UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
ý Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2004 or
o 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)
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Kansas |
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44-0236370 |
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(State of Incorporation) |
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(I.R.S. Employer Identification No.) |
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602 Joplin Street, Joplin, Missouri |
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64801 |
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(Address of principal executive offices) |
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(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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
As of May 1, 2004, 25,374,817 shares of common stock were outstanding.
THE EMPIRE DISTRICT ELECTRIC COMPANY
INDEX
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 1. |
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Legal Proceedings - (none) |
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Item 2. |
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Changes in Securities and Use of Proceeds - (none) |
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Item 3. |
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Defaults Upon Senior Securities - (none) |
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2
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
EMPIRE DISTRICT ELECTRIC COMPANY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
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Three
Months Ended |
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2004 |
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2003 |
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Operating revenues: |
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Electric |
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$ |
71,737,363 |
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$ |
71,288,537 |
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Water |
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336,080 |
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325,688 |
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Non-regulated |
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5,158,380 |
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5,291,504 |
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77,231,823 |
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76,905,729 |
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Operating revenue deductions: |
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Fuel |
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17,095,692 |
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8,763,492 |
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Purchased power |
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14,066,573 |
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18,536,644 |
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Regulated – other (Note 8) |
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13,783,564 |
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11,820,218 |
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Non-regulated expenses |
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5,303,997 |
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5,484,521 |
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Maintenance and repairs |
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5,182,885 |
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4,792,883 |
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Depreciation and amortization |
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7,571,967 |
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6,814,916 |
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Provision for income taxes |
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857,442 |
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3,167,685 |
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Other taxes |
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4,486,287 |
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3,672,919 |
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68,348,407 |
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63,053,278 |
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Operating income |
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8,883,416 |
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13,852,451 |
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Other income and deductions: |
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Interest income |
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18,734 |
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17,616 |
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Provision for other income taxes |
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45,186 |
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25,608 |
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Minority interest |
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42,220 |
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(97,070 |
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Other non-operating expense |
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(234,085 |
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(185,376 |
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(127,945 |
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(239,222 |
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Interest charges: |
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Long-term debt – other |
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6,160,055 |
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6,779,381 |
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Note payable to securitization trust |
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1,062,500 |
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— |
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Trust preferred distributions by subsidiary holding solely parent debentures |
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— |
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1,062,500 |
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Commercial paper |
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8,176 |
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78,262 |
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Allowance for borrowed funds used during construction |
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(12,119 |
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(195,589 |
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Other |
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80,827 |
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243,496 |
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7,299,439 |
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7,968,050 |
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Net income applicable to common stock |
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$ |
1,456,032 |
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$ |
5,645,179 |
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Weighted average number of common shares outstanding |
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25,283,414 |
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22,607,643 |
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Basic and diluted earnings per weighted average share of common stock |
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$ |
0.06 |
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$ |
0.25 |
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Dividends per share of common stock |
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$ |
0.32 |
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$ |
0.32 |
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See accompanying Notes to Consolidated Financial Statements.
3
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Twelve
Months Ended |
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2004 |
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2003 |
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Operating revenues: |
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Electric |
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$ |
303,709,973 |
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$ |
301,298,783 |
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Water |
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1,399,223 |
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1,143,465 |
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Non-regulated |
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20,721,794 |
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15,069,924 |
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325,830,990 |
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317,512,172 |
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Operating revenue deductions: |
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Fuel |
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60,669,562 |
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44,238,406 |
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Purchased power |
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55,738,675 |
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66,545,575 |
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Regulated – other (Note 8) |
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51,716,317 |
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44,764,947 |
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Non-regulated expenses |
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20,979,630 |
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16,571,682 |
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Maintenance and repairs |
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20,313,411 |
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23,102,920 |
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Depreciation and amortization |
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29,445,531 |
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26,415,043 |
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Provision for income taxes |
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13,441,756 |
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16,782,204 |
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Other taxes |
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17,060,625 |
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16,047,307 |
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269,365,507 |
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