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Black Hills Corp. Reports 2012 Fourth Quarter And Full Year Results And Announces 43rd Consecutive Annual Dividend Increase

Black Hills Corp. (NYSE: BKH) today announced 2012 fourth quarter and full-year financial results and the 43rd consecutive annual increase in the company’s dividend. Adjusted income from continuing operations, a non-GAAP measure,* for the fourth quarter of 2012 was $30.0 million, or $0.68 per share, compared to $19.7 million, or $0.46 per share, for the same period in 2011. For the 12 months ending Dec. 31, 2012, adjusted income from continuing operations was $92.2 million, or $2.09 per share, compared to $67.7 million, or $1.69 per share, for the same period in 2011.

The quarterly dividend was increased by $0.01 per common share to $0.38 per share, equivalent to an annual increase of $0.04 and dividend rate of $1.52 per share. Common shareholders of record at the close of business on Feb. 15, 2013, will receive $0.38 per share, payable on March 1, 2013.

“Considering the warm winter temperatures and low natural gas prices throughout 2012, we are very pleased with our earnings and operating results,” said David R. Emery, chairman, chief executive officer and president of Black Hills Corp. “Prudent management of our businesses, successful execution of our continuous improvement and cost-reduction initiatives, and increased earnings in most of our businesses largely offset the negative impacts of weather and gas prices.”
Three Months Ended Dec. 31, Twelve Months Ended Dec. 31,
(in millions, except per share amounts)     2012     2011     2012     2011
Income from continuing operations, as adjusted $ 30.0 $ 19.7 $ 92.2 $ 67.7
Income (loss) from discontinued operations (0.2 )     6.8       (7.0 )     9.4
Net income, as adjusted (Non-GAAP) $ 29.8       $ 26.5       $ 85.2       $ 77.1
Earnings per share from continuing operations, as adjusted, diluted $ 0.68 $ 0.46 $ 2.09 $ 1.69
Earnings per share, discontinued operations       0.16       (0.16 )     0.23
Earnings per share, as adjusted (Non-GAAP) $ 0.68       $ 0.62       $ 1.93       $ 1.92
Income from continuing operations $ 30.9 $ 18.8 $ 88.5 $ 40.4
Income (loss) from discontinued operations (0.2 )     6.8       (7.0 )     9.4
Net income $ 30.8       $ 25.6       $ 81.5       $ 49.7
Earnings per share from continuing operations, diluted $ 0.70 $ 0.44 $ 2.01 $ 1.01
Income (loss) from discontinued operations       0.16       (0.16 )     0.23
Earnings per share, diluted $ 0.70       $ 0.60       $ 1.85       $ 1.24
* An accompanying schedule for the GAAP to Non-GAAP adjustment reconciliation is provided below.

“Despite the financial challenges in the first quarter, the company delivered adjusted earnings of $2.09 per share for 2012, up 24 percent compared to 2011, and toward the upper end of our revised guidance range,” Emery said. “The electric utilities and power generation businesses posted solid earnings growth driven by the significant investments in our new power plant complex in Pueblo, Colo. The coal mining business also improved, with a $6.0 million earnings increase year-over-year. The gas utilities performed very well against the backdrop of warm winter temperatures, with solid operational performance, including zero controllable outages during 2012.

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