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

Third Quarter Gas Segment Results

Gas segment gross margin (gas revenues less the cost of natural gas sold and transported) decreased $0.1 million during the second quarter of 2012 compared to 2011. Gas operating expenses were approximately $0.2 million lower, due primarily to decreased transmission and distribution operating expenses and customer accounts expenses. Maintenance and depreciation expenses were relatively unchanged during the quarter. Net income for the gas segment was relatively unchanged during the 2012 quarter compared to 2011.

Third Quarter Consolidated Results

Total interest expense decreased approximately $0.9 million during the 2012 quarter when compared to the 2011 quarter, primarily due to a decrease in long-term debt interest expense resulting from the refinancing of debt at more favorable interest rates. Other income and deductions were higher by $0.6 million during the 2012 quarter.

 
THE EMPIRE DISTRICT ELECTRIC COMPANY

SEGMENT FINANCIAL HIGHLIGHTS

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

      Twelve Months Ended September 30, 2012
      Electric     Gas     Other*     Consolidated
Revenues     $ 514,515     $ 39,571     $ 7,249     $ 560,743

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

    183,288     18,384     ––     201,672
Other Operating Expenses     241,473     16,192     5,641     262,714
Operating Income     89,754     4,995     1,608     96,357
Net Income     $ 51,870     $ 1,244     $ 1,631     $ 54,745

Earnings Per Weighted-Average Share, Basic and Diluted

                     

$1.30

               
   
      Twelve Months Ended September 30, 2011
      Electric     Gas     Other*     Consolidated
Revenues     $ 523,177     $ 47,750     $ 6,584     $ 576,919

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

    202,835     23,662     ––     226,497
Other Operating Expenses     233,084     17,457     4,777     254,726
Operating Income     87,258     6,631     1,807     95,696
Net Income     $ 50,340     $ 2,840     $ 1,560     $ 54,740

Earnings Per Weighted-Average Share, Basic and Diluted

                     

$1.31

           

* Excludes intercompany eliminations.

Twelve Months Ended Electric Segment Results

Electric segment revenues for the twelve months ended September 30, 2012, decreased approximately $8.7 million over the 2011 period. Weather impacts and reduced customer counts resulting primarily from the May 2011 tornado decreased revenues an estimated $23.0 million. Unseasonably hot weather experienced during the 2011 twelve-month period was more than offset by the effects of record mild winter weather during the 2012 twelve-month period. Off-system revenues decreased approximately $9.0 million when compared to the 2011 period, however the decrease had little impact on margin as these costs are passed through our fuel adjustment mechanisms. Customer rate increases added an estimated $20.3 million during the 2012 period compared to 2011, primarily from the completed rate proceedings in each of or our jurisdictions. This increase, along with the $3.0 million change in the Company’s estimate for unbilled revenue mentioned above, contributed to margin during the 2012 period, more than offsetting the decreased revenues from weather and customer counts.

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