NorthWestern Reports 2011 Financial Results Reports improvement in earnings per share of 19.6% over 2010

Increased the quarterly dividend to 37 cents per share

Provides guidance for 2012 of $2.35 - $2.50 per fully diluted share

SIOUX FALLS, S.D., Feb. 16, 2012 /PRNewswire/ -- NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial results for the year ended Dec. 31, 2011.

Consolidated net income was $92.6 million, or $2.53 per fully diluted share, for the year ended Dec. 31, 2011, compared with consolidated net income of $77.4 million, or $2.14 per fully diluted share, for the year ended Dec. 31, 2010.  The improvement in net income was due primarily to lower income tax expenses.

"We produced good results for our shareholders in 2011," said Bob Rowe, President and CEO. "Our gross margin, operating income and net income all improved compared with 2010. Importantly, during 2011 we made continued progress on investments that reflect our focus on maintaining our system reliability and address our generation supply mix and transmission opportunities."

Annual Summary Financial Results




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





The following table reconciles the primary changes in 2011 results from 2010:






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%.




For more information see www.northwesternenergy.com/documents/investor/Q411.pdf

Significant Drivers

Gross Margin

Consolidated gross margin for 2011 was $622.8 million compared with $579.6 million for 2010.  The increase in gross margin was due primarily to an increase for interim DGGS rates and an increase in electric and natural gas retail volumes due primarily to warmer summer weather, and colder winter/spring weather; offset by a decrease in Montana property taxes included in a tracker and lower transmission capacity revenues due to a combination of hydro conditions and other factors that decreased demand.

Operating, General and Administrative Expenses

Consolidated operating, general and administrative expenses were $267.2 million for the year ended Dec. 31, 2011 as compared with $237.0 million during 2010.  The increase in operating, general and administrative expenses was primarily due to a decrease in insurance settlements and recoveries, increased labor costs, and higher plant operating expenses, due to beginning commercial operations on January 1, 2011 at DGGS and scheduled maintenance at the Colstrip Unit 4 and the Big Stone plants.

Income Tax Expense

Consolidated income tax expense in 2011 was $10.1 million as compared with $25.8 million in 2010.  The effective tax rate in 2011 was 9.8% as compared with 25.0% for the same period of 2010.  The effective tax rate differs from the federal tax rate of 35% primarily due to repairs and state tax bonus depreciation deductions.

The following table summarizes the significant differences from the Federal statutory rate, which result in reduced income tax expense:



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)





While we reflect an income tax provision in our financial statements, we expect our cash payments for income taxes will be minimal through at least 2015, based on our projected taxable income and anticipated use of consolidated NOL carryforwards.

Regulated Operations

In the regulated operations, electric net income improved $9.7 million, due primarily to an increase in gross margins and a reduction in income tax expense, offset in part by an increase in operating, general, and administrative expenses.  Natural gas net income improved $0.4 million, due primarily to an increase in gross margins and a reduction in income tax expense, offset in part by an increase in operating, general, and administrative expenses.  

Fourth Quarter Financial Results

Consolidated net income for the fourth quarter ended Dec. 31, 2011, was $34.1 million, or $.93/share, compared with $22.6 million, or $.63/share for the fourth quarter in 2010.  

The increase was primarily due to an increase in gross margin and a significant decrease in income tax expense, when compared with the prior fourth quarter.  Those increases were partially offset by an increase in depreciation and property tax expenses for the fourth quarter.  

Liquidity and Capital Resources

As of Dec. 31, 2011, cash and cash equivalents were $5.9 million compared with $6.2 million at Dec. 31, 2010.  The Company had $130.1 million available from its revolving credit facility at Dec. 31, 2011, compared with $96.5 million at Dec. 31, 2010.  

To fund our strategic growth opportunities we intend to utilize available cash flow, debt capacity that would allow us to maintain investment grade ratings, and if necessary additional equity financing.  We plan to maintain a 50 - 55% debt to total capital ratio excluding capital leases.

Dividend Declaration

NorthWestern's Board of Directors declared a quarterly common stock dividend of 37 cents per share, payable on Mar. 31, 2012, to common shareholders of record as of Mar. 15, 2012.  

Update on DGGS Outage

DGGS was shut down on January 31, 2012 and is expected to be down for a period of up to several months following the discovery of a problem within the gas turbines on each of the three generation units.  We expect the turbine repair costs to be covered under the manufacturer's warranty; however, we will also have incremental costs for contracts with third parties for replacement regulation service. We estimate our contracted costs will exceed the variable operating costs of DGGS by up to $0.5 million per month while the plant is down.  We will actively manage our contracted service in an effort to reduce these costs as much as possible as DGGS is brought back into service.  We believe these contracted costs for regulation service are recoverable from customers through our normal course of business; however, there can be no assurance that the MPSC and/or Federal Energy Regulatory Commission will allow us full recovery of such costs.

Highlights for 2011

  • 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;

Significant Items Not Contemplated in 2011 Guidance

A reconciliation of items not factored into our 2011 GAAP earnings guidance of $2.30 to $2.40 per fully diluted earnings per share is as follows (net of tax).  The amount calculated below represents a non-GAAP measure that may provide users of this financial information with additional meaningful comparisons between current results and results the Company originally contemplated in 2011 guidance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or cash flows from operations or any other measure of performance prepared in accordance with GAAP.  In addition, the presentation of these measures may not be comparable to similarly titled measures other companies use.




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



2012 Earnings Outlook

NorthWestern expects its earnings for 2012 to be $2.35 - $2.50 per fully diluted share.  





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



Basic assumptions include the following expectations:

  • 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.

Spion Kop Update

On February 14, 2012, the MPSC held a work session on the proposed Spion Kop Wind, LLC wind project and approved the project, but included a condition that would reduce our revenue requirement if the average production failed to meet a minimum threshold for the first three years.  A written order has not yet been issued and we will evaluate our options after we review the MPSC's written order.  

If the MPSC fails to grant approval to the satisfaction of both parties on or before April 1, 2012, then either party may terminate this agreement.  Material construction would not commence until we receive a favorable ruling from the MPSC. Assuming satisfactory approval by April 1, 2012, commercial operation is projected to begin by December 31, 2012.

Company Hosting Investor Conference Call

NorthWestern will host an investor conference call today at 2:00 pm Eastern Time (1:00 p.m. Central Time) to review its financial results for the year ended Dec. 31, 2011.

The conference call will be webcast live on the Internet at http://www.northwesternenergy.com under the "Investor Information" heading.  To listen, please go to the site at least 10 minutes in advance of the call to register.  An archived webcast will be available shortly after the call.

A telephonic replay of the call will be available beginning at 5:00 p.m. ET on Feb. 16, 2012, through March 16, 2012, at 800-475-6701, access code 235153.

Annual Meeting

The Company's Annual Meeting of Stockholders will be held on Wednesday, April 25, 2012, in Butte, Montana.  The record date for the annual meeting is February 27, 2012.  The annual meeting notice, proxy statement, annual report to stockholders and voting instructions will be provided approximately 40 days prior to the meeting date to stockholders as of the record date.

About NorthWestern Energy

NorthWestern Energy is one of the largest providers of electricity and natural gas in the Upper Midwest and Northwest, serving approximately 668,300 customers in Montana, South Dakota and Nebraska.  More information on NorthWestern Energy is available on the Company's Web site at www.northwesternenergy.com.

SPECIAL NOTE REGARDING FORWARD—LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, the information under "2012 Earnings Outlook".  Forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will."  These statements are based upon our current expectations and speak only as of the date hereof.  Our actual future business and financial performance may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including, but not limited to:

  • 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.

Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. 

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

NORTHWESTERN CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands)





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





NORTHWESTERN CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in million)



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





NORTHWESTERN CORPORATION

YEAR ENDED DECEMBER 31, 2011 AND 2010 SEGMENT RESULTS

(Unaudited)

(in thousands)


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




December 31, 2010

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





NORTHWESTERN CORPORATION

REGULATED ELECTRIC SEGMENT

(Unaudited)



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


   Residential 

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





NORTHWESTERN CORPORATION

REGULATED NATURAL GAS SEGMENT

(Unaudited)



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




NORTHWESTERN CORPORATION

FOURTH QUARTER SEGMENT RESULTS

(Unaudited)

(in thousands)


Three Months Ended December 31, 2011


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



Three Months Ended December 31, 2010


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





SOURCE NorthWestern Corporation



RELATED LINKS
http://www.northwesternenergy.com

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