First quarter earnings up for Empire District Electric

First quarter earnings were up, but annual earnings down for Empire District Electric Company, according to information filed Thursday with the Securities and Exchange Commission. The following highlights were offered in a company news release:

* The Company reported consolidated earnings for the first quarter of 2008 of $7.0 million, or $0.21 per share, compared with 2007 same quarter earnings of $4.5 million, or $0.15 per share. Earnings for the twelve months ended March 31, 2008 were $35.7 million, or $1.14 per share. This compares to earnings of $42.2 million, or $1.44 per share, for the 2007 twelve month period.
* The Company’s Asbury plant returned to service February 10, 2008 after an extended maintenance outage. The Company estimates the outage added pre-tax incremental expenses for the first quarter of approximately $5.8 million.
* The Company successfully completed a solicitation of consents from holders of its Electric First Mortgage Bonds on March 11, 2008. The consents approved an amendment to the Company’s Indenture of Mortgage and Deed of Trust which allows the Company additional flexibility to pay dividends to its shareholders by increasing the basket available to pay dividends by $10.75 million. Consents were received from over 94% of the bondholders.