Empire District Electric earnings up in fourth quarter

Empire District Electric Company filed the following news release with the SEC today:

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, 2011, to holders of record as of March 1, 2011.


The Company, an operator of regulated electric, gas and water utilities, announced today the results for the quarter and year ended December 31, 2010.

Highlights

● The Company reported consolidated earnings for the year ended December 31, 2010 of $47.4 million, or basic and diluted earnings per share of $1.17. This compares to 2009 earnings of $41.3 million, or $1.18 per share. Earnings for the 2010 fourth quarter were $8.5 million, or $0.20 per share, compared with 2009 fourth quarter earnings of $7.9 million, or $0.22 per share.

● The electric segment fuel margin (revenues less fuel and purchased power) improved during the fourth quarter by approximately $12.3 million as rate increases began to take effect. A Kansas rate case effective in July and a Missouri case effective in September were the primary drivers of an increase in revenues. Rate cases are pending in Arkansas and Missouri with additional electric rate cases expected to be filed during 2011 for Kansas and Oklahoma.