Business Context and Reporting Period
Company: Black Hills Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: January 28, 2010
Subject: Announcement of 2009 financial results and fourth quarter 2009 performance.
Key Financial Metrics
Fourth Quarter 2009 vs. Fourth Quarter 2008
- Income from Continuing Operations: $32.4 million ($0.84 per share) in Q4 2009, compared to a loss of $96.6 million ($2.52 per share) in Q4 2008.
- Net Income: $32.8 million ($0.85 per share) in Q4 2009, compared to a net loss of $98.8 million ($2.58 per share) in Q4 2008.
Full Year 2009 vs. Full Year 2008
- Income from Continuing Operations: $78.8 million ($2.04 per share) in 2009, compared to a loss of $52.0 million ($1.37 per share) in 2008.
- Net Income: $81.6 million ($2.11 per share) in 2009, compared to $105.1 million ($2.75 per share) in 2008.
Note: The filing text does not provide specific values for revenue, cash flow, margins, debt, or liquidity.
Material Changes
- Turnaround in Continuing Operations: The Company shifted from significant losses in continuing operations in 2008 to profitability in 2009 for both the fourth quarter and the full year.
- Full Year Net Income Decline: Despite the recovery in continuing operations, total full-year net income decreased by approximately 22.4% compared to 2008, dropping from $105.1 million to $81.6 million.
Guidance, Outlook, and Risks
The filing serves as a notification of past results and does not contain forward-looking guidance, management commentary on future outlook, specific risk factors, or details on contingencies beyond the reference to the attached press release.
Investor Verification Checklist
- Review the attached press release (Exhibit 99) for detailed revenue figures and segment performance not included in this summary.
- Analyze the specific drivers behind the $52.0 million loss in continuing operations for 2008 versus the $78.8 million profit in 2009.
- Investigate the factors contributing to the decline in full-year net income despite the recovery in continuing operations.
- Verify cash flow and debt levels in the full 10-K filing, as this 8-K does not provide liquidity metrics.