Exhibit 99
MINNESOTA POWER
CONSOLIDATED STATEMENT OF INCOME
FOR THE 12 MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
In Thousands Except Per Share Amounts - Unaudited
1997 1996
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Operating Revenue and Income
Electric Operations $ 536,433 $ 526,172
Water Services 87,104 79,184
Automotive Services 238,866 166,440
Investments 56,880 47,304
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Total Operating Revenue and Income 919,283 819,100
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Operating Expenses
Fuel and Purchased Power 189,734 189,321
Operations 554,284 501,930
Interest Expense 66,780 56,898
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Total Operating Expenses 810,798 748,149
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Income from Equity Investment 12,970 15,207
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Operating Income from Continuing Operations 121,455 86,158
Distributions on Redeemable
Preferred Securities of Subsidiary 6,037 3,220
Income Tax Expense 38,816 20,847
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Income from Continuing Operations 76,602 62,091
Income from Discontinued Operations - (26)
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Net Income 76,602 62,065
Dividends on Preferred Stock 1,949 2,721
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Earnings Available for Common Stock $ 74,653 $ 59,344
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Average Shares of Common Stock 30,389 28,969
Earnings Per Share of Common Stock $ 2.45 $ 2.05
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