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Empire District Electric Suspends Dividend amid Deadly Joplin Tornado (EDE)

Posted: 5/26/2011 8:36:00 AM
Referenced Stocks: EDE

Electric utility operator The Empire District Electric Company ( EDE ) late Wednesday said it would suspend its dividend payouts for the remainder of the year, following the deadly tornadoes that struck its home area early this week.

EDE's board of directors noted it expects to resume dividend payouts at around 25 cents per share following a two-quarter suspension. Its previously-scheduled dividend was 32 cents per share.

The company said it expects to be able to grow the dividend again once the region recovers. EDE is headquartered in Joplin, MO, which suffered the brunt of the worst tornado in the U.S. in 64 years.

Empire District shares plunged $4.40, or -20%, in premarket trading Thursday.

We have suspended coverage on The Empire District Electric Company until it reinstates its dividend.

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