Empire District Electric has declared a quarterly dividend of 32 cents per share payable June 15 to stockholders on record as of June 1, according to a news release that was filed April 28 with the Securities and Exchange Commission.
The company reported a loss for the first quarter of $200,000 or one cent per share, compared to earnings of $1.6 million during the same quarter in 2004, according to the news release.
Earnings for the 12 months ending March 31 were $20 million or 78 cents per share, compared to $25.4 million or $1.08 per share for the previous year. Revenues were up $2.3 million compared to the first quarter of 2004.
" The effect of increases in off-system electric sales, continued customer growth and higher Missouri rates, effective March 27, 2005, had a positive impact on electric revenues, offsetting the effects from less favorable weather. Revenues from non-regulated businesses increased $0.8 million," the news release said.
Earnings were down for the first quarter of 2005 as compared to the same period in 2004, due to increases in total fuel and purchased power costs. That should no longer be a problem since the Public Service Commission approved the rate increase mentioned above on a 3-2 vote.
That increase was strongly opposed by PSC member Steve Gaw, as noted in the May 7 Turner Report.