Earnings up for Empire District Electric

Earnings were up for Joplin-based Empire District Electric Company, according to a release filed Friday 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 March 15, 2010, to holders of record as of March 1, 2010.

The Company, an operator of regulated electric, gas and water utilities, announced today the results for the quarter and year ended December 31, 2009.

Highlights

The Company reported consolidated earnings for the year ended December 31, 2009 of $41.3 million, or basic and diluted earnings per share of $1.18. This compares to 2008 earnings of $39.7 million, or $1.17 per share. Earnings for the 2009 fourth quarter were $7.9 million, or $0.22 per share, compared with a 2008 fourth quarter earnings of $7.7 million, or $0.23 per share.
The Company filed two requests for rate increases during the fourth quarter. The Company filed a request with the Missouri Public Service Commission (MPSC) for changes in rates for its Missouri electric customers. The Company is seeking an annual increase in revenues of approximately $68.2 million or about 19.6 percent. The Company is also asking to continue with the Fuel Adjustment Clause that was approved in its last Missouri electric case. The Company also filed a request with the Kansas Corporation Commission (KCC) for changes in rates for its Kansas electric customers. The Company is seeking an annual increase in revenues of approximately $5.2 million or about 24.6 percent in Kansas.
On January 26, 2010 the Company signed an extension to its $150 million unsecured line of credit for an additional three years. The terms of the agreement are substantially the same as the previous agreement with the exception of the interest rate and fees which reflected the current market.
Kansas City Power & Light (KCP&L), the operator and construction manager of Iatan No. 2 had previously anticipated an in-service date in late summer of 2010. However, KCP&L recently announced that due to construction delays and unusually cold weather, it currently anticipates that the Iatan No. 2 in-service date will be approximately two months later in the fall of 2010. KCP&L also announced that it has commenced a cost and schedule reforecast but does not anticipate a material increase in the estimated construction costs for Iatan No. 2. The rate case filing with the MPSC noted above was filed with the expectation that Iatan No. 2 would be in-service late summer 2010. As a result of the Iatan No. 2 delay, the Company expects the base rate increases related to Iatan No. 2 will be delayed as well. The Company does not anticipate a rate delay related to the case filed in Kansas.