Business Context and Reporting Period
Company: Black Hills Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: February 3, 2011
Subject: Announcement of 2010 financial results and fourth-quarter 2010 performance.
Key Financial Metrics
Fourth Quarter 2010 vs. Fourth Quarter 2009
- Income from Continuing Operations (Q4 2010): $33.5 million ($0.85 per share)
- Income from Continuing Operations (Q4 2009): $32.4 million ($0.84 per share)
- Net Income (Q4 2010): $32.8 million ($0.85 per share)
- Net Income (Q4 2009): Not explicitly stated as a separate line item in the text, though Q4 2009 continuing operations were $32.4 million.
Full Year 2010 vs. Full Year 2009
- Income from Continuing Operations (2010): $68.7 million ($1.76 per share)
- Income from Continuing Operations (2009): $78.8 million ($2.04 per share)
- Net Income (2010): $68.7 million ($1.76 per share)
- Net Income (2009): $81.6 million ($2.11 per share)
Note: The filing text does not provide specific values for revenue, cash flow, margins, debt, or liquidity.
Material Changes
- Quarterly Performance: Income from continuing operations increased slightly year-over-year in Q4 2010 ($33.5M vs. $32.4M).
- Annual Performance: Full-year 2010 income from continuing operations decreased significantly compared to 2009 ($68.7M vs. $78.8M), representing a decline of approximately 12.8%.
- Earnings Per Share: Full-year EPS from continuing operations dropped from $2.04 in 2009 to $1.76 in 2010.
Guidance, Outlook, and Risks
The filing text does not contain specific forward-looking guidance, management commentary on future outlook, or detailed risk factors. The report serves primarily to disseminate the press release attached as Exhibit 99. The text includes a standard disclaimer that the information is furnished pursuant to Item 2.02 and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the full text of the press release attached as Exhibit 99 for details on revenue, cash flow, and segment performance not included in this summary.
- Confirm the specific drivers behind the 12.8% decline in full-year 2010 income from continuing operations.
- Review the company's 10-K filing for the year ended December 31, 2010, to obtain comprehensive data on debt, liquidity, and operating margins.
- Check for any subsequent filings regarding the reconciliation of net income to income from continuing operations for the full year 2010.