges allocated to the Company, software operating systems replacement costs, vegetation management costs, and new depreciation rates. The filing includes a request to the MPSC to implement the $6.2 million portion of the filing related to tornado recovery costs and the post-tornado cost of service through interim rates which would become effective 30 days from the filing date. However, on July 23, 2012, the MPSC suspended the interim rate request and will proceed with the scheduling of an evidentiary hearing on the matter.
 

THE EMPIRE DISTRICT ELECTRIC COMPANY SEGMENT FINANCIAL HIGHLIGHTS

(in 000’s except per share information, certain segment amounts exclude eliminations )

          Quarter Ended June 30, 2012
          Electric         Gas         Other*         Consolidated
Revenues         $ 124,091         $ 5,804           $ 1,885         $ 131,632

Fuel, Purchased Power, and Cost of Natural Gas Sold and Transported

          45,528           1,769             ––           47,297
Other Operating Expenses           58,729           3,501             1,491           63,573
Operating Income           19,834           534             394           20,762
Net Income         $ 10,691         $ (394 )         $ 411         $ 10,708

Earnings Per Weighted-Average Share, Basic and Diluted

                                      $ 0.25
 
 
THE EMPIRE DISTRICT ELECTRIC COMPANY

SEGMENT FINANCIAL HIGHLIGHTS

(in 000’s except per share information, certain segment amounts exclude eliminations )

          Quarter Ended June 30, 2011
          Electric         Gas         Other*         Consolidated
Revenues         $ 120,329         $ 7,303           $ 1,609         $ 129,093

Fuel, Purchased Power, and Cost of Natural Gas Sold and Transported

          47,228           2,712             ––           49,940
Other Operating Expenses           55,306           3,663             1,198           60,019
Operating Income           17,795           928             411           19,134
Net Income         $ 8,792         $ (27 )         $ 410         $ 9,175

Earnings Per Weighted-Average Share, Basic and Diluted

                                      $ 0.22

* Excludes intercompany eliminations.

Second Quarter Electric Segment Results

Electric segment gross margin (electric revenues less fuel and purchased power costs) increased approximately $5.5 million during the second quarter of 2012 when compared to the second quarter of 2011.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs