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SIOUX FALLS, S.D., Feb. 13 /PRNewswire-FirstCall/ -- NorthWesternCorporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial resultsfor the year ended Dec. 31, 2008. Highlights for the year include: -- Net income increased $14.4 million, or 27%, to $67.6 million for 2008compared with $53.2 million in 2007; -- The Montana Public Service Commission (MPSC) approved the inclusion inutility rate base of our 30% interest in Colstrip Unit 4, at a value of $407million, effective January 1, 2009; -- Completed a share buyback program of approximately 3.1 million sharesfor approximately $78 million; -- Settled the Montana electric and natural gas general rate filing,resulting in a $15 million increase to base rates; -- Filed for advanced approval with the MPSC to construct a 150 MW MillCreek Generating Station, at an estimated cost of $206 million and obtainedthe air quality permit for Mill Creek Generation Station; -- Filed the Major Facilities Siting Agreement with the MontanaDepartment of Environmental Quality related to proposed Mountain StatesTransmission Intertie line; and -- Credit ratings upgraded by Standard & Poors, and Moody's InvestorsService during 2008. In addition, our credit ratings from Fitch were upgradedin January 2009. Annual Financial Results Consolidated net income was $67.6 million or $1.77 per diluted share forthe year ended Dec. 31, 2008, a 27.1% increase compared with consolidated netincome of $53.2 million or $1.44 per diluted share for the year ended Dec. 31,2007. "We are delighted with our increase in 2008 net income and prospects for2009," said Bob Rowe, President and CEO. "Our strong core operations, balancesheet and credit ratings provide the foundation to facilitate our proposedgeneration and transmission projects, which will alleviate congestion,increase reliability and provide additional flexibility to customers."
Three Months Ended Year Ended
December 31, December 31,
2008 2007 2008 2007
OPERATING REVENUES $326,068 $308,024 $1,260,793 $1,200,060
COST OF SALES 189,799 168,851 698,740 668,405
GROSS MARGIN 136,269 139,173 562,053 531,655
OPERATING EXPENSES
Operating, general and
administrative 48,816 47,955 226,164 221,566
Property and other taxes 14,704 25,935 80,602 87,581
Depreciation 21,463 21,002 85,071 82,415
TOTAL OPERATING EXPENSES 84,983 94.892 391,837 391,562
OPERATING INCOME 51,286 44,281 170,216 140,093
Interest Expense (16,474) (14,562) (63,952) (56,942)
Other (Expense) Income (82) 781 1,558 2,428
Income Before Income Taxes 34,730 30,500 107,822 85,579
Income Tax Expense (13,462) (12,062) (40,221) (32,388)
Net Income $21,268 $18,438 $67,601 $53,191
Average Common Shares
Outstanding 35,921 38,284 37,976 36,623
Basic Earnings per Average
Common Share $0.59 $0.48 $1.78 $1.45
Diluted Earnings per Average
Common Share $0.59 $0.52 $1.77 $1.44
Dividends Declared per Average
Common Share $0.33 $0.33 $1.32 $1.28
Consolidated gross margin for 2008 was $562.1 million compared with $531.7million for 2007. The increase in gross margin was primarily due to thecombination of an increase in electric rates in Montana and gas rates inMontana, South Dakota and Nebraska, and an 11.7% increase in volumes in ourregulated gas segment due primarily to colder winter weather. Electricwholesale margin improved from increased plant availability and higher averageprices. Partly offsetting these increases was a reduction in revenues relatedto the recovery in rates of our Montana property taxes. The decrease was dueto lower 2008 property taxes, a credit to customers related to the propertytax settlement discussed below, and a change in the calculation by the MPSC toreduce the allocation of property taxes to Montana electric retail customers.Unregulated electric margin also decreased due to lower average contractprices and higher fuel supply costs partially offset by higher volumes due toincreased plant availability. Consolidated operating, general and administrative expenses increasedslightly to $226.1 million for the year ended Dec. 31, 2008 as compared with$221.6 million during 2007. The increase was due primarily to an increase inpension, labor and benefits expense offset by insurance reimbursements andlitigation settlement proceeds, and a decrease in operating lease expenserelated to the purchase of our previously leased interest in Colstrip Unit 4.In addition, the Company recognized a $12.6 million reduction to 2007operating, general and administrative expenses due to a settlement to recoverenvironmental clean-up costs in South Dakota. Property and other tax expenses were $80.6 million for the year ended Dec.31, 2008 compared with $87.6 million during 2007. This $7.0 million decreasewas due to a $4.6 million property tax refund in Montana as a result of asettlement with the Montana Department of Revenue, and a reduction ofapproximately $2.4 million due to a lower property tax valuation in Montana ascompared with 2007. Depreciation expense was $85.1 million for the year ended Dec. 31, 2008compared with $82.4 million during 2007. The increase in depreciation expensewas related primarily to the purchase of the previously leased interest inColstrip Unit 4. Interest expense was $64.0 million for the year ended Dec. 31, 2008compared with $56.9 million for the year ended Dec. 31, 2007, primarilyrelated to the additional debt incurred for the purchase of the previouslyleased interest in Colstrip Unit 4. Fourth Quarter Financial Results Consolidated net income for the fourth quarter ended Dec. 31, 2008 was$21.3 million, an increase of $2.9 million, or 15.8%, over $18.4 million thefourth quarter in 2007. The increase was primarily due to rate increases,litigation settlement proceeds and lower 2008 property taxes. These itemswere partially offset by a credit to customers related to a property taxsettlement, a change in the calculation by the MPSC to reduce the allocationof property taxes to Montana electric retail customers, lower environmentalexpense in 2007 due to a settlement to recover manufactured gas plant clean-upcosts in our South Dakota natural gas rate case, and an increase in interestexpense. Results from Regulated Operations Regulated electric gross margin for the year ended Dec. 31, 2008 was$363.8 million, up 4.8%, compared with $347.0 million for 2007. This $16.8million increase was primarily due to rate increases of approximately $10million and lower QF supply costs of approximately $5 million. We recordedgains (reduced cost of sales) related to our QF liability of $5.9 million in2008 and $0.9 million in 2007 as actual QF output and variable pricing termswere lower than our estimate. Wholesale margin also improved from increasedplant availability and higher average prices. These increases were partlyoffset by a decrease in revenues related to the recovery in rates of ourMontana property taxes. The decrease was due to lower 2008 property taxes, acredit to customers related to the property tax settlement and a change in thecalculation by the MPSC to reduce the allocation of property taxes to Montanaelectric retail customers. Regulated retail electric volumes for the year ended Dec. 31, 2008 totaled10,164,000 megawatt hours compared with 9,953,000 megawatt hours for the yearended 2007, a 2.1% increase. The increase was due primarily to residentialand commercial customer growth and an increase in industrial volumes.Wholesale electric volumes were 265,000 megawatt hours for the year ended Dec.31, 2008, an increase from 155,000 megawatt hours for 2007, due primarily toincreased plant availability from the South Dakota generation facilities. Regulated electric gross margin for the fourth quarter of 2008 was $83.7million as compared with $86.4 million for the same period in 2007. Thedecrease was due primarily to a decrease in revenues related to the recoveryof our Montana property taxes in rates, as mentioned above. Regulated retail electric volumes for the fourth quarter of 2008 totaled2,536,000 megawatt hours as compared with 2,453,000 megawatt hours in the sameperiod in 2007. Regulated wholesale electric volumes for the fourth quarterof 2008 were 63,000 megawatt hours, an increase from 36,000 megawatt hours inthe same period in 2007, due to an increase in plant availability. Regulated natural gas gross margin was $145.0 million for the year endedDec. 31, 2008 compared with $127.6 million during 2007. The increase wasprimarily due to increased volumes and rate increases. Volumes increased11.7% primarily due to colder winter weather in all our service territories,along with 1.2% customer growth. Regulated retail natural gas volumes were 32,263,000 dekatherms for theyear ended Dec. 31, 2008, an increase of 11.7% compared with 28,894,000dekatherms for the same period in 2007. The increase in volumes was primarilydue to colder winter weather and 1.2% customer growth. In addition to thecolder weather, the increase in South Dakota commercial volumes was alsorelated to higher grain drying requirements due to harvest conditions in ourservice territory. Regulated natural gas gross margin for the fourth quarter of 2008 was$41.2 million compared with $38.7 million for the same period in 2007. Theincrease was primarily due to rate increases and increased volumes due tocolder weather and customer growth. Regulated retail natural gas volumes were 9,693,000 dekatherms for thefourth quarter of 2008 compared with 8,858,000 dekatherms for the same periodin 2007. Results from Unregulated Operations Gross margin from unregulated electric operations was $54.2 million forthe year ended Dec. 31, 2008, compared with $56.2 million during 2007,primarily due to lower average prices related to the agreement to commit 21MWs of unit contingent power at Mid-C minus $19 per MWH as part of the jointstipulation in the 2007 rate case, a full year effect of the agreement toprovide 90 MW of unit contingent power at an average of approximately $36/MWhand higher fuel supply costs partially offset by an increase in volumes fromhigher plant availability. Unregulated electric volumes were 1,812,000 megawatt hours for the yearended Dec. 31, 2008 compared with 1,638,000 megawatt hours during 2007.Unregulated electric volumes increased from higher energy available to sell ascompared with 2007 due to increased plant availability. Unregulated electric gross margin for the fourth quarter of 2008 was $11.6million as compared with $14.1 million in the same period in 2007 primarilydue to reversing a previously unrealized gain of approximately $3.7 millionassociated with forward sales contracts. Unregulated retail electric volumes for the fourth quarter of 2008 totaled481,000 megawatt hours as compared with 448,000 megawatt hours in the sameperiod in 2007. Liquidity and Capital Resources As of Dec 31, 2008, cash and cash equivalents were $11.3 million comparedwith $12.8 million at Dec. 31, 2007. The Company had $74.9 million availablefrom its credit revolver at Dec. 31, 2008 compared with $158.7 million at Dec.31, 2007. The decrease in credit revolver availability was due primarily tothe share buyback program of approximately $78 million completed during thethird quarter of 2008. Cash provided by operating activities totaled $198.3 million during theyear ended Dec. 31, 2008, compared with $202.0 million during year ended Dec.31, 2007. This difference is due to the combination of a $14.5 million changein our supply tracker from an over collected position to an under collectedposition, an increase in accounts receivable of $18.5 million due to colderwinter weather and higher average prices in December 2008, and increasedpension funding of approximately $10.1 million. These decreases in operatingcash flows were offset in part by higher net income, improved operating cashflows related to our Colstrip Unit 4 lease buyout of approximately $6.0million, and the inclusion in 2007 operating cash flows of an additionalsemi-annual Colstrip Unit 4 lease payment of $16.1 million due to timing ofpayments. The Company used $124.4 million for investment activities during the yearended Dec. 31, 2008 compared with $256.5 million for the year ended Dec. 31,2007. Capital expenditures for the year ended Dec. 31, 2008 were $124.6million as compared with $117.1 million in 2007. In addition, in 2007 theCompany used $141.3 million to complete the purchase of our previously leasedinterest in the Colstrip Unit 4 generating facility. The Company used $75.4 million in financing activities during the yearended Dec. 31, 2008 compared with financing activities providing $65.4 millionfor the year ended Dec. 31, 2007. Cash used to repurchase shares under ourpreviously announced plan was approximately $77.7 million. In addition, wereceived proceeds during 2007 of $68.8 million from the exercise of warrants. Dividend NorthWestern's Board of Directors declared a yearly common stock dividendof 33.5 cents per share, payable on Mar. 31, 2009, to common shareholders ofrecord as of Mar. 15, 2009. Significant Items Not Contemplated in 2008 Guidance A reconciliation of items not factored into our 2008 GAAP earningsguidance of $1.65 to $1.80 per fully diluted earnings per share is as follows(net of tax). The amount calculated below represents a non-GAAP measure thatmay provide users of this financial information with additional meaningfulcomparisons between current results and results the Company originallycontemplated in 2008 guidance. Non-GAAP financial measures should be viewedin addition to, and not as an alternative to, the reported operating resultsor cash flows from operations or any other measure of performance prepared inaccordance with GAAP. In addition, the presentation of these measures may notbe comparable to similarly titled measures other companies use.
EPS
Diluted Income per Average Common Share (per GAAP) $1.77
D&O insurance recoveries -(.10)
Environmental insurance recoveries -(.03)
Increase in pension expense +.14
Transaction costs related to the Colstrip Unit 4 sales process +.05
Diluted Income per average common share after considering
items above $1.83
2009 Earnings Outlook NorthWestern expects its earnings for 2009 to be $1.85 - $2.00/fullydiluted share. The major assumptions include, but are not limited to, the followingexpectations:
-- 2009 net income will increase by approximately $9 million or $.25 per
share as a result of the inclusion of our interest in Colstrip Unit 4
in regulated electric rate base;
-- Pension expense will be flat with the 2008 pension expense;
-- Retail electric volumes will be flat compared to 2008 volumes;
-- Wholesale electric volumes in South Dakota will decrease due to a
planned outage in 2009;
-- Residential and Commercial natural gas volumes will be relatively flat
compared with 2008 volumes;
-- Fully diluted average shares outstanding of 36.5 million; and
-- Normal weather in the Company's electric and natural gas service
territories for 2009.
Annual Meeting The Company's Annual Meeting of Stockholders will be held on Wednesday,April 22, 2009 in Butte, Montana. The record date for the Annual Meeting isFebruary 23, 2009. The proxy statement and annual report to stockholders willbe available on the Company's Web site at [www.northwesternenergy.comapproximately] 40 days prior to the meeting date. Company Hosting Investor Conference Call NorthWestern will host an investor conference call today at 2:00 pmEastern Time (1:00 p.m. Central Time) to review its financial results for theyear ended Dec. 31, 2008. The conference call will be webcast live on the Internet at[www.northwesternenergy.com] under the "Investor Information" heading.To listen, please go to the site at least 10 minutes in advance of the call toregister. An archived webcast will be available shortly after the call. A telephonic replay of the call will be available beginning at 3:00 p.m.ET on Feb. 13, 2009, through March 13, 2009, at 800-475-6701, access code984444. About NorthWestern Energy NorthWestern Energy is one of the largest providers of electricity andnatural gas in the Upper Midwest and Northwest, serving approximately 656,000customers in Montana, South Dakota and Nebraska. More information onNorthWestern 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 meaningof the "safe harbor" provisions of the Private Securities Litigation ReformAct of 1995, including, without limitation, the information under "2008Earnings Outlook". Forward-looking statements often address our expectedfuture 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 ofthe date hereof. Our actual future business and financial performance maydiffer materially and adversely from those expressed in any forward-lookingstatements as a result of various factors and uncertainties, including, butnot limited to: -- potential adverse federal, state, or local legislation or regulationor adverse determinations by regulators could have a material adverse effecton our liquidity, results of operations and financial condition; -- unanticipated changes in availability of trade credit, 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 wouldadversely affect our liquidity; -- unscheduled generation outages or forced reductions in output,maintenance or repairs, which may reduce revenues and increase operating costsor may require additional capital expenditures or other increased operatingcosts; and -- adverse changes in general economic and competitive conditions in theU.S. financial markets and in our service territories. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reportson Form 10-Q, recent Current Reports on Form 8-K and other Securities andExchange Commission filings discuss some of the important risk factors thatmay 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 December
31, 31,
2008 2007
ASSETS
Current Assets 313,417 278,354
Property, Plant, and Equipment, Net 1,839,699 1,770,880
Goodwill 355,128 355,128
Regulatory Assets 233,102 123,041
Other Noncurrent Assets 20,691 19,977
Total Assets $2,762,037 $2,547,380
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Maturities of Long-term Debt and Capital
Leases $229,238 $21,006
Current Liabilities 359,339 300,833
Long-term Capital Leases 36,798 38,002
Long-term Debt 634,011 787,360
Noncurrent Regulatory Liabilities 222,969 194,959
Deferred Income Taxes 114,707 74,046
Other Noncurrent Liabilities 401,442 308,150
Total Liabilities 1,998,504 1,724,356
Total Shareholders' Equity 763,533 823,024
Total Liabilities and Shareholders' Equity $2,762,037 $2,547,380
NORTHWESTERN CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2008 2007 2006
Continuing Operating Activities
Net income $67,601 $53,191 $37,900
Non-cash items 132,335 113,083 114,299
Changes in operating assets and liabilities (1,610) 35,690 12,879
Cash Provided by Operating Activities 198,326 201,964 165,078
Cash Used in Investing Activities (124,363) (256,499) (71,225)
Cash (Used in) Provided by Financing
Activities (75,444) 65,378 (102,012)
Change in Net Assets of Discontinued
Operations -- -- 7,695
Net (Decrease) Increase in Cash and Cash
Equivalents $(1,481) $10,843 $(761)
Cash and Cash Equivalents, beginning of
period $12,773 $1,930 $2,691
Cash and Cash Equivalents, end of period $11,292 $12,773 $1,930
NORTHWESTERN CORPORATION
YEAR ENDED DECEMBER 31, 2008 AND 2007 SEGMENT RESULTS
(Unaudited)
December 31, Regulated Unregulated
2008 Electric Gas Electric Other Eliminations Total
Operating
revenues $774,229 $416,675 $77,680 $30,039 $(37,830) $1,260,793
Cost of sales 410,471 271,690 23,463 29,141 (36,025) 698,740
Gross margin 363,758 144,985 54,217 898 (1,805) 562,053
Operating,
general and
administrative 149,913 68,912 15,928 (6,784) (1,805) 226,164
Property and
other taxes 56,310 21,381 2,898 13 -- 80,602
Depreciation 61,734 15,980 7,324 33 -- 85,071
Operating
income 95,801 38,712 28,067 7,636 -- 170,216
Interest
expense (36,757) (12,637) (10,911) (3,647) -- (63,952)
Other income 547 1,001 154 (144) -- 1,558
Income tax
expense (20,219) (10,027) (6,971) (3,004) -- (40,221)
Income from
operations $39,372 $17,049 $10,339 $841 $-- $67,601
December 31, Regulated Unregulated
2007 Electric Gas Electric Other Eliminations Total
Operating
revenues $736,657 $363,584 $74,231 $56,748 $(31,160) $1,200,060
Cost of sales 389,681 253,958 18,079 54,222 (29,535) 668,405
Gross margin 346,976 127,626 56,152 2,526 (1,625) 531,655
Operating,
general and
administrative 133,091 52,008 28,662 9,430 (1,625) 221,566
Property and
other taxes 61,281 22,959 3,301 40 -- 87,581
Depreciation 61,912 16,592 3,782 129 -- 82,415
Operating
income (loss) 90,692 36,067 20,407 (7,073) -- 140,093
Interest
expense (39,132) (13,464) (2,849) (1,497) -- (56,942)
Other income 801 505 57 1,065 -- 2,428
Income tax
(expense)
benefit (18,631) (8,509) (7,341) 2,093 -- (32,388)
Income (loss)
from
operations $33,730 $14,599 $10,274 $(5,412) $-- $53,191
NORTHWESTERN CORPORATION
REGULATED ELECTRIC SEGMENT
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $774.2 $736.7 $37.5 5.1%
Total Cost of Sales 410.4 389.7 20.7 5.3
Gross Margin $363.8 $347.0 $16.8 4.8%
% GM/Rev 47.0% 47.1%
Volumes MWH
2008 2007 Change % Change
(in thousands)
Retail Electric
Montana 2,285 2,235 50 2.2%
South Dakota 513 505 8 1.6
Residential 2,798 2,740 58 2.1
Montana 3,190 3,213 (23) (0.7)
South Dakota 872 827 45 5.4
Commercial 4,062 4,040 22 0.5
Industrial 3,122 2,992 130 4.3
Other 182 181 1 0.6
Total Retail Electric 10,164 9,953 211 2.1%
Wholesale Electric 265 155 110 71.0%
Average Customer Counts 2008 2007 Change % Change
Retail Electric
Montana 266,100 262,481 3,619 1.4%
South Dakota 47,967 47,713 254 0.5
Residential 314,067 310,194 3,873 1.2
Montana 59,595 58,319 1,276 2.2
South Dakota 11,492 11,336 156 1.4
Commercial 71,087 69,655 1,432 2.1
Industrial 71 71 -- --
Other 5,823 5,802 21 0.4
Total Retail Electric 391,048 385,722 5,326 1.4%
2008 as compared with:
Cooling Degree-Days 2007 Historic Average
Montana 42% colder 8% warmer
South Dakota 31% colder 16% colder
NORTHWESTERN CORPORATION
REGULATED NATURAL GAS SEGMENT
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $416.7 $363.6 $53.1 14.6%
Total Cost of Sales 271.7 236.0 35.7 15.1
Gross Margin $145.0 $127.6 $17.4 13.6%
% GM/Rev 34.8% 35.1%
Volumes Dekatherms
2008 2007 Change % Change
(in thousands)
Retail Gas
Montana 13,426 12,101 1,325 10.9%
South Dakota 2,975 2,771 204 7.4
Nebraska 2,717 2,519 198 7.9
Residential 19,118 17,391 1,727 9.9
Montana 6,754 6,091 663 10.9
South Dakota 3,104 2,444 660 27.0
Nebraska 2,962 2,655 307 11.6
Commercial 12,820 11,190 1,630 14.6
Industrial 207 169 38 22.5
Other 118 144 (26) (18.1)
Total Retail Gas 32,263 28,894 3,369 11.7%
Average Customer Counts 2008 2007 Change % Change
Retail Gas
Montana 155,409 152,939 2,470 1.6%
South Dakota 36,620 36,662 (42) (0.1)
Nebraska 36,466 36,343 123 0.3
Residential 228,495 225,944 2,551 1.1
Montana 21,703 21,261 442 2.1
South Dakota 5,780 5,765 15 0.3
Nebraska 4,532 4,523 9 0.2
Commercial 32,015 31,549 466 1.5
Industrial 303 311 (8) (2.6)
Other 140 140 -- --
Total Retail Gas 260,953 257,944 3,009 1.2%
2008 as compared with:
Heating Degree-Days 2007 Historic Average
Montana 9% colder 1% colder
South Dakota 9% colder 2% colder
Nebraska 11% colder 2% colder
NORTHWESTERN CORPORATION
UNREGULATED ELECTRIC SEGMENT
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $77.7 $74.2 $3.5 4.7%
Total Cost of Sales 23.5 18.0 5.5 30.6%
Gross Margin $54.2 $56.2 $(2.0) (3.6)%
% GM/Rev 69.8% 75.7%
Volumes MWH
2008 2007 Change % Change
(in thousands)
Wholesale Electric 1,812 1,638 174 10.6%
NORTHWESTERN CORPORATION
FOURTH QUARTER SEGMENT RESULTS
(Unaudited)
Three Months Ended December 31, 2008
Regulated Unregulated
Electric Gas Electric Other Eliminations Total
Operating
revenues $190,623 $118,850 $20,616 $5,575 $(9,596) $326,068
Cost of sales 106,921 77,694 8,991 5,371 (9,178) 189,799
Gross margin 83,702 41,156 11,625 204 (418) 136,269
Operating,
general and
administrative 34,159 15,195 5,468 (5,588) (418) 48,816
Property and
other taxes 10,163 4,026 512 3 -- 14,704
Depreciation 15,531 4,055 1,869 8 -- 21,463
Operating
income 23,849 17,880 3,776 5,781 -- 51,286
Interest
expense (8,619) (2,762) (2,554) (2,539) -- (16,474)
Other income (344) 144 21 97 -- (82)
Income tax
expense (4,409) (5,615) (513) (2,925) -- (13,462)
Income from
operations $10,477 $9,647 $730 $414 $-- 21,268
Three Months Ended December 31. 2007
Regulated Unregulated
Electric Gas Electric Other Eliminations Total
Operating
revenues $185,491 $106,313 $18,557 $6,794 $(9,131) $308,024
Cost of sales 99,078 67,574 4,413 6,513 (8,727) 168,851
Gross margin 86,413 38,739 14,144 281 (404) 139,173
Operating,
general and
administrative 36,320 4,518 4,967 2,554 (404) 47,955
Property and
other taxes 18,241 6,861 830 3 -- 25,935
Depreciation 15,958 4,422 1,360 (738) -- 21,002
Operating
income 15,894 22,938 6,987 (1,538) -- 44,281
Interest
expense (9,578) (3,346) (1,269) (369) -- (14,562)
Other income 204 217 15 345 -- 781
Income tax
expense (1,487) (7,025) (2,358) (1,192) -- (12,062)
Income from
operations $5,033 $12,784 $3,375 $(2,754) $-- $18,438
Annual Meeting The Company's Annual Meeting of Stockholders will be held on Wednesday,April 22, 2009 in Butte, Montana. The record date for the Annual Meeting isFebruary 23, 2009. The proxy statement and annual report to stockholders willbe available on the Company's Web site at [www.northwesternenergy.comapproximately] 40 days prior to the meeting date. Company Hosting Investor Conference Call NorthWestern will host an investor conference call today at 2:00 pmEastern Time (1:00 p.m. Central Time) to review its financial results for theyear ended Dec. 31, 2008. The conference call will be webcast live on the Internet at[www.northwesternenergy.com] under the "Investor Information" heading.To listen, please go to the site at least 10 minutes in advance of the call toregister. An archived webcast will be available shortly after the call. A telephonic replay of the call will be available beginning at 3:00 p.m.ET on Feb. 13, 2009, through March 13, 2009, at 800-475-6701, access code984444. About NorthWestern Energy NorthWestern Energy is one of the largest providers of electricity andnatural gas in the Upper Midwest and Northwest, serving approximately 656,000customers in Montana, South Dakota and Nebraska. More information onNorthWestern 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 meaningof the "safe harbor" provisions of the Private Securities Litigation ReformAct of 1995, including, without limitation, the information under "2008Earnings Outlook". Forward-looking statements often address our expectedfuture 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 ofthe date hereof. Our actual future business and financial performance maydiffer materially and adversely from those expressed in any forward-lookingstatements as a result of various factors and uncertainties, including, butnot limited to: -- potential adverse federal, state, or local legislation or regulationor adverse determinations by regulators could have a material adverse effecton our liquidity, results of operations and financial condition; -- unanticipated changes in availability of trade credit, 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 wouldadversely affect our liquidity; -- unscheduled generation outages or forced reductions in output,maintenance or repairs, which may reduce revenues and increase operating costsor may require additional capital expenditures or other increased operatingcosts; and -- adverse changes in general economic and competitive conditions in theU.S. financial markets and in our service territories. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reportson Form 10-Q, recent Current Reports on Form 8-K and other Securities andExchange Commission filings discuss some of the important risk factors thatmay affect our business, results of operations and financial condition.
Source: PRNewsWire
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