ENP Newswire -
Release date- 24072014 -
Net income for the period was
'We were pleased to experience a 3% improvement in gross margin over the same period last year, despite the slightly milder weather this past quarter. However, higher operating expenses primarily related to the acquisition of gas production assets and the hydro transaction weighed heavily on the quarter.
Additionally, we experienced increased bad debt expense related to increased revenues and delayed customer collections with the implementation of our customer information system,' said
Consolidated gross margin for the three months ended
These increases were offset by:
Consolidated gross margin for the six months ended
Operating, General and Administrative Expenses
Consolidated operating, general and administrative expenses for the three months ended
These increases were partly offset by a
Consolidated operating, general and administrative expenses were
Property and Other Taxes
Property and other taxes were
Property and other taxes were
Depreciation and Depletion Expense
Depreciation and depletion expense was
Depreciation and depletion expense was
Consolidated operating income for the three months ended
Consolidated operating income for the six months ended
Consolidated interest expense for the three months ended
Consolidated interest expense for the six months ended
Consolidated other income for the three months ended
Consolidated other income for the six months ended
Income Tax Expense
Consolidated income tax expense for the three months ended
Consolidated income tax expense for the six months ended
Liquidity and Capital Resources
NorthWestern's Board of Directors declared a quarterly common stock dividend of
Significant Items Not Contemplated in Guidance
A reconciliation of items not factored into our 2014 and final 2013 earnings guidance of
The amount below represents an after-tax non-GAAP measure that may provide users of this financial information with additional meaningful information regarding the impact of certain items on our expected earnings.
2014 Earnings Guidance Reaffirmed
NorthWestern reaffirms the 2014 earnings guidance range of
Normal weather in our electric and natural gas service territories for 2014;
Excludes any hydro related transaction fees (including legal and bridge financing) and any potential income generated from the regulated operation of the hydro assets post-closing, assuming regulatory approval;
Excludes any potential additional impact as a result of the FERC decision regarding revenue allocation at our
A consolidated income tax rate of approximately 14% - 16% of pre-tax income and
Diluted average shares outstanding of 39.3 million.
Non-GAAP Financial Measures
This press release includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Gross Margin and Adjusted Diluted EPS, that are considered 'non-GAAP financial measures.'
Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Gross Margin (Revenues less Cost of Sales) is a non-GAAP financial measure due to the exclusion of depreciation from the measure.
Gross Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow recovery of operating costs. Adjusted Diluted EPS is another non GAAP measure. The Company believes the presentation of Adjusted Diluted EPS is more representative of our normal earnings than the GAAP EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings.
The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance. Our measures may not be comparable to other companies' similarly titled measures.
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 '2014 Earnings Guidance Reaffirmed'. 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, including costs of compliance with existing and future environmental requirements, as well as adverse determinations by regulators, could have a material effect on our liquidity, results of operations and financial condition;
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 2013 Annual Report on Form 10-K, second quarter 2014 and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and other
We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, actual results may differ materially from those contemplated in any forward-looking statement due to the timing and likelihood of the closing of the purchase of
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