UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1997 or
Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from ______________ to
____________.
Commission file number: 1-3368
THE EMPIRE DISTRICT ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
Kansas 44-0236370
(State of Incorporation) (I.R.S. Employer
Identification No.)
602 Joplin Street, Joplin, Missouri 64801
(Address of principal executive offices) (zip code)
Registrant's telephone number: (417) 625-5100
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days. Yes X No ___
Common stock outstanding as of August 1, 1997: 16,649,219 shares.
THE EMPIRE DISTRICT ELECTRIC COMPANY
INDEX
Page Number
Part I - Financial Information:
Item 1. Financial Statements:
a. Statements of Income 3
b. Balance Sheets 6
c. Statements of Cash Flows 7
d. Notes to Financial Statements 8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
Part II - Other Information:
Item 1. Legal Proceedings - (none)
Item 2. Changes in Securities - (none)
Item 3. Defaults Upon Senior Securities - (none)
Item 4. Submission of Matters to a Vote of Security
Holders 13
Item 5. Other Information 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
June 30,
1997 1996
Operating revenues:
Electric $45,718,191 $47,347,988
Water 261,817 258,315
45,980,008 47,606,303
Operating revenue deductions:
Operating expenses:
Fuel 7,902,616 7,270,682
Purchased power 10,607,906 12,694,375
Other 7,573,259 7,202,533
Total operating expenses 26,083,781 27,167,590
Maintenance and repairs 3,474,208 4,379,212
Depreciation and amortization 5,698,791 5,356,981
Provision for income taxes 1,334,810 1,498,050
Other taxes 2,696,233 2,821,125
39,287,823 41,222,958
Operating income 6,692,185 6,383,345
Other income and deductions:
Allowance for equity funds used
during construction - 162,653
Interest income 26,682 46,862
Other - net (46,542) (47,449)
(19,860) 162,066
Income before interest charges 6,672,325 6,545,411
Interest charges:
Long-term debt 4,147,608 3,695,737
Commercial paper 262,304 59,449
Allowance for borrowed funds used
during construction (480,346) (143,518)
Other 93,858 82,789
4,023,424 3,694,457
Net income 2,648,901 2,850,954
Preferred stock dividend requirements 604,085 604,085
Net income applicable to common stock $2,044,816 $2,246,869
Weighted average number of common shares
outstanding 16,547,939 16,119,268
Earnings per weighted average share of
common stock $0.12 $0.14
Dividends per share of common stock $0.32 $0.32
<footnote>
See accompanying Notes to Financial Statements.
STATEMENTS OF INCOME (UNAUDITED)
Six Months Ended
June 30,
1997 1996
Operating revenues:
Electric $92,774,672 $94,730,538
Water 510,103 515,828
93,284,775 95,246,366
Operating revenue deductions:
Operating expenses:
Fuel 14,683,700 15,910,399
Purchased power 23,186,758 23,796,300
Other 15,483,775 14,674,663
Total operating expenses 53,354,233 54,381,362
Maintenance and repairs 6,506,399 7,141,861
Depreciation and amortization 11,254,812 10,639,395
Provision for income taxes 2,850,643 3,493,660
Other taxes 5,553,072 5,822,142
79,519,159 81,478,420
Operating income 13,765,616 13,767,946
Other income and deductions:
Allowance for equity funds used during
construction - 305,753
Interest income 50,497 73,712
Other - net (168,005) (162,696)
(117,508) 216,769
Income before interest charges 13,648,108 13,984,715
Interest charges:
Long-term debt 8,295,810 7,391,474
Commercial paper 384,204 236,960
Allowance for borrowed funds used (992,255) (285,948)
during construction
Other 186,632 144,607
7,874,391 7,487,093
Net income 5,773,717 6,497,622
Preferred stock dividend requirements 1,208,170 1,208,170
Net income applicable to common stock $4,565,547 $5,289,452
Weighted average number of common shares
outstanding 16,502,819 15,678,758
Earnings per weighted average share of
common stock $0.28 $0.34
Dividends per share of common stock $0.64 $0.64
<footnote>
See accompanying Notes to Financial Statements.
STATEMENTS OF INCOME (UNAUDITED)
Twelve Months Ended
June 30,
1997 1996
Operating revenues:
Electric $202,977,756 $202,190,579
Water 1,044,612 1,033,268
204,022,368 203,223,847
Operating revenue deductions:
Operating expenses:
Fuel 32,347,636 33,630,244
Purchased power 46,783,486 43,674,228
Other 30,855,259 32,427,109
Voluntary early retirement program - 4,583,188
Total operating expenses 109,986,381 114,314,769
Maintenance and repairs 13,036,622 13,734,452
Depreciation and amortization 22,204,928 20,991,164
Provision for income taxes 11,156,983 10,093,115
Other taxes 10,987,416 11,622,750
167,372,330 170,756,250
Operating income 36,650,038 32,467,597
Other income and deductions:
Allowance for equity funds used during
construction 233,092 635,584
Interest income 135,154 156,012
Other - net (349,836) (322,981)
18,410 468,615
Income before interest charges 36,668,448 32,936,212
Interest charges:
Long-term debt 15,785,900 14,783,791
Commercial paper 823,135 367,639
Allowance for borrowed funds used
during construction (1,587,793) (495,255)
Other 321,905 282,350
15,343,147 14,938,525
Net income 21,325,301 17,997,687
Preferred stock dividend requirements 2,416,340 2,416,340
Net income applicable to common stock $18,908,961 $15,581,347
Weighted average number of common shares
outstanding 16,425,425 15,398,696
Earnings per weighted average share of
common stock $1.15 $1.01
Dividends per share of common stock $1.28 $1.28
<footnote>
See accompanying Notes to Financial Statements.
BALANCE SHEETS
June 30,
1997 December 31,
(Unaudited) 1996
ASSETS
Utility plant, at original cost:
Electric $773,272,039 $714,913,653
Water 5,518,931 5,331,286
Construction work in progress 15,126,268 37,016,435
793,917,238 757,261,374
Accumulated depreciation 252,649,751 242,051,460
541,267,487 515,209,914
Current assets:
Cash and cash equivalents 2,484,129 2,246,136
Accounts receivable - trade, net 11,458,903 12,704,920
Accrued unbilled revenues 6,483,741 6,423,760
Accounts receivable - other 1,505,327 2,874,669
Fuel, materials and supplies 15,241,838 14,435,741
Prepaid expenses 1,071,140 796,413
38,245,078 39,481,639
Deferred charges:
Regulatory assets 37,711,364 37,831,661
Unamortized debt expenses 3,513,083 3,633,349
Other 1,335,482 823,177
42,559,929 42,,288,187
Total Assets $622,072,494 $596,979,740
CAPITALIZATION AND LIABILITIES:
Common stock, $1 par value, 16,638,405
and 16,436,559 shares issued and
outstanding, respectively $16,638,405 $16,436,559
Capital in excess of par value 148,060,611 145,313,610
Retained earnings (Note 2) 45,339,772 51,340,554
Total common stockholders' equity 210,038,788 213,090,723
Preferred stock 32,901,800 32,901,800
Long-term debt 196,439,609 219,533,678
439,380,197 465,526,201
Current liabilities:
Accounts payable and accrued
liabilities 11,319,647 14,607,179
Commercial paper 34,000,000 7,500,000
Customer deposits 2,995,067 2,820,896
Interest accrued 3,591,302 3,455,254
Taxes accrued, including income taxes
4,866,121 449,771
Current maturities - first mortgage
bonds 23,000,000 -
79,772,137 28,833,100
Noncurrent liabilities and deferred
credits:
Regulatory liability 18,094,859 18,648,961
Deferred income taxes 66,227,122 64,992,745
Unamortized investment tax credits 9,438,560 9,561,000
Postretirement benefits other than
pensions 4,340,693 4,417,796
Other 4,818,926 4,999,937
102,920,160 102,620,439
Total Capitalization and Liabilities $622,072,494 $596,979,740
<footnote>
See accompanying Notes to Financial Statements.
STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
1997 1996
Operating activities:
Net income $5,773,717 $6,497,622
Adjustments to reconcile net income to
cash flows:
Depreciation and amortization 12,765,688 11,853,623
Pension income (362,600) (586,500)
Deferred income taxes - net 458,423 767,409
Investment tax credit - net (122,440) (170,630)
Allowance for equity funds used
during construction - (305,753)
Issuance of common stock for 401(k)
plan 323,761 319,578
Other 35,876 34,912
Cash flows impacted by changes in:
Receivables and accrued unbilled
revenues 2,555,378 (1,922,753)
Fuel, materials and supplies (806,097) (478,035)
Prepaid expenses and deferred
charges (1,127,756) (2,804,556)
Accounts payable and accrued
liabilities (3,287,533) (934,735)
Customer deposits, interest and
taxes accrued 4,726,569 4,280,850
Other liabilities and deferred
credits 104,488 638,945
Net cash provided by operating activities 21,037,474 17,189,977
Investing activities:
Construction expenditures (38,030,129) (22,730,571)
Allowance for equity funds used
during construction - 305,753
Net cash used in investing activities (38,030,129) (22,424,818)
Financing activities:
Proceeds from issuance of common
stock 2,625,085 17,602,886
Dividends (11,774,499) (11,273,711)
Repayment of first mortgage bonds (102,000) -
Payment of debt issue costs (17,938) -
Net issuances from short-term
borrowings 26,500,000 (1,000,000)
Net cash provided by financing activities 17,230,648 5,329,175
Net increase in cash and cash equivalents 237,993 94,334
Cash and cash equivalents at beginning of
period 2,246,136 3,816,775
Cash and cash equivalents at end of period $2,484,129 $3,911,109
<footnote>
See accompanying Notes to Financial Statements.1
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Note 1 - Summary of Significant Accounting Policies
The accompanying interim financial statements do not include all
disclosures included in the annual financial statements and therefore
should be read in conjunction with the financial statements and notes
thereto included in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1996.
The information furnished reflects all adjustments, consisting
only of normal recurring adjustments, which are, in the opinion of the
Company, necessary to present fairly the results for the interim
periods presented.
Note 2 - Retained Earnings
Balance at January 1, 1997 $51,340,554
Changes January 1 through March 31:
Net Income 3,124,816
Quarterly cash dividends on common stock:
$0.32 per share (5,263,459)
Quarterly cash dividends on preferred stock:
8-1/8% cumulative - $0.203125 per share (507,813)
5% cumulative - $0.125 per share (48,772)
4-3/4% cumulative - $0.11875 per share (47,500)
Total changes January 1 through March 31 (2,742,728)
Balance April 1, 1997 48,597,826
Changes April 1 through June 30:
Net Income 2,648,901
Quarterly cash dividends on common stock:
$0.32 per share (5,302,870)
Quarterly cash dividends on preferred stock:
8-1/8% cumulative - $0.203125 (507,812)
5% cumulative - $0.125 per share (48,773)
4-3/4% cumulative - $0.11875 per share (47,500)
Total changes April 1 through June 30 (3,258,054)
Balance June 30, 1997 $45,339,772
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
RESULTS OF OPERATIONS
The following discussion analyzes significant changes in the
results of operations for the three-month, six-month and twelve-month
periods ended June 30, 1997, compared to the same periods ended June
30, 1996.
Operating Revenues and Kilowatt-Hour Sales
Of the Company's total electric operating revenues during the
second quarter of 1997, approximately 38% were from residential
customers, 31% from commercial customers, 19% from industrial
customers, 5% from wholesale on-system customers and 2% from wholesale
off-system transactions. The remainder of such revenues were derived
from miscellaneous sources. The percentage changes from the prior year
in kilowatt-hour ("Kwh") sales and revenue by major customer class
were as follows:
Operating
Kwh Sales Revenues
Six Twelve Six Twelve
Second Months Months Second Months Months
Quarter Ended Ended Quarter Ended Ended
Residential (7.6)% (6.3)% (3.9)% (6.0)% (4.4)% (2.5)%
Commercial (3.1) (2.9) (1.1) (2.7) (2.3) (0.4)
Industrial 2.2 3.1 5.9 0.9 2.4 5.4
Wholesale On- 2.1 2.3 4.2 (4.7) (2.5) 2.5
System
Total System (2.6) (2.2) 0.0 (3.0) (2.0) 0.2
Continued mild temperatures in the Company's service territory
during the second quarter of 1997 resulted in declines in both
residential and commercial Kwh sales and revenue compared to the same
period of 1996, when temperatures were above normal. Customer growth
during the first half of 1997 has been at a slower rate than that
experienced during the same period of 1996. Industrial Kwh sales and
related revenues, which are not particularly weather-sensitive, were
positively affected by continuing increases in business activity
throughout the Company's service territory.
On-system wholesale Kwh sales were up during the second quarter
of 1997. Revenues associated with those sales, however, decreased as a
result of the operation of the fuel adjustment clause applicable to
these FERC regulated sales. This clause requires changes in fuel and
purchased power costs to be passed through to customers.
For the six and twelve months ended June 30, 1997, Kwh sales to
and operating revenues from the Company's residential and commercial
customers declined, reflecting the mild weather conditions experienced
during the periods. Industrial sales continued to grow due to strong
business activity in the Company's service territory.
On August 30, 1996, the Company filed a request with the Missouri
Public Service Commission for a general increase in rates for its
Missouri electric customers in the amount of approximately $23.4
million, or 13.8%. A stipulated agreement was filed by the parties to
the case on April 4, 1997, and amended on June 23, 1997. On July 17,
1997, the Commission issued a report and order approving an increase
in rates in the amount of approximately $10.6 million, or 6.43%
effective July 28, 1997. The amount approved did not include the
Company's investment in Unit No. 2 at the Company's State Line Plant,
as the Commission deemed that Unit No. 2 did not meet all of the nine
specified in-service criteria. The Company filed an Application for
Rehearing with the Commission on July 25, 1997, stating that the unit
has now met all nine specified in-service criteria and has been in
operation and supplying power to its customers and the wholesale power
market since June 18, 1997. On August 6, 1997, the Company filed rates
with the Commission designed to recover approximately $3.4 million, or
1.91% in revenues representing the Company's investment in State Line
Unit No. 2. The Company in its application asked that the Missouri
Commission not suspend the rates, and allow them to go into effect on
September 5, 1997.
Off-System Transactions
In addition to sales to its own customers, the Company also sells
power to other utilities to the extent it is available, and provides
transmission service through its system for transactions between other
energy suppliers. For the second quarter of 1997, revenues from such
transactions amounted to approximately $1.5 million, compared with
approximately $1.7 million during the second quarter of 1996. For the
six months ended June 30, 1997, revenues from such off-system
transactions were approximately $2.9 million, compared with
approximately $3.1 million during the six months ended June 30, 1996.
For the twelve months ended June 30, 1997, revenues from such off-
system transactions were approximately $6.9 million, compared with
approximately $6.5 million during the twelve months ended June 30,
1996.
Operating Revenue Deductions
During the second quarter of 1997, total operating expenses
decreased approximately $1.1 million (4.0%) compared to the same
period last year. Purchased power costs were down approximately $2.1
million (16.4%) during the second quarter of 1997. The amount of power
the Company purchased during the second quarter of 1997 was
significantly lower than that purchased during the same period last
year, primarily due to lower customer demand due to the mild weather
conditions discussed above and significantly increased generation by
the Company's Asbury Plant. During the second quarter of 1996, the
Asbury Plant was unavailable during an extended maintenance outage
which lasted from March 22 until June 1, while the spring maintenance
outage for the Asbury Plant during the second quarter of 1997 lasted
five weeks as scheduled.
Total fuel costs were approximately $0.6 million (8.7%) higher
during the second quarter of 1997 due to the effects described above.
Other operating expenses increased approximately $0.4 million
(5.2%) during the second quarter, due primarily to higher production
expenses. Maintenance and repairs expense decreased approximately $1.0
million (20.7%) during the period, primarily due to decreased levels
of distribution system maintenance and decreased Asbury maintenance
expenses as discussed above. Distribution system maintenance expenses
were higher during the second quarter of 1996, primarily due to
repairs associated with damage from a wind storm.
Depreciation and amortization expense increased approximately
$0.3 million (6.4%) during the second quarter of 1997 due to increased
levels of plant and equipment placed in service. State Line Unit No. 2
was placed into commercial operation on June 18, 1997. Total income
taxes declined due primarily to lower taxable income during the
current period. Other taxes were down approximately $0.1 million
(4.4%) during the quarter reflecting primarily decreased franchise
taxes relating to lower revenues.
For the six months ended June 30, 1997, total operating expenses
were down approximately $1.0 million (1.9%) compared to the same
period last year. Total purchased power costs decreased $0.6 million
(2.7%) during the period, due primarily to lower customer demand due
to the mild weather conditions discussed above and significantly
increased generation by the Company's Asbury Plant. Total fuel costs
decreased approximately $1.2 million (7.7%) during the six-month
period. Fuel costs were lower during the period primarily due to
significant decreases in generation by higher-cost, gas-fired
combustion turbine units at the Company's Riverton Plant and Energy
Center. These plants were not utilized to the extent they were during
the same period last year due to greater availability of the Asbury
Plant and the Company's Ozark Beach Hydro Plant in the current period.
Other operating expenses during the six months ended June 30,
1997, increased approximately $0.8 million (5.5%) compared to the same
period in 1996, due primarily to higher production expenses, general
and administrative costs and increased customer account expenses.
Maintenance and repairs expense, the total provision for income taxes
and other taxes all decreased during the period for the same reasons
as discussed in the second quarter results.
During the twelve months ended June 30, 1997, total operating
expenses decreased approximately $4.3 million (3.8%) compared to the
year ago period. Excluding the one-time pre-tax charge of
approximately $4.6 million in the third quarter of 1995 relating to
the Company's voluntary early retirement program (the "VERP"), total
operating expenses increased only $0.3 million (0.2%). Total purchased
power costs were up approximately $3.1 million (7.1%). Purchased power
costs were up during the period as it became more economical to
purchase the energy rather than to generate with the Company's gas-
fired combustion turbine units. Fuel costs decreased approximately
$1.3 million (3.8%) during the twelve-month ending period, due
primarily to the factors discussed for the six months ended June 30,
1997.
Other operating expenses decreased approximately $1.6 million
(4.8%) during the twelve months ended June 30, 1997, compared to the
same period last year (excluding expenses related to the VERP), due
primarily to lower general and administrative costs. During the twelve
months ended June 30, 1996, the Company's general and administrative
costs were higher in large part because of the legal proceeding
relating to the complaint filed by Ahlstrom Development Corporation
which concluded in November 1995, and the Company's Competitive
Positioning Process. Maintenance and repair expense decreased
approximately $0.7 million (5.1%) during the period, due primarily to
the same factors discussed for the second quarter and six months ended
June 30, 1997. Depreciation and amortization expense increased due to
the additional plant and equipment placed in service. Total provision
for income taxes increased during the period due to higher taxable
income. Other taxes decreased during the period for the same reasons
as discussed in the second quarter results.
Nonoperating Items
Total allowance for funds used during construction ("AFUDC")
increased during each of the periods presented compared to prior year
levels, reflecting higher levels of construction work in progress,
particularly due to the construction of Unit No. 2 at the Company's
State Line Plant.
Interest income decreased during each of the periods ended June
30, 1997, reflecting lower balances of cash available for investment
particularly due to increased levels of construction. Interest charges
on first mortgage bonds increased during the periods due to additional
issuances of the Company's first mortgage bonds. Commercial paper and
other interest charges increased during the periods primarily due to
increased usage of short-term debt to finance the Company's
construction program.
Earnings
For the second quarter of 1997, earnings per share of common
stock were $0.12 compared to $0.14 earned during the second quarter of
1996. Earnings per common share for the first six months of 1997 were
$0.28 compared to $0.34 earned during the first six months of 1996.
Earnings per share were down during the periods primarily due to
decreased revenues resulting from mild weather conditions and
increased first mortgage bond and short-term debt interest. Earnings
per share also reflect increased levels of AFUDC and a greater number
of common shares outstanding because of the Company's issuance of
880,000 shares of common stock in April 1996.
For the twelve months ending June 30, 1997, earnings per share of
common stock were $1.15 compared to $1.01 earned during the same
period last year (after giving effect to the one-time charge related
to the VERP, which reduced earnings for the twelve months ended June
30, 1996 by approximately $0.19 per share). Revenues which were
virtually flat due to mild weather conditions were offset by slight
increases in expenses discussed above (excluding the VERP), and
increased first mortgage bond and short-term debt interest. Earnings
per share also reflect increased levels of AFUDC and a greater number
of common shares outstanding because of the Company's issuance of
880,000 shares of common stock in April 1996.
LIQUIDITY AND CAPITAL RESOURCES
The Company's construction-related expenditures totaled $22.3
million during the second quarter of 1997, compared to $12.9 million
for the same period in 1996. For the six months ended June 30, 1997,
construction-related expenditures totaled $38.0 million compared to
$22.7 million for the same period in 1996. Approximately $7.1 million
of construction expenditures during the second quarter of 1997 and
approximately $10.0 million of construction expenditures during the
first six months of 1997 were related to the construction of Unit No.
2 at the State Line Power Plant, which was placed in commercial
operation on June 18, 1997. During the first six months of 1997,
approximately 25% of construction expenditures and other funds
requirements were satisfied internally from operations; the remainder
was provided from the issuance of commercial paper, and from the sale
of common stock through the Company's Dividend Reinvestment Plan and
Employee Stock Purchase Plan.
The Company's construction expenditures are expected to total
approximately $55.3 million in 1997, including approximately $22.2
million for additions to the Company's distribution system to meet
projected increases in customer demand and approximately $11.9 million
for the completion of Unit No. 2 at the State Line Power Plant.
The Company currently estimates that internally generated funds
will provide at least one-half of the funds required for the remainder
of its 1997 construction expenditures. As in the past, the Company
intends to utilize short-term debt to finance the additional amounts
needed for such construction and to repay such borrowings with
internally generated funds and out of the proceeds of sales of public
offerings of long-term debt or equity securities, including the sale
of the Company's common stock pursuant to its Dividend Reinvestment
Plan and Employee Stock Purchase Plan. The Company will continue to
utilize short-term debt as needed to support normal operations or
other temporary requirements.
FORWARD LOOKING STATEMENTS
Certain matters discussed in this quarterly report are "forward-
looking statements" intended to qualify for the safe harbors 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 such
as capital expenditures, earnings, rate and other regulatory matters,
liquidity and capital resources, and accounting matters. Actual
results in each case could differ materially from those currently
anticipated in such statements, by reason of factors such as the cost
and availability of purchased power and fuel; the outcome of the
Company's pending electric rate case in Missouri; electric utility
restructuring, including ongoing state and federal activities; future
economic conditions; legislation; regulation; competition; and other
circumstances affecting anticipated rates, revenues and costs.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
(a) The annual meeting of Common Stockholders was held on April 24,
1997.
(b) The following persons were re-elected Directors of the Company to
serve until the 2000 Annual Meeting of Stockholders:
R. D. Hammons (12,910,996 votes for; 205,779 withheld
authority).
J. R. Herschend (12,907,491 votes for; 209,284 withheld
authority).
M. W. McKinney (12,961,521 votes for; 155,253 withheld
authority).
M. M. Posner (12,954,521 votes for; 162,254 withheld
authority).
The term of office as Director of the following other Directors
continued after the meeting: V. E. Brill, M. F. Chubb, R. C.
Hartley, F. E. Jeffries, R. L. Lamb and R. E. Mayes. No other
matters were acted on by the shareholders at the meeting.
Item 5. Other Information.
At June 30, 1997, the ratio of earnings to fixed charges, and the
ratio of earnings to combined fixed charges and preferred stock
dividend requirements, were 2.89x and 2.39x, respectively. See Exhibit
(12) hereto.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
(12) Computation of Ratio of Earnings to Fixed Charges and
Earnings to Combined Fixed Charges and Preferred Stock
Dividend Requirements.
(27) Financial Data Schedule.
(b) No reports on Form 8-K were filed during the second quarter of
1997.
SIGNATURES
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, thereunto duly authorized.
THE EMPIRE DISTRICT ELECTRIC COMPANY
Registrant
By R. B. Fancher
--------------------
R. B. Fancher
Vice President - Finance
By G. A. Knapp
---------------------
G. A. Knapp
Controller and Assistant Treasurer
August 8, 1997