Black Hills Corp. (BKH, Financial) filed Quarterly Report for the period ended 2010-09-30.
Black Hills Corp. has a market cap of $1.27 billion; its shares were traded at around $32.32 with a P/E ratio of 20.5 and P/S ratio of 1. The dividend yield of Black Hills Corp. stocks is 4.5%.BKH is in the portfolios of Private Capital of Private Capital Management, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Iowa Gas filed a settlement agreement with the Iowa Utilities Board for a $3.4 million increase in annual revenues. The original rate request was filed with the IUB for a $4.7 million annual increase in utility revenues on June 8, 2010. Interim rates reflecting an annual utility revenue increase of $2.6 million were implemented on June 18, 2010, and will be adjusted after the IUB issues a final rate order.
Three Months Ended September 30, 2010 Compared to Three Months Ended September 30, 2009. Income from continuing operations for the three months ended September 30, 2010 was $12.4 million, or $0.32 per share, compared to Loss from continuing operations of $3.9 million, or $0.10 per share, reported for the same period in 2009. The 2010 Income from continuing operations includes a $4.1 million after-tax gain on the sale of a 23% ownership interest in Wygen III, an $8.9 million non-cash after-tax unrealized mark-to-market loss on certain interest rate swaps, and a $2.4 million tax adjustment for a re-measurement of certain tax positions. The 2009 Loss from continuing operations included a $5.7 million after-tax unrealized mark-to-market loss on these same interest rate swaps and integration costs of $0.8 million.
Net income was $12.4 million, or $0.32 per share, in the three months ended September 30, 2010, compared to Net loss of $2.2 million, or $0.06 per share, for the same period in 2009. In addition to the items mentioned above in Income from continuing operations, the 2009 Net loss also includes $1.7 million of after-tax income from discontinued operations related to the operations sold in the IPP Transaction.
Nine Months Ended September 30, 2010 Compared to Nine Months Ended September 30, 2009. Income from continuing operations for the nine months ended September 30, 2010 was $35.2 million, or $0.90 per share, compared to $46.4 million, or $1.20 per share, reported for the same period in 2009. The 2010 Income from continuing operations includes a $4.1 million after-tax gain on sale of 23% ownership interest in Wygen III, a $2.4 million tax adjustment for a re-measurement of certain tax positions, a $1.7 million after-tax gain on the sale of assets by Nebraska Gas and a $27.1 million non-cash after-tax unrealized mark-to-market loss on certain interest rate swaps. The 2009 Income from continuing operations includes a $24.6 million after-tax mark-to-market gain on these same interest rate swaps, a $27.8 million after-tax non-cash ceiling test impairment, a $16.9 million after-tax gain on the sale of a 23.5% ownership interest in Wygen I, a $3.8 million tax adjustment for a re-measurement of a tax position, integration costs of $2.4 million and $1.9 million write-off of the acquisition facility fees.
Net income was $35.2 million, or $0.90 per share, in the first nine months of 2010, compared to $48.8 million, or $1.26 per share, for the same period in 2009. In addition to the items mentioned above in Income from continuing operations, the 2009 Net income also included $2.4 million of after-tax income from discontinued operations related to the operations sold in the IPP Transaction.
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Black Hills Corp. has a market cap of $1.27 billion; its shares were traded at around $32.32 with a P/E ratio of 20.5 and P/S ratio of 1. The dividend yield of Black Hills Corp. stocks is 4.5%.BKH is in the portfolios of Private Capital of Private Capital Management, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In March 2010, Black Hills Power entered into a seven-year PPA and Purchase Option Agreement with the City of Gillette, Wyoming effective April 2010 that replaced a previous PPA entered into in 1998. This new agreement also provided the City of Gillette, through JPB, with an option to purchase a 23% ownership interest, or approximately 25.3 MW, in Black Hills Power's Wygen III facility. The JPB exists for the purpose of, among other things, financing the electrical system of the City of Gillette. The City of Gillette exercised this option on July 14, 2010 and the JPB purchased the 23% ownership interest in Wygen III for $62.0 million for which Black Hills Power recognized a gain on the sale of $6.2 million. Under the Participation Agreement among the owners of Wygen III, Black Hills Power will continue to operate Wygen III and the City of Gillette will pay Black Hills Power for administrative services and its share in the costs of operating the plant for the life of the facility. The PPA dated March 2010 terminated upon the closing of the transaction.Iowa Gas filed a settlement agreement with the Iowa Utilities Board for a $3.4 million increase in annual revenues. The original rate request was filed with the IUB for a $4.7 million annual increase in utility revenues on June 8, 2010. Interim rates reflecting an annual utility revenue increase of $2.6 million were implemented on June 18, 2010, and will be adjusted after the IUB issues a final rate order.
Three Months Ended September 30, 2010 Compared to Three Months Ended September 30, 2009. Income from continuing operations for the three months ended September 30, 2010 was $12.4 million, or $0.32 per share, compared to Loss from continuing operations of $3.9 million, or $0.10 per share, reported for the same period in 2009. The 2010 Income from continuing operations includes a $4.1 million after-tax gain on the sale of a 23% ownership interest in Wygen III, an $8.9 million non-cash after-tax unrealized mark-to-market loss on certain interest rate swaps, and a $2.4 million tax adjustment for a re-measurement of certain tax positions. The 2009 Loss from continuing operations included a $5.7 million after-tax unrealized mark-to-market loss on these same interest rate swaps and integration costs of $0.8 million.
Net income was $12.4 million, or $0.32 per share, in the three months ended September 30, 2010, compared to Net loss of $2.2 million, or $0.06 per share, for the same period in 2009. In addition to the items mentioned above in Income from continuing operations, the 2009 Net loss also includes $1.7 million of after-tax income from discontinued operations related to the operations sold in the IPP Transaction.
Nine Months Ended September 30, 2010 Compared to Nine Months Ended September 30, 2009. Income from continuing operations for the nine months ended September 30, 2010 was $35.2 million, or $0.90 per share, compared to $46.4 million, or $1.20 per share, reported for the same period in 2009. The 2010 Income from continuing operations includes a $4.1 million after-tax gain on sale of 23% ownership interest in Wygen III, a $2.4 million tax adjustment for a re-measurement of certain tax positions, a $1.7 million after-tax gain on the sale of assets by Nebraska Gas and a $27.1 million non-cash after-tax unrealized mark-to-market loss on certain interest rate swaps. The 2009 Income from continuing operations includes a $24.6 million after-tax mark-to-market gain on these same interest rate swaps, a $27.8 million after-tax non-cash ceiling test impairment, a $16.9 million after-tax gain on the sale of a 23.5% ownership interest in Wygen I, a $3.8 million tax adjustment for a re-measurement of a tax position, integration costs of $2.4 million and $1.9 million write-off of the acquisition facility fees.
Net income was $35.2 million, or $0.90 per share, in the first nine months of 2010, compared to $48.8 million, or $1.26 per share, for the same period in 2009. In addition to the items mentioned above in Income from continuing operations, the 2009 Net income also included $2.4 million of after-tax income from discontinued operations related to the operations sold in the IPP Transaction.
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