Business Context and Reporting Period
Company: Black Hills Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: January 31, 2013
Subject: Announcement of 2012 financial results and fourth-quarter 2012 performance.
Key Financial Metrics
Fourth Quarter 2012 vs. Fourth Quarter 2011
- Income from Continuing Operations: $30.9 million ($0.70 per share) vs. $18.8 million ($0.44 per share).
- Net Income: $30.8 million ($0.70 per share) vs. $25.6 million ($0.60 per share).
Full Year 2012 vs. Full Year 2011
- Income from Continuing Operations: $88.5 million ($2.01 per share) vs. $40.4 million ($1.01 per share).
- Net Income: $81.5 million ($1.85 per share) vs. $49.7 million ($1.24 per share).
Note: The filing text does not provide specific values for revenue, cash flow, margins, debt, or liquidity.
Material Changes
The Company reported significant year-over-year growth in profitability for both the fourth quarter and the full year 2012 compared to 2011.
- Q4 Income from Continuing Operations: Increased by $12.1 million (approximately 64.4%).
- Q4 Net Income: Increased by $5.2 million (approximately 20.3%).
- Full Year Income from Continuing Operations: Increased by $48.1 million (approximately 119.1%).
- Full Year Net Income: Increased by $31.8 million (approximately 64.0%).
Guidance, Outlook, and Risks
The filing serves as a notification of past performance and does not contain forward-looking guidance, management commentary on future outlook, specific risk factors, or details on contingencies and unusual items beyond the reported earnings figures.
Investor Verification Checklist
- Review the attached Press Release (Exhibit 99) for detailed segment performance and operational drivers behind the earnings increase.
- Verify the reconciliation of "Income from Continuing Operations" to "Net Income" to understand the impact of discontinued operations or other adjustments.
- Consult the Company's Form 10-K for the full year 2012 to obtain missing data on revenue, cash flow, debt levels, and liquidity ratios.