8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 28, 2003

OTTER TAIL CORPORATION

(Exact name of registrant as specified in its charter)

Minnesota	0-00368	41-0462685
(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
(Address of principal executive offices) 56538-0496
(Zip Code)

Registrant’s telephone number, including area code: (866) 410-8780

(Former name or former address, if changed since last report.)

TABLE OF CONTENTS

	Item 12. Results of Operations and Financial Condition
Signature
EXHIBIT INDEX
EX-99.1 Press Release

Item 12. Results of Operations and Financial Condition

     On July 28, 2003, Otter Tail Corporation issued a press release concerning financial results for the second quarter of 2003, a copy of which is furnished herewith as exhibit 99.1.

Signature

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	OTTER TAIL CORPORATION
Date: July 28, 2003
	By	/s/ Kevin G. Moug
		Kevin G. Moug
		Chief Financial Officer
		and Treasurer

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EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	Press release, dated July 28, 2003

3 EX-99.1 3 c78585exv99w1.htm EX-99.1 PRESS RELEASE

EXHIBIT 99.1

NEWS RELEASE

Contact: Amy Richardson, Director of Communications, (701) 451-3580 or (866) 410-8780

For release: July 28, 2003 Financial media

Otter Tail Corporation reports second quarter earnings, revises 2003 outlook;
Board of Directors declares dividend

     Otter Tail Corporation (Nasdaq: OTTR) announced unaudited diluted earnings per share of 32 cents for the quarter ended June 30, 2003 compared with earnings per share of 41 cents for the quarter ended June 30, 2002. Net income was $8.4 million for the quarter ended June 30, 2003 compared with $10.6 million for the quarter ended June 30, 2002. Revenues for the quarter ended June 30, 2003 were $198.5 million compared with $176.6 million for the same quarter a year ago.

     Revenues for the six months ended June 30, 2003 were $396.7 million compared with $334.3 million for the six months ended June 30, 2002. For the six months ended June 30, 2003 net income was $18.3 million compared with $20.6 million for the six months ended June 30, 2002. Diluted earnings per share were 70 cents for the six months ended June 30, 2003 compared with 81 cents for the six months ended June 30, 2002.

     “Our consolidated results for the second quarter of 2003 did not meet our expectations,” said John Erickson, president and chief executive officer of Otter Tail Corporation. “We have continued our revenue growth from the previous quarter and year, but we are experiencing significant earnings pressure from a downturn in plastics and from reduced margins in the other non-electric segments that result mostly from soft economic conditions. The soft economy has also made it difficult to complete acquisitions that meet our criteria and we will not modify our established criteria simply to achieve short-term operating results.”

     According to Erickson, the Corporation’s long-standing diversification strategy is designed to provide a level of protection from factors impacting individual segments or companies. “In any given year, we expect some operating companies to experience challenges and others to perform above expectations,” he said. “Historically, this has been the case and the result has been strong, steady growth. In 2003, we simply have more operating companies experiencing difficulties than in a typical year. These companies are solid, profitable businesses that are taking appropriate actions to deal with a tough economic environment. We view the earnings reductions as short term and as general economic conditions improve, we expect earnings levels to return to normal.”

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     Erickson said the Corporation continues to maintain a strong balance sheet and is committed to providing steady, dependable growth in earnings and dividends over the long term.

     “While we expect continued strong performance from our electric operations in 2003, we have concerns about the strength of the economy and the impact it is having on our non-electric operations. As a result, we are reducing our earnings guidance. We now expect our 2003 earnings to be in the range of $1.50 to $1.60 of diluted earnings per share,” Erickson said.

Quarterly performance summary

Electric

     Net income of $4.8 million for the electric segment for the quarter ended June 30, 2003 decreased from $5.5 million reported for the quarter ended June 30, 2002. The contributing factors to the decrease in earnings were a $1.4 million reduction in operating income due to less contracted electrical construction work performed and a $2 million increase in operating and maintenance expenses primarily related to the second quarter scheduled maintenance shutdown of Coyote Station and a boiler wash at Big Stone Plant. Fuel and purchased power costs related to retail sales increased 16.5% as a result of increased purchased power costs partly related to the purchase of replacement power during the maintenance shutdown of Coyote Station. Revenues from retail sales increased 9.0% despite a 4.2% decrease in kilowatt-hours sold, primarily due to a $3.8 million increase in cost-of-energy revenues in the second quarter of 2003. The decrease in retail kilowatt-hour (kwh) sales is mainly due to a decrease in cooling and heating degree-days between the quarters. Gross margin on wholesale energy sales increased 5.2% due to increases in the price per kwh sold, offset by decreases in wholesale kwh sales. Wholesale power sales are expected to continue to be strong for the rest of the year. Overall, we expect strong performance in the electric segment for 2003.

Plastics

     The plastics segment produced net income of $1 million for the quarter ended June 30, 2003 compared with net income of $2.8 million for the quarter ended June 30, 2002. Pounds of PVC pipe sold decreased 30.5% between the quarters while the average sales price per pound increased 15.9% between the quarters. The average price of PVC resin (a raw material used in production of PVC pipe) increased 44% between the second quarters of 2003 and 2002. Although customer demand was strong in the first half of 2003, it was significantly less than the first half of 2002. Given current inventory levels and expected softness in resin prices, we believe the downturn in the plastics segment will be deeper than previously expected and, as a result, we have reduced our earnings expectations for plastics for the rest of the year.

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Manufacturing

     Net income for the manufacturing segment increased to $2.7 million for the quarter ended June 30, 2003 from $1.5 million for the quarter ended June 30, 2002. Results from the 2002 acquisitions of the waterfront equipment businesses contributed $800,000 to the increase in net income while the Corporation’s wind tower manufacturer showed a $600,000 increase in net income between the quarters. Net income from the Corporation’s manufacturer of thermoformed plastic and horticultural products increased by $500,000 over the second quarter of 2002. These increases were offset by $400,000 in decreased net income at the Corporation’s metal parts stamping company and $300,000 at its company that manufactures structural steel products.

     Results in the manufacturing segment were mixed depending on the types of businesses served by our manufacturing companies. At the start of the year, we believed that economic conditions would improve by the third quarter of 2003. Generally, however, we believe the soft economy will continue through the balance of 2003. In our view, the continuing economic uneasiness, coupled with the impact of steel tariffs, foreign competition and continued pressure from customers for price reductions will place considerable downward pressure on the earnings of the metal fabrication companies, including those that manufacture towers for the wind energy industry. As a result, we are reducing our earnings expectations for the balance of the year in this segment.

Health services

     Net income for the health services segment decreased from $1.4 million for the quarter ended June 30, 2002 to $740,000 for the quarter ended June 30, 2003. Sales from the quarter ended June 30, 2003 increased $1.8 million compared with the quarter ended June 30, 2002. While net income for the quarter was behind the same quarter a year ago, the segment’s results improved significantly from the first quarter of 2003 in part due to the results of steps taken by management to address the integration of Computed Imaging Services and operating expenses of the diagnostic imaging operations. Acquisitions of two small companies in this segment during the 2nd quarter will add to the products and geographic territory of the sales and service operations.

Other business operations

     The other business operations segment incurred a net loss of $800,000 for the quarter ended June 30, 2003 compared with a net loss of $600,000 for the quarter ended June 30, 2002. This increase in net losses reflects $370,000 in construction company losses in the second quarter of 2003 compared to $90,000 of construction company income for the same period of 2002. Construction margins have declined due to the sluggish economy and increased competition for available work. The construction losses were partially offset

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by a $240,000 decrease in losses from our energy services company, which has been downsized due to the changing landscape in the deregulated electric utility industry. Our transportation company continues to be profitable but is faced with downward pressure on operating margins because of the slow economy, increased fuel and insurance costs and highly competitive pricing.

Board declares quarterly dividend

     Otter Tail Corporation’s board of directors has declared a quarterly common stock dividend of 27 cents per share. This dividend is payable on September 10, 2003 to shareholders of record on August 15, 2003. The board also declared quarterly dividends on the Corporation’s four series of preferred stock, payable on August 30, 2003 to shareholders of record on August 15, 2003.

About the corporation

     Otter Tail Corporation is headquartered in Fergus Falls, Minnesota, and Fargo, North Dakota. It has interests in the electric utility, health services, plastics, manufacturing, construction, transportation, telecommunications, energy services, and entertainment industries. Otter Tail Corporation stock trades on The Nasdaq Stock Market® under the symbol OTTR. The latest investor and other corporate information are available at www.ottertail.com.

Forward-looking statements
Forward-looking statements in this news release are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to a number of factors including, but not limited to, the corporation’s ongoing involvement in diversification efforts, the timing and scope of deregulation and open competition, growth of electric revenues, impact of the investment performance of the utility’s pension plan, changes in the economy, governmental and regulatory action, weather conditions, fuel and purchased power costs, environmental issues, resin prices, and other factors discussed from time to time in reports the corporation files with the Securities and Exchange Commission.

See Otter Tail Corporation’s unaudited results for the quarter and six months ended June 30, 2003 on the following pages.

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Consolidated Statements of Income
For the three and six months ended June 30, 2003 and 2002
In thousands, except share and per share amounts
Unaudited

				Quarter Ended June 30						Year to date – June 30
				2003			2002			2003			2002
Operating revenues by segment:
	Electric			$	77,505		$	71,889		$	171,472		$	146,290
	Plastics				19,647			24,405			42,582			40,280
	Manufacturing				48,838			35,742			83,557			67,070
	Health services				25,412			23,633			47,230			44,752
	Other business operations				27,146			20,903			51,827			35,913
			Total operating revenues		198,548			176,572			396,668			334,305
Operating expenses:
	Fuel and purchased power				38,888			34,570			87,448			65,021
	Nonelectric cost of goods sold				89,810			72,843			168,378			131,979
	Electric operating and maintenance expense				24,406			20,930			46,411			43,437
	Nonelectric operating and maintenance expense				19,190			17,875			38,719			34,395
	Depreciation and amortization				11,334			10,506			22,490			20,690
			Total operating expenses		183,628			156,724			363,446			295,522
Operating income (loss) by segment:
	Electric				7,800			10,168			24,751			25,461
	Plastics				1,932			4,935			4,626			6,827
	Manufacturing				5,127			3,075			6,405			4,981
	Health services				1,495			2,613			1,628			5,050
	Other business operations				(1,434	)		(943	)		(4,188	)		(3,536	)
			Total operating income		14,920			19,848			33,222			38,783
Interest charges					4,424			4,347			8,816			8,671
Other income — net					933			358			1,263			409
Income taxes					2,995			5,272			7,373			9,902
Net income (loss) by segment:
	Electric				4,761			5,538			14,573			14,064
	Plastics				1,027			2,779			2,461			3,745
	Manufacturing				2,706			1,479			3,091			2,471
	Health services				744			1,382			651			2,754
	Other business operations				(804	)		(591	)		(2,480	)		(2,415	)
		Total net income			8,434			10,587			18,296			20,619
Preferred stock dividend					184			184			368			368
Balance for common:				$	8,250		$	10,403		$	17,928		$	20,251
Average common shares outstanding
	Basic				25,672,592			25,117,325			25,632,477			24,892,640
	Diluted				25,854,898			25,411,877			25,786,453			25,154,599
Earnings per share:
	Basic			$	0.32		$	0.41		$	0.70		$	0.81
	Diluted			$	0.32		$	0.41		$	0.70		$	0.81

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Consolidated Balance Sheets
Assets
In thousands
(Unaudited)

				June 30,		December 31,
				2003		2002
Current assets:
Cash and cash equivalents				$	—	$	9,937
Accounts receivable:
	Trade — net				90,317		81,670
	Other				3,093		1,466
Inventories					62,560		44,154
Deferred income taxes					4,491		4,487
Accrued utility revenues					11,739		11,633
Other					23,139		10,866
		Total current assets			195,339		164,213
Investments					19,626		19,314
Goodwill — net					65,944		64,557
Intangibles — net					5,766		5,592
Other assets					17,275		16,821
Deferred debits:
Unamortized debt expense and reacquisition premiums					8,452		8,895
Regulatory assets					11,188		10,238
Other					673		1,220
		Total deferred debits			20,313		20,353
Plant:
Electric plant in service					871,724		835,382
Nonelectric operations					186,665		178,656
		Total			1,058,389		1,014,038
Less accumulated depreciation and amortization					468,298		467,759
Plant — net of accumulated depreciation and amortization					590,091		546,279
Construction work in progress					19,435		41,607
		Net plant			609,526		587,886
			Total	$	933,789	$	878,736

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Consolidated Balance Sheets

Liabilities and Equity
In thousands
(Unaudited)

				June 30,			December 31,
				2003			2002
Current liabilities
Short-term debt				$	33,700		$	30,000
Current maturities of long-term debt					10,236			7,690
Accounts payable					67,761			52,430
Accrued salaries and wages					11,025			18,194
Accrued federal and state income taxes					5,920			—
Other accrued taxes					8,072			10,150
Other accrued liabilities					5,568			5,760
	Total current liabilities				142,282			124,224
Pensions benefit liability					21,713			20,484
Other postretirement benefits liability					22,126			20,382
Other noncurrent liabilities					4,284			2,955
Deferred credits
Accumulated deferred income taxes					96,274			94,147
Accumulated deferred investment tax credit					12,206			12,782
Regulatory liabilities					22,425			9,133
Other					8,691			7,435
	Total deferred credits				139,596			123,497
Capitalization
Long-term debt					270,293			258,229
Cumulative preferred shares					15,500			15,500
Cumulative preference shares — authorized 1,000,000 shares without par value; outstanding — none					—			—
Common shares, par value $5 per share					128,478			127,961
Premium on common shares					26,133			24,135
Unearned compensation					(3,933	)		(1,946	)
Retained earnings					179,387			175,304
Accumulated other comprehensive loss					(12,070	)		(11,989	)
	Total common equity				317,995			313,465
		Total capitalization			603,788			587,194
			Total	$	933,789		$	878,736

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EX-99.1

exv99w1