FERGUS FALLS, Minn., Feb. 11, 2013 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) today announced financial results for the year ended December 31, 2012. 2012 Summary:
- The corporation continues to execute on its strategy of de-risking with divestitures of DMS Health Technologies, Inc. (DMS) and DMI Industries, Inc. (DMI) in 2012 and ShoreMaster, Inc. (ShoreMaster) in 2013.
- Consolidated revenues from continuing operations rose 2.3% to $859.2 million compared with $840.2 million in 2011.
- Consolidated operating income from continuing operations rose 14.1% to $82.0 million from $71.9 million in 2011.
- On a non-GAAP basis 1 , excluding interest and early retirement charges of $9.3 million in 2012 and interest charges of $2.7 million in 2011 related to the corporation's $50 million, 8.89% Senior Unsecured Note due November 30, 2017, that was retired in July 2012, consolidated net income from continuing operations totaled $48.3 million, or $1.31 per diluted share, compared with $37.6 million, or $1.02 per diluted share, in 2011, a 28.5% improvement.
- Consolidated net income from continuing operations increased to $39.0 million, or $1.05 per diluted share, from $34.9 million, or $0.95 per diluted share, in 2011.
- Consolidated net losses from continuing and discontinued operations totaled $5.3 million, or ($0.17) per diluted share, compared with $13.2 million, or ($0.40) per diluted share for 2011.
- The corporation expects 2013 earnings per share from continuing operations to be in a range of $1.30 to $1.55.