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Empire Electric announced the results for the 2nd Quarter

The Empire District Electric Company is an operator of regulated electric, gas and water utilities

July 28, 2011|Press Release | newsalerts@ky3.com
(Page 4 of 4)

The following reconciliation of basic earnings per share compares the quarter and twelve months ended June 30, 2011 versus June 30, 2010 and is a non-GAAP presentation. The economic substance behind our non-GAAP earnings per share (EPS) measure is to present the after tax impact of significant items and components of the statement of income on a per share basis before the impact of additional stock issuances. We believe this presentation is useful to investors because the statement of income does not readily show the EPS impact of the various components, including the effect of new stock issuances. This could limit the readers’ understanding of the reasons for the EPS change from previous years. This information is useful to management, and we believe this information is useful to investors, to better understand the reasons for the fluctuation in EPS between the prior and current years on a per share basis.

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This reconciliation may not be comparable to other companies or more useful than the GAAP presentation included in the statements of income. We also note that this presentation does not purport to be an alternative to earnings per share determined in accordance with GAAP as a measure of operating performance or any other measure of financial performance presented in accordance with GAAP. Management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The dilutive effect of additional shares issued in this table reflects the impact of all shares issued in the respective periods presented.

 

 

Quarter Ended

Twelve Months Ended

Earnings Per Share – June 30, 2010

$       0.18

$       1.03

Revenues

 

Electric segment

         0.21

         1.18

Gas segment

         0.01

        (0.08)

Other segment

         0.00

         0.01

Expenses

 

Electric fuel and purchased power

        (0.05)

        (0.30)

Cost of natural gas sold and transported

        (0.01)

         0.09

Operating – electric segment

         0.00

        (0.10)

Operating – gas segment

         0.00

         0.02

Maintenance and repairs

        (0.01)

        (0.09)

Depreciation and amortization

        (0.05)

        (0.23)

Change in effective income tax rates

         0.00

         0.05

Other taxes

        (0.01)

        (0.06)

Interest charges

         0.02

         0.11

AFUDC

        (0.06)

        (0.24)

Other income and deductions

         0.00

        (0.00)

Dilutive effect of additional shares

        (0.01)

        (0.13)

 

 

Earnings Per Share – June 30, 2011

$       0.22

$       1.26


Earnings Conference Call

Brad Beecher, President and CEO, will host a conference call Friday, July 29, 2011, at 1:00 p.m. Eastern Time to discuss earnings for the second quarter and twelve months ended June 30, 2011. To phone in to the conference call, parties in the United States should dial 1-877-941-6009, 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 1-800-406-7325 and entering passcode 4458669#. 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 211,000 customers in Missouri, Kansas, Oklahoma, and Arkansas.  A subsidiary of the Company also provides fiber optic 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 Forms 10-K and 10-Q.

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