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Black Hills Corp. Reports 20 Percent Increase In 2012 Third Quarter Adjusted Earnings Per Share, Reaffirms 2012 Earnings Guidance And Initiates 2013 Earnings Guidance

Black Hills Corp. (NYSE: BKH) today announced 2012 third quarter financial results. Income from continuing operations, as adjusted, was $18.7 million, or $0.42 per diluted share, compared with $13.7 million, or $0.35 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).

“Our businesses performed very well in the third quarter, with adjusted earnings per share up 20 percent,” said David R. Emery, chairman, president and chief executive officer of Black Hills Corp. “We had continued strong earnings contributions from our electric utilities, and I am particularly pleased with the ongoing earnings improvements in our power generation and coal mining segments. Our oil and gas segment reported strong production gains that were offset by lower average natural gas prices and higher depletion expenses.

“During the quarter, we closed on the sale of our Williston Basin oil and gas assets for net cash proceeds of $227 million. We reported a $17.7 million after-tax gain from the sale in the quarter. We believe that the sales price and the overall transaction provided an exceptional value for our shareholders.

“Given our continued strong performance, we expect 2012 earnings from continuing operations, as adjusted, to be toward the upper half of our $1.90 to $2.10 per share range. We also expect strong earnings growth in 2013 and are issuing guidance of $2.20 to $2.40 per share from continuing operations, as adjusted.”

  Three Months Ended Sept. 30,   Nine Months Ended Sept. 30,
(in millions, except per share amounts)   2012   2011   2012   2011
Non-GAAP *:    
Income from continuing operations, as adjusted $ 18.7 $ 13.7 $ 62.3 $ 48.0
Income (loss) from discontinued operations, net of tax (0.2 )   0.6     (6.8 )   2.5
Net income, as adjusted (non-GAAP) $ 18.5     $ 14.3     $ 55.5     $ 50.5
 
Earnings per share from continuing operations, as adjusted, diluted $ 0.42 $ 0.35 $ 1.41 $ 1.21
Earnings (loss) per share, discontinued operations, net of tax     0.02     (0.16 )   0.07
Earnings per share, as adjusted, diluted (non-GAAP) $ 0.42     $ 0.37     $ 1.25     $ 1.28
 
GAAP:
Income from continuing operations $ 34.6 $ (11.2 ) $ 57.6 $ 21.6
Income (loss) from discontinued operations, net of tax (0.2 )   0.6     (6.8 )   2.5
Net income $ 34.5     $ (10.5 )   $ 50.8     $ 24.1
 
Earnings per share from continuing operations, diluted $ 0.78 $ (0.29 ) $ 1.31 $ 0.54
Income (loss) from discontinued operations, net of tax     0.02     (0.16 )   0.07
Earnings per share, diluted   $ 0.78     $ (0.27 )   $ 1.15     $ 0.61
 

* 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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