Reports diluted EPS of $.17/share compared with $.24/share in 2Q
2008 Reduces guidance for 2009 to be $1.75 - $1.85 per fully
diluted share from $1.85 - $2.00 per fully diluted share SIOUX
FALLS, S.D., July 29 /PRNewswire-FirstCall/ -- NorthWestern
Corporation d/b/a NorthWestern Energy (NYSE:NWE) reported financial
results for the quarter ended June 30, 2009. Significant
achievements for the quarter include: -- Received approval from the
MPSC to construct the proposed 150 MW Mill Creek Generating Station
project with a 50% debt and 50% equity capital structure, return on
equity at 10.25% and debt at 6.5%; and -- Amended and restated the
revolving credit facility to increase the amount to $250 million
from the current $200 million and to extend the maturity date to
June 30, 2012 from November 1, 2009. Financial Results Consolidated
net income was $6.1 million or $.17 per diluted share for the
quarter ended June 30, 2009, compared with consolidated net income
of $9.5 million or $.24 per diluted share for the quarter ended
June 30, 2008. Computed diluted shares were 36.3 million at June
30, 2009 compared with 39.4 million diluted shares at June 30,
2008. Consolidated net income for the six months ended June 30,
2009 was $28.9 million, a decrease of $4.1 million or 12.4%, from
$33.0 million in 2008. "During the second quarter of 2009, we
experienced economy-driven weakness in non-firm wholesale
transmission revenues in Montana and wholesale power prices in
South Dakota when compared with the second quarter of 2008," said
Bob Rowe, President and CEO. "We continue to maintain a strong
balance sheet. We recently bolstered our liquidity by issuing debt
to facilitate execution of our capital projects, specifically
including the Mill Creek Generating Station currently under
construction. Finally, we are continuing to work to take actions
now to focus on discretionary spending to address the declining
gross margins." Consolidated gross margin for the second quarter of
2009 was $128.9 million compared with $127.2 million for the second
quarter of 2008. The improvement in consolidated gross margin was
substantially due to the transfer of our interest in Colstrip Unit
4 to Montana utility rate base and represents our return on rate
base. This improvement was offset by decreases in electric
transmission, electric wholesale and natural gas margins primarily
due to lower demand, as a result of economic conditions and mild
weather. Consolidated gross margin for the six months ended June
30, 2009 was $291.8 million compared with $284.0 million in the
same period of 2008. Consolidated operating, general and
administrative expenses increased to $60.9 million for the quarter
ended June 30, 2009 as compared with $53.9 million for the quarter
ended June 30, 2008. The increase was due primarily to increased
labor and benefit costs due to compensation increases, severance
costs, and higher post-retirement benefit costs combining for an
increase of approximately $3 million. In addition, the Company
experienced approximately $2.9 million higher pension expense in
the second quarter of 2009 compared with the second quarter of 2008
based on our funding projections and a revised MPSC pension
accounting order issued during the fourth quarter of 2008. The
Company also recorded a $3.5 million insurance recovery during the
second quarter of 2009 related to previously incurred Montana
generation related environmental remediation costs, partially
offset by a $1.8 million insurance recovery during the second
quarter of 2008. Consolidated operating, general and administrative
expenses were $126.3 million for the six months ended June 30, 2009
as compared with $113.9 million in same period of 2008. Property
and other taxes were $18.2 million for the three months ended June
30, 2009 as compared with $20.5 million in the second quarter of
2008. For the six months ended June 30, 2009, property and other
taxes were $42.5 million compared with $44.2 million in the same
period of 2008. The decreases were due to lower assessed property
valuations. Depreciation expense was $22.3 million for the three
months ended June 30, 2009 as compared with $21.2 million in the
second quarter of 2008. For the six months ended June 30, 2009,
depreciation expense was $45.0 million compared with $42.3 million
in the same period of 2008. These increases were primarily due to
plant additions. Interest expense for the three months ended June
30, 2009 was $18.0 million, an increase of $2.2 million from the
second quarter of 2008. For the six months ended June 30, 2009,
interest expense was $33.1 million compared with $31.8 million in
the same period of 2008. These increases were primarily related to
an increase in long-term debt outstanding. Income tax expense for
the three months ended June 30, 2009 was $3.6 million as compared
with $6.0 million in the second quarter of 2008. Our effective tax
rate for 2009 was 36.9% as compared with 38.7% for 2008. For the
six months ended June 30, 2009, income tax expense was $16.7
million compared with $19.2 million in the same period of 2008.
Results from Regulated Operations Regulated electric gross margin
for the quarter ended June 30, 2009 was $101.8 million, up 10.9%,
compared with $91.8 million for the same period of 2008. This
improvement is primarily due to the transfer of Colstrip Unit 4
from the unregulated electric segment to the regulated utility,
which will help provide rate stability for our customers. This
transfer is reflected as an increase in retail revenue and a
reduction to cost of sales. Prior to the transfer of Colstrip Unit
4, all of our Montana electric supply costs were based on power
purchase agreements, which are passed through to customers at
actual cost with no return component. In addition, the unregulated
electric margin for the same period of 2008 included an unrealized
loss on a forward electric sales contract of $5.2 million. This
increase in electric margin was offset in part by lower
transmission volumes with less demand to transmit energy for others
across our lines, a decrease in wholesale margin due to lower sales
at lower average prices, and higher qualifying facility (QF) supply
costs based on actual QF pricing and output. Regulated retail
electric volumes for the quarter ended June 30, 2009 totaled
2,298,000 megawatt hours compared with 2,370,000 megawatt hours for
the quarter ended June 30, 2008, a 3.0% decrease. The decrease was
due to a combination of economic conditions and mild weather
partially offset by growth in the number of residential and
commercial customers. Wholesale electric volumes were 154,000
megawatt hours for the quarter ended June 30, 2009, an increase
from 82,000 megawatt hours for the same period in 2008. The
increase was primarily due to the transfer of Colstrip Unit 4 to
the regulated utility, partially offset by a decrease in South
Dakota wholesale volumes from lower plant availability. Regulated
electric gross margin for the six months ended June 30, 2009 was
$215.1 million, up 16.1%, compared with $185.3 million for the same
period of 2008 generally for the same reasons as the increase in
the second quarter discussed above. Regulated retail electric
volumes for the six months ended June 30, 2009 totaled 4,961,000
megawatt hours compared with 5,005,000 megawatt hours for the six
months ended June 30, 2008. Wholesale electric volumes were 397,000
megawatt hours for the six months ended June 30, 2009, an increase
from 131,000 megawatt hours for the same period in 2008. Regulated
natural gas gross margin was $28.5 million for the quarter ended
June 30, 2009 compared with $30.6 million during the second quarter
of 2008. Regulated retail natural gas volumes were 5,417,000
dekatherms for the quarter ended June 30, 2009 compared with
6,055,000 dekatherms for the same period in 2008. The decline in
gross margin and volumes is primarily due to warmer weather in all
service territories. Regulated natural gas gross margin was $78.4
million for the six months ended June 30, 2009 compared with $81.0
million during the same period of 2008. Regulated retail natural
gas volumes were 19,287,000 dekatherms for the six months ended
June 30, 2009 compared with 20,227,000 dekatherms for the same
period in 2008. The decline in gross margin and volumes is
primarily due to warmer weather in Montana and Nebraska. Liquidity
and Capital Resources As of June 30, 2009, cash and cash
equivalents were $23.0 million compared with $11.3 million at Dec.
31, 2008. As of June 30, 2009, our total net liquidity was
approximately $269.3 million, compared with $ 86.2 million at Dec.
31, 2008. The increase in liquidity was due primarily to issuance
of $250 million of Montana First Mortgage Bonds in March 2009 and
an amendment to the unsecured revolving line of credit that
increased the availability under that line from $200 million to
$250 million. Cash provided by operating activities totaled $85.4
million for the six months ended June 30, 2009 as compared with
$124.6 million during the six months ended June 30, 2008. This
decrease in operating cash flows is primarily related to increased
pension funding of approximately $41.3 million and a $10.8 million
prepayment of a power purchase agreement, offset by lower commodity
prices reflected in the change in accounts receivable and accounts
payable, as well as decreased cash outflows for natural gas storage
injections. Cash used in investing activities during the six months
ended June 30, 2009 increased by approximately $3.5 million as
compared with 2008 due to increased property, plant and equipment
additions. Capital expenditures for the six months ended June 30,
2009 were $46.9 million as compared with $43.1 million in the same
period of 2008. Cash used in financing activities totaled
approximately $27.2 million during the six months ended June 30,
2009 as compared with $70.1 million during the six months ended
June 30, 2008. During the first half of 2009, the Company received
net proceeds from the issuance of debt of $249.8 million, made net
debt repayments of $243.0 million, paid deferred financing costs of
$9.9 million and paid dividends on common stock of $24.1 million.
During the six months ended June 30, 2008, the Company made net
debt repayments of $42.9 million and paid dividends on common stock
of $25.7 million. 2009 Earnings Outlook NorthWestern reduces its
earnings outlook for 2009 to be $1.75 - $1.85/fully diluted share
from previous guidance of $1.85 - $2.00/fully diluted share. The
major assumptions include, but are not limited to, the following
expectations: -- Reduced off-system transmission revenues in
Montana for the remainder of 2009 -- 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 based on an assumed 8% return on plan
assets for 2009; -- Retail electric volumes will be flat compared
with 2008 volumes; -- Wholesale electric volumes in South Dakota
will decrease due to pricing and volume reductions; -- 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 the rest of 2009. Company
Hosting Investor Conference Call NorthWestern will host an investor
conference call today at 2:30 pm Eastern Time to review its
financial results for the quarter ended June 30, 2009. 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 4:30 pm Eastern Time today through
August 29, 2009, at 800-475-6701, access code 107524. About
NorthWestern Energy NorthWestern Energy is one of the largest
providers of electricity and natural gas in the Upper Midwest and
Northwest, serving approximately 656,000 customers in Montana,
South Dakota and Nebraska. More information on NorthWestern Energy
is available on the Company's Web site at
http://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 "2009 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 adverse effect on 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
would adversely affect our liquidity; -- unscheduled generation
outages or forced reductions in output, maintenance or repairs,
which may reduce revenues and increase operating costs 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 CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (unaudited) (in thousands, except
per share amounts) Three Months Ended Six Months Ended June 30,
June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Revenues Electric
$173,463 $178,967 $381,450 $375,586 Gas 61,330 80,531 220,133
252,174 Other 920 17,008 5,033 34,721 --- ------ ----- ------ Total
Revenues 235,713 276,506 606,616 662,481 ------- ------- -------
------- Operating Expenses Cost of sales 106,840 149,354 314,850
378,438 Operating, general and administrative 60,898 53,866 126,317
113,937 Property and other taxes 18,246 20,540 42,535 44,180
Depreciation 22,260 21,225 44,982 42,316 ------ ------ ------
------ Total Operating Expenses 208,244 244,985 528,684 578,871
------- ------- ------- ------- Operating Income 27,469 31,521
77,932 83,610 ------ ------ ------ ------ Interest Expense (18,002)
(15,848) (33,136) (31,849) Other Income (Expense) 198 (161) 789 422
--- ---- --- --- Income Before Income Taxes 9,665 15,512 45,585
52,183 Income Tax Expense (3,567) (6,009) (16,674) (19,229) ------
------ ------- ------- Net Income $6,098 $9,503 $28,911 $32,954
------ ------ ------- ------- Average Common Shares Outstanding
35,940 38,973 35,937 38,973 ------ ------ ------ ------ Basic
Earnings per Average Common Share $0.17 $0.24 $0.80 $0.85 -----
----- ----- ----- Diluted Earnings per Average Common Share $0.17
$0.24 $0.80 $0.84 ----- ----- ----- ----- Dividends Declared per
Average Common Share $0.335 $0.33 $0.67 $0.66 ------ ----- -----
----- NORTHWESTERN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands) June 30, December 2009 31, 2008 ---- --------
(unaudited) ASSETS Current Assets $260,374 $313,417 Property,
Plant, and Equipment, Net 1,852,378 1,839,699 Goodwill 355,128
355,128 Regulatory Assets 223,380 233,102 Other Noncurrent Assets
28,710 20,691 ------ ------ Total Assets $2,719,970 $2,762,037
========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current
Maturities of Long-term Debt and Capital Leases $7,310 $229,238
Current Liabilities 313,313 359,339 Long-term Capital Leases 36,202
36,798 Long-term Debt 862,997 634,011 Noncurrent Regulatory
Liabilities 234,612 222,969 Deferred Income Taxes 143,233 114,707
Other Noncurrent Liabilities 353,342 401,442 ------- ------- Total
Liabilities 1,951,009 1,998,504 --------- --------- Total
Shareholders' Equity 768,961 763,533 ------- ------- Total
Liabilities and Shareholders' Equity $2,719,970 $2,762,037
========== ========== NORTHWESTERN CORPORATION CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) (in thousands) Six
Months Ended June 30, 2009 2008 ---- ---- Operating Activities Net
income $28,911 $32,954 Non-cash items 64,628 73,001 Changes in
operating assets and liabilities (8,008) 18,699 ------ ------ Cash
Provided by Operating Activities 85,531 124,654 Cash Used in
Investing Activities (46,660) (43,058) Cash Used In Financing
Activities (27,200) (70,127) Net Increase in Cash and Cash
Equivalents $11,671 $11,469 ------- ------- Cash and Cash
Equivalents, beginning of period $11,292 $12,773 ------- -------
Cash and Cash Equivalents, end of period $22,963 $24,242 =======
======= NORTHWESTERN CORPORATION REGULATED ELECTRIC SEGMENT Three
Months Ended June 30, 2009 (Unaudited) Results
--------------------------------- 2009 2008 Change % Change ----
---- ------ -------- (in millions) Retail revenue 151.1 166.0
(14.9) (9.0)% Transmission 10.3 12.8 (2.5) (19.5) Wholesale 10.6
3.8 6.8 178.9 Other 1.5 (3.6) 5.1 141.7 --- ---- --- ----- Total
Revenues 173.5 179.0 (5.5) (3.1) Total Cost of Sales 71.7 87.2
(15.5) (17.8)% ---- ---- ----- ----- Gross Margin $101.8 $91.8
$10.0 10.9% ------ ----- ----- ---- Avg. Customer Revenues Volumes
MWH Counts --------------- ----------- ------------- 2009 2008 2009
2008 2009 2008 ---- ---- ---- ---- ---- ---- (in thousands) Retail
Electric Montana $47,366 $53,269 488 498 268,627 265,820 South
Dakota 9,496 9,802 108 105 48,181 47,882 ----- ----- --- --- ------
------ Residential 56,862 63,071 596 603 316,808 313,702 ------
------ --- --- ------- ------- Montana 64,402 69,587 749 756 60,316
59,449 South Dakota 14,748 15,375 202 200 11,701 11,522 ------
------ --- --- ------ ------ Commercial 79,150 84,962 951 956
72,017 70,971 ------ ------ --- --- ------ ------ Industrial 8,267
11,622 702 773 72 71 Other 6,840 6,351 49 38 5,843 5,559 -----
----- -- -- ----- ----- Total Retail Electric $151,119 $166,006
2,298 2,370 394,740 390,303 ======== ======== ===== ===== =======
======= Wholesale Electric Montana $9,068 $- 96 - N/A N/A South
Dakota 1,485 3,780 58 82 N/A N/A ----- ----- -- -- --- --- Total
Wholesale Electric $10,553 $3,780 154 82 N/A N/A ======= ====== ===
== === === 2009 as compared with: ---------------------- Cooling
Degree-Days 2008 Historic Average ---- ---------------- Montana 9%
colder 27% colder South Dakota 132% warmer 38% colder REGULATED
ELECTRIC SEGMENT Six Months Ended June 30, 2009 (Unaudited) Results
------- 2009 2008 Change % Change ---- ---- ------ -------- (in
millions) Retail revenue $331.6 $347.3 $(15.7) (4.5)% Transmission
22.3 23.9 (1.6) (6.7) Wholesale 21.7 5.8 15.9 274.1 Other 5.9 (1.4)
7.3 521.4 --- ---- --- ----- Total Revenues 381.5 375.6 5.9 1.6
Total Cost of Sales 166.4 190.3 (23.9) (12.6) ----- ----- -----
----- Gross Margin $215.1 $185.3 $29.8 16.1% ------ ------ -----
---- Revenues Volumes MWH Avg. Customer Counts ---------------
----------- -------------------- 2009 2008 2009 2008 2009 2008 (in
thousands) Retail Electric Montana $113,460 $120,563 1,166 1,167
268,815 265,962 South Dakota 23,042 22,433 280 264 48,188 47,895
------ ------ --- --- ------ ------ Residential 136,502 142,996
1,446 1,431 317,003 313,857 ------- ------- ----- ----- -------
------- Montana 133,294 139,439 1,545 1,555 60,260 59,299 South
Dakota 31,421 31,059 430 422 11,588 11,427 ------ ------ --- ---
------ ------ Commercial 164,715 170,498 1,975 1,977 71,848 70,726
------- ------- ----- ----- ------ ------ Industrial 19,213 23,112
1,467 1,534 72 71 Other 11,151 10,718 73 63 5,242 5,106 ------
------ -- -- ----- ----- Total Retail Electric $331,581 $347,324
4,961 5,005 394,165 389,760 ======== ======== ===== ===== =======
======= Wholesale Electric Montana $18,890 $- 299 - N/A N/A South
Dakota 2,793 5,846 98 131 N/A N/A ----- ----- -- --- --- ---
Wholesale Electric $21,683 $5,846 397 131 N/A N/A ======= ======
=== === === === 2009 as compared with: ----------------------
Cooling Degree-Days 2008 Historic Average ---- ----------------
Montana 9% colder 27% colder South Dakota 132% warmer 38% colder
NORTHWESTERN CORPORATION REGULATED NATURAL GAS SEGMENT Three Months
Ended June 30, 2009 (Unaudited) Results
--------------------------------------- 2009 2008 Change % Change
---- ---- ------ -------- (in millions) Retail revenue $50.4 $78.5
$(28.1) (35.8)% Wholesale and other 10.9 2.0 8.9 445.0 ---- --- ---
----- Total Revenues 61.3 80.5 (19.2) (23.9)% Total Cost of Sales
32.8 49.9 (17.1) (34.3) ---- ---- ----- ----- Gross Margin $28.5
$30.6 $(2.1) (6.9)% ----- ----- ----- ----- Revenues Volumes (Dkt)
Customer Counts ------------ ------------- --------------- 2009
2008 2009 2008 2009 2008 ---- ---- ---- ---- ---- ---- (in
thousands) Retail Gas Montana $21,150 $33,953 2,133 2,523 157,045
155,546 South Dakota 5,744 8,100 550 589 36,571 36,498 Nebraska
5,016 6,979 502 526 36,259 36,344 ----- ----- --- --- ------ ------
Residential 31,910 49,032 3,185 3,638 229,875 228,388 ------ ------
----- ----- ------- ------- Montana 10,143 16,671 1,049 1,234
22,009 21,770 South Dakota 4,331 6,243 574 542 5,796 5,760 Nebraska
3,649 5,946 565 596 4,496 4,519 ----- ----- --- --- ----- -----
Commercial 18,123 28,860 2,188 2,372 32,301 32,049 ------ ------
----- ----- ------ ------ Industrial 212 249 22 16 295 305 Other
193 338 22 29 142 139 --- --- -- -- --- --- Total Retail Gas
$50,438 $78,479 5,417 6,055 262,613 260,881 ======= ======= =====
===== ======= ======= 2009 as compared with:
------------------------ Heating Degree-Days 2008 Historic Average
------------------- ---- ---------------- Montana 15% warmer 5%
warmer South Dakota 2% warmer 7% colder Nebraska 5% warmer 2%
colder REGULATED NATURAL GAS SEGMENT Six Months Ended June 30, 2009
(Unaudited) Results --------------------------------- 2009 2008
Change % Change ---- ---- ------ -------- (in millions) Retail
revenue $194.9 $230.4 $(35.5) (15.4)% Wholesale and other 25.2 21.8
3.4 15.6 ---- ---- --- ---- Total Revenues 220.1 252.2 (32.1)
(12.7) Total Cost of Sales 141.7 171.2 (29.5) (17.2) ----- -----
----- ----- Gross Margin $78.4 $81.0 $(2.6) (3.2)% ----- -----
----- ---- Revenues Volumes (Dkt) Customer Counts --------------
------------- --------------- 2009 2008 2009 2008 2009 2008 ----
---- ---- ---- ---- ---- (in thousands) Retail Gas Montana $76,674
$94,697 7,516 8,091 157,220 155,652 South Dakota 24,433 26,788
2,127 2,196 36,838 36,706 Nebraska 20,459 22,146 1,817 1,931 36,536
36,616 ------ ------ ----- ----- ------ ------ Residential 121,566
143,631 11,460 12,218 230,594 228,974 ------- ------- ------ ------
------- ------- Montana 38,413 46,936 3,785 3,991 22,027 21,728
South Dakota 18,627 20,177 2,070 1,920 5,841 5,799 Nebraska 14,592
17,257 1,796 1,880 4,539 4,556 ------ ------ ----- ----- -----
----- Commercial 71,632 84,370 7,651 7,791 32,407 32,083 ------
------ ----- ----- ------ ------ Industrial 1,015 1,537 102 136 297
306 Other 669 843 74 82 142 139 --- --- -- -- --- --- Total Retail
Gas $194,882 $230,381 19,287 20,227 263,440 261,502 ========
======== ====== ====== ======= ======= 2009 as compared with:
------------------------ Heating Degree-Days 2008 Historic Average
------------------- ---- ---------------- Montana 6% warmer 3%
warmer South Dakota Remained flat 5% colder Nebraska 7% warmer 2%
warmer NORTHWESTERN CORPORATION SEGMENT INFORMATION Three Months
Ended June 30, 2009 (Unaudited) (in thousands) Three Months Ended
Regulated ----------------- June 30, 2009 Electric Gas Other
Eliminations Total -------- --- ----- ------------ ----- Operating
revenues $173,463 $61,330 $1,306 $(386) $235,713 Cost of sales
71,623 32,842 2,375 - 106,840 ------ ------ ----- - ------- Gross
margin 101,840 28,488 (1,069) (386) 128,873 ------- ------ ------
---- ------- Operating, general and administrative 44,763 19,290
(2,769) (386) 60,898 Property and other taxes 13,065 5,150 31 -
18,246 Depreciation 17,951 4,301 8 - 22,260 ------ ----- --- ---
------ Operating income (loss) 26,061 (253) 1,661 - 27,469 ------
---- ----- --- ------ Interest expense (13,757) (3,317) (928) -
(18,002) Other income (expense) 182 (12) 28 - 198 Income tax
(expense) benefit (4,789) 1,353 (131) - (3,567) ------ ----- ----
--- ------ Net income (loss) $7,697 $(2,229) $630 $- 6,098 ------
------- ---- --- ----- Three months Regulated Unregulated ended,
--------------- ----------- June 30, 2008 Electric Gas Electric
Other Eliminations Total -------- --- -------- ----- ------------
----- Operating revenues $178,967 $80,531 $16,569 $8,653 $(8,214)
$276,506 Cost of sales 87,196 49,885 11,624 8,395 (7,746) 149,354
------ ------ ------ ----- ----- ------- Gross margin 91,771 30,646
4,945 258 (468) 127,152 ------ ------ ----- --- ---- -------
Operating, general and administrative 34,503 15,735 3,219 877 (468)
53,866 Property and other taxes 14,338 5,484 715 3 - 20,540
Depreciation 15,392 4,001 1,823 9 - 21,225 ------ ----- ----- ---
--- ------ Operating income (loss) 27,538 5,426 (812) (631) -
31,521 ------ ----- ---- ---- --- ------ Interest expense (9,201)
(3,286) (2,993) (368) - (15,848) Other income (expense) 376 281 119
(937) - (161) Income tax(expense) benefit (6,646) (873) 1,561 (51)
- (6,009) ------ --- ----- ---- --- ------ Net income (loss)
$12,067 $1,548 $(2,125) $(1,987) $- $9,503 ------- ------ -------
------- --- ------ NORTHWESTERN CORPORATION SEGMENT RESULTS Six
Months Ended June 30, 2009 (Unaudited) Regulated Six Months Ended
----------------- June 30, 2009 Electric Gas Other Eliminations
Total -------- --- ----- ------------ ----- Operating revenues
$381,450 $220,133 $5,957 $(924) $606,616 Cost of sales 166,372
141,779 6,699 - 314,850 ------- ------- ----- --- ------- Gross
margin 215,078 78,354 (742) (924) 291,766 ------- ------ ---- ----
------- Operating, general and administrative 87,741 41,105 (1,605)
(924) 126,317 Property and other taxes 31,082 11,378 75 - 42,535
Depreciation 36,342 8,623 17 - 44,982 ------ ----- -- --- ------
Operating income 59,913 17,248 771 - 77,932 ------ ------ --- ---
------ Interest expense (24,907) (6,385) (1,844) - (33,136) Other
income 473 255 61 - 789 Income tax (expense) benefit (12,855)
(4,123) 304 - (16,674) ------- ------ --- --- ------- Net income
(loss) $22,624 $6,995 $(708) $- 28,911 ------- ------ ----- ---
------- Six months Regulated Unregulated ended, June 30,
--------------- -------- 2008 Electric Gas Electric Other
Eliminations Total -------- --- -------- ----- ------------ -----
Operating revenues $375,586 $252,174 $36,973 $16,575 $(18,827)
$662,481 Cost of sales 190,251 171,193 18,656 16,159 (17,821)
378,438 ------- ------- ------ ------ ------- ------- Gross margin
185,335 80,981 18,317 416 (1,006) 284,043 ------- ------ ------ ---
------ ------- Operating, general and administrative 69,873 33,659
6,896 4,515 (1,006) 113,937 Property and other taxes 30,767 11,812
1,594 7 - 44,180 Depreciation 30,787 7,884 3,628 17 - 42,316 ------
----- ----- -- --- ------ Operating income (loss) 53,908 27,626
6,199 (4,123) - 83,610 ------ ------ ----- ------ --- ------
Interest expense (18,459) (6,485) (6,169) (736) - (31,849) Other
income (expense) 585 559 132 (854) - 422 Income tax (expense)
benefit (12,333) (8,163) (154) 1,421 - (19,229) ------- ------ ----
----- --- ------- Net income (loss) $23,701 $13,537 $8 $(4,292) $-
$32,954 ------- ------- --- ------- --- ------- DATASOURCE:
NorthWestern Corporation CONTACT: media, Claudia Rapkoch,
1-866-622-8081, , or investors, Dan Rausch, +1-605-978-2902, , both
of NorthWestern Corporation Web Site:
http://www.northwesternenergy.com/
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