Minnesota | 0-53713 | 27-0383995 |
(State or other jurisdiction | (Commission | (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
215 South Cascade Street, P.O. Box 496, Fergus Falls, MN | 56538-0496 |
(Address of principal executive offices) | (Zip Code) |
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(d)
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Exhibits
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99.1
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Press Release issued November 4, 2013.
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OTTER TAIL CORPORATION | |||
Date: November 5, 2013 | |||
By
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/s/ Kevin G. Moug | ||
Kevin G. Moug | |||
Chief Financial Officer
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2 |
Exhibit | Description of Exhibit | ||
99.1 | Press release, dated November 4, 2013 |
3 |
NEWS RELEASE
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Media contact: | Michael J. Olsen, Sr. Vice President of Corporate Communications, (701) 451-3580 or (866) 410-8780 |
Investor contact: | Loren Hanson, Manager of Investor Relations, (218) 739-8481 or (800) 664-1259 |
For release: | November 4, 2013 | Financial Media |
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Consolidated revenues from continuing operations were $229.8 million compared with $215.3 million for the third quarter of 2012.
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Consolidated net income and diluted earnings per share from continuing operations totaled $14.8 million and $0.41, respectively, compared with $4.8 million and $0.13 for the third quarter of 2012.
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Consolidated net income for the third quarter of 2012 includes a $7.9 million ($0.22 diluted earnings per share) after-tax charge related to the July 13, 2012 early retirement of the corporation’s then outstanding $50 million, 8.89% Senior Unsecured Note due November 30, 2017.
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Consolidated net income and diluted earnings per share from continuing and discontinued operations totaled $15.1 million and $0.42, respectively, compared with $1.9 million and $0.05 per share for the third quarter of 2012.
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The corporation is narrowing its earnings guidance range to $1.38 to $1.50 per diluted share from its previously issued guidance of $1.30 to $1.50 per diluted share.
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1 |
(in thousands)
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Line Limit
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In Use on
September 30, 2013
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Restricted due to Letters of Credit
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Available on
September 30, 2013
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||||||||||||
Otter Tail Corporation Credit Agreement
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$ | 150,000 | $ | -- | $ | 680 | $ | 149,320 | ||||||||
Otter Tail Power Company Credit Agreement
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170,000 | 40,335 | 1,189 | 128,476 | ||||||||||||
Total
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$ | 320,000 | $ | 40,335 | $ | 1,869 | $ | 277,796 |
Principal Amount
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Term
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Rate
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$60 million
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15 years
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4.68%
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$90 million
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30 years
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5.47%
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2 |
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●
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a $1.1 million decrease in Fuel Clause Adjustment revenues and fuel and purchased power costs recovered in base rates as a result of a 7.3% reduction in fuel costs per kilowatt-hour (kwh) generated at Otter Tail Power Company’s steam-powered and combustion turbine generators in combination with a 2.0% decrease in retail kwh sales,
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a $1.0 million decrease in revenues related to the 2.0% decrease in retail kwh sales due, in part, to milder weather as evidenced by a decrease in both heating and cooling degree days of 29.0% and 15.3%, respectively, between the quarters, and
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a $1.0 million decrease in various environmental, renewable, regulatory and conservation cost recovery related revenues driven by commensurate increases in other revenues or reductions in costs that are components of these alternative revenue recovery mechanisms,
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a $1.2 million increase in Transmission Cost Recovery Rider revenues resulting from increased investment in transmission lines.
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3 |
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a $1.0 million increase in Midcontinent Independent System Operator, Inc. (MISO) transmission tariff charges related to increasing investments in regional CapX2020 and MISO-designated Multi-Value transmission projects,
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a $0.9 million increase in general and administrative expenses, mostly related to a $0.7 million increase in corporate costs allocated to the Electric segment due, in part, to changes in allocation factors resulting from the corporation’s recent divestitures, and
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a $0.3 million increase in property tax expense related to higher property value assessments in Minnesota and South Dakota.
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At BTD, revenues increased $2.3 million as a result of higher sales volume due to increased demand from customers in end markets serving the recreational equipment and agricultural industries. BTD’s net income increased $0.8 million as a result of the increase in sales revenue and the recording of $0.5 million in research and development tax credits recorded in conjunction with the filing of the corporation’s 2012 extended federal tax return. The Research and Development Tax Credit expired at the end of 2011 and had not been extended as of December 31, 2012. The American Taxpayer Relief Act of 2012, signed into law on January 2, 2013, extended the credits retroactively through the end of 2013.
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At T.O. Plastics, revenues increased by $0.4 million and net income increased $0.2 million as a result of increases in product sales and tooling revenues.
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4 |
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Foley revenues increased $15.6 million and Foley recorded $0.8 million in net income in the third quarter of 2013 compared to a net loss of $2.5 million for the third quarter of 2012 resulting from cost overruns and losses incurred on certain major projects in progress in the third quarter of 2012. In the third quarter of 2013, Foley recognized more revenue on several large projects initiated in 2012.
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Aevenia’s revenues decreased $6.0 million while its net income decreased by $0.2 million quarter over quarter. The decline in revenue is a result of a strategic reduction in the volume of telecommunications jobs pursued in 2013 and a delay in securing and initiating new substation construction. Also, Aevenia’s third quarter 2012 results included revenues of $1.7 million and net income of $0.1 million from Moorhead Electric, Inc., an Aevenia subsidiary that was sold in October 2012.
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5 |
Previous 2013 EPS Guidance
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Current 2013 EPS Guidance
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Low
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High
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Low
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High
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Electric
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$ | 1.02 | $ | 1.06 | $ | 1.02 | $ | 1.04 | ||||||||
Manufacturing
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$ | 0.27 | $ | 0.31 | $ | 0.30 | $ | 0.33 | ||||||||
Construction
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$ | 0.01 | $ | 0.05 | $ | 0.03 | $ | 0.05 | ||||||||
Plastics
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$ | 0.31 | $ | 0.35 | $ | 0.35 | $ | 0.37 | ||||||||
Corporate
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$ | (0.31) | $ | (0.27) | $ | (0.32) | $ | (0.29) | ||||||||
Total – Continuing Operations
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$ | 1.30 | $ | 1.50 | $ | 1.38 | $ | 1.50 |
●
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The corporation is narrowing its previous 2013 guidance for its Electric segment based on third quarter 2013 results and current expectations for fourth quarter earnings.
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The corporation is increasing and narrowing the range of its previous 2013 guidance for its Manufacturing segment reflecting the following factors:
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o
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Increasing productivity improvements and better than expected third quarter results at BTD, combined with the expectation of recording additional research and development tax credits for the 2013 tax year in the fourth quarter of 2013.
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o
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Stronger than expected third quarter sales at T.O. Plastics, combined with a reduction in expected labor costs.
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o
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Backlog for the manufacturing companies is approximately $47 million for 2013 compared with $45 million one year ago.
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The corporation is narrowing the range of its previous 2013 guidance for its Construction segment. Segment net income is expected to be higher in 2013 than 2012 due to improved cost control processes in construction management and selective bidding on projects with the potential for higher margins. Foley’s performance on certain large projects negatively impacted 2012 results. These projects were substantially completed in 2012 and Foley’s internal bidding and estimating project review procedures have been improved such that the corporation expects Foley to be profitable in 2013. The change in guidance from the second quarter in this segment is also due to improved business conditions at Aevenia. Backlog in place for the construction businesses is $34 million for 2013 compared with $39 million one year ago.
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The corporation is increasing and narrowing the range of its previous 2013 guidance for its Plastics segment based on the strength of its performance through the first nine months of 2013.
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The corporation now expects a minor increase in corporate general and administrative costs in the fourth quarter of 2013 and has adjusted its previous 2013 guidance accordingly.
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6 |
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Federal and state environmental regulation could require the corporation to incur substantial capital expenditures and increased operating costs.
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Volatile financial markets and changes in the corporation’s debt ratings could restrict its ability to access capital and could increase borrowing costs and pension plan and postretirement health care expenses.
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The corporation relies on access to both short- and long-term capital markets as a source of liquidity for capital requirements not satisfied by cash flows from operations. If the corporation is not able to access capital at competitive rates, its ability to implement its business plans may be adversely affected.
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Disruptions, uncertainty or volatility in the financial markets can also adversely impact the corporation’s results of operations, the ability of its customers to finance purchases of goods and services, and its financial condition, as well as exert downward pressure on stock prices and/or limit its ability to sustain its current common stock dividend level.
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The corporation made a $10.0 million discretionary contribution to its defined benefit pension plan in January 2013. The corporation could be required to contribute additional capital to the pension plan in the future if the market value of pension plan assets significantly declines, plan assets do not earn in line with the corporation’s long-term rate of return assumptions or relief under the Pension Protection Act is no longer granted.
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Any significant impairment of the corporation’s goodwill would cause a decrease in its asset values and a reduction in its net operating income.
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A sustained decline in the corporation’s common stock price below book value or declines in projected operating cash flows at any of its operating companies may result in goodwill impairments that could adversely affect its results of operations and financial position, as well as financing agreement covenants.
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The corporation currently has $7.3 million of goodwill and a $1.1 million indefinite-lived trade name recorded on its consolidated balance sheet related to the acquisition of Foley Company in 2003. Foley Company generated a large operating loss in 2012 due to significant cost overruns on certain construction projects. If operating margins do not meet the corporation’s projections, the reductions in anticipated cash flows from Foley Company may indicate that its fair value is less than its book value, resulting in an impairment of some or all of the goodwill and indefinite-lived trade name associated with Foley along with a corresponding charge against earnings.
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The inability of the corporation’s subsidiaries to provide sufficient earnings and cash flows to allow the corporation to meet its financial obligations and debt covenants and pay dividends to its shareholders could have an adverse effect on the corporation.
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7 |
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Economic conditions could negatively impact the corporation’s businesses.
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If the corporation is unable to achieve the organic growth it expects, its financial performance may be adversely affected.
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The corporation’s plans to grow and realign its business mix through capital projects, acquisitions and dispositions may not be successful, which could result in poor financial performance.
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The corporation may, from time to time, sell assets to provide capital to fund investments in its electric utility business or for other corporate purposes, which could result in the recognition of a loss on the sale of any assets sold and other potential liabilities. The sale of any of the corporation’s businesses could expose the corporation to additional risks associated with indemnification obligations under the applicable sales agreements and any related disputes.
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The corporation’s plans to grow and operate its manufacturing and infrastructure businesses could be limited by state law.
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Significant warranty claims and remediation costs in excess of amounts normally reserved for such items could adversely affect the corporation’s results of operations and financial condition.
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The corporation is subject to risks associated with energy markets.
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The corporation is subject to risks and uncertainties related to the timing and recovery of deferred tax assets which could have a negative impact on the corporation’s net income in future periods.
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The corporation relies on its information systems to conduct its business, and failure to protect these systems against security breaches could adversely affect its business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, the corporation’s business could be harmed.
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The corporation may experience fluctuations in revenues and expenses related to its electric operations, which may cause its financial results to fluctuate and could impair its ability to make distributions to its shareholders or scheduled payments on its debt obligations, or to meet covenants under its borrowing agreements.
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Actions by the regulators of the corporation’s electric operations could result in rate reductions, lower revenues and earnings or delays in recovering capital expenditures.
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Otter Tail Power Company’s electric generating facilities are subject to operational risks that could result in unscheduled plant outages, unanticipated operation and maintenance expenses and increased power purchase costs.
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Changes to regulation of generating plant emissions, including but not limited to carbon dioxide (CO2) emissions, could affect Otter Tail Power Company’s operating costs and the costs of supplying electricity to its customers.
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Competition from foreign and domestic manufacturers, the price and availability of raw materials and general economic conditions could affect the revenues and earnings of our manufacturing businesses.
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A significant failure or an inability to properly bid or perform on projects or contracts by the corporation’s construction businesses could lead to adverse financial results and could lead to the possibility of delay or liquidated damages.
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The corporation’s construction subsidiaries enter into contracts which could expose them to unforeseen costs and costs not within their control, which may not be recoverable and could adversely affect the corporation’s results of operations and financial condition.
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The corporation’s Plastics segment is highly dependent on a limited number of vendors for PVC resin, many of which are located in the Gulf Coast regions, and a limited supply of resin. The loss of a key vendor, or an interruption or delay in the supply of PVC resin, could result in reduced sales or increased costs for this segment.
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The corporation’s plastic pipe companies compete against a large number of other manufacturers of PVC pipe and manufacturers of alternative products. Customers may not distinguish the pipe companies’ products from those of its competitors.
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Reductions in PVC resin prices can negatively impact PVC pipe prices, profit margins on PVC pipe sales and the value of PVC pipe held in inventory.
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8 |
9 |
Otter Tail Corporation
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Consolidated Statements of Income
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In thousands, except share and per share amounts
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||||||||||||||||
(not audited)
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||||||||||||||||
Quarter Ended September 30,
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Year-to-Date September 30,
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|||||||||||||||
2013
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2012
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2013
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2012
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Operating Revenues by Segment
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Electric
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$ | 86,283 | $ | 88,564 | $ | 270,155 | $ | 257,530 | ||||||||
Manufacturing
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49,323 | 46,618 | 152,282 | 159,091 | ||||||||||||
Construction
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47,509 | 37,931 | 108,928 | 111,482 | ||||||||||||
Plastics
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46,659 | 42,217 | 128,820 | 118,582 | ||||||||||||
Corporate Revenue and Intersegment Eliminations
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(6 | ) | (14 | ) | (74 | ) | (78 | ) | ||||||||
Total Operating Revenues
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229,768 | 215,316 | 660,111 | 646,607 | ||||||||||||
Operating Expenses
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Fuel and Purchased Power
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27,476 | 28,760 | 88,916 | 83,125 | ||||||||||||
Nonelectric Cost of Goods Sold (depreciation included below)
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115,475 | 103,152 | 311,474 | 321,874 | ||||||||||||
Electric Operating and Maintenance Expense
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33,789 | 31,550 | 107,966 | 99,257 | ||||||||||||
Nonelectric Operating and Maintenance Expense
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12,857 | 12,424 | 38,811 | 39,305 | ||||||||||||
Asset Impairment Charge - Electric
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-- | -- | -- | 432 | ||||||||||||
Depreciation and Amortization
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15,039 | 15,057 | 44,794 | 44,740 | ||||||||||||
Total Operating Expenses
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204,636 | 190,943 | 591,961 | 588,733 | ||||||||||||
Operating Income (Loss) by Segment
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Electric
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14,231 | 17,750 | 41,183 | 43,365 | ||||||||||||
Manufacturing
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4,908 | 4,072 | 15,489 | 15,791 | ||||||||||||
Construction
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3,104 | (1,908 | ) | 1,554 | (11,256 | ) | ||||||||||
Plastics
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5,906 | 7,078 | 19,431 | 19,950 | ||||||||||||
Corporate
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(3,017 | ) | (2,619 | ) | (9,507 | ) | (9,976 | ) | ||||||||
Total Operating Income
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25,132 | 24,373 | 68,150 | 57,874 | ||||||||||||
Interest Charges
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6,574 | 7,904 | 20,431 | 24,970 | ||||||||||||
Loss on Early Retirement of Debt
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-- | 13,106 | -- | 13,106 | ||||||||||||
Other Income
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1,401 | 653 | 2,958 | 2,279 | ||||||||||||
Income Tax Expense (Benefit) – Continuing Operations
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5,133 | (785 | ) | 13,113 | 200 | |||||||||||
Net Income (Loss) by Segment – Continuing Operations
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Electric
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8,787 | 10,206 | 24,301 | 26,413 | ||||||||||||
Manufacturing
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2,970 | 1,914 | 8,333 | 7,880 | ||||||||||||
Construction
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1,784 | (1,325 | ) | 716 | (7,252 | ) | ||||||||||
Plastics
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3,403 | 3,309 | 11,215 | 10,629 | ||||||||||||
Corporate
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(2,118 | ) | (9,303 | ) | (7,001 | ) | (15,793 | ) | ||||||||
Net Income from Continuing Operations
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14,826 | 4,801 | 37,564 | 21,877 | ||||||||||||
Discontinued Operations
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Income (Loss) - net of Income Tax Expense (Benefit) of
$39, ($75), ($35) and $3,431 for the respective periods
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312 | (2,928 | ) | 428 | 886 | |||||||||||
Impairment Loss - net of Income Tax (Benefit) of
$0, $0, $0 and ($18,114) for the respective periods
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-- | -- | -- | (27,459 | ) | |||||||||||
Gain (Loss) on Disposition - net of Income Tax Expense (Benefit) of $0, $0, $6, and ($169) for the respective periods
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-- | -- | 210 | (3,544 | ) | |||||||||||
Net Income (Loss) from Discontinued Operations
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312 | (2,928 | ) | 638 | (30,117 | ) | ||||||||||
Net Income (Loss)
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15,138 | 1,873 | 38,202 | (8,240 | ) | |||||||||||
Preferred Dividend Requirement and Other Adjustments
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-- | 183 | 513 | 551 | ||||||||||||
Balance for Common
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$ | 15,138 | $ | 1,690 | $ | 37,689 | $ | (8,791 | ) | |||||||
Average Number of Common Shares Outstanding
|
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Basic
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36,179,507 | 36,061,002 | 36,141,664 | 36,043,276 | ||||||||||||
Diluted
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36,381,900 | 36,252,765 | 36,344,063 | 36,235,039 | ||||||||||||
Basic Earnings (Loss) Per Common Share:
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Continuing Operations (net of preferred dividend requirement and other adjustments)
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$ | 0.41 | $ | 0.13 | $ | 1.02 | $ | 0.59 | ||||||||
Discontinued Operations
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0.01 | (0.08 | ) | 0.02 | (0.83 | ) | ||||||||||
$ | 0.42 | $ | 0.05 | $ | 1.04 | $ | (0.24 | ) | ||||||||
Diluted Earnings (Loss) Per Common Share:
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Continuing Operations (net of preferred dividend requirement and other adjustments)
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$ | 0.41 | $ | 0.13 | $ | 1.02 | $ | 0.59 | ||||||||
Discontinued Operations
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0.01 | (0.08 | ) | 0.02 | (0.83 | ) | ||||||||||
$ | 0.42 | $ | 0.05 | $ | 1.04 | $ | (0.24 | ) |
10 |
Otter Tail Corporation
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Consolidated Balance Sheets
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ASSETS
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in thousands
|
||
(not audited)
|
September 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
Current Assets
|
||||||||
Cash and Cash Equivalents
|
$ | 59,117 | $ | 52,362 | ||||
Accounts Receivable:
|
||||||||
Trade—Net
|
98,164 | 91,170 | ||||||
Other
|
15,215 | 7,684 | ||||||
Inventories
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72,658 | 69,336 | ||||||
Deferred Income Taxes
|
19,696 | 30,964 | ||||||
Unbilled Revenues
|
12,304 | 15,701 | ||||||
Costs and Estimated Earnings in Excess of Billings
|
4,858 | 3,663 | ||||||
Regulatory Assets
|
17,754 | 25,499 | ||||||
Other
|
10,167 | 8,161 | ||||||
Assets of Discontinued Operations
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432 | 19,092 | ||||||
Total Current Assets
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310,365 | 323,632 | ||||||
Investments
|
9,325 | 9,471 | ||||||
Other Assets
|
27,696 | 26,222 | ||||||
Goodwill
|
38,971 | 38,971 | ||||||
Other Intangibles—Net
|
13,572 | 14,305 | ||||||
Deferred Debits
|
||||||||
Unamortized Debt Expense
|
4,341 | 5,529 | ||||||
Regulatory Assets
|
131,921 | 134,755 | ||||||
Total Deferred Debits
|
136,262 | 140,284 | ||||||
Plant
|
||||||||
Electric Plant in Service
|
1,438,543 | 1,423,303 | ||||||
Nonelectric Operations
|
194,636 | 186,094 | ||||||
Construction Work in Progress
|
159,202 | 77,890 | ||||||
Total Gross Plant
|
1,792,381 | 1,687,287 | ||||||
Less Accumulated Depreciation and Amortization
|
670,298 | 637,835 | ||||||
Net Plant
|
1,122,083 | 1,049,452 | ||||||
Total
|
$ | 1,658,274 | $ | 1,602,337 |
11 |
Otter Tail Corporation
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Consolidated Balance Sheets
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
in thousands
|
||||||||
(not audited)
|
||||||||
September 30,
|
December 31, | |||||||
2013
|
2012 | |||||||
Current Liabilities
|
||||||||
Short-Term Debt
|
$ | 40,335 | $ | -- | ||||
Current Maturities of Long-Term Debt
|
185 | 176 | ||||||
Accounts Payable
|
109,604 | 88,406 | ||||||
Accrued Salaries and Wages
|
18,122 | 20,571 | ||||||
Billings In Excess Of Costs and Estimated Earnings
|
16,202 | 16,204 | ||||||
Accrued Taxes
|
10,609 | 12,047 | ||||||
Derivative Liabilities
|
12,707 | 18,234 | ||||||
Other Accrued Liabilities
|
7,734 | 6,334 | ||||||
Liabilities of Discontinued Operations
|
4,080 | 11,156 | ||||||
Total Current Liabilities
|
219,578 | 173,128 | ||||||
Pensions Benefit Liability
|
109,139 | 116,541 | ||||||
Other Postretirement Benefits Liability
|
59,477 | 58,883 | ||||||
Other Noncurrent Liabilities
|
25,746 | 22,244 | ||||||
Deferred Credits
|
||||||||
Deferred Income Taxes
|
177,248 | 171,787 | ||||||
Deferred Tax Credits
|
28,791 | 31,299 | ||||||
Regulatory Liabilities
|
70,446 | 68,835 | ||||||
Other
|
643 | 466 | ||||||
Total Deferred Credits
|
277,128 | 272,387 | ||||||
Capitalization
|
||||||||
Long-Term Debt, Net of Current Maturities
|
437,306 | 421,680 | ||||||
Cumulative Preferred Shares
|
-- | 15,500 | ||||||
Cumulative Preference Shares
|
-- | -- | ||||||
Common Equity
|
||||||||
Common Shares, Par Value $5 Per Share
|
181,347 | 180,842 | ||||||
Premium on Common Shares
|
255,167 | 253,296 | ||||||
Retained Earnings
|
97,569 | 92,221 | ||||||
Accumulated Other Comprehensive Loss
|
(4,183 | ) | (4,385 | ) | ||||
Total Common Equity
|
529,900 | 521,974 | ||||||
Total Capitalization
|
967,206 | 959,154 | ||||||
Total
|
$ | 1,658,274 | $ | 1,602,337 |
12 |
Otter Tail Corporation
|
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Consolidated Statements of Cash Flows
|
||
In thousands
|
||
(not audited)
|
For the Nine Months Ended
September 30,
|
||||||||
In thousands
|
2013
|
2012 | ||||||
Cash Flows from Operating Activities
|
||||||||
Net Income (Loss)
|
$ | 38,202 | $ | (8,240 | ) | |||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
||||||||
Net (Gain) Loss from Sale of Discontinued Operations
|
(210 | ) | 3,544 | |||||
Net (Income) Loss from Discontinued Operations
|
(428 | ) | 26,573 | |||||
Depreciation and Amortization
|
44,794 | 44,740 | ||||||
Asset Impairment Charge
|
-- | 432 | ||||||
Premium Paid for Early Retirement of Long-Term Debt
|
-- | 12,500 | ||||||
Deferred Tax Credits
|
(1,422 | ) | (1,568 | ) | ||||
Deferred Income Taxes
|
15,215 | 8,320 | ||||||
Change in Deferred Debits and Other Assets
|
9,817 | 16,493 | ||||||
Discretionary Contribution to Pension Plan
|
(10,000 | ) | (10,000 | ) | ||||
Change in Noncurrent Liabilities and Deferred Credits
|
7,318 | 8,029 | ||||||
Allowance for Equity-Other Funds Used During Construction
|
(1,462 | ) | (518 | ) | ||||
Change in Derivatives Net of Regulatory Deferral
|
120 | 752 | ||||||
Stock Compensation Expense – Equity Awards
|
1,116 | 930 | ||||||
Other—Net
|
813 | 4,257 | ||||||
Cash (Used for) Provided by Current Assets and Current Liabilities:
|
||||||||
Change in Receivables
|
(9,775 | ) | (16,536 | ) | ||||
Change in Inventories
|
(3,323 | ) | 864 | |||||
Change in Other Current Assets
|
(252 | ) | 6,268 | |||||
Change in Payables and Other Current Liabilities
|
4,170 | 15,021 | ||||||
Change in Interest and Income Taxes Receivable/Payable
|
1,156 | (11,203 | ) | |||||
Net Cash Provided by Continuing Operations
|
95,849 | 100,658 | ||||||
Net Cash (Used in) Provided by Discontinued Operations
|
(2,499 | ) | 48,724 | |||||
Net Cash Provided by Operating Activities
|
93,350 | 149,382 | ||||||
Cash Flows from Investing Activities
|
||||||||
Capital Expenditures
|
(109,690 | ) | (93,653 | ) | ||||
Proceeds from Disposal of Noncurrent Assets
|
2,615 | 2,380 | ||||||
Net Increase in Other Investments
|
(680 | ) | (1,393 | ) | ||||
Net Cash Used in Investing Activities - Continuing Operations
|
(107,755 | ) | (92,666 | ) | ||||
Net Proceeds from Sale of Discontinued Operations
|
12,842 | 24,278 | ||||||
Net Cash Provided by (Used in) Investing Activities - Discontinued Operations
|
505 | (11,494 | ) | |||||
Net Cash Used in Investing Activities
|
(94,408 | ) | (79,882 | ) | ||||
Cash Flows from Financing Activities
|
||||||||
Change in Checks Written in Excess of Cash
|
-- | 3,535 | ||||||
Net Short-Term Borrowings
|
40,335 | 12,417 | ||||||
Proceeds from Issuance of Common Stock
|
1,496 | -- | ||||||
Common Stock Issuance Expenses
|
-- | (181 | ) | |||||
Payments for Retirement of Capital Stock
|
(15,723 | ) | (110 | ) | ||||
Proceeds from Issuance of Long-Term Debt
|
40,900 | -- | ||||||
Short-Term and Long-Term Debt Issuance Expenses
|
(126 | ) | (14 | ) | ||||
Payments for Retirement of Long-Term Debt
|
(25,266 | ) | (50,183 | ) | ||||
Premium Paid for Early Retirement of Long-Term Debt
|
-- | (12,500 | ) | |||||
Dividends Paid and Other Distributions
|
(33,027 | ) | (33,033 | ) | ||||
Net Cash Provided by (Used in) Financing Activities - Continuing Operations
|
8,589 | (80,069 | ) | |||||
Net Cash Used in Financing Activities - Discontinued Operations
|
-- | (3,410 | ) | |||||
Net Cash Provided by (Used in) Financing Activities
|
8,589 | (83,479 | ) | |||||
Net Change in Cash and Cash Equivalents – Discontinued Operations
|
(776 | ) | (2,015 | ) | ||||
Net Change in Cash and Cash Equivalents
|
6,755 | (15,994 | ) | |||||
Cash and Cash Equivalents at Beginning of Period
|
52,362 | 15,994 | ||||||
Cash and Cash Equivalents at End of Period
|
$ | 59,117 | $ | -- |
13 |
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