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Exhibit 99.1
[GRAPHIC APPEARS HERE] NEWS RELEASE
NORTHWESTERN NYSE:NOR
CORPORATION
CONTACTS:
INVESTORS: MEDIA:
Elizabeth A. Evans Paul Wyche
605-978-2929 605-978-2856
liz.evans@northwestern.com paul.wyche@northwestern.com
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NORTHWESTERN CORPORATION CONFIRMS
2001 RECURRING EARNINGS PROJECTION
ANNOUNCES FEB. 7 EARNINGS RELEASE DATE
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SIOUX FALLS, S.D. - JAN. 18, 2002 - NORTHWESTERN CORPORATION (NYSE:NOR) TODAY
CONFIRMED ANALYSTS' EXPECTATIONS FOR 2001 EARNINGS PER SHARE OF $2.00 TO $2.03
BEFORE NONRECURRING CHARGES. As previously reported, in the Nov. 30 webcast, the
company plans to take a restructuring charge of between $20 million to $30
million in the 2001 fourth quarter associated with its Operational Excellence
Initiative which is targeting SG&A reductions of approximately $150 million
annually. Following its Feb. 6 Board of Directors meeting, NorthWestern will
release its fourth quarter 2001 results before the market opens on Thursday,
Feb. 7, 2002. The company will conduct a webcast conference call with interested
investors at 11 a.m. EST.
Interested parties may listen to the Internet webcast both live and in replay
via NorthWestern's Web site at WWW.NORTHWESTERN.COM. The webcast will also be
distributed over CCBN's Investor Distribution Network. Investors can listen to
the conference call through CCBN's investor center at WWW.COMPANYBOARDROOM.COM
or by visiting any of the investor sites in CCBN's Individual Investor Network.
Institutional investors can access the call via CCBN's password protected
management site, StreetEvents at WWW.STREETEVENTS.COM.
ABOUT NORTHWESTERN
NorthWestern Corporation, a FORTUNE 500 company, is a leading provider of
services and solutions to more than 2 million customers across America in the
energy and communications sectors. NorthWestern's partner entities include
NorthWestern Services Group, a provider of electric, natural gas and
communications services to Midwestern customers; Expanets, the largest
mid-market provider of networked communications solutions and services in the
United States; Blue Dot, a leading provider of air conditioning, heating,
plumbing and related services;
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NorthWestern Confirms 2001 Earnings Projections
Jan. 18, 2002
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and CornerStone Propane Partners L.P. (NYSE:CNO), one of the nation's largest
retail propane distribution entities. Further information about NorthWestern is
available on the Internet at WWW.NORTHWESTERN.COM.
FORWARD-LOOKING STATEMENTS
CERTAIN STATEMENTS MADE IN THIS NEWS RELEASE, INCLUDING THOSE RELATING TO
EXPECTATION OF FUTURE FINANCIAL PERFORMANCE, CONTINUED GROWTH, CHANGES IN
ECONOMIC CONDITIONS OR CAPITAL MARKETS AND CHANGES IN CUSTOMER USAGE PATTERNS
AND PREFERENCES ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE INHERENT RISKS AND
UNCERTAINTIES. A NUMBER OF IMPORTANT FACTORS WHICH ARE DIFFICULT TO PREDICT AND
MANY OF WHICH ARE BEYOND THE CONTROL OF THE CORPORATION, COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THOSE IMPLIED BY THE FORWARD-LOOKING
STATEMENTS WITHIN THE MEANING OF THE "SAFE HARBOR" PROVISIONS OF THE SECURITIES
AND EXCHANGE ACT OF 1934, AS AMENDED. THESE FORWARD-LOOKING STATEMENTS ARE
SUBJECT TO VARIOUS RISKS AND UNCERTAINTIES. THESE FACTORS INCLUDE, BUT ARE NOT
LIMITED TO, THE ADVERSE IMPACT OF WEATHER CONDITIONS, UNSCHEDULED GENERATION
OUTAGES, MAINTENANCE OR REPAIRS, UNANTICIPATED CHANGES TO FOSSIL FUEL OR GAS
SUPPLY COSTS OR AVAILABILITY DUE TO HIGHER DEMAND, SHORTAGES, TRANSPORTATION
PROBLEMS OR OTHER DEVELOPMENTS; DEVELOPMENTS IN THE FEDERAL AND STATE REGULATORY
ENVIRONMENT AND THE TERMS ASSOCIATED WITH OBTAINING REGULATORY APPROVALS; THE
RATE OF GROWTH AND ECONOMIC CONDITIONS IN THE SERVICE AREAS OF THE CORPORATION
AND ITS SUBSIDIARIES; THE SPEED AND DEGREE TO WHICH COMPETITION ENTERS THE
CORPORATION'S BUSINESSES; THE TIMING AND EXTENT OF CHANGES IN INTEREST RATES AND
FLUCTUATIONS IN ENERGY-RELATED COMMODITY PRICES; RISKS ASSOCIATED WITH
ACQUISITIONS, TRANSITION AND INTEGRATION OF ACQUIRED COMPANIES; AVAILABILITY OF
MINORITY INTEREST BASIS FOR LOSS ALLOCATION PURPOSES; CHANGES IN CUSTOMER USAGE
PATTERNS AND PREFERENCES; AS WELL AS CHANGING CONDITIONS IN THE ECONOMY, CAPITAL
MARKETS AND OTHER FACTORS IDENTIFIED FROM TIME TO TIME IN THE CORPORATION'S
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. THIS NEWS RELEASE SHOULD BE
READ IN CONJUNCTION WITH THE COMPANY'S REPORT ON 10-K FOR 2000, WHICH CAN BE
LOCATED AT WWW.SEC.GOV AND REQUESTED FROM NORTHWESTERN CORPORATION.
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