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The Empire District Electric Company Third Quarter 2012 Earnings Report, Declaration Of Dividend And Earnings Guidance Update

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 December 17, 2012, to holders of record as of December 3, 2012. The Company, an operator of regulated electric, gas and water utilities, announced today the results for the quarter and twelve months ended September 30, 2012.

Highlights

  • The Company reported consolidated earnings for the third quarter of 2012 of $25.5 million, or $0.60 per share. Third quarter 2012 results were relatively unchanged from 2011 same quarter earnings of $25.2 million, or $0.60 per share. Earnings for the twelve months ended September 30, 2012 were $54.7 million, or $1.30 per share, compared to earnings of $54.7 million, or $1.31 per share for the 2011 twelve month period.
  • Electric revenues decreased $4.9 million, but electric gross margin (revenues less fuel and purchased power costs) increased $1.4 million when comparing quarter over quarter results. Weather impacts reduced revenues and margin as weather in the third quarter of 2012 was warmer than normal yet milder than the near-record heat of the 2011 quarter. Fuel-related revenues were also lower this quarter. Customer counts improved since the May 2011 tornado, and a change in our unbilled revenue estimate more than offset the decreased revenues from weather, increasing quarter over quarter margin. Total Company after tax gross margin increased $0.02 per share during the third quarter of 2012 compared to the 2011 period. Increased operating and maintenance expenses during the third quarter of 2012 reduced earnings per share. However, the increased operating and maintenance expenses were offset by lower interest charges, resulting in flat earnings per share quarter over quarter.

 

THE EMPIRE DISTRICT ELECTRIC COMPANY SEGMENT FINANCIAL HIGHLIGHTS

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

      Quarter Ended September 30, 2012
      Electric     Gas     Other*     Consolidated
Revenues     $ 152,730     $ 4,999       $ 1,621     $ 159,202

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

      48,036       1,251         ––       49,287
Other Operating Expenses       70,177       3,216         1,388       74,633
Operating Income       34,517       532         233       35,282
Net Income     $ 25,705     $ (399 )     $ 236     $ 25,542

Earnings Per Weighted-Average Share, Basic and Diluted

                      $ 0.60
               
 

THE EMPIRE DISTRICT ELECTRIC COMPANY SEGMENT FINANCIAL HIGHLIGHTS

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

      Quarter Ended September 30, 2011
      Electric     Gas     Other*     Consolidated
Revenues     $ 157,619    

$

5,052

      $ 1,761     $ 164,284

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

 

      54,316       1,225         ––       55,541
Other Operating Expenses       67,944       3,310         1,187       72,293
Operating Income       35,359       517         574       36,450
Net Income     $ 25,276     $ (427 )     $ 335     $ 25,184

Earnings Per Weighted-Average Share, Basic and Diluted

                      $ 0.60
               

* Excludes intercompany eliminations.

Third Quarter Electric Segment Results

Total electric segment revenues decreased during the 2012 quarter compared to 2011 by approximately $4.9 million. Weather impacts reduced revenues quarter over quarter. In terms of Cooling Degree Days, the third quarter 2012 was warmer than normal, driven by the month of July, which was the second warmest in the past thirty-plus years and fourth warmest in our service territory since weather data was first recorded on a national basis. Despite the extremely warm July, the third quarter 2012 was milder than the near-record warm third quarter of 2011, resulting in a weather-related decrease in revenues of approximately $7.8 million when compared to the 2011 quarter. Although new electric rates were in effect in each of our jurisdictions during the third quarter of 2012 and 2011, fuel-related revenues decreased approximately $3.6 million due to declining gas fuel prices and the associated return of over recovered fuel costs to our customers through electric rates as prescribed in our fuel adjustment mechanisms.

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