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![(OTTERTAIL CORPORATION LOGO)](https://capedge.com/proxy/8-K/0000950134-05-014555/c97298c9729800.gif) | | Exhibit 99.1 |
NEWS RELEASE
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Media contact: | | Amy Richardson, Director of Communications, (701) 451-3580 or (866) 410-8780 |
Investor contact: | | Loren Hanson, Director of Shareholder Services, (218) 739-8481 or (800) 664-1259 |
Dateline: | | Fergus Falls, Minnesota |
For release: | | August 1, 2005 | | Financial Media |
Otter Tail Corporation Reports Record Second Quarter Earnings;
Board of Directors Declares Dividend
Otter Tail Corporation (NASDAQ: OTTR) announced financial results for the quarter ended June 30, 2005 with the following highlights:
| • | | Consolidated net income from continuing operations increased to $11.0 million for the second quarter of 2005 compared with $7.8 million for the second quarter of 2004. |
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| • | | The corporation recorded an $11.9 million after-tax gain ($0.41 per diluted share) on the sale of Midwest Information Systems, Inc. (MIS) to Arvig Enterprises, Inc. in the second quarter of 2005. |
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| • | | Total consolidated net income, which includes the results of discontinued operations, increased to $22.3 million for the second quarter of 2005 compared with $8.0 million for the second quarter of 2004. |
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| • | | Diluted earnings per share from continuing operations increased to $0.37 for the second quarter of 2005 compared with $0.29 for the second quarter of 2004. |
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| • | | Total diluted earnings per share, which includes the results of discontinued operations, increased to $0.76 for the second quarter of 2005 compared with $0.30 for the second quarter of 2004. |
Announcements:
| • | | On June 30, 2005 Otter Tail Power Company jointly announced an agreement along with six other utilities to build a new 600-megawatt coal-based electric generating plant at the existing Big Stone Plant site near Milbank, South Dakota. The project is contingent on approval of all necessary permits and financial conditions. The new plant is expected to commence operations in mid-2011. |
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| • | | On August 1, 2005 the Board of Directors declared a quarterly common stock dividend of $0.28 per share. |
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| • | | The corporation is reaffirming its 2005 diluted earnings per share guidance from continuing operations to be in the range of $1.50 to $1.70 and reaffirming its total diluted earnings per share guidance to be in the range of $1.80 to $2.00. |
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For the six months ended June 30, 2005 net income from continuing operations was $22.0 million compared with $16.1 million for the six months ended June 30, 2004. Total consolidated net income, which includes the results of discontinued operations, increased to $32.3 million for the six months ended June 30, 2005 compared with $16.3 million for the six months ended June 30, 2004. Diluted earnings per share from continuing operations were $0.74 for the six months ended June 30, 2005 compared with $0.60 for the six months ended June 30, 2004. Total diluted earnings per share, which include the results of discontinued operations, were $1.09 for the six months ended June 30, 2005 compared with $0.61 for the six months ended June 30, 2004.
“We are pleased with our strong second quarter results, which reflect increased earnings across our electric and nonelectric businesses as compared to the same period in 2004,” said John Erickson, president and chief executive officer of Otter Tail Corporation. “Electric segment earnings were up nearly $1 million with better than anticipated results in wholesale power markets. The combined net earnings from continuing operations in our nonelectric segments were $5.3 million, which is up over 70% from the second-quarter results from a year ago.” Erickson credits the substantial increase in nonelectric operations to improvements in the manufacturing and health services segments, along with continuing strong performance from the plastics segment. “We are also pleased with the significant positive impact on the corporation’s total earnings from the sale of Midwest Information Systems, which was completed during this quarter,” he said. In reaffirming earnings guidance for the year, Erickson said he anticipates the solid performance will continue for the remainder of 2005.
Quarterly Performance Summary
Electric
Net income in the electric segment for the quarter ended June 30, 2005 was $5.6 million compared with $4.7 million for the quarter ended June 30, 2004. Retail revenues were $59.5 million for the quarter ended June 30, 2005 compared with $49.3 million for the quarter ended June 30, 2004. Wholesale electric sales from company-owned generation increased to $4.3 million from $3.8 million for the same period last year despite a 27.1% decrease in megawatt hour (mwh) sales. Net revenue from the resale of purchased power, including net gains on forward energy contracts, increased to $6.1 million in the second quarter of 2005 from $3.0 million in the second quarter 2004, reflecting favorable results in wholesale power markets. A $13.7 million increase in total electric segment revenue between the quarters was primarily offset by a $12.6 million increase in operating expenses, mostly as a result of increased costs for purchased power for retail customers. Other items contributing to the increase in operating expenses between the quarters were wage and benefit cost increases and higher costs related to an increase in work performed for other utilities. The quarter was also impacted by $737,000 in costs
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incurred during a scheduled seven-week maintenance shutdown at Big Stone Plant in the second quarter of 2005 and $600,000 in costs incurred to repair damage caused by storms in the second quarter of 2005.
Plastics
Net income for the plastics segment was $2.4 million for the quarter ended June 30, 2005 compared with $2.3 million for the quarter ended June 30, 2004. Plastics revenues increased $3.4 million despite a 9.8% decrease in the pounds of polyvinyl chloride (PVC) pipe sold between the quarters. The increase in revenue reflects a 21.4% increase in the average sales price per pound of PVC pipe sold. Operating expenses increased $3.2 million due to increases in raw material costs. The average cost per pound of PVC pipe sold increased 22.9% between the quarters.
Manufacturing
The manufacturing segment’s revenues and net income were $67.9 million and $4.5 million, respectively, for the quarter ended June 30, 2005 compared to $50.4 million and $2.2 million for the same quarter in 2004. DMI Industries, Inc., the corporation’s manufacturer of wind towers and structural steel products, increased revenues by $10.2 million and net earnings by $1.4 million due to increased production and sales activity, in part related to the production tax credits for wind-generated electricity being in place for 2005 as well as continued improvements in productivity and capacity utilization. BTD Manufacturing, Inc., the corporation’s metal fabrication business, increased revenues $4.6 million and net earnings $0.1 million compared to the same quarter in 2004. The increase in BTD revenues mainly reflects recovery of higher raw material costs and additional sales related to the 2005 acquisition of Performance Tool & Die, Inc. ShoreMaster, Inc., the corporation’s manufacturer of waterfront equipment, reported a $1.7 million increase in revenue and a $0.3 million increase in net earnings in the second quarter of 2005 compared to the second quarter of 2004. T.O. Plastics, Inc., the corporation’s manufacturer of thermoformed plastics and horticultural products, increased revenues by $1.0 million and net earnings by $0.5 million due in part to a higher margin product mix.
Health Services
Net income in the health services segment was $1.2 million for the quarter ended June 30, 2005 compared with net income of $0.2 million for the quarter ended June 30, 2004. Scanning and other related service revenues increased $4.1 million while revenues from equipment sales and service increased $0.6 million between the periods. Growing scan counts, improved operating efficiencies in the imaging business and service cost reductions contributed to improved results in the health services segment over the second quarter of 2004.
Food Ingredient Processing
Second quarter 2005 results for the corporation’s food ingredient processing segment, established with the acquisition of Idaho Pacific Holdings, Inc. in August 2004, included operating revenues of $8.2 million and net
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income of $0.2 million. Net income has been impacted by lower than expected sales volumes, high energy costs, the increasing value of the Canadian dollar relative to the U.S. dollar and excess capacity in the flake market.
Other Business Operations
Other business operations had a net loss of $2.9 million for the quarter ended June 30, 2005 compared with a net loss of $1.6 million for the quarter ended June 30, 2004. This $1.3 million increase in net losses is mainly due to increases in the corporation’s health insurance costs, other employee benefit costs that are not allocated to the other operating segments and independent auditor fees related to Sarbanes-Oxley requirements.
Discontinued Operations
Discontinued operations includes the operating results of MIS, the corporation’s telecommunications company located in Parkers Prairie, Minnesota, St. George Steel Fabrication, Inc. (SGS), the corporation’s structural steel fabricator located in St. George, Utah, and Chassis Liner Corporation of Alexandria, Minnesota, the corporation’s manufacturer of auto and truck frame-straightening equipment and accessories. The sales of MIS and SGS were completed in the second quarter of 2005. The pending sale of Chassis Liner was in the process of negotiation as of June 30, 2005. Discontinued operations consists of two components: net income (loss) from discontinued operations, which was a loss of $0.1 million for the second quarter of 2005 compared with income of $0.2 million for the second quarter of 2004 and a net after-tax gain on the disposition of discontinued operations of $11.5 million in the second quarter of 2005. The net after-tax gain on sale of discontinued operations includes an $11.9 million gain on the sale of MIS, net of an after-tax loss on the sale of SGS and an estimated loss on the sale of Chassis Liner. The after-tax loss on the sale of SGS was increased by $0.2 million in the second quarter of 2005 from a projected loss of $1.6 million recorded in the first quarter of 2005. The corporation recorded an estimated after-tax loss on the pending sale of Chassis Liner of $0.2 million in the second quarter of 2005.
2005 Outlook
The corporation reaffirms its 2005 earnings guidance in the range of $1.50 to $1.70 of diluted earnings per share from continuing operations. Total earnings, which include expected earnings, gains and losses from discontinued operations, are expected to be in the range of $1.80 to $2.00 of diluted earnings per share.
Contributing to the earnings guidance for 2005 are the following items:
• | | The corporation expects solid performance in the electric segment in 2005 although net income is anticipated to be lower than 2004 levels. This is primarily because of uncertainty in the wholesale electric markets due to the implementation of the Midwest Independent Transmission System Operator (MISO) electric markets on April 1, 2005 and anticipated lower margins on retail sales. Regulated returns in 2005 for the electric segment are expected to be consistent with authorized levels. |
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• | | The corporation expects the plastics segment will perform well in 2005 due to continuing strong demand in the southwestern region of the country and sustained high PVC resin prices. 2005 net earnings for this segment are expected to be similar to 2004 net earnings. |
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• | | The improving economy, continued enhancements in productivity and capacity utilization, and the extension of the production tax credit are expected to result in increased net income in the corporation’s manufacturing segment. |
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• | | The health services segment is expected to grow net income in 2005 as the corporation continues to realize earnings improvement from its imaging business. |
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• | | The corporation expects its food ingredient processing business to generate net income in the range of $2.1 million to $3.8 million for the year ending December 31, 2005. The revision in the low end of the range is due to lower than expected sales volumes, high energy costs, the increasing value of the Canadian dollar relative to the U.S. dollar and excess capacity in the flake market. |
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• | | The other business operations segment is expected to show results similar to 2004. While the improving economy is having a positive impact on the transportation business and the extension of the production tax credit is expected to have a positive impact on the corporation’s electrical contracting business, earnings growth in these businesses are expected to be offset by weaker performance in the corporation’s other construction business, increased health and casualty insurance costs, and other employee benefit costs. |
Risk Factors and Forward Looking Statements that Could Affect Future Results
The information in this release includes certain forward-looking information, including the 2005 outlook, made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Although the corporation believes its expectations are based on reasonable assumptions, actual results may differ materially from those expectations. The following factors, among others, could cause actual results for the corporation to differ materially from those discussed in the forward-looking statements:
• | | The corporation is subject to government regulations and actions that may have a negative impact on its business and results of operations. |
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• | | Weather conditions can adversely affect the corporation’s operations and revenues. |
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• | | Federal and state environmental regulation could cause the corporation to incur substantial capital expenditures which could result in increased operating costs. |
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• | | The corporation’s plans to grow and diversify through acquisitions may not be successful and could result in poor financial performance. |
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• | | Competition is a factor in all of the corporation’s businesses. |
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• | | Economic uncertainty could have a negative impact on the corporation’s future revenues and earnings. |
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• | | Volatile financial markets could restrict the corporation’s ability to access capital and could increase borrowing costs and pension plan expenses. |
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• | | The corporation’s food ingredient processing segment operates in a highly competitive market and is dependent on adequate sources of raw materials for processing. Should the supply of these raw materials be affected by poor growing conditions, this could negatively impact the results of operations for this segment. This segment could also be impacted by foreign currency changes between Canadian and United States currency and prices of natural gas. |
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• | | The corporation’s plastics segment is highly dependent on a limited number of vendors for PVC 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 business. |
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• | | The corporation’s health services businesses may not be able to retain or comply with the dealership arrangement and other agreements with Philips Medical. |
For a further discussion of other risk factors and cautionary statements, refer to reports the corporation files with the Securities and Exchange Commission.
About The Corporation
Otter Tail Corporation has interests in diversified operations that include an electric utility, plastics, manufacturing, health services, food ingredient processing and other businesses. Otter Tail Corporation stock trades on NASDAQ under the symbol OTTR. The latest investor and corporate information is available atwww.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
See Otter Tail Corporation’s results of operations for the three months and six months ended June 30, 2005 and 2004 in the attached financial statements.
Consolidated Statements of Income, Consolidated Balance Sheets — Assets, Consolidated Balance Sheets — Liabilities and Equity
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Otter Tail Corporation
Consolidated Statements of Income
For the three and six months ended June 30, 2005 and 2004
In thousands, except share and per share amounts
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| | Quarter Ended June 30, | | Year to date - June 30, |
| | 2005 | | 2004 | | 2005 | | 2004 |
| | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) |
Operating revenues by segment: | | | | | | | | | | | | | | | | |
Electric | | $ | 74,150 | | | $ | 60,449 | | | $ | 147,633 | | | $ | 133,304 | |
Plastics | | | 36,004 | | | | 32,636 | | | | 68,159 | | | | 59,072 | |
Manufacturing | | | 67,858 | | | | 50,399 | | | | 123,387 | | | | 92,213 | |
Health services | | | 31,324 | | | | 26,597 | | | | 59,122 | | | | 52,273 | |
Food ingredient processing | | | 8,234 | | | | — | | | | 17,489 | | | | — | |
Other business operations | | | 39,707 | | | | 33,906 | | | | 74,604 | | | | 67,421 | |
Intersegment eliminations | | | (899 | ) | | | (530 | ) | | | (1,883 | ) | | | (1,243 | ) |
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Total operating revenues | | | 256,378 | | | | 203,457 | | | | 488,511 | | | | 403,040 | |
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Operating expenses: | | | | | | | | | | | | | | | | |
Fuel and purchase power | | | 30,453 | | | | 21,096 | | | | 57,168 | | | | 46,615 | |
Nonelectric cost of goods sold (excludes depreciation; included below) | | | 140,042 | | | | 110,941 | | | | 263,676 | | | | 213,958 | |
Electric operating and maintenance expense | | | 27,742 | | | | 24,561 | | | | 54,333 | | | | 48,327 | |
Nonelectric operating and maintenance expense | | | 25,720 | | | | 21,259 | | | | 48,461 | | | | 41,831 | |
Depreciation and amortization | | | 11,553 | | | | 10,529 | | | | 22,938 | | | | 21,036 | |
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Total operating expenses | | | 235,510 | | | | 188,386 | | | | 446,576 | | | | 371,767 | |
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Operating income (loss) by segment: | | | | | | | | | | | | | | | | |
Electric | | | 9,852 | | | | 8,777 | | | | 23,929 | | | | 26,411 | |
Plastics | | | 4,252 | | | | 4,032 | | | | 8,890 | | | | 5,321 | |
Manufacturing | | | 8,662 | | | | 4,206 | | | | 11,205 | | | | 5,254 | |
Health services | | | 2,247 | | | | 532 | | | | 3,773 | | | | 956 | |
Food ingredient processing | | | 456 | | | | — | | | | 1,658 | | | | — | |
Other business operations | | | (4,601 | ) | | | (2,476 | ) | | | (7,520 | ) | | | (6,669 | ) |
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Total operating income — continuing operations | | | 20,868 | | | | 15,071 | | | | 41,935 | | | | 31,273 | |
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Interest charges | | | 4,841 | | | | 4,324 | | | | 9,407 | | | | 8,709 | |
Other income | | | 215 | | | | 755 | | | | 409 | | | | 766 | |
Income taxes — continuing operations | | | 5,275 | | | | 3,694 | | | | 10,920 | | | | 7,264 | |
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Net income (loss) by segment — continuing operations: | | | | | | | | | | | | | | | | |
Electric | | | 5,622 | | | | 4,728 | | | | 13,375 | | | | 14,714 | |
Plastics | | | 2,362 | | | | 2,290 | | | | 4,999 | | | | 2,929 | |
Manufacturing | | | 4,507 | | | | 2,199 | | | | 5,511 | | | | 2,496 | |
Health services | | | 1,190 | | | | 172 | | | | 1,972 | | | | 273 | |
Food ingredient processing | | | 210 | | | | — | | | | 951 | | | | — | |
Other business operations | | | (2,924 | ) | | | (1,581 | ) | | | (4,791 | ) | | | (4,346 | ) |
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Total net income — continuing operations | | | 10,967 | | | | 7,808 | | | | 22,017 | | | | 16,066 | |
Discontinued operations | | | | | | | | | | | | | | | | |
Income from discontinued operations net of taxes of ($96); $149; $237 and $153 for the respective periods | | | (149 | ) | | | 224 | | | | 348 | | | | 225 | |
Net gain on disposition of discontinued operations — net of taxes of $6,820 and $5,769 for the three and six months ended June 30, 2005 | | | 11,486 | | | | — | | | | 9,910 | | | | — | |
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Net income from discontinued operations | | | 11,337 | | | | 224 | | | | 10,258 | | | | 225 | |
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Total net income | | | 22,304 | | | | 8,032 | | | | 32,275 | | | | 16,291 | |
Preferred stock dividend | | | 183 | | | | 184 | | | | 367 | | | | 368 | |
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Balance for common: | | $ | 22,121 | | | $ | 7,848 | | | $ | 31,908 | | | $ | 15,923 | |
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Average number of common shares outstanding—basic | | | 29,158,140 | | | | 25,891,440 | | | | 29,142,118 | | | | 25,842,241 | |
Average number of common shares outstanding—diluted | | | 29,263,643 | | | | 26,013,519 | | | | 29,244,698 | | | | 25,969,648 | |
Basic earnings per common share: | | | | | | | | | | | | | | | | |
Continuing operations (net of preferred dividend requirement) | | $ | 0.37 | | | $ | 0.29 | | | $ | 0.74 | | | $ | 0.61 | |
Discontinued operations | | $ | 0.39 | | | $ | 0.01 | | | $ | 0.35 | | | $ | 0.01 | |
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| | $ | 0.76 | | | $ | 0.30 | | | $ | 1.09 | | | $ | 0.62 | |
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Diluted earnings per common share: | | | | | | | | | | | | | | | | |
Continuing operations (net of preferred dividend requirement) | | $ | 0.37 | | | $ | 0.29 | | | $ | 0.74 | | | $ | 0.60 | |
Discontinued operations | | $ | 0.39 | | | $ | 0.01 | | | $ | 0.35 | | | $ | 0.01 | |
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| | $ | 0.76 | | | $ | 0.30 | | | $ | 1.09 | | | $ | 0.61 | |
Otter Tail Corporation
Consolidated Balance Sheets
Assets
In thousands
(unaudited)
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| | June 30, | | December 31, |
| | 2005 | | 2004 |
Current assets | | | | | | | | |
Cash and cash equivalents | | $ | 16,179 | | | $ | — | |
Accounts receivable: | | | | | | | | |
Trade—net | | | 120,232 | | | | 116,141 | |
Other | | | 9,634 | | | | 9,872 | |
Inventories | | | 95,808 | | | | 72,504 | |
Deferred income taxes | | | 4,875 | | | | 4,852 | |
Accrued utility revenues | | | 19,699 | | | | 15,344 | |
Costs and estimated earnings in excess of billings | | | 25,120 | | | | 18,145 | |
Other | | | 16,545 | | | | 7,800 | |
Assets held for sale from discontinued operations | | | 9,938 | | | | 30,937 | |
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Total current assets | | | 318,030 | | | | 275,595 | |
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Investments and other assets | | | 45,985 | | | | 42,650 | |
Goodwill—net | | | 97,970 | | | | 92,196 | |
Other intangibles—net | | | 21,549 | | | | 19,600 | |
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Deferred debits: | | | | | | | | |
Unamortized debt expense and reacquisition premiums | | | 6,828 | | | | 7,291 | |
Regulatory assets and other deferred debits | | | 17,046 | | | | 16,692 | |
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Total deferred debits | | | 23,874 | | | | 23,983 | |
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Plant | | | | | | | | |
Electric plant in service | | | 894,398 | | | | 890,200 | |
Nonelectric operations | | | 216,045 | | | | 208,311 | |
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Total | | | 1,110,443 | | | | 1,098,511 | |
Less accumulated depreciation and amortization | | | 449,240 | | | | 436,856 | |
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Plant—net of accumulated depreciation and amortization | | | 661,203 | | | | 661,655 | |
Construction work in progress | | | 22,920 | | | | 18,469 | |
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Net plant | | | 684,123 | | | | 680,124 | |
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Total | | $ | 1,191,531 | | | $ | 1,134,148 | |
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Otter Tail Corporation
Consolidated Balance Sheets
Liabilities and Equity
In thousands
(unaudited)
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| | June 30, | | December 31, |
| | 2005 | | 2004 |
Current liabilities | | | | | | | | |
Short-term debt | | $ | 78,000 | | | $ | 39,950 | |
Current maturities of long-term debt | | | 4,834 | | | | 6,016 | |
Accounts payable | | | 75,294 | | | | 84,433 | |
Accrued salaries and wages | | | 15,524 | | | | 17,330 | |
Accrued federal and state income taxes | | | 19,311 | | | | 3,700 | |
Other accrued taxes | | | 9,535 | | | | 11,391 | |
Other accrued liabilities | | | 12,335 | | | | 10,417 | |
Liabilities from discontinued operations | | | 1,835 | | | | 8,585 | |
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Total current liabilities | | | 216,668 | | | | 181,822 | |
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Pensions benefit liability | | | 18,652 | | | | 16,703 | |
Other postretirement benefits liability | | | 25,957 | | | | 25,053 | |
Other noncurrent liabilities | | | 13,719 | | | | 11,874 | |
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Deferred credits | | | | | | | | |
Deferred income taxes | | | 119,084 | | | | 121,301 | |
Deferred investment tax credit | | | 9,901 | | | | 10,477 | |
Regulatory liabilities | | | 58,020 | | | | 56,909 | |
Other | | | 4,587 | | | | 1,662 | |
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Total deferred credits | | | 191,592 | | | | 190,349 | |
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Capitalization | | | | | | | | |
Long-term debt, net of current maturities | | | 259,615 | | | | 261,805 | |
Class B stock options of subsidiary | | | 1,271 | | | | 1,832 | |
Class B stock of subsidiary | | | 728 | | | | — | |
Cumulative preferred shares | | | 15,500 | | | | 15,500 | |
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Cumulative preference shares — authorized 1,000,000 shares without par value; outstanding — none | | | — | | | | — | |
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Common shares, par value $5 per share | | | 145,854 | | | | 144,885 | |
Premium on common shares | | | 91,233 | | | | 87,865 | |
Unearned compensation | | | (2,351 | ) | | | (2,577 | ) |
Retained earnings | | | 215,011 | | | | 199,427 | |
Accumulated other comprehensive loss | | | (1,918 | ) | | | (390 | ) |
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Total common equity | | | 447,829 | | | | 429,210 | |
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Total capitalization | | | 724,943 | | | | 708,347 | |
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Total | | $ | 1,191,531 | | | $ | 1,134,148 | |
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