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

CONFERENCE CALL AND WEBCAST

Black Hills Corp. will host a live conference call and webcast at 11 a.m. EDT on Tuesday, Aug. 7, 2012, to discuss the company’s financial and operating performance.

To access the live webcast and download a copy of the investor presentation, go to the Black Hills website at www.blackhillscorp.com, and click on “Webcast” in the “Investor Relations” section. The presentation will be posted on the website before the webcast. Listeners should allow at least five minutes for registering and accessing the presentation. Those interested in asking a question during the live broadcast or those without Internet access can call 800-688-0836 if calling within the United States. International callers can call 617-614-4072. All callers need to enter the pass code 52955387 when prompted.

For those unable to listen to the live broadcast, a replay will be available on the company’s website or by telephone through Tuesday, Aug. 21, 2012, at 888-286-8010 in the United States and at 617-801-6888 for international callers. The replay pass code is 52411402.

BUSINESS UNIT PERFORMANCE SUMMARY

Business Group highlights for the three months ended June 30, 2012, compared to the three months ended June 30, 2011, are discussed below. The following business group and segment information does not include certain intercompany eliminations or discontinued operations. Minor differences in comparative amounts may result due to rounding. All amounts are presented on a pre-tax basis unless otherwise indicated. Prior period information has been revised to reclassify information related to discontinued operations.

Utilities Group

Income from continuing operations for the Utilities Group for the second quarter ended June 30, 2012, was $15.4 million, compared to $13.0 million in 2011.

       

Electric Utilities

 
Three Months Ended Six Months Ended
June 30, Variance June 30, Variance
2012   2011   2012 vs. 2011   2012   2011   2012 vs. 2011
(in millions)
Gross margin $ 88.3     $ 69.8     $ 18.5   $ 173.7     $ 144.0     $ 29.7  
   
Operations and maintenance 36.9 34.2 2.7 76.1 71.3 4.8
Depreciation and amortization 18.7     13.0     5.7   37.6     25.8     11.8  
Operating income 32.7 22.6 10.1 60.0 46.9 13.1
 
Interest expense, net (12.3 ) (10.1 ) (2.2 ) (25.5 ) (20.1 ) (5.4 )
Other (income) expense, net 0.3 (0.1 ) 0.4 1.0 0.4 0.6
Income tax benefit (expense) (6.5 )   (3.9 )   (2.6 ) (12.6 )   (8.3 )   (4.3 )
Income (loss) from continuing operations $ 14.2     $ 8.6     $ 5.6   $ 22.9     $ 18.9     $ 4.0  
 
   
Three Months Ended June 30, Six Months Ended June 30,
2012   2011   2012   2011
Operating Statistics:    
Retail sales - MWh 1,126,396 1,077,980 2,245,206 2,224,162
Contracted wholesale sales - MWh 72,006 82,253 161,054 172,212
Off-system sales - MWh 355,123     452,772   882,670     857,616  
Total electric sales - MWh 1,553,525     1,613,005   3,288,930     3,253,990  
 
Total gas sales - Cheyenne Light - Dth 643,221     939,928   2,430,979     2,888,633  
 
Regulated power plant availability:              
Coal-fired plants (a)

81.0

% 88.6 % 86.0 % 89.9 %
Other plants (b)

96.4

% 89.9 % 95.7 % 94.3 %
Total availability   88.8 %   89.0 % 90.9 %   91.5 %
                         

(a) Three months ended June 30, 2012 reflects an unplanned outage due to a transformer failure and a planned outage at Neil Simpson II and six months ended June 30, 2012 also reflects planned overhauls at Wygen II. 2011 reflects a major overhaul and an unplanned outage at the PacifiCorp-operated Wyodak plant.(b) Availability for the three months ended June 30, 2011 was impacted by a planned major overhaul at Neil Simpson CT.

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