THE EMPIRE DISTRICT ELECTRIC COMPANY 602 JOPLIN STREET JOPLIN,
MISSOURI 64802 417-625-5100 FAX: 417-625-5169
www.empiredistrict.com
PRESS RELEASE
For Immediate Release
Contact:
MEDIA COMMUNICATIONS: INVESTOR RELATIONS:
Jay McBee Janet S. Watson
Director of Corporate Communications Secretary - Treasurer
417 625-5100, Ext. 2369 417 625-5100, Ext. 2223
THE EMPIRE DISTRICT ELECTRIC COMPANY
DECLARATION OF DIVIDENDS AND EARNINGS REPORT,
ELECTION OF EXECUTIVE VICE PRESIDENT AND VICE PRESIDENT-FINANCE
JOPLIN, MO, February 1, 2001--(NYSE:EDE) At the Board of Directors
meeting, the Directors declared a quarterly dividend of 32 cents per
share on common stock payable March 15, 2001, to holders of record as
of March 1, 2001.
Excluding expenses related to the proposed merger with UtiliCorp
United Inc. (which was terminated on January 2, 2001), the Company
reported earnings of $23.9 million, or $1.37 per share, for the
twelve months ended December 31, 2000, and $25.2 million, or $1.46
per share, for the twelve months ended December 31, 1999. All
earnings are expressed as Net Income Applicable to Common Stock.
Including merger expenses, the Company reported earnings for the
twelve months ended December 31, 2000 of $23.6 million, or $1.35 per
share. This compared to earnings of $19.5 million, or $1.13 per
share, for the twelve months ended December 31, 1999.
Excluding merger expenses, earnings for the fourth quarter of
2000 were $3.5 million, or $0.20 per share, as compared to earnings
in the same quarter of 1999 of $3.8 million, or $0.22 per share.
Merger expenses for the fourth quarter of 1999 and 2000 were
essentially the same and reduced earnings by $0.01 per share for both
quarters.
Total revenues for the year 2000 were $260.0 million, compared
with $242.2 million in 1999. For the fourth quarter of 2000,
revenues were $62.3 million, compared with $52.7 million for the same
quarter of 1999.
Revenues for the twelve months ended December 31, 2000 were
positively impacted by warmer than normal temperatures during the
second and third quarters of 2000 and colder than normal temperatures
during the fourth quarter. However, the increase in revenues for the
year was more than offset by significantly increased natural gas and
purchased power costs which negatively impacted earnings.
Revenues for the fourth quarter of 2000 were positively impacted
by the colder than normal temperatures in the quarter, but earnings
were negatively impacted by significantly increased natural gas and
purchased power costs.
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At today's meeting of the Board of Directors, the Directors
elected Mr. William L. Gipson as Executive Vice President. Mr.
Gipson has held positions in Information Services, Project
Management, Economic Development, and was Director of Commercial
Operations for the Branson, Missouri area. He has served as Vice
President-Commercial Operations since April 1997. In addition, the
Directors elected Mr. David W. Gibson as Vice President-Finance and
Principal Financial Officer replacing Mr. Robert B. Fancher who is
retiring effective February 28, 2001. Mr. Gibson has held positions
in Internal Auditing, Corporate Planning, Financial and Regulatory
Accounting, and has served as Director of Financial Services and
Assistant Secretary since 1995. Mr. Darryl L. Coit, Controller and
Assistant Treasurer, was also elected Assistant Secretary in addition
to his other positions.
THE EMPIRE DISTRICT ELECTRIC COMPANY
FINANCIAL HIGHLIGHTS
Quarter Ended Dec 31 Twelve Months Ended Dec 31
2000 1999 2000 1999
Operating Revenues $ 62,322,000 $ 52,650,000 $260,003,000 $242,162,000 0
Net Income $ 3,330,000 $ 3,626,000 $ 23,617,000 $ 22,170,000
Net Income Applicable
to Common Stock $ 3,330,000 $ 3,626,000 $ 23,617,000 $ 19,463,000
Merger Expenses $ 127,000 $ 128,000 $ 327,000 $ 5,772,000
Net Income Applicable
to Common Stock
(Excluding Merger $ 3,457,000 $ 3,754,000 $ 23,944,000 $ 25,235,000
Expenses)
Weighted Average
Common Shares 17,595,916 17,332,907 17,503,665 17,237,805
Outstanding
Basic and Diluted
Earnings Per Share $0.19 $0.21 $1.35 $1.13
Basic and Diluted
Earnings Per Share $0.20 $0.22 $1.37 $1.46
(Excluding Merger
Expenses)
The Empire District Electric Company is an investor-owned utility
providing electric service to approximately 145,000 customers in
southwest Missouri, southeast Kansas, northeast Oklahoma and
northwest Arkansas. The Company provides monitored security, energy
services, fiber optic service and decorative lighting as well as
water service in three incorporated communities in Missouri.
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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 and Form 10-Q.