Black Hills Corp. (BKH, Financial) filed Quarterly Report for the period ended 2009-09-30.
Black Hills Corp. is an energy company primarily consisting of four principal businesses: electric, coal mining, oil and gas production, and energy marketing. The Company's mission statement is to position the Company nationally to build value for shareholders, offer competitive prices for customers and create opportunities for employees through quality energy products and services. Black Hills Corp. has a market cap of $929.1 million; its shares were traded at around $23.92 with a P/E ratio of 16.96 and P/S ratio of 0.92. The dividend yield of Black Hills Corp. stocks is 5.94%. Black Hills Corp. had an annual average earning growth of 8% over the past 10 years.
Loss from continuing operations for the three month period ended September 30, 2009 was $3.9 million, or $0.10 per share, compared to income from continuing operations of $19.5 million, or $0.51 per share, reported for the same period in 2008. For the three month period ended September 30, 2009, net loss available for common stock was $2.2 million or $0.06 per share, compared to net income available for common stock of $164.9 million, or $4.29 per share, for the same period in 2008.
Income from discontinued operations was $1.7 million, or $0.04 per share, for the three month period ended September 30, 2009, compared to $145.4 million, or $3.78 per share, for the same period in 2008. The Income from discontinued operations in 2009 relates to tax adjustments related to the sale in the IPP Transaction. The income from discontinued operations in 2008 relates primarily to the IPP Transaction in which we sold seven of our IPP plants.
Income from continuing operations for the nine month period ended September 30, 2009 was $46.4 million, or $1.20 per share, compared to $44.5 million, or $1.16 per share, reported for the same period in 2008. For the nine month period ended September 30, 2009, net income available for common stock was $48.8 million or $1.26 per share, compared to $203.9 million, or $5.31 per share, for the same period in 2008.
Increased earnings from the Power Generation segment in 2009 were impacted by a $16.9 million after-tax gain on the sale of a 23.5% ownership interest in the Wygen I power generation facility to MEAN and partially offset by increased interest expense and lower margins due to the net earnings impact of replacing the 20 MW PPA with operating and site lease agreements related to MEAN s purchase of the 23.5% ownership interest in Wygen I. In addition, for the nine months ended September 30, 2008, results included $11.8 million of pre-tax allocated indirect corporate costs and inter-segment net interest expense not classified to discontinued operations for the IPP Transaction, as well as the sale of nitrogen oxide Reclaim Trading Credits allocated to our Ontario facility which has been decommissioned.
Income from discontinued operations was $2.4 million, or $0.06 per share, for the nine month period ended September 30, 2009, compared to $159.5 million, or $4.15 per share, for the same period in 2008. The Income from discontinued operations in 2009 relates to working capital and tax adjustments and the related impact of the gain on sale from the IPP Transaction.
Read the The complete ReportBKH is in the portfolios of John Keeley of Keeley Fund Management.
Black Hills Corp. is an energy company primarily consisting of four principal businesses: electric, coal mining, oil and gas production, and energy marketing. The Company's mission statement is to position the Company nationally to build value for shareholders, offer competitive prices for customers and create opportunities for employees through quality energy products and services. Black Hills Corp. has a market cap of $929.1 million; its shares were traded at around $23.92 with a P/E ratio of 16.96 and P/S ratio of 0.92. The dividend yield of Black Hills Corp. stocks is 5.94%. Black Hills Corp. had an annual average earning growth of 8% over the past 10 years.
Highlight of Business Operations:
In August 2008, we entered into a definitive agreement to sell a 23.5% ownership interest in the Wygen I plant to MEAN. The sale was completed in January 2009 for a price of $51.0 million, which was based on the then current replacement cost for the coal-fired plant. We realized an after-tax gain of $16.9 million on the sale, and our property, plant and equipment was reduced by $26.2 million. We retain responsibility for operations of the plant, and at closing entered into a site lease and operating agreements with MEAN for coal supply and operations. In addition, we terminated a 10-year power purchase contract requiring MEAN to purchase 20 MW of power annually from Wygen I.Loss from continuing operations for the three month period ended September 30, 2009 was $3.9 million, or $0.10 per share, compared to income from continuing operations of $19.5 million, or $0.51 per share, reported for the same period in 2008. For the three month period ended September 30, 2009, net loss available for common stock was $2.2 million or $0.06 per share, compared to net income available for common stock of $164.9 million, or $4.29 per share, for the same period in 2008.
Income from discontinued operations was $1.7 million, or $0.04 per share, for the three month period ended September 30, 2009, compared to $145.4 million, or $3.78 per share, for the same period in 2008. The Income from discontinued operations in 2009 relates to tax adjustments related to the sale in the IPP Transaction. The income from discontinued operations in 2008 relates primarily to the IPP Transaction in which we sold seven of our IPP plants.
Income from continuing operations for the nine month period ended September 30, 2009 was $46.4 million, or $1.20 per share, compared to $44.5 million, or $1.16 per share, reported for the same period in 2008. For the nine month period ended September 30, 2009, net income available for common stock was $48.8 million or $1.26 per share, compared to $203.9 million, or $5.31 per share, for the same period in 2008.
Increased earnings from the Power Generation segment in 2009 were impacted by a $16.9 million after-tax gain on the sale of a 23.5% ownership interest in the Wygen I power generation facility to MEAN and partially offset by increased interest expense and lower margins due to the net earnings impact of replacing the 20 MW PPA with operating and site lease agreements related to MEAN s purchase of the 23.5% ownership interest in Wygen I. In addition, for the nine months ended September 30, 2008, results included $11.8 million of pre-tax allocated indirect corporate costs and inter-segment net interest expense not classified to discontinued operations for the IPP Transaction, as well as the sale of nitrogen oxide Reclaim Trading Credits allocated to our Ontario facility which has been decommissioned.
Income from discontinued operations was $2.4 million, or $0.06 per share, for the nine month period ended September 30, 2009, compared to $159.5 million, or $4.15 per share, for the same period in 2008. The Income from discontinued operations in 2009 relates to working capital and tax adjustments and the related impact of the gain on sale from the IPP Transaction.
Read the The complete ReportBKH is in the portfolios of John Keeley of Keeley Fund Management.
