Rate increase, cooler June, boost Empire District profits

Cold weather during the early part of 2013 helped boost Joplin-based Empire District Electric Company's first half earnings, according to a report filed today with the Securities and Exchange Commission:

The increases in revenue and electric gross margin were partially offset by weather that was slightly more temperate than normal. June 2013 was considerably cooler than the very hot June 2012, resulting in a delay in the transition from heating to cooling season. Increases in regulated operating expense and depreciation and amortization expense also negatively impacted quarter over quarter results.

Increased revenues, due to the April 1, 2013 Missouri rate increase, and weather were positive drivers for the six months ended June 30, 2013. The first quarter of 2013 was considerably colder than the first quarter of 2012, when the warmest temperatures on record were recorded. Decreased maintenance and repairs expense and increased AFUDC also positively impacted net income for the six months ended June 30, 2013.