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

(Minor differences may result due to rounding. Prior period information has been revised to reclassify information related to discontinued operations.)

 
Consolidating Income Statement
Electric     Power   Coal       Intercompany  
Three Months Ended June 30, 2012 Utilities   Gas Utilities   Generation   Mining   Oil and Gas   Corporate   Eliminations   Total
(in millions)
Revenue $ 144.6 $ 70.4 $ 0.8 $ 6.0 $ 20.6 $ $ $ 242.4
Intercompany revenue 5.1 18.0 7.1 45.0 (75.2 )
Fuel, purchased power and cost of gas sold 61.4     28.5                     (26.4 )   63.5  
Gross Margin 88.3     41.9     18.8     13.1     20.6     45.0     (48.8 )   178.9  
 
Operations and maintenance 36.9 28.5 7.6 9.9 10.3 41.3 (44.5 ) 90.0
Depreciation, depletion and amortization 18.7 6.2 1.1 2.9 13.0 2.6 (3.1 ) 41.4
Impairment of long-lived assets                 26.9             26.9  
Operating income 32.7     7.2     10.1     0.3     (29.6 )   1.1     (1.2 )   20.6  
 
Interest expense, net (14.7 ) (6.5 ) (4.2 ) (1.1 ) (20.6 ) 20.5 (26.6 )
Interest rate swaps - unrealized (loss) gain (15.6 ) (15.6 )
Interest income 2.4 0.8 0.2 0.4 15.6 (18.7 ) 0.7
Other income (expense) 0.3 0.1 0.6 9.3 (9.3 ) 1.0
Income tax benefit (expense) (6.5 )   (0.4 )   (2.2 )   (0.1 )   11.1     5.7         7.6  
Income (loss) from continuing operations $ 14.2     $ 1.2     $ 3.9     $ 1.2     $ (19.6 )   $ (4.5 )   $ (8.7 )   $ (12.3 )
 
 
Consolidating Income Statement
Electric     Power   Coal       Intercompany  
Six Months Ended June 30, 2012 Utilities   Gas Utilities   Generation   Mining   Oil and Gas   Corporate   Eliminations   Total
(in millions)
Revenue $ 300.7 $ 250.9 $ 1.9 $ 12.4 $ 42.3 $ $ $ 608.2
Intercompany revenue 8.2 36.4 15.7 96.7 (157.0 )
Fuel, purchased power and cost of gas sold 135.2     140.4                     (55.0 )   220.6  
Gross Margin 173.7     110.5     38.3     28.1     42.3     96.7     (102.0 )   387.6  
 
Operations and maintenance 76.1 59.8 14.7 21.3 21.1 88.5 (91.4 ) 190.1
Depreciation, depletion and amortization 37.6 12.4 2.2 6.7 22.4 5.2 (6.5 ) 80.0
Impairment of long-lived assets                 26.9             26.9  
Operating income 60.0     38.3     21.4     0.1     (28.1 )   3.0     (4.1 )   90.6  
 
Interest expense, net (31.2 ) (14.2 ) (9.1 ) (2.8 ) (43.5 ) 44.9 (55.9 )
Interest rate swaps - unrealized (loss) gain (3.5 ) (3.5 )
Interest income 5.7 1.9 0.4 1.2 31.9 (40.0 ) 1.1
Other income (expense) 1.0 0.1 1.5 0.1 23.7 (23.6 ) 2.8
Income tax benefit (expense) (12.6 )   (9.7 )   (1.9 )   (0.6 )   11.2     1.6     (0.2 )   (12.2 )
Income (loss) from continuing operations $ 22.9     $ 16.4     $ 10.8     $ 2.2     $ (19.6 )   $ 13.2     $ (23.0 )   $ 22.9  
 
 
Consolidating Income Statement
Electric   Gas   Power   Coal       Intercompany  
Three Months Ended June 30, 2011 Utilities   Utilities   Generation   Mining   Oil and Gas  

Corporate (a)

  Eliminations   Total
(in millions)
Revenue $ 136.1 $ 99.9 $ 0.9 $ 6.3 $ 18.8 $ $ $ 262.0
Intercompany revenue 3.4 6.9 9.3 46.2 (67.2 ) (1.4 )
Fuel, purchased power and cost of gas sold 69.7     53.1                     (19.0 )   103.8  
Gross Margin 69.8     46.8     7.8     15.6     18.8     46.2     (48.2 )   156.8  
 
Operations and maintenance 34.2 28.3 4.1 13.0 10.2 40.7 (42.1 ) 88.4
Depreciation, depletion and amortization 13.0     5.9     1.0     4.6     7.6     2.6     (2.5 )   32.2  
Operating income 22.6     12.6     2.7     (2.0 )   1.0     2.9     (3.6 )   36.2  
 
Interest expense, net (13.6 ) (7.8 ) (2.3 ) (1.4 ) (22.7 ) 25.0 (22.8 )
Interest rate swaps - unrealized (loss) gain (7.8 ) (7.8 )
Interest income 3.5 1.5 0.4 0.9 15.5 (21.3 ) 0.5
Other income (expense) (0.1 ) 0.1 0.5 0.1 7.5 (7.5 ) 0.6
Income tax benefit (expense) (3.8 )   (2.0 )   (0.3 )   0.2     0.2     2.7         (3.0 )
Income (loss) from continuing operations $ 8.6     $ 4.4     $ 0.5     $ (0.4 )   $ (0.1 )   $ (1.9 )   $ (7.4 )   $ 3.7  
                                                                 

(a) Certain direct corporate costs and inter-segment interest expense previously allocated to our Energy Marketing segment were not reclassified to discontinued operations but included in the Corporate segment.

 
Consolidating Income Statement
Electric   Gas   Power   Coal       Intercompany  
Six Months Ended June 30, 2011 Utilities   Utilities   Generation   Mining   Oil and Gas  

Corporate (a)

  Eliminations   Total
(in millions)
Revenue $ 280.6 $ 330.2 $ 1.6 $ 13.9 $ 36.7 $ $ $ 663.0
Intercompany revenue 7.2 13.8 17.1 95.9 (135.6 ) (1.6 )
Fuel, purchased power and cost of gas sold 143.8     206.2                     (35.7 )   314.3  
Gross Margin 144.0     124.0     15.4     31.0     36.7     95.9     (99.9 )   347.1  
 
Operations and maintenance 71.3 62.8 8.3 27.6 20.7 84.8 (87.0 ) 188.5
Depreciation, depletion and amortization 25.8     12.0     2.1     9.2     14.9     5.4     (5.3 )   64.1  
Operating income 46.9     49.2     5.0     (5.8 )   1.1     5.7     (7.6 )   94.5  
 
Interest expense, net (27.0 ) (16.2 ) (4.4 ) (2.8 ) (45.3 ) 49.5 (46.2 )
Interest rate swaps - unrealized (loss) gain (2.4 ) (2.4 )
Interest income 7.0 2.9 0.8 1.9 30.3 (41.9 ) 1.0
Other income (expense) 0.4 0.1 1.2 1.1 (0.1 ) 29.9 (29.8 ) 2.8
Income tax benefit (expense) (8.3 )   (12.3 )   (0.9 )   1.1     1.0     2.5         (16.9 )
Income (loss) from continuing operations $ 19.0     $ 23.7     $ 1.7     $ (1.7 )   $ (0.8 )   $ 20.7     $ (29.8 )   $ 32.8  
                                                                 

(a) Certain direct corporate costs and inter-segment interest expense previously allocated to our Energy Marketing segment were not reclassified to discontinued operations but included in the Corporate segment.

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