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): April 23, 1998
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)
Item 5 Other Events
Attached hereto as Exhibit 99 is a press release issued by the
Company on April 23, 1998, announcing the Company's earnings for the first
quarter of 1998 and for the twelve month period ended March 31, 1998.
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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
Name: R. B. Fancher
Title: Vice President - Finance
Dated: April 23, 1998
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Exhibit Index
Exhibit
Number Description
99 Press Release dated April 23, 1998, announcing
the Company's earnings for the first quarter
of 1998 and for the twelve month period ended
March 31, 1998.
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:
Amy Bas Janet S. Watson
Director of Corporate Secretary - Treasurer
Communications 417 625-5100, Ext. 223
417 625-5100, Ext. 302
THE EMPIRE DISTRICT ELECTRIC COMPANY
DECLARATION OF DIVIDENDS AND EARNINGS REPORT
STOCKHOLDERS MEETING, ELECTION OF OFFICERS
JOPLIN, MO, April 23, 1998--(NYSE:EDE) At the annual meeting of stockholders
of The Empire District Electric Company held today, V.E. Brill, R.C. Hartley
and F.E. Jeffries were elected to three-year terms as Directors of the
Company.
At the Board of Directors meeting, the Directors declared a quarterly
dividend of 32 cents per share on Common Stock payable June 15, 1998, to
holders of record as of June 1, 1998. The Board also declared regular
quarterly dividends payable June 1, 1998, on the 43/4%, 5%, and 8-1/8%
cumulative Preferred Stock to holders of record as of May 15, 1998.
The Company reported earnings of $1.29 per share of common stock for the
twelve months ended March 31, 1998, on revenues of $219,394,000 and net income
of $24,009,000. Earnings for the twelve months ended March 31, 1997, were
$1.17 per share on revenues of $205,649,000 and net income of $21,527,000.
Earnings for the first quarter of 1998 were $0.16 per share on revenues
of $51,388,000 and net income of $3,340,000. Earnings for the same period in
1997 were $0.15 per share on revenues of $47,305,000 and net income of
$3,125,000. Earnings for the first quarter of 1998 reflect rate increases
granted by the Missouri Public Service Commission which went into effect on
July 28, 1997 and September 19, 1997 and were also impacted by unusually mild
weather and rescheduled planned maintenance.
The Board of Directors also re-elected all officers of the Corporation
to their current positions: Myron W. McKinney, President and Chief Executive
Officer; Virgil E. Brill, Vice President-Energy Supply; Robert B. Fancher,
Vice President-Finance and Principal Financial Officer; William L. Gipson,
Vice President-Commercial Operations; Clifford A. (Tony) Stark, Vice
President-General Services; Janet S. Watson, Secretary-Treasurer; David W.
Gibson, Director of Financial Services and Assistant Secretary; and Gregory A.
Knapp, Controller, Assistant Treasurer and Principal Accounting Officer.
<TABLE>
<CAPTION>
THE EMPIRE DISTRICT ELECTRIC COMPANY FINANCIAL HIGHLIGHTS
Quarter Ended March 31 Twelve Months Ended March 31
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Operating Revenues $51,388,000 $47,305,000 $219,394,000 $205,649,000
Net Income $3,340,000 $3,125,000 $24,009,000 $21,527,000
Net Income Applicable
to Common Stock $2,736,000 $2,521,000 $21,592,000 $19,111,000
Weighted Average
Common Shares
Outstanding 16,794,641 16,457,197 16,682,474 16,318,551
Basic and Diluted
Earnings per
Weighted Average
Share of Common
Stock $0.16 $0.15 $1.29 $1.17
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Empire supplies electric service to a 10,000 square-mile area in southwest
Missouri, southeast Kansas, northeast Oklahoma and northwest Arkansas. The
Company also provides water service in three incorporated communities in
Missouri.
