Mild weather cuts profits for Empire District Electric

Mild summer temperatures were a blessing for us, but not for Empire District Electric Company. The following news release was filed with the Securities and Exchange Commission:

At the Board of Directors meeting of The Empire District Electric Company held today, the Directors declared a quarterly dividend of $0.32 per share on common stock payable December 15, 2009, to holders of record as of December 1, 2009.

The Company, an operator of regulated electric, gas and water utilities, announced today the results for the quarter and twelve months ended September 30, 2009.

Highlights

The Company reported consolidated earnings for the third quarter of 2009 of $14.8 million, or $0.43 per share, compared with 2008 same quarter earnings of $20.2 million, or $0.60 per basic share and $0.59 per fully diluted share. Earnings for the twelve months ended September 30, 2009 were $41.1 million, or $1.20 per share. This compares to earnings of $31.6 million, or $0.95 per share, for the 2008 twelve month period.
Extremely mild weather during the third quarter lowered kilowatt hour sales and resulting electric revenues compared to the 2008 third quarter. The Company estimates cooler summer temperatures may have decreased electric revenues by almost $10.8 million compared to the 2008 third quarter. According to statistics provided by the National Oceanographic and Atmospheric Association, the 2009 third quarter was one of the coolest summer periods in modern recorded history for the Company’s service territory.
The Company announced today that it has increased the aggregate offering amount of its equity distribution program of its common stock from $60,000,000 to $120,000,000. The Company has sold $30.6 million of common stock utilizing this program since its inception in February 2009.