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Black Hills Corp. Announces 21 Percent Growth In 2013 Second Quarter Adjusted Earnings Per Share

Black Hills Corp. (NYSE: BKH) today announced 2013 second quarter financial results. Income from continuing operations, as adjusted, was $18.3 million, or $0.41 per diluted share, compared with $15.1 million, or $0.34 per diluted share, for the same period in 2012 (this is a non-GAAP measure, and an accompanying schedule for the GAAP to non-GAAP adjustment reconciliation is provided).

“We achieved solid earnings growth in the second quarter,” said David R. Emery, chairman, president and chief executive officer of Black Hills Corp. “Adjusted earnings per share increased 21 percent over the same period in the prior year, reflecting higher earnings at our gas utilities, power generation and coal mining segments combined with lower interest expense. Gas utilities realized higher sales volumes and gross margins due to colder spring weather as compared to the relatively warm spring last year. Power generation reported higher contract revenues while coal mining benefited from continued efficiency efforts. Interest expense was lower due to reduced outstanding debt.
Three Months Ended June 30, Six Months Ended June 30,
(in millions, except per share amounts)     2013     2012     2013     2012
Non-GAAP *:        
Income from continuing operations, as adjusted $ 18.3 $ 15.1 $ 56.6 $ 43.5
Income (loss) from discontinued operations           (1.2 )             (6.6 )
Net income, as adjusted (non-GAAP) $ 18.3       $ 13.9       $ 56.6     $ 36.9  
Earnings per share from continuing operations, as adjusted, diluted $ 0.41 $ 0.34 $ 1.28 $ 0.99
Earnings (loss) per share, discontinued operations           (0.03 )             (0.15 )
Earnings per share, as adjusted, diluted (non-GAAP) $ 0.41       $ 0.31       $ 1.28     $ 0.84  
Income from continuing operations $ 30.5 $ (12.3 ) $ 73.7 $ 22.9
Income (loss) from discontinued operations           (1.2 )             (6.6 )
Net income $ 30.5       $ (13.5 )     $ 73.7     $ 16.3  
Earnings per share from continuing operations, diluted $ 0.69 $ (0.28 ) $ 1.66 $ 0.52
Income (loss) from discontinued operations           (0.03 )             (0.15 )
Earnings per share, diluted     $ 0.69       $ (0.31 )     $ 1.66     $ 0.37  
*   These are Non-GAAP measures. Accompanying schedules for the GAAP to Non-GAAP adjustment reconciliations are provided below.

“We made excellent progress on two key strategic initiatives during the quarter. Construction commenced in April on the $237 million, 132 megawatt Cheyenne Prairie Generating Station. This project will meet our customers' growing demand for electricity at Cheyenne Light and replace generating capacity at Black Hills Power that is being closed due to U.S. Environmental Protection Agency regulations. Our oil and gas segment drilled two horizontal wells in the Mancos Shale formation in the Piceance Basin. We expect both wells to be completed and producing prior to year-end. The wells are part of a transaction through which we will earn approximately 20,000 net acres of Mancos Shale leasehold in the Piceance Basin in exchange for drilling and completing the two wells.

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