-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Mos4L4nst6bl+Y+xTb2F987zY4AAQ1QAbe8cCIDl+CgmGr5Aja+GEFR+XGFR5gX/ NmSwhcoZ2NA/DBdjcOvV3Q== 0001157523-07-007392.txt : 20070727 0001157523-07-007392.hdr.sgml : 20070727 20070727080019 ACCESSION NUMBER: 0001157523-07-007392 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070727 DATE AS OF CHANGE: 20070727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMPIRE DISTRICT ELECTRIC CO CENTRAL INDEX KEY: 0000032689 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 440236370 STATE OF INCORPORATION: KS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03368 FILM NUMBER: 071004752 BUSINESS ADDRESS: STREET 1: 602 JOPLIN ST CITY: JOPLIN STATE: MO ZIP: 64801 BUSINESS PHONE: 4176255100 MAIL ADDRESS: STREET 1: P.O. BOX 127 CITY: JOPLIN STATE: MO ZIP: 64802 8-K 1 a5457735.txt THE EMPIRE DISTRICT ELECTRIC COMPANY 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 26, 2007 THE EMPIRE DISTRICT ELECTRIC COMPANY - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Kansas - -------------------------------------------------------------------------------- (State or other jurisdiction of incorporation) 1-3368 44-0236370 ------------------------ ------------------------------------ (Commission File Number) (IRS Employer Identification Number) 602 Joplin Street, Joplin, Missouri 64801 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (417) 625-5100 ----------------------------- Not applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) SECTION 2 - RESULTS OF OPERATIONS AND FINANCIAL CONDITION Item 2.02 Results of Operations and Financial Condition. ---------------------------------------------- On July 26, 2007, The Empire District Electric Company (the "Company") issued a press release announcing the Company's earnings for the second quarter of 2007 and for the twelve month period ended June 30, 2007. Furnished herewith as Exhibit 99.1 is a copy of the press release, which is incorporated by reference herein. The information in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing. SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS Item 9.01. Financial Statements and Exhibits. ---------------------------------- (c) Exhibits. The following exhibit is furnished herewith: Exhibit No. Description ----------- ----------------------------------------------------- 99.1 Press Release, dated July 26, 2007. 2 SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE EMPIRE DISTRICT ELECTRIC COMPANY By /s/ Gregory A. Knapp ------------------------------------- Name: Gregory A. Knapp Title: Vice President - Finance and Chief Financial Officer Dated: July 26, 2007 3 Exhibit Index ------------- Exhibit Number Description ------ ----------- 99.1 Press Release, dated July 26, 2007. 4 EX-99.1 2 a5457735ex991.txt EXHIBIT 99.1 Exhibit 99.1 The Empire District Electric Company Earnings Report and Declaration of Dividends JOPLIN, Mo.--(BUSINESS WIRE)--July 26, 2007--At the Board of Directors meeting of The Empire District Electric Company (NYSE:EDE) held today, the Directors declared a quarterly dividend of $0.32 per share on common stock payable September 15, 2007, to holders of record as of September 1, 2007. The Company, an operator of regulated electric, gas and water utilities, announced today the following results for the quarter and 12-month period ended June 30, 2007: Second Quarter Highlights -- The Company reported consolidated earnings for the second quarter of 2007 of $5.8 million, or $0.19 per share, compared with earnings in the same quarter of 2006 of $7.1 million, or $0.27 per share. Earnings for the 12 months ended June 30, 2007 were $40.9 million, or $1.35 per share. This compares to earnings of $29.6 million, or $1.13 per share, for the 12 months ended June 30, 2006. The issuance of shares in June of 2006 reduced earnings per share by an estimated $0.03 and $0.19 for the second quarter and 12-month periods ending June 30, 2007, respectively. -- Riverton Unit 12, a Siemens V84.3A2 combustion turbine constructed at the Riverton Power Plant, was declared available for commercial operation on April 10. The 148-megawatt unit, which is fueled by natural gas, is expected to be used primarily during peak demand conditions. The investment in the generation facility, on-site transmission and substation facilities totaled approximately $49 million. -- Empire District Gas completed its first full year of operations since its purchase from Aquila on June 1, 2006. -- The Company signed a 20-year purchase power agreement with Horizon Wind Energy of Houston, Texas in June. The Company expects to purchase 100 megawatts of energy, or approximately 350,000 megawatt-hours annually, from this source beginning in January of 2009. THE EMPIRE DISTRICT ELECTRIC COMPANY SEGMENT FINANCIAL HIGHLIGHTS (in 000's except per share information, certain segment amounts exclude eliminations) - ---------------------------------------------------------------------- Quarter Ending June 30, 2007 - ---------------------------------------------------------------------- Electric Gas Other Consolidated - ---------------------------------------------------------------------- Revenues $97,984 $8,438 $1,219 $107,542 - ---------------------------------------------------------------------- Fuel & Purchase Power Exp. 41,891 4,722 -- 46,613 - ---------------------------------------------------------------------- Other Operating Expenses 42,234 3,619 1,067 46,821 - ---------------------------------------------------------------------- Operating Income (Loss) 13,859 97 152 14,108 - ---------------------------------------------------------------------- Net Income (Loss) from Continuing Operations 6,592 (736) (22) 5,834 - ---------------------------------------------------------------------- Net (Loss) from Discontinued Operations -- -- -- -- - ---------------------------------------------------------------------- Net Income (Loss) $6,592 $(736) $(22) $5,834 - ---------------------------------------------------------------------- Earnings Per Weighted- Average Share, Common and Diluted $0.19 - ---------------------------------------------------------------------- THE EMPIRE DISTRICT ELECTRIC COMPANY SEGMENT FINANCIAL HIGHLIGHTS (in 000's except per share information, certain segment amounts exclude eliminations) - ---------------------------------------------------------------------- Quarter Ending June 30, 2006 - ---------------------------------------------------------------------- Electric Gas(a) Other Consolidated - ---------------------------------------------------------------------- Revenues $89,170 $1,627 $1,041 $91,733 - ---------------------------------------------------------------------- Fuel & Purchase Power Exp. 36,989 737 -- 37,726 - ---------------------------------------------------------------------- Other Operating Expenses 36,777 938 958 38,568 - ---------------------------------------------------------------------- Operating Income (Loss) 15,404 (48) 83 15,439 - ---------------------------------------------------------------------- Net Income (Loss) from Continuing Operations 7,753 (369) 53 7,437 - ---------------------------------------------------------------------- Net (Loss) from Discontinued Operations -- -- (320) (320) - ---------------------------------------------------------------------- Net Income (Loss) $7,753 $(369) $(267) $7,117 - ---------------------------------------------------------------------- Earnings Per Weighted- Average Share, Common and Diluted $0.27 - ---------------------------------------------------------------------- (a) Includes only one month of operation Electric Results New electric rates, which went into effect on January 1, 2007 for Missouri electric customers, increased revenues by an estimated $6.6 million for the second quarter compared to the same quarter in the prior year. Revenues also increased an estimated $2.3 million as a result of continued strong customer growth. The increases to electric revenues were slightly offset by the effect of weather and other factors for this quarter compared to last year's quarter by an estimated $0.1 million. Total electric fuel and purchased power costs for the quarter increased by $4.9 million, or 13.3 percent, compared to the second quarter of last year. Natural gas and coal prices both increased slightly but were offset by lower volumes resulting in a $0.6 million decrease in total electric fuel. However, purchased power costs increased $5.5 million which was mainly attributable to reduced plant availability at the Asbury and Iatan plants compared to 2006. Other operating and maintenance expenses increased approximately $2.7 million due to small increases in several areas such as customer accounts, pension, healthcare, and distribution expenses. Depreciation and amortization increased $3.3 million, reflecting the regulatory amortization granted in our last Missouri electric rate case. Operating expenses also include income and other taxes which were lower this quarter compared to 2006 by $0.5 million. Gas Results Revenues from gas operations for the second quarter ended June 30, 2007 were $8.4 million and the cost of natural gas was $4.7 million. Quarterly results are not comparable to last year as the 2006 quarter included only one month of operation. Due to the seasonality of the gas operations, considerably lower volumes and ultimately lower earnings are expected during the second and third quarters of our fiscal year. Earnings Conference Call Bill Gipson, President and CEO, will host a conference call Friday, July 27, 2007, at 1:00 p.m. Eastern Time to discuss earnings for the second quarter and 12 months ended June 30, 2007. To phone in to the conference call, parties in the United States should dial 1-800-366-3908, any time after 12:45 p.m. Eastern Time. The presentation can also be accessed from Empire's website at www.empiredistrict.com. A replay of the call will be available for two weeks by dialing 1-800-405-2236 and entering passcode 11093842#. Forward-looking and other material information may be discussed during the conference call. Based in Joplin, Missouri, The Empire District Electric Company (NYSE:EDE) is an investor-owned utility providing electric, natural gas (through its wholly owned subsidiary The Empire District Gas Company) and water service, with approximately 215,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. Certain subsidiaries of the Company also provide fiber optic and internet services. Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements address future plans, objectives, expectations, and events or conditions concerning various matters. Actual results in each case could differ materially from those currently anticipated in such statements, by reason of the factors noted in our filings with the SEC, including the most recent Form 10-K. CONTACT: The Empire District Electric Company Media Communications: Amy Bass, 417-625-5114 Director of Corporate Communications abass@empiredistrict.com or Investor Relations: Jan Watson, 417-625-5108 Secretary - Treasurer jwatson@empiredistrict.com -----END PRIVACY-ENHANCED MESSAGE-----