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February 5, 2008
Otter Tail Corporation Reports Record Revenues and Net Income from Continuing Operations for 2007; Earnings Per Share of $1.78; Board Approves Dividend Increase
Otter Tail Corporation (NASDAQ: OTTR) today announced financial results for the quarter and year ended December 31, 2007.
2007 Highlights:
- Consolidated revenues grew 12.1% to a
record $1.2 billion in 2007.
- Consolidated net income from continuing
operations was a record $54.0 million in 2007 compared to $50.7
million in 2006.
- Total diluted earnings per share were $1.78 for 2007 compared with $1.70 for 2006.
2008 Announcements:
- On February 5, 2008 the Board of
Directors declared a quarterly common stock dividend, increasing
the dividend to $0.2975 per share from $0.2925 per share. This
dividend is payable March 10, 2008 to shareholders of record on
February 15, 2008. This increase puts the corporation’s current
dividend yield at 3.7% based on today’s closing stock price of
$32.54.
- The Board also declared quarterly
dividends on the corporation’s four series of preferred stock,
payable March 1, 2008 to shareholders of record as of February 15.
- The corporation anticipates its 2008 diluted earnings per share from continuing operations to be in the range of $1.85 to $2.10.
"We are pleased with our 2007 results. Revenues and net income from continuing operations were at record levels," said John Erickson, president and chief executive officer. "Our electric business provided a solid foundation and our nonelectric businesses continued to perform well, led by growth in our manufacturing platform including strong results at DMI Industries, our wind energy tower manufacturer. We are also pleased to report a significant turnaround at our food ingredient processing business. The 2007 results again illustrate the value of our diversification strategy."
Erickson said dividend payments will again increase in 2008. "Our Board of Directors has increased our dividend payment for the 33rd consecutive year. The increase brings the annual indicated dividend rate to $1.19 per share, a $0.02 increase over the 2007 rate."
(For more information, please go to www.ottertail.com or contact shareholder services.)
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MDU Resources' 2007 Earnings Grow 37 Percent to Record Level
BISMARCK, N.D. – Jan. 25, 2008 – MDU Resources Group, Inc. (NYSE:MDU) announced record financial results for the year ended Dec. 31, 2007, with consolidated earnings of $431.4 million, compared to $315.1 million for 2006. Earnings per common share, diluted, were $2.36, compared to $1.74 for 2006.
Highlights for 2007
- Earnings per common share increased 36
percent to $2.36.
- Record consolidated earnings of $431.4
million, up from $315.1 million.
- Reiterates earnings guidance for 2008 of $1.65 to $1.90 per common share.
MDU Resources' earnings before discontinued operations were $322.1 million, compared to
$307.1 million for 2006. Earnings per common share, diluted, before discontinued operations
were $1.76, compared to $1.69 in 2006.
Consolidated earnings for the fourth quarter of 2007 were $94.6 million, compared to $82.4 million for fourth quarter 2006. Earnings per common share, diluted, were 52 cents, 16 percent higher compared to 45 cents for fourth quarter 2006.
"We had a very strong year, and our exceptional results are a testament to the hard work and dedication of our employees," said Terry D. Hildestad, president and chief executive officer of MDU Resources. "Our construction services, utility, and pipeline and energy services businesses all ended the year with record earnings, and our exploration and production business had only a slight decline from record 2006 earnings. The construction materials business experienced a drop in sales volumes largely related to declining housing markets, but our overall record results continue to demonstrate the value of our business diversification strategy."
MDU Resources' construction services group of companies earned 57 percent more in 2007 than its record earnings in 2006. Construction workloads and margins increased, as did equipment sales and rentals. The construction services operations have a record backlog heading into 2008.
MDU Resources' combined electric and natural gas distribution segments also had a record year. Electric operations increased earnings by 23 percent while the natural gas distribution operations more than doubled earnings. This increase is due to earnings from Cascade Natural Gas Corp., which was acquired in July, as well as higher retail sales volumes and energy-related services margins. The growing contribution of earnings and cash flows from the company's regulated utility operations helps to support its strong track record of paying dividends to shareholders and provides a base of operational stability.
The natural gas and oil exploration and production operations saw a slight decline in year-to-year earnings. Increases in production and oil prices were offset by higher depreciation, depletion and amortization and higher lease operating expenses. The outlook for this group includes a number of opportunities with the pending acquisition of 97 billion cubic feet equivalent of proved reserves in East Texas, as well as exploratory efforts on the company’s approximate 75,000 net acres in the Bakken oil play in North Dakota and leaseholds in the Paradox Basin in Utah.
Higher total throughput, including more natural gas moved off system, helped MDU Resources' pipeline and energy services segment reach record results. An increase in storage services revenues and gathering rates also had a positive impact on earnings. Higher operation and maintenance expenses somewhat offset earnings growth as did the absence of a 2006 $4.1 million benefit from the resolution of a rate proceeding.
The slowdown in residential construction created a challenging year for MDU Resources' construction materials operations, resulting in lower product volumes and margins as well as construction margins. Higher margins on asphalt and related products, lower operating costs and earnings from acquisitions helped to counter the decline in sales.
"2007 was a great year for MDU Resources. We provided significant value for our shareholders with a total one-year return of 10 percent and a five-year compound annual return of 22 percent," Hildestad said. "We’re looking forward to continuing to provide shareholder value with another strong year in 2008."
The company will host a webcast at 1 p.m. EST today to discuss earnings results and guidance. The event can be accessed at www.mdu.com. A replay will be available. An audio replay also will be available by calling (800) 642-1687, or (706) 645-9291 for international callers. The conference ID is 30212387.
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides value-added natural resource products and related services that are essential to energy and transportation infrastructure, operating in three core lines of business: energy, construction materials and utility resources. MDU Resources includes natural gas and oil production, natural gas pipelines and energy services, construction materials and contracting, construction services, and electric and natural gas utilities. For more information about MDU Resources, see the company's Web site at www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.
* * * * * * * *
Financial Contacts:
Vernon A. Raile, executive vice president, treasurer and chief financial officer, (701) 530-1003
Phyllis A. Rittenbach, director of investor relations, (701) 530-1057
Media Contact:
Rick Matteson, director of communications and public affairs, (701) 530-1700
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January 30, 2008
INVESTOR RELATIONS EARNINGS RELEASE
2007 YEAR END SUMMARY
- GAAP (generally accepted accounting
principles) earnings were $577 million, or $1.35 per diluted
share, compared to $572 million, or $1.36 per diluted share in
2006.
- Ongoing diluted earnings per share were
$1.43 compared with $1.30 per share in 2006 and exceeded the
company’s ongoing earnings guidance range of $1.38 to $1.42 per
share.
- Company reaffirms 2008 earnings from continuing operations guidance of $1.45 to $1.55 diluted earnings
per share.
MINNEAPOLIS – Xcel Energy Inc. (NYSE: XEL) today reported 2007 GAAP earnings of $577 million, or
$1.35, per diluted share, compared to $572 million, or $1.36 per diluted share in 2006. Ongoing earnings, adjusted
for certain non-recurring items, were $1.43 per diluted share compared to $1.30 in 2006.
,br>
Higher 2007 ongoing earnings primarily were attributed to higher electric and gas margins, reflecting various rate
increases, weather-normalized retail sales growth, higher rider recovery, and the impact of favorable
temperatures, which also increased sales. Partially offsetting these positive factors were higher O&M expense,
increased interest expense and a higher effective tax rate.
"We had a very successful year in 2007," said Richard C. Kelly, chairman, president and chief executive officer.
"We delivered strong financial results, completed the upgrade of the Allen S. King plant in Minnesota, resolved
our COLI dispute with the IRS, moved forward on our Grand Meadow wind farm in Minnesota and completed
several rate cases with constructive outcomes. In addition, we filed critical resource plans in Colorado and
Minnesota that, if approved, will help to meet increasing customer demands for electricity, while reducing carbon
emissions. At this time, we are also reaffirming our earnings from continuing operations guidance for
2008 with the range of $1.45 to $1.55 per share."
Earnings Adjusted for Certain Non-recurring Items (Ongoing Earnings-Note 7)
,br>
During 2007, Xcel Energy entered into a settlement agreement with the IRS related to a dispute associated with its
Corporate Owned Life Insurance program (COLI). Excluding this settlement, along with the earnings associated
with this insurance program, Xcel Energy’s ongoing 2007 earnings were $612 million, or $1.43 per share,
compared with 2006 ongoing earnings of $548 million or $1.30 per share. The following table provides a
reconciliation of GAAP earnings per share to ongoing earnings per share for 2007 and 2006.
| | Twelve months ended
Dec. 31, |
| Diluted earnings (loss) per share |
2007 |
2006 |
| Ongoing earnings per share.................................................. | $ 1.43 | $ 1.30 |
| PSR Investments, Inc. (PSRI) earnings .................................. | 0.05 | 0.05 |
| Interest, penalties and tax related to the IRS COLI settlement.. | (0.13) | — |
| Earnings per share — continuing operations ............................ | 1.35 | 1.35 |
| Income from discontinued operations..................................... | — | 0.01 |
| GAAP earnings per share
.................................................... | $ 1.35 | $ 1.36 |
At 9 a.m. CT today, Xcel Energy will host a
conference call to review financial results. To participate in the
call, please dial in five to ten minutes prior to start and follow
the operator’s instructions.
US
Dial-In: (800) 240-6709
International Dial-In: (303) 262-2190
The conference call also will be simultaneously broadcast and archived on Xcel Energy’s Web site at
www.xcelenergy.com. To access the presentation, click on Investor Information. If you are unable to participate
in the live event, the call will be available for replay from 11 a.m. CDT on January 30 through 11:59 p.m. CDT on
February 1.
Replay Numbers
US Dial-In: (800)
405-2236
International Dial-In: (303) 590-3000
Access Code: 11103807
Except for the historical statements contained in this release, the matters discussed herein, including our 2008 full
year earnings per share (EPS) guidance and assumptions, are forward-looking statements that are subject to
certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this
document by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "objective," "outlook,"
"plan," "project," "possible," "potential," "should" and similar expressions. Actual results may vary materially.
Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to
update them to reflect changes that occur after that date. Factors that could cause actual results to differ materially
include, but are not limited to: general economic conditions, including the availability of credit and its impact on
capital expenditures and the ability of Xcel Energy and its subsidiaries to obtain financing on favorable terms;
business conditions in the energy industry; actions of credit rating agencies; competitive factors, including the
extent and timing of the entry of additional competition in the markets served by Xcel Energy and its subsidiaries;
unusual weather; effects of geopolitical events, including war and acts of terrorism; state, federal and foreign
legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rates or have an
impact on asset operation or ownership; structures that affect the speed and degree to which competition enters
the electric and natural gas markets; costs and other effects of legal and administrative proceedings, settlements,
investigations and claims; actions of accounting regulatory bodies; and the other risk factors listed from time to
time by Xcel Energy in reports filed with the Securities and Exchange Commission (SEC), including Risk Factors
in Item 1A and Exhibit 99.01 of Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2006.
For more information, contact:
Paul Johnson, Managing Director, Investor Relations (612) 215-4535
Jack Nielsen, Director, Investor Relations (612) 215-4559
Cindy Hoffman, Senior Investor Relations Analyst (612) 215-4536
For news media inquiries only, please call Xcel Energy media relations (612) 215-5300
Xcel Energy Internet address: www.xcelenergy.com
This information is not given in connection with any
sale, offer for sale or offer to buy any security.
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