From staff reports
news@joplinglobe.com
The Empire District Electric Co. has announced that net income for 2009 came to $41.3 million, or $1.18 per share, on revenue of $497.2 million. That compares to net income of $39.7 million, or $1.17 per share one year earlier. Revenue for 2008 came to nearly $518.2 million.
“The most significant factor decreasing our annual revenues was the impact of third-quarter weather,” Empire officials said in a statement. “We estimate the impact of weather for the year reduced revenues by approximately $20.3 million compared to 2008. Off-system sales further lowered revenues an estimated $15.4 million due to lower volumes and lower power prices in 2009 compared to 2008.”
Increases to revenues from rates, mostly in Empire’s Missouri jurisdiction, of $21.9 million, as well as customer growth calculated at $600,000 by the utility, partially offset the decrease.
The utility also reported lower costs for natural gas and purchased power by $18.6 million and $6.8 million, respectively. Mild weather and an outage at Empire’s State Line Combined Cycle plant were cited as the primary reasons for the drop in natural gas usage.
Coal prices rose last year, however, adding $3.2 million to Empire’s expenses.
Empire also announced recently that in January it signed an extension to its $150 million unsecured line of credit for an additional three years.
Executive VP
Brad Beecher has been elected executive vice president and chief operating officer of electric for Empire.
Beecher joined Empire in 1988. He held various positions including director of production planning and administration and director of strategic planning. From August 1999 to February 2001, Beecher worked for Black & Veatch, an engineering and construction firm in Kansas City. He returned to Empire in February 2001, was elected vice president of energy supply in April 2001, and was promoted to vice president and chief operating officer of electric in June 2006.
He is a graduate of Kansas State University where he earned a bachelor’s degree in chemical engineering.
Dividend
The board of directors of The Empire District Electric Co. recently declared a quarterly dividend of 32 cents per share on common stock payable March 15 to shareholders of record as of March 1.
