UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended March 31, 2005 or |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the transition period from to . |
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Commission file number: 1-3368 |
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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) |
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Registrant’s telephone number: (417) 625-5100 |
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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, 2005, 25,815,282 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. |
Legal Proceedings - (none) |
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds - (none) |
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Item 3. |
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 OPERATIONS (UNAUDITED)
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Three Months Ended |
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2005 |
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2004 |
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Operating revenues: |
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Electric |
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$ |
73,235,418 |
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$ |
71,737,363 |
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Water |
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321,032 |
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336,080 |
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Non-regulated (Note 9) |
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5,978,477 |
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5,158,380 |
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79,534,927 |
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77,231,823 |
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Operating revenue deductions: |
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Fuel |
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22,751,201 |
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17,095,692 |
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Purchased power |
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12,115,290 |
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14,066,573 |
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Regulated – other (Note 8) |
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14,134,827 |
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13,664,207 |
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Non-regulated (Note 9) |
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6,134,645 |
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5,301,797 |
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Maintenance and repairs |
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4,800,063 |
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5,182,885 |
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Depreciation and amortization |
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7,952,996 |
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7,571,967 |
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Provision for income taxes |
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(95,428 |
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857,442 |
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Other taxes |
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4,575,142 |
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4,486,287 |
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72,368,736 |
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68,226,850 |
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Operating income |
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7,166,191 |
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9,004,973 |
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Other income and deductions: |
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Allowance for equity funds used during construction |
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20,388 |
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— |
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Interest income |
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68,495 |
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18,734 |
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Provision for other income taxes |
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35,566 |
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45,186 |
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Minority interest |
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(26,969 |
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42,220 |
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Other - non-operating expense |
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(213,676 |
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(234,085 |
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(116,196 |
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(127,945 |
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Interest charges: |
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Long-term debt – other |
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6,151,604 |
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6,160,055 |
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Note payable to securitization trust |
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1,062,500 |
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1,062,500 |
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Commercial paper |
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— |
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8,176 |
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Allowance for borrowed funds used during construction |
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(33,768 |
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(12,119 |
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Other |
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119,320 |
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80,827 |
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7,299,656 |
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7,299,439 |
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Net income (loss) |
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$ |
(249,661 |
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$ |
1,577,589 |
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Weighted average number of common shares outstanding - basic |
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25,741,887 |
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25,283,414 |
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Weighted average number of common shares outstanding - diluted |
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25,741,887 |
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25,344,865 |
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Earnings (loss) per weighted average share of common stock - basic |
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(0.01 |
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0.06 |
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Earnings (loss) per weighted average share of common stock - diluted |
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$ |
(0.01 |
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0.06 |
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Dividends per share of common stock |
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