Delaware
(State or other jurisdiction of incorporation)
|
1-10499
(Commission File Number)
|
46-0172280
(IRS Employer Identification No.)
|
|||
3010 W. 69th Street
Sioux Falls, South Dakota
(Address of principal executive offices)
|
57108
(Zip Code)
|
||||
(605) 978-2900
(Registrant’s telephone number, including area code)
|
NORTHWESTERN CORPORATION
|
|||
By:
|
/s/ Timothy P. Olson
|
||
Timothy P. Olson
|
|||
Corporate Secretary
|
EXHIBIT NO.
|
DESCRIPTION OF DOCUMENT
|
99.1*
|
Press Release dated October 26, 2011
|
![]() |
NorthWestern Corporation
d/b/a NorthWestern Energy
3010 W. 69th Street
Sioux Falls, SD 57108
www.northwesternenergy.com
|
|
NYSE: NWE
News Release
FOR IMMEDIATE RELEASE
|
Media Contact:
Claudia Rapkoch
(866) 622-8081
claudia.rapkoch@northwestern.com
Investor Relations Contact:
Dan Rausch
(605) 978-2902
daniel.rausch@northwestern.com
|
Three Months Ended
|
Nine Months Ended
|
|||||||
Pre-tax
|
Net
|
EPS
|
Pre-tax
|
Net
|
EPS
|
|||
($millions, except EPS)
|
Income
|
Income1
|
Diluted
|
Income
|
Income1
|
Diluted
|
||
2010 reported
|
$19.1
|
$14.4
|
$0.40
|
$72.8
|
$54.8
|
$1.51
|
||
DGGS interim rates
|
6.8
|
4.2
|
0.12
|
20.8
|
12.8
|
0.35
|
||
Electric retail volumes
|
2.9
|
1.8
|
0.05
|
6.6
|
4.1
|
0.11
|
||
Expiration of a power sales agreement
|
1.5
|
0.9
|
0.02
|
4.5
|
2.8
|
0.08
|
||
Natural gas retail volumes
|
(0.3)
|
(0.2)
|
(0.01)
|
4.1
|
2.5
|
0.07
|
||
Montana electric rate increase
|
-
|
-
|
-
|
3.4
|
2.1
|
0.06
|
||
Gas production
|
0.2
|
0.1
|
-
|
1.7
|
1.0
|
0.03
|
||
Property and other taxes
|
(2.1)
|
(1.3)
|
(0.04)
|
-
|
-
|
-
|
||
South Dakota wholesale electric
|
-
|
-
|
-
|
(0.8)
|
(0.5)
|
(0.01)
|
||
Montana natural gas rate decrease
|
(0.2)
|
(0.1)
|
-
|
(0.7)
|
(0.4)
|
(0.01)
|
||
Settlement received during 2010
|
-
|
-
|
-
|
(1.0)
|
(0.6)
|
(0.02)
|
||
Pension
|
-
|
-
|
-
|
(1.0)
|
(0.6)
|
(0.02)
|
||
Interest expense
|
(0.4)
|
(0.2)
|
(0.01)
|
(1.3)
|
(0.8)
|
(0.02)
|
||
Transmission capacity
|
(1.0)
|
(0.6)
|
(0.02)
|
(2.6)
|
(1.6)
|
(0.04)
|
||
Plant operator costs
|
(0.9)
|
(0.6)
|
(0.02)
|
(2.4)
|
(1.5)
|
(0.04)
|
||
Other income
|
(2.0)
|
(1.2)
|
(0.03)
|
(2.7)
|
(1.6)
|
(0.04)
|
||
Montana property tax tracker
|
0.2
|
0.1
|
-
|
(3.3)
|
(2.0)
|
(0.05)
|
||
DGGS operating costs
|
(1.2)
|
(0.7)
|
(0.02)
|
(3.3)
|
(2.0)
|
(0.05)
|
||
Labor
|
0.6
|
0.4
|
0.01
|
(4.9)
|
(3.0)
|
(0.08)
|
||
Operating and maintenance
|
(0.4)
|
(0.2)
|
(0.01)
|
(5.7)
|
(3.5)
|
(0.10)
|
||
Depreciation
|
(2.4)
|
(1.4)
|
(0.04)
|
(6.9)
|
(4.2)
|
(0.12)
|
||
Self insurance reserves
|
(5.2)
|
(3.2)
|
(0.09)
|
(9.3)
|
(5.7)
|
(0.16)
|
||
Items related to income tax
|
||||||||
Flow-through repairs deduction
|
0.9
|
0.02
|
1.8
|
0.05
|
||||
Flow-through of state bonus
depreciation deduction
|
1.2
|
0.03
|
4.5
|
0.12
|
||||
Recognition of state NOL benefit /
valuation allowance release
|
-
|
-
|
0.2
|
0.01
|
||||
All other, net
|
0.2
|
0.6
|
$0.05
|
(0.3)
|
(0.2)
|
(0.03)
|
||
Subtotal
|
0.01
|
0.09
|
||||||
2011 reported
|
$15.5
|
$14.9
|
$0.41
|
$67.7
|
$58.4
|
$1.60
|
||
1.) Income Tax Benefit (Expense) calculation on reconciling items assumes normal effective tax rate of 38.5%.
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
(in thousands)
|
|||||||||||||||
Income Before Income Taxes
|
$
|
15,530
|
$
|
19,108
|
$
|
67,737
|
$
|
72,818
|
|||||||
Income tax calculated at 35% Federal statutory rate
|
(5,435
|
)
|
(6,687
|
)
|
(23,707
|
)
|
(25,485
|
)
|
|||||||
Permanent or flow through adjustments:
|
|||||||||||||||
Flow-through repair deduction
|
3,243
|
2,341
|
8,745
|
6,902
|
|||||||||||
Flow-through of state bonus depreciation deduction
|
1,170
|
—
|
4,452
|
—
|
|||||||||||
Recognition of state NOL benefit/Valuation allowance release
|
—
|
—
|
2,402
|
2,178
|
|||||||||||
State income tax & other, net
|
387
|
(383
|
)
|
(1,189
|
)
|
(1,625
|
)
|
||||||||
$
|
4,800
|
$
|
1,958
|
$
|
14,410
|
$
|
7,455
|
||||||||
Income tax expense
|
$
|
(635
|
)
|
$
|
(4,729
|
)
|
$
|
(9,297
|
)
|
$
|
(18,030
|
)
|
·
|
Gross margin will be positively impacted by approximately $6.0 million for the remainder of 2011, as compared with the fourth quarter of 2010, due to the inclusion of DGGS in rates;
|
·
|
A fourth quarter 2011 increase in retail volumes due to modest customer growth, as compared with the fourth quarter of 2010;
|
·
|
We expect our effective tax rate for 2011 to range between 13% - 16%;
|
·
|
Normal weather in the Company’s electric and natural gas service territories for the remainder of 2011; and
|
·
|
Fully diluted average shares of 36.5 million.
|
|
•
|
potential adverse federal, state, or local legislation or regulation or adverse determinations by regulators could have a material adverse effect on our liquidity, results of operations and financial condition;
|
|
•
|
changes in availability of trade credit, usage, commodity prices, fuel supply costs or availability due to higher demand, shortages, weather conditions, transportation problems or other developments, may reduce revenues or may increase operating costs, each of which would adversely affect our liquidity;
|
|
•
|
unscheduled generation outages or forced reductions in output, maintenance or repairs, which may reduce revenues and increase operating costs or may require additional capital expenditures or other increased operating costs; and
|
|
•
|
adverse changes in general economic and competitive conditions in the U.S. financial markets and in our service territories.
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
Revenues
|
|||||||||||||||
Electric
|
$
|
206,613
|
$
|
203,585
|
$
|
602,024
|
$
|
592,262
|
|||||||
Gas
|
37,067
|
36,963
|
230,971
|
225,882
|
|||||||||||
Other
|
361
|
270
|
1,112
|
906
|
|||||||||||
Total Revenues
|
244,041
|
240,818
|
834,107
|
819,050
|
|||||||||||
Operating Expenses
|
|||||||||||||||
Cost of sales
|
98,045
|
105,922
|
370,523
|
390,685
|
|||||||||||
Operating, general and administrative
|
66,332
|
58,437
|
203,254
|
173,871
|
|||||||||||
Property and other taxes
|
22,605
|
20,535
|
68,551
|
68,487
|
|||||||||||
Depreciation
|
25,181
|
22,825
|
75,562
|
68,697
|
|||||||||||
Total Operating Expenses
|
212,163
|
207,719
|
717,890
|
701,740
|
|||||||||||
Operating Income
|
31,878
|
33,099
|
116,217
|
117,310
|
|||||||||||
Interest Expense, net
|
(16,694
|
)
|
(16,306
|
)
|
(50,737
|
)
|
(49,413
|
)
|
|||||||
Other Income
|
346
|
2,315
|
2,257
|
4,921
|
|||||||||||
Income Before Income Taxes
|
15,530
|
19,108
|
67,737
|
72,818
|
|||||||||||
Income Tax Expense
|
(635
|
)
|
(4,729
|
)
|
(9,297
|
)
|
(18,030
|
)
|
|||||||
Net Income
|
$
|
14,895
|
$
|
14,379
|
$
|
58,440
|
$
|
54,788
|
|||||||
Average Common Shares Outstanding
|
36,262
|
36,196
|
36,254
|
36,181
|
|||||||||||
Basic Earnings per Average Common Share
|
$
|
0.41
|
$
|
0.40
|
$
|
1.61
|
$
|
1.51
|
|||||||
Diluted Earnings per Average Common Share
|
$
|
0.41
|
$
|
0.40
|
$
|
1.60
|
$
|
1.51
|
|||||||
Dividends Declared per Average Common Share
|
$
|
0.36
|
$
|
0.34
|
$
|
1.08
|
$
|
1.02
|
September 30,
2011
|
December 31,
2010
|
||||||
(unaudited)
|
|||||||
ASSETS
|
|||||||
Current Assets
|
$
|
269,014
|
$
|
303,054
|
|||
Property, Plant, and Equipment, Net
|
2,170,928
|
2,117,977
|
|||||
Goodwill
|
355,128
|
355,128
|
|||||
Regulatory Assets
|
225,757
|
222,341
|
|||||
Other Noncurrent Assets
|
40,997
|
39,169
|
|||||
Total Assets
|
$
|
3,061,824
|
$
|
3,037,669
|
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current Maturities of Long-term Debt and Capital Leases
|
$
|
5,140
|
$
|
7,854
|
|||
Commercial Paper
|
112,993
|
—
|
|||||
Current Liabilities
|
308,380
|
296,115
|
|||||
Long-term Capital Leases
|
33,271
|
34,288
|
|||||
Long-term Debt
|
905,034
|
1,061,780
|
|||||
Noncurrent Regulatory Liabilities
|
262,890
|
251,133
|
|||||
Deferred Income Taxes
|
262,660
|
232,709
|
|||||
Other Noncurrent Liabilities
|
333,247
|
333,443
|
|||||
Total Liabilities
|
2,223,615
|
2,217,322
|
|||||
Total Shareholders’ Equity
|
838,209
|
820,347
|
|||||
Total Liabilities and Shareholders’ Equity
|
$
|
3,061,824
|
$
|
3,037,669
|
Nine Months Ended September 30,
|
|||||||
2011
|
2010
|
||||||
Operating Activities
|
|||||||
Net income
|
$
|
58,440
|
$
|
54,788
|
|||
Non-cash items
|
109,325
|
98,721
|
|||||
Changes in operating assets and liabilities
|
42,740
|
34,801
|
|||||
Cash Provided by Operating Activities
|
210,505
|
188,310
|
|||||
Cash Used in Investing Activities
|
(124,275
|
)
|
(178,078
|
)
|
|||
Cash Used In Financing Activities
|
(86,470
|
)
|
(8,015
|
)
|
|||
Net (Decrease) Increase in Cash and Cash Equivalents
|
$
|
(240
|
)
|
$
|
2,217
|
||
Cash and Cash Equivalents, beginning of period
|
$
|
6,234
|
$
|
4,344
|
|||
Cash and Cash Equivalents, end of period
|
$
|
5,994
|
$
|
6,561
|
Results
|
||||||||||||||
2011
|
2010
|
Change
|
% Change
|
|||||||||||
(dollars in millions)
|
||||||||||||||
Retail revenue
|
$
|
189.2
|
$
|
173.0
|
$
|
16.2
|
9.4
|
%
|
||||||
Transmission
|
11.5
|
12.5
|
(1.0
|
)
|
(8.0
|
)
|
||||||||
Wholesale
|
0.4
|
11.5
|
(11.1
|
)
|
(96.5
|
)
|
||||||||
Regulatory amortization and other
|
5.5
|
6.6
|
(1.1
|
)
|
(16.7
|
)
|
||||||||
Total Revenues
|
206.6
|
203.6
|
3.0
|
1.5
|
||||||||||
Total Cost of Sales
|
85.2
|
92.7
|
(7.5
|
)
|
(8.1
|
)
|
||||||||
Gross Margin
|
$
|
121.4
|
$
|
110.9
|
$
|
10.5
|
9.5
|
%
|
Revenues
|
Megawatt Hours (MWH)
|
Avg. Customer Counts
|
||||||||||||||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||
Retail Electric
|
||||||||||||||||||||||||||||||||
Montana
|
$
|
58,531
|
$
|
51,731
|
552
|
523
|
271,073
|
269,750
|
||||||||||||||||||||||||
South Dakota
|
12,858
|
12,441
|
150
|
149
|
48,664
|
48,464
|
||||||||||||||||||||||||||
Residential
|
71,389
|
64,172
|
702
|
672
|
319,737
|
318,214
|
||||||||||||||||||||||||||
Montana
|
79,634
|
73,345
|
840
|
828
|
61,623
|
61,125
|
||||||||||||||||||||||||||
South Dakota
|
18,076
|
17,372
|
250
|
248
|
12,054
|
11,911
|
||||||||||||||||||||||||||
Commercial
|
97,710
|
90,717
|
1,090
|
1,076
|
73,677
|
73,036
|
||||||||||||||||||||||||||
Industrial
|
8,961
|
8,612
|
718
|
694
|
73
|
71
|
||||||||||||||||||||||||||
Other
|
11,179
|
9,462
|
92
|
80
|
7,627
|
7,607
|
||||||||||||||||||||||||||
Total Retail Electric
|
$
|
189,239
|
$
|
172,963
|
2,602
|
2,522
|
401,114
|
398,928
|
||||||||||||||||||||||||
Wholesale Electric
|
||||||||||||||||||||||||||||||||
Montana
|
$
|
—
|
$
|
10,524
|
—
|
205
|
N/A
|
N/A
|
||||||||||||||||||||||||
South Dakota
|
378
|
1,040
|
15
|
53
|
N/A
|
N/A
|
||||||||||||||||||||||||||
Total Wholesale Electric
|
$
|
378
|
$
|
11,564
|
15
|
258
|
—
|
—
|
Degree Days
|
2011 as compared with:
|
||||||||||||
Cooling Degree-Days
|
2011
|
2010
|
Historic Average
|
2010
|
Historic Average
|
||||||||
Montana
|
308
|
195
|
260
|
58% warmer
|
18% warmer
|
||||||||
South Dakota
|
753
|
748
|
639
|
1% warmer
|
18% warmer
|
Results
|
||||||||||||||
2011
|
2010
|
Change
|
% Change
|
|||||||||||
(dollars in millions)
|
||||||||||||||
Retail revenue
|
$
|
552.4
|
$
|
493.1
|
$
|
59.3
|
12.0
|
%
|
||||||
Transmission
|
32.3
|
35.0
|
(2.7
|
)
|
(7.7
|
)
|
||||||||
Wholesale
|
1.5
|
34.5
|
(33.0
|
)
|
(95.7
|
)
|
||||||||
Regulatory amortization and other
|
15.8
|
29.7
|
(13.9
|
)
|
(46.8
|
)
|
||||||||
Total Revenues
|
602.0
|
592.3
|
9.7
|
1.6
|
||||||||||
Total Cost of Sales
|
246.6
|
266.1
|
(19.5
|
)
|
(7.3
|
)
|
||||||||
Gross Margin
|
$
|
355.4
|
$
|
326.2
|
$
|
29.2
|
9.0
|
%
|
Revenues
|
Megawatt Hours (MWH)
|
Avg. Customer Counts
|
|||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||
(in thousands)
|
|||||||||||||||||||
Retail Electric
|
|||||||||||||||||||
Montana
|
$
|
187,856
|
$
|
162,540
|
1,786
|
1,698
|
271,975
|
270,348
|
|||||||||||
South Dakota
|
36,556
|
34,775
|
448
|
435
|
48,660
|
48,435
|
|||||||||||||
224,412
|
197,315
|
2,234
|
2,133
|
320,635
|
318,783
|
||||||||||||||
Montana
|
228,556
|
203,203
|
2,407
|
2,357
|
61,516
|
60,900
|
|||||||||||||
South Dakota
|
49,748
|
48,118
|
702
|
700
|
11,938
|
11,794
|
|||||||||||||
Commercial
|
278,304
|
251,321
|
3,109
|
3,057
|
73,454
|
72,694
|
|||||||||||||
Industrial
|
27,723
|
24,508
|
2,113
|
2,055
|
72
|
71
|
|||||||||||||
Other
|
21,936
|
20,002
|
150
|
145
|
5,953
|
6,011
|
|||||||||||||
Total Retail Electric
|
$
|
552,375
|
$
|
493,146
|
7,606
|
7,390
|
400,114
|
397,559
|
|||||||||||
Wholesale Electric
|
|||||||||||||||||||
Montana
|
$
|
—
|
$
|
30,689
|
—
|
597
|
N/A
|
N/A
|
|||||||||||
South Dakota
|
1,507
|
3,796
|
88
|
182
|
N/A
|
N/A
|
|||||||||||||
Total Wholesale Electric
|
$
|
1,507
|
$
|
34,485
|
88
|
779
|
—
|
—
|
Degree Days
|
2011 as compared with:
|
|||||||||||
Cooling Degree-Days
|
2011
|
2010
|
Historic Average
|
2010
|
Historic Average
|
|||||||
Montana
|
324
|
219
|
301
|
48% warmer
|
8% warmer
|
|||||||
South Dakota
|
814
|
823
|
707
|
1% colder
|
15% warmer
|
Degree Days
|
2011 as compared with:
|
|||||||||||
Heating Degree-Days
|
2011
|
2010
|
Historic Average
|
2010
|
Historic Average
|
|||||||
Montana
|
5,235
|
4,938
|
5,054
|
6% colder
|
4% colder
|
|||||||
South Dakota
|
6,211
|
5,692
|
5,646
|
9% colder
|
10% colder
|
Results
|
||||||||||||||
2011
|
2010
|
Change
|
% Change
|
|||||||||||
(dollars in millions)
|
||||||||||||||
Retail revenue
|
$
|
23.7
|
$
|
25.4
|
$
|
(1.7
|
)
|
(6.7
|
)%
|
|||||
Wholesale and other
|
13.3
|
11.5
|
1.8
|
15.7
|
||||||||||
Total Revenues
|
37.0
|
36.9
|
0.1
|
0.3
|
||||||||||
Total Cost of Sales
|
12.8
|
13.2
|
(0.4
|
)
|
(3.0
|
)
|
||||||||
Gross Margin
|
$
|
24.2
|
$
|
23.7
|
$
|
0.5
|
2.1
|
%
|
Revenues
|
Dekatherms (Dkt)
|
Customer Counts
|
|||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||
(in thousands)
|
|||||||||||||||||||
Retail Gas
|
|||||||||||||||||||
Montana
|
$
|
10,151
|
$
|
11,391
|
790
|
940
|
157,491
|
156,925
|
|||||||||||
South Dakota
|
1,717
|
1,714
|
121
|
120
|
37,167
|
36,844
|
|||||||||||||
Nebraska
|
2,204
|
2,136
|
155
|
157
|
36,175
|
36,121
|
|||||||||||||
Residential
|
14,072
|
15,241
|
1,066
|
1,217
|
230,833
|
229,890
|
|||||||||||||
Montana
|
6,020
|
6,476
|
525
|
582
|
22,024
|
21,920
|
|||||||||||||
South Dakota
|
1,462
|
1,557
|
199
|
198
|
5,854
|
5,810
|
|||||||||||||
Nebraska
|
1,883
|
1,875
|
289
|
299
|
4,528
|
4,488
|
|||||||||||||
Commercial
|
9,365
|
9,908
|
1,013
|
1,079
|
32,406
|
32,218
|
|||||||||||||
Industrial
|
136
|
160
|
13
|
16
|
275
|
282
|
|||||||||||||
Other
|
82
|
61
|
8
|
6
|
147
|
146
|
|||||||||||||
Total Retail Gas
|
$
|
23,655
|
$
|
25,370
|
2,100
|
2,318
|
263,661
|
262,536
|
Degree Days
|
2011 as compared with:
|
|||||||||||
Heating Degree-Days
|
2011
|
2010
|
Historic Average
|
2010
|
Historic Average
|
|||||||
Montana
|
235
|
407
|
385
|
42% warmer
|
39% warmer
|
|||||||
South Dakota
|
70
|
57
|
98
|
23% colder
|
29% warmer
|
|||||||
Nebraska
|
49
|
26
|
49
|
88% colder
|
remained flat
|
Results
|
||||||||||||||
2011
|
2010
|
Change
|
% Change
|
|||||||||||
(dollars in millions)
|
||||||||||||||
Retail revenue
|
$
|
199.4
|
$
|
189.4
|
$
|
10.0
|
5.3
|
%
|
||||||
Wholesale and other
|
31.5
|
36.5
|
(5.0
|
)
|
(13.7
|
)
|
||||||||
Total Revenues
|
230.9
|
225.9
|
5.0
|
2.2
|
||||||||||
Total Cost of Sales
|
123.9
|
124.6
|
(0.7
|
)
|
(0.6
|
)
|
||||||||
Gross Margin
|
$
|
107.0
|
$
|
101.3
|
$
|
5.7
|
5.6
|
%
|
Revenues
|
Dekatherms (Dkt)
|
Customer Counts
|
|||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||
(in thousands)
|
|||||||||||||||||||
Retail Gas
|
|||||||||||||||||||
Montana
|
$
|
85,553
|
$
|
75,852
|
8,883
|
8,198
|
158,457
|
157,694
|
|||||||||||
South Dakota
|
20,589
|
20,778
|
2,333
|
2,141
|
37,388
|
37,167
|
|||||||||||||
Nebraska
|
18,571
|
19,248
|
2,038
|
2,045
|
36,525
|
36,457
|
|||||||||||||
Residential
|
124,713
|
115,878
|
13,254
|
12,384
|
232,370
|
231,318
|
|||||||||||||
Montana
|
44,543
|
38,545
|
4,667
|
4,188
|
22,188
|
22,029
|
|||||||||||||
South Dakota
|
14,742
|
18,474
|
2,107
|
2,438
|
5,899
|
5,880
|
|||||||||||||
Nebraska
|
13,591
|
14,617
|
2,143
|
2,175
|
4,577
|
4,542
|
|||||||||||||
Commercial
|
72,876
|
71,636
|
8,917
|
8,801
|
32,664
|
32,451
|
|||||||||||||
Industrial
|
1,055
|
1,239
|
115
|
140
|
279
|
287
|
|||||||||||||
Other
|
763
|
625
|
93
|
80
|
146
|
146
|
|||||||||||||
Total Retail Gas
|
$
|
199,407
|
$
|
189,378
|
22,379
|
21,405
|
265,459
|
264,202
|
Degree Days
|
2011 as compared with:
|
|||||||||||
Heating Degree-Days
|
2011
|
2010
|
Historic Average
|
2010
|
Historic Average
|
|||||||
Montana
|
5,235
|
4,938
|
5,054
|
6% colder
|
4% colder
|
|||||||
South Dakota
|
6,211
|
5,692
|
5,646
|
9% colder
|
10% colder
|
|||||||
Nebraska
|
4,847
|
4,767
|
4,643
|
2% colder
|
4% colder
|
September 30, 2011
|
Electric
|
Gas
|
Other
|
Eliminations
|
Total
|
||||||||||||||
Operating revenues
|
$
|
206,613
|
$
|
37,067
|
$
|
361
|
$
|
—
|
$
|
244,041
|
|||||||||
Cost of sales
|
85,221
|
12,824
|
—
|
—
|
98,045
|
||||||||||||||
Gross margin
|
121,392
|
24,243
|
361
|
—
|
145,996
|
||||||||||||||
Operating, general and administrative
|
45,607
|
19,979
|
746
|
—
|
66,332
|
||||||||||||||
Property and other taxes
|
16,894
|
5,708
|
3
|
—
|
22,605
|
||||||||||||||
Depreciation
|
20,465
|
4,708
|
8
|
—
|
25,181
|
||||||||||||||
Operating income (loss)
|
38,426
|
(6,152
|
)
|
(396
|
)
|
—
|
31,878
|
||||||||||||
Interest expense
|
(13,661
|
)
|
(2,711
|
)
|
(322
|
)
|
—
|
(16,694
|
)
|
||||||||||
Other income
|
86
|
232
|
28
|
—
|
346
|
||||||||||||||
Income tax (expense) benefit
|
(3,407
|
)
|
3,016
|
(244
|
)
|
—
|
(635
|
)
|
|||||||||||
Net income (loss)
|
$
|
21,444
|
$
|
(5,615
|
)
|
$
|
(934
|
)
|
$
|
—
|
$
|
14,895
|
September 30, 2010
|
Electric
|
Gas
|
Other
|
Eliminations
|
Total
|
||||||||||||||
Operating revenues
|
$
|
203,585
|
$
|
36,963
|
$
|
270
|
$
|
—
|
$
|
240,818
|
|||||||||
Cost of sales
|
92,691
|
13,231
|
—
|
—
|
105,922
|
||||||||||||||
Gross margin
|
110,894
|
23,732
|
270
|
—
|
134,896
|
||||||||||||||
Operating, general and administrative
|
42,331
|
17,429
|
(1,323
|
)
|
—
|
58,437
|
|||||||||||||
Property and other taxes
|
15,569
|
5,041
|
(75
|
)
|
—
|
20,535
|
|||||||||||||
Depreciation
|
18,439
|
4,378
|
8
|
—
|
22,825
|
||||||||||||||
Operating income (loss)
|
34,555
|
(3,116
|
)
|
1,660
|
—
|
33,099
|
|||||||||||||
Interest expense
|
(12,202
|
)
|
(3,116
|
)
|
(988
|
)
|
—
|
(16,306
|
)
|
||||||||||
Other income
|
2,109
|
179
|
27
|
—
|
2,315
|
||||||||||||||
Income tax (expense) benefit
|
(6,551
|
)
|
3,543
|
(1,721
|
)
|
—
|
(4,729
|
)
|
|||||||||||
Net income (loss)
|
$
|
17,911
|
$
|
(2,510
|
)
|
$
|
(1,022
|
)
|
$
|
—
|
14,379
|
||||||||
September 30, 2011
|
Electric
|
Gas
|
Other
|
Eliminations
|
Total
|
||||||||||||||
Operating revenues
|
$
|
602,024
|
$
|
230,971
|
$
|
1,112
|
$
|
—
|
$
|
834,107
|
|||||||||
Cost of sales
|
246,592
|
123,931
|
—
|
—
|
370,523
|
||||||||||||||
Gross margin
|
355,432
|
107,040
|
1,112
|
—
|
463,584
|
||||||||||||||
Operating, general and administrative
|
140,267
|
60,651
|
2,336
|
—
|
203,254
|
||||||||||||||
Property and other taxes
|
50,937
|
17,606
|
8
|
—
|
68,551
|
||||||||||||||
Depreciation
|
61,205
|
14,332
|
25
|
—
|
75,562
|
||||||||||||||
Operating income (loss)
|
103,023
|
14,451
|
(1,257
|
)
|
—
|
116,217
|
|||||||||||||
Interest expense
|
(40,877
|
)
|
(8,105
|
)
|
(1,755
|
)
|
—
|
(50,737
|
)
|
||||||||||
Other income
|
1,425
|
751
|
81
|
—
|
2,257
|
||||||||||||||
Income tax (expense) benefit
|
(10,998
|
)
|
(1,228
|
)
|
2,929
|
—
|
(9,297
|
)
|
|||||||||||
Net income
|
$
|
52,573
|
$
|
5,869
|
$
|
(2
|
)
|
$
|
—
|
$
|
58,440
|
September 30, 2010
|
Electric
|
Gas
|
Other
|
Eliminations
|
Total
|
||||||||||||||
Operating revenues
|
$
|
592,262
|
$
|
225,882
|
$
|
906
|
$
|
—
|
$
|
819,050
|
|||||||||
Cost of sales
|
266,052
|
124,633
|
—
|
—
|
390,685
|
||||||||||||||
Gross margin
|
326,210
|
101,249
|
906
|
—
|
428,365
|
||||||||||||||
Operating, general and administrative
|
124,220
|
52,455
|
(2,804
|
)
|
—
|
173,871
|
|||||||||||||
Property and other taxes
|
50,625
|
17,853
|
9
|
—
|
68,487
|
||||||||||||||
Depreciation
|
55,562
|
13,110
|
25
|
—
|
68,697
|
||||||||||||||
Operating income
|
95,803
|
17,831
|
3,676
|
—
|
117,310
|
||||||||||||||
Interest expense
|
(37,309
|
)
|
(9,717
|
)
|
(2,387
|
)
|
—
|
(49,413
|
)
|
||||||||||
Other income
|
4,515
|
326
|
80
|
—
|
4,921
|
||||||||||||||
Income tax (expense) benefit
|
(17,490
|
)
|
(1,041
|
)
|
501
|
—
|
(18,030
|
)
|
|||||||||||
Net income
|
$
|
45,519
|
$
|
7,399
|
$
|
1,870
|
$
|
—
|
$
|
54,788
|
|||||||||
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