Black Hills Corp. Reports 55 Percent Increase In 2012 Second Quarter Adjusted Earnings Per Share

Black Hills Corp. (NYSE: BKH) today announced 2012 second quarter financial results. Income from continuing operations, as adjusted, was $15.1 million, or $0.34 per diluted share, compared to $8.8 million, or $0.22 per diluted share, for the same period in 2011 (this is a non-GAAP measure and an accompanying schedule for the GAAP to non-GAAP adjustment reconciliation is provided).

“We are pleased with our 55 percent improvement in adjusted earnings per share in the second quarter,” said David R. Emery, chairman, president and chief executive officer of Black Hills Corp. “Earnings increased due to contributions from our new power plant complex in Pueblo, Colo., increased electric utility retail sales resulting from record-breaking warm temperatures throughout our service territories in June and continued improvements in our coal mining segment. These gains were partially offset by 32 percent lower sales in our gas utilities resulting from warm spring weather and a 27 percent decrease in our average price received for natural gas in our oil and gas segment.”

“Our oil and gas business reported solid operating performance in the second quarter with a 23 percent increase in crude oil and natural gas production. Financial results were negatively impacted by a $3.4 million depletion adjustment for an increased depletion rate caused primarily by our decision to defer drilling of four San Juan Basin Mancos formation wells beyond 2012. GAAP results for the oil and gas segment also included a $17.3 million after-tax, non-cash ceiling test impairment resulting from low natural gas prices.”

		Three Months Ended June 30,								Six Months Ended June 30,
(in millions, except per share amounts)		2012				2011				2012				2011
Non-GAAP *:
Income from continuing operations, as adjusted		$	15.1			$	8.8			$	43.6			$	34.3
Income (loss) from discontinued operations, net of tax		(1.2		)		4.0				(6.6		)		1.9
Net income, as adjusted (non-GAAP)		$	13.9			$	12.8			$	37.0			$	36.2
Earnings per share from continuing operations, as adjusted, diluted		$	0.34			$	0.22			$	0.99			$	0.86
Earnings (loss) per share, discontinued operations, net of tax		(0.03		)		0.10				(0.15		)		0.05
Earnings per share, as adjusted, diluted (non-GAAP)		$	0.31			$	0.32			$	0.84			$	0.91
GAAP:
Income from continuing operations		$	(12.3	)		$	3.7			$	22.9			$	32.8
Income (loss) from discontinued operations, net of tax		(1.2		)		4.0				(6.6		)		1.9
Net income		$	(13.5	)		$	7.8			$	16.3			$	34.7
Earnings per share from continuing operations, diluted		$	(0.28	)		$	0.09			$	0.52			$	0.82
Income (loss) from discontinued operations, net of tax		(0.03		)		0.10				(0.15		)		0.05
Earnings per share, diluted		$	(0.31	)		$	0.19			$	0.37			$	0.87

* This is a Non-GAAP measure, and an accompanying schedule for the GAAP to Non-GAAP adjustment reconciliation is provided below.

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