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 February 16, 2012
|
![]() |
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
December 31,
|
Twelve Months Ended
December 31,
|
||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||
Total Revenues
|
283,209
|
291,670
|
1,117,316
|
1,110,720
|
|||||||||
Cost of sales
|
124,036
|
140,404
|
494,559
|
531,089
|
|||||||||
Gross Margin
|
159,173
|
151,266
|
622,757
|
579,631
|
|||||||||
Operating Expenses
|
|||||||||||||
Operating, general and administrative
|
63,906
|
63,176
|
267,160
|
237,047
|
|||||||||
Property and other taxes
|
20,571
|
19,711
|
89,122
|
88,198
|
|||||||||
Depreciation
|
25,364
|
23,072
|
100,926
|
91,769
|
|||||||||
Total Operating Expenses
|
109,841
|
105,959
|
457,208
|
417,014
|
|||||||||
Operating Income
|
49,332
|
45,307
|
165,549
|
162,617
|
|||||||||
Interest Expense, net
|
(16,122
|
)
|
(16,413
|
)
|
(66,859
|
)
|
(65,826
|
)
|
|||||
Other Income
|
1,674
|
1,424
|
3,931
|
6,345
|
|||||||||
Income Before Income Taxes
|
34,884
|
30,318
|
102,621
|
103,136
|
|||||||||
Income Tax Expense
|
(768
|
)
|
(7,730
|
)
|
(10,065
|
)
|
(25,760
|
)
|
|||||
Net Income
|
$
|
34,116
|
$
|
22,588
|
$
|
92,556
|
$
|
77,376
|
|||||
Average Common Shares Outstanding
|
36,271
|
36,217
|
36,258
|
36,190
|
|||||||||
Basic Earnings per Average Common Share
|
$
|
0.94
|
$
|
0.63
|
$
|
2.55
|
$
|
2.14
|
|||||
Diluted Earnings per Average Common Share
|
$
|
0.93
|
$
|
0.63
|
$
|
2.53
|
$
|
2.14
|
|||||
Dividends Declared per Average Common Share
|
$
|
0.360
|
$
|
0.340
|
$
|
1.44
|
$
|
1.36
|
Twelve Months Ended
|
||||||
Pre-tax
|
Net
|
EPS
|
||||
($millions, except EPS)
|
Income
|
Income(1)
|
Diluted
|
|||
2010 reported
|
$103.1
|
$77.4
|
$2.14
|
|||
Gross Margin
|
||||||
DGGS interim rates
|
27.0
|
16.6
|
0.45
|
|||
Electric retail volumes
|
6.5
|
4.0
|
0.11
|
|||
Expiration of a power sales agreement
|
6.0
|
3.7
|
0.10
|
|||
Operating Expense recovered in a tracker (margin)
|
4.5
|
2.8
|
0.08
|
|||
Natural gas retail volumes
|
3.5
|
2.2
|
0.06
|
|||
Montana electric rate increase
|
3.7
|
2.3
|
0.06
|
|||
Gas production (margin)
|
1.5
|
0.9
|
0.02
|
|||
South Dakota wholesale electric
|
(0.7)
|
(0.4)
|
(0.01)
|
|||
Settlement received during 2010
|
(1.0)
|
(0.6)
|
(0.02)
|
|||
Montana natural gas rate decrease
|
(1.0)
|
(0.6)
|
(0.02)
|
|||
Transmission capacity
|
(2.8)
|
(1.7)
|
(0.05)
|
|||
Montana property tax tracker
|
(3.6)
|
(2.2)
|
(0.06)
|
|||
OG&A Expense
|
||||||
Abandoned gas transmission project
|
(0.8)
|
(0.5)
|
(0.01)
|
|||
Gas production (expense)
|
(0.8)
|
(0.5)
|
(0.01)
|
|||
Bad debt expense
|
(1.0)
|
(0.6)
|
(0.02)
|
|||
Nonemployee directors deferred compensation
|
(1.1)
|
(0.7)
|
(0.02)
|
|||
DGGS operating costs
|
(3.9)
|
(2.4)
|
(0.07)
|
|||
Plant operator costs
|
(4.0)
|
(2.5)
|
(0.07)
|
|||
Operating Expense recovered in a tracker (expense)
|
(4.5)
|
(2.8)
|
(0.08)
|
|||
Labor
|
(5.4)
|
(3.3)
|
(0.09)
|
|||
Insurance settlements and recoveries
|
(8.8)
|
(5.4)
|
(0.15)
|
|||
Other
|
||||||
Depreciation expense
|
(9.1)
|
(5.6)
|
(0.15)
|
|||
Other Income
|
(2.4)
|
(1.5)
|
(0.04)
|
|||
Property and other taxes
|
(0.9)
|
(0.6)
|
(0.02)
|
|||
Interest Expense
|
(1.1)
|
(0.7)
|
(0.02)
|
|||
Items related to income tax
|
||||||
Flow-through of state bonus depreciation deduction
|
5.3
|
0.15
|
||||
Prior year permanent return to accrual adjustment
|
4.2
|
0.11
|
||||
Flow-through repairs deduction
|
3.7
|
0.10
|
||||
Recognition of state NOL benefit
|
2.4
|
0.07
|
||||
All other, net
|
(0.3)
|
(0.3)
|
($0.01)
|
|||
Subtotal
|
0.39
|
|||||
2011 reported
|
$102.6
|
$92.6
|
$2.53
|
|||
(1) Income Tax Benefit (Expense) calculation on reconciling items assumes normal effective tax rate of 38.5%.
|
Year Ended December 31,
|
|||||||
(in millions)
|
|||||||
2011
|
2010
|
||||||
Income Before Income Taxes
|
$
|
102.6
|
$
|
103.1
|
|||
Income tax calculated at 35% Federal statutory rate
|
(35.9
|
)
|
(36.1
|
)
|
|||
Permanent or flow through adjustments:
|
|||||||
Flow-through repairs deductions
|
13.4
|
9.7
|
|||||
Flow-through of state bonus depreciation deduction
|
7.6
|
2.3
|
|||||
Recognition of state NOL benefit
|
2.4
|
—
|
|||||
Prior year permanent return to accrual adjustments
|
3.9
|
(0.3)
|
|||||
State income tax & other, net
|
(1.5
|
)
|
(1.4
|
)
|
|||
$
|
25.8
|
$
|
10.3
|
||||
Income tax expense
|
$
|
(10.1
|
)
|
$
|
(25.8
|
)
|
•
|
Moody’s Investors Services upgraded our senior secured debt from A3 to A2 and our senior unsecured bank credit facility from Baa2 to Baa1;
|
•
|
Received approval from the Montana Public Service Commission (“MPSC”) of an accounting order to defer certain incremental operating and maintenance costs up to $16.9 million for 2011 and 2012 associated with our Distribution System Infrastructure Project;
|
•
|
Received approval from the South Dakota Public Utilities Commission to increase our South Dakota natural gas rates resulting in an annualized revenue increase of approximately $1.8 million;
|
•
|
Signed an asset purchase agreement and requested MPSC approval to develop a 40 MW wind project in central Montana at an estimated cost of approximately $86 million;
|
•
|
Began construction on a 60 MW peaking facility located in Aberdeen, South Dakota, which we expect to achieve commercial operation before the 2013 summer season; and
|
•
|
Successfully accessed the capital markets to reduce short-term borrowing costs and extend maturities by;
|
|
◦
|
Entering into a commercial paper program to fund short-term liquidity needs of up to $250 million, and
|
|
◦
|
Increasing our revolving credit facility from $250 million to $300 million and extending the maturity date to June 30, 2016;
|
Q1 2011
|
Q2 2011
|
Q3 2011
|
Q4 2011
|
2011
|
||||||
Reported EPS
|
$ 0.89
|
$ 0.30
|
$ 0.41
|
$ 0.93
|
$ 2.53
|
|||||
Non-GAAP Adjustments:
|
||||||||||
Weather
|
$ (0.07)
|
$ -
|
$ (0.01)
|
$ 0.03
|
$ (0.05)
|
|||||
High hydro/lower transmission revenue
|
$ 0.05
|
$ 0.05
|
||||||||
Income tax adjust - benefit from MT NOL
|
$ (0.07)
|
$ (0.07)
|
||||||||
Settlement on worker compensation claim
|
$ 0.05
|
$ 0.05
|
||||||||
Income tax adjust - return to accrual
|
$ (0.10)
|
$ (0.10)
|
||||||||
$ 0.82
|
$ 0.28
|
$ 0.45
|
$ 0.86
|
$ 2.41
|
|
Bridge
|
||||||
2011 Reported GAAP
|
$ 2.53
|
||||||
Non-GAAP Adjustments
|
Low
|
High
|
|||||
2011 favorable weather
|
$ (0.05)
|
$ (0.05)
|
|||||
2011 unfavorable weather-hydro conditions
|
$ 0.05
|
$ 0.05
|
|||||
2011 tax adjustments
|
$ (0.17)
|
$ (0.17)
|
|||||
Q3 2011 settlement on worker compensation claim
|
$ 0.05
|
$ 0.05
|
|||||
2011 adjustments to 2011 GAAP earnings
|
$ (0.12)
|
$ (0.12)
|
|||||
2011 Adjusted earnings
|
$ 2.41
|
$ 2.41
|
|||||
Gross Margin increase over 2011
|
$ 0.25
|
$ 0.30
|
|||||
Operating, General & Admin expense increase over 2011
|
$ (0.18)
|
$ (0.14)
|
|||||
Depreciation expense increase over 2011
|
$ (0.04)
|
$ (0.04)
|
|||||
AFUDC increase (interest and equity) over 2011
|
$ 0.05
|
$ 0.07
|
|||||
Income tax expense increase over 2011
|
$ (0.14)
|
$ (0.10)
|
|||||
Subtotal
|
$ (0.06)
|
$ 0.09
|
|||||
2012 EPS Range
|
$ 2.35
|
$ 2.50
|
·
|
A consolidated income tax rate of approximately 18% - 20% of pre-tax income;
|
·
|
No scheduled maintenance at Colstrip Unit 4 and Big Stone Plants;
|
·
|
No expected increase in insurance reserves or insurance recoveries in 2012;
|
·
|
DGGS outage costs fully recovered;
|
·
|
Fully diluted average shares outstanding of 37.0 million; and
|
·
|
Normal weather in the Company’s electric and natural gas service territories for 2012.
|
·
|
potential adverse federal, state, or local legislation or regulation or adverse determinations by regulators could have a material effect on our liquidity, results of operations and financial condition;
|
·
|
we have capitalized approximately $20.9 million in preliminary survey and investigative costs related to our proposed Mountain States Transmission Intertie transmission project. If our efforts to complete MSTI are not successful, we may have to write-off all or a portion these costs, which could have a material effect on our results of operations;
|
·
|
changes in availability of trade credit, creditworthiness of counterparties, 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 could adversely affect our liquidity and results of operations;
|
·
|
unscheduled generation outages or forced reductions in output, maintenance or repairs, which may reduce revenues and increase cost of sales 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.
|
December 31,
2011
|
December 31, 2010
|
||||||
(unaudited)
|
|||||||
ASSETS
|
|||||||
Current Assets
|
$
|
290,199
|
$
|
303,054
|
|||
Property, Plant, and Equipment, Net
|
2,213,267
|
2,117,977
|
|||||
Goodwill
|
355,128
|
355,128
|
|||||
Regulatory Assets
|
308,804
|
222,341
|
|||||
Other Noncurrent Assets
|
43,040
|
39,169
|
|||||
Total Assets
|
$
|
3,210,438
|
$
|
3,037,669
|
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current Maturities of Long-term Debt and Capital Leases
|
$
|
5,162
|
$
|
7,854
|
|||
Commercial Paper
|
166,943
|
—
|
|||||
Current Liabilities
|
303,858
|
296,115
|
|||||
Long-term Capital Leases
|
32,918
|
34,288
|
|||||
Long-term Debt
|
905,049
|
1,061,780
|
|||||
Noncurrent Regulatory Liabilities
|
265,987
|
251,133
|
|||||
Deferred Income Taxes
|
282,406
|
232,709
|
|||||
Other Noncurrent Liabilities
|
389,012
|
333,443
|
|||||
Total Liabilities
|
2,351,326
|
2,217,322
|
|||||
Total Shareholders’ Equity
|
859,112
|
820,347
|
|||||
Total Liabilities and Shareholders’ Equity
|
$
|
3,210,438
|
$
|
3,037,669
|
Year Ended December 31,
|
|||||||||||
2011
|
2010
|
2009
|
|||||||||
Operating Activities
|
|||||||||||
Net income
|
$
|
92.6
|
$
|
77.4
|
$
|
73.4
|
|||||
Non-cash adjustments to net income
|
167.1
|
137.4
|
137.5
|
||||||||
Changes in working capital
|
1.6
|
(1.8
|
)
|
(40.3
|
)
|
||||||
Other noncurrent assets and liabilities
|
(27.5
|
)
|
5.9
|
(53.8
|
)
|
||||||
Cash Provided by Operating Activities
|
233.8
|
218.9
|
116.8
|
||||||||
Cash Used in Investing Activities
|
(188.5
|
)
|
(240.7
|
)
|
(124.4
|
)
|
|||||
Cash Provided by (Used in) Financing Activities
|
(45.5
|
)
|
23.6
|
(75.4
|
)
|
||||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
$
|
(0.3
|
)
|
$
|
1.9
|
$
|
(1.5
|
)
|
|||
Cash and Cash Equivalents, beginning of period
|
$
|
6.2
|
$
|
4.3
|
$
|
12.8
|
|||||
Cash and Cash Equivalents, end of period
|
$
|
5.9
|
$
|
6.2
|
$
|
11.3
|
December 31, 2011
|
Electric
|
Gas
|
Other
|
Eliminations
|
Total
|
||||||||||||||
Operating revenues
|
$
|
797,562
|
$
|
318,335
|
$
|
1,419
|
$
|
—
|
$
|
1,117,316
|
|||||||||
Cost of sales
|
327,126
|
167,433
|
—
|
—
|
494,559
|
||||||||||||||
Gross margin
|
470,436
|
150,902
|
1,419
|
—
|
622,757
|
||||||||||||||
Operating, general and administrative
|
183,503
|
80,431
|
3,226
|
—
|
267,160
|
||||||||||||||
Property and other taxes
|
66,425
|
22,686
|
11
|
—
|
89,122
|
||||||||||||||
Depreciation
|
81,859
|
19,034
|
33
|
—
|
100,926
|
||||||||||||||
Operating income
|
138,649
|
28,751
|
(1,851)
|
—
|
165,549
|
||||||||||||||
Interest expense
|
(54,394
|
)
|
(10,432
|
)
|
(2,033
|
)
|
—
|
(66,859
|
)
|
||||||||||
Other income
|
2,563
|
1,258
|
110
|
—
|
3,931
|
||||||||||||||
Income tax expense
|
(14,049
|
)
|
(3,472
|
)
|
7,456
|
—
|
(10,065
|
)
|
|||||||||||
Net income (loss)
|
$
|
72,769
|
$
|
16,105
|
$
|
3,682
|
$
|
—
|
$
|
92,556
|
Electric
|
Gas
|
Other
|
Eliminations
|
Total
|
|||||||||||||||
Operating revenues
|
$
|
790,701
|
$
|
318,735
|
$
|
1,284
|
$
|
—
|
$
|
1,110,720
|
|||||||||
Cost of sales
|
356,325
|
174,764
|
—
|
—
|
531,089
|
||||||||||||||
Gross margin
|
434,376
|
143,971
|
1,284
|
—
|
579,631
|
||||||||||||||
Operating, general and administrative
|
169,483
|
71,088
|
(3,524
|
)
|
—
|
237,047
|
|||||||||||||
Property and other taxes
|
65,027
|
23,159
|
12
|
—
|
88,198
|
||||||||||||||
Depreciation
|
74,227
|
17,509
|
33
|
—
|
91,769
|
||||||||||||||
Operating income
|
125,639
|
32,215
|
4,763
|
—
|
162,617
|
||||||||||||||
Interest expense
|
(49,576
|
)
|
(12,608
|
)
|
(3,642
|
)
|
—
|
(65,826
|
)
|
||||||||||
Other income
|
5,954
|
284
|
107
|
—
|
6,345
|
||||||||||||||
Income tax expense
|
(18,939
|
)
|
(4,183
|
)
|
(2,638
|
)
|
—
|
(25,760
|
)
|
||||||||||
Net income (loss)
|
$
|
63,078
|
$
|
15,708
|
$
|
(1,410
|
)
|
$
|
—
|
$
|
77,376
|
Results
|
||||||||||||||
2011
|
2010
|
Change
|
% Change
|
|||||||||||
(in millions)
|
||||||||||||||
Retail revenue
|
$
|
729.7
|
$
|
663.3
|
$
|
66.4
|
10.0
|
%
|
||||||
Transmission
|
44.1
|
47.0
|
(2.9
|
)
|
(6.2
|
)
|
||||||||
Wholesale
|
1.9
|
45.0
|
(43.1
|
)
|
(95.8
|
)
|
||||||||
Regulatory Amortization and Other
|
21.8
|
35.4
|
(13.6
|
)
|
(38.4
|
)
|
||||||||
Total Revenues
|
797.5
|
790.7
|
6.8
|
0.9
|
||||||||||
Total Cost of Sales
|
327.1
|
356.3
|
(29.2
|
)
|
(8.2
|
)%
|
||||||||
Gross Margin
|
$
|
470.4
|
$
|
434.4
|
$
|
36.0
|
8.3
|
%
|
Revenues
|
Megawatt Hours (MWH)
|
Avg. Customer Counts
|
|||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||
(in thousands)
|
|||||||||||||||||||
Retail Electric
|
|||||||||||||||||||
Montana
|
$
|
250,988
|
$
|
223,813
|
2,394
|
2,323
|
272,131
|
270,536
|
|||||||||||
South Dakota
|
46,869
|
44,896
|
565
|
555
|
48,685
|
48,479
|
|||||||||||||
297,857
|
268,709
|
2,959
|
2,878
|
320,816
|
319,015
|
||||||||||||||
Montana
|
302,591
|
274,017
|
3,197
|
3,149
|
61,571
|
61,003
|
|||||||||||||
South Dakota
|
65,614
|
63,508
|
919
|
920
|
11,946
|
11,796
|
|||||||||||||
Commercial
|
368,205
|
337,525
|
4,116
|
4,069
|
73,517
|
72,799
|
|||||||||||||
Industrial
|
37,378
|
32,927
|
2,833
|
2,746
|
72
|
71
|
|||||||||||||
Other
|
26,298
|
24,124
|
170
|
163
|
5,875
|
5,874
|
|||||||||||||
Total Retail Electric
|
$
|
729,738
|
$
|
663,285
|
10,078
|
9,856
|
400,280
|
397,759
|
|||||||||||
Wholesale Electric
|
|||||||||||||||||||
Montana
|
$
|
—
|
$
|
40,486
|
—
|
788
|
N/A
|
N/A
|
|||||||||||
South Dakota
|
1,928
|
4,503
|
106
|
220
|
N/A
|
N/A
|
|||||||||||||
Total Wholesale Electric
|
$
|
1,928
|
$
|
44,989
|
106
|
1,008
|
—
|
—
|
Degree Days
|
2011 as compared with:
|
|||||||||||
Cooling Degree-Days
|
2011
|
2010
|
Historic Average
|
2010
|
Historic Average
|
|||||||
Montana
|
328
|
221
|
302
|
48% warmer
|
9% warmer
|
|||||||
South Dakota
|
862
|
832
|
746
|
4% warmer
|
16% warmer
|
Degree Days
|
2011 as compared with:
|
|||||||||||
Heating Degree-Days
|
2011
|
2010
|
Historic Average
|
2010
|
Historic Average
|
|||||||
Montana
|
8,094
|
8,004
|
8,041
|
1% colder
|
1% colder
|
|||||||
South Dakota
|
8,074
|
7,727
|
7,717
|
4% colder
|
5% colder
|
Results
|
||||||||||||||
2011
|
2010
|
Change
|
% Change
|
|||||||||||
(in millions)
|
||||||||||||||
Retail revenue
|
$
|
274.8
|
$
|
268.0
|
$
|
6.8
|
2.5
|
%
|
||||||
Wholesale and other
|
43.5
|
50.7
|
(7.2
|
)
|
(14.2
|
)
|
||||||||
Total Revenues
|
318.3
|
318.7
|
(0.4
|
)
|
(0.1
|
)
|
||||||||
Total Cost of Sales
|
167.4
|
174.8
|
(7.4
|
)
|
(4.2
|
)
|
||||||||
Gross Margin
|
$
|
150.9
|
$
|
143.9
|
$
|
7.0
|
4.9
|
%
|
Revenues
|
Dekatherms (Dkt)
|
Customer Counts
|
|||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||
(in thousands)
|
|||||||||||||||||||
Retail Gas
|
|||||||||||||||||||
Montana
|
$
|
124,001
|
$
|
115,570
|
13,170
|
12,635
|
158,514
|
157,764
|
|||||||||||
South Dakota
|
25,633
|
26,342
|
2,918
|
2,787
|
37,515
|
37,263
|
|||||||||||||
Nebraska
|
23,855
|
24,653
|
2,605
|
2,624
|
36,586
|
36,515
|
|||||||||||||
Residential
|
173,489
|
166,565
|
18,693
|
18,046
|
232,615
|
231,542
|
|||||||||||||
Montana
|
63,346
|
58,142
|
6,787
|
6,400
|
22,176
|
22,023
|
|||||||||||||
South Dakota
|
18,591
|
22,175
|
2,665
|
3,044
|
5,915
|
5,890
|
|||||||||||||
Nebraska
|
16,915
|
18,537
|
2,668
|
2,838
|
4,586
|
4,553
|
|||||||||||||
Commercial
|
98,852
|
98,854
|
12,120
|
12,282
|
32,677
|
32,466
|
|||||||||||||
Industrial
|
1,464
|
1,702
|
162
|
194
|
278
|
285
|
|||||||||||||
Other
|
1,044
|
871
|
126
|
109
|
147
|
146
|
|||||||||||||
Total Retail Gas
|
$
|
274,849
|
$
|
267,992
|
31,101
|
30,631
|
265,717
|
264,439
|
Degree Days
|
2011 as compared with:
|
|||||||||||
Heating Degree-Days
|
2011
|
2010
|
Historic Average
|
2010
|
Historic Average
|
|||||||
Montana
|
8,094
|
8,004
|
8,041
|
1% colder
|
1% colder
|
|||||||
South Dakota
|
8,074
|
7,727
|
7,717
|
4% colder
|
5% colder
|
|||||||
Nebraska
|
6,493
|
6,412
|
6,375
|
1% colder
|
2% colder
|
December 31, 2011
|
Electric
|
Gas
|
Other
|
Eliminations
|
Total
|
||||||||||||||
Operating revenues
|
$
|
195,538
|
$
|
87,364
|
$
|
307
|
$
|
—
|
$
|
283,209
|
|||||||||
Cost of sales
|
80,534
|
43,502
|
—
|
—
|
124,036
|
||||||||||||||
Gross margin
|
115,004
|
43,862
|
307
|
—
|
159,173
|
||||||||||||||
Operating, general and administrative
|
43,235
|
19,781
|
890
|
—
|
63,906
|
||||||||||||||
Property and other taxes
|
15,488
|
5,080
|
3
|
—
|
20,571
|
||||||||||||||
Depreciation
|
20,656
|
4,701
|
7
|
—
|
25,364
|
||||||||||||||
Operating income
|
35,625
|
14,300
|
(593
|
)
|
—
|
49,332
|
|||||||||||||
Interest expense
|
(13,518
|
)
|
(2,327
|
)
|
(277
|
)
|
—
|
(16,122
|
)
|
||||||||||
Other income (loss)
|
1,140
|
507
|
27
|
—
|
1,674
|
||||||||||||||
Income tax expense
|
5,496
|
(3,191
|
)
|
(3,073
|
)
|
—
|
(768
|
)
|
|||||||||||
Net income (loss)
|
$
|
28,743
|
$
|
9,289
|
$
|
(3,916
|
)
|
$
|
—
|
$
|
34,116
|
December 31, 2010
|
Electric
|
Gas
|
Other
|
Eliminations
|
Total
|
||||||||||||||
Operating revenues
|
$
|
198,439
|
$
|
92,853
|
$
|
378
|
$
|
—
|
$
|
291,670
|
|||||||||
Cost of sales
|
90,274
|
50,130
|
—
|
—
|
140,404
|
||||||||||||||
Gross margin
|
108,165
|
42,723
|
378
|
—
|
151,266
|
||||||||||||||
Operating, general and administrative
|
45,262
|
18,634
|
(720
|
)
|
—
|
63,176
|
|||||||||||||
Property and other taxes
|
14,403
|
5,305
|
3
|
—
|
19,711
|
||||||||||||||
Depreciation
|
18,664
|
4,400
|
8
|
—
|
23,072
|
||||||||||||||
Operating income
|
29,836
|
14,384
|
1,807
|
—
|
45,307
|
||||||||||||||
Interest expense
|
(12,267
|
)
|
(2,891
|
)
|
(1,255
|
)
|
—
|
(16,413
|
)
|
||||||||||
Other income (loss)
|
1,439
|
(42)
|
27
|
—
|
1,424
|
||||||||||||||
Income tax expense
|
(1,449
|
)
|
(3,142
|
)
|
(3,139
|
)
|
—
|
(7,730
|
)
|
||||||||||
Net income (loss)
|
$
|
17,559
|
$
|
8,309
|
$
|
(3,280
|
)
|
$
|
—
|
$
|
22,588
|