Published:
NorthWestern Reports Third Quarter 2008 Financial Results
SIOUX FALLS, S.D., Oct. 30 /PRNewswire-FirstCall/ -- NorthWestern
Corporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial results
for the quarter ended Sept. 30, 2008.
Highlights for the quarter include:
-- Net income improved to $13.4 million in the third quarter of 2008
compared with $13.2 million in the third quarter of 2007;
-- Completed a share buyback program for approximately 3.1 million shares
amounting to approximately $77.7 million;
-- Increased expected GAAP earnings guidance for 2008 to be $1.65 -
$1.80/fully diluted share;
-- Filed a request with the MPSC for advanced approval of the proposed
$206 million, 150 MW Mill Creek Generating Station;
-- Filed the Major Facility Siting Act and Environmental Report with the
Montana Department of Environmental Quality for the proposed Mountain States
Transmission Intertie project; and
-- Quarterly dividend of 33 cents per share declared for shareholders of
record on Dec. 15, 2008, payable on Dec. 31, 2008.
Financial Results
Consolidated net income was $13.4 million or $.35 per diluted share for
the quarter ended Sept. 30, 2008, a 1.5% increase compared with consolidated
net income of $13.2 million or $.35 per diluted share for the quarter ended
Sept. 30, 2007.
For the third quarter of 2008, net income improvements included an
unrealized gain on forward contracts related to our Colstrip Unit 4 generating
plant of approximately $10.2 million, lower legal and professional fees of
approximately $4.3 million and rate increases of approximately $3.8 million.
These improvements were offset by an increase in pension expense of $11.4
million related to the pension plan for ourMontana employees, a reduction in
volumes caused by milder weather of approximately $2 million, as well as
increased labor, benefits and severance costs of approximately $2.8 million.
"We are pleased with our third quarter 2008 net income, particularly
considering it included a charge of approximately $11.4 million related to
pension expense," said Bob Rowe, President and CEO. "In addition, despite the
recent decline in national economic conditions, our balance sheet, liquidity
and operational cash flows remain strong."
Consolidated net income for the nine months ended Sept. 30, 2008 was $46.3
million, an increase of $11.5 million, or 33.1%, over $34.8 million in 2007.
For the first nine months of 2008, net income improvements included an
increase in volumes contributing $17.5 million caused by colder winter
weather, an increase in plant availability at Colstrip Unit 4 and customer
growth, rate increases of approximately $14.4 million, and lower legal and
professional fees of approximately $6.0 million, compared with the first nine
months of 2007. These improvements were offset by an increase in pension
expense of $11.4 million, as well as approximately $10.0 million lower margins
in the unregulated electric segment due to lower prices and increased fuel
supply costs.
Consolidated gross margin for the third quarter of 2008 was $141.7 million
compared with $126.8 million for the third quarter of 2007. The increase in
gross margin was primarily due to an unrealized gain of approximately $10.2
million on forward contracts due to changes in forward prices of electricity
in the unregulated electric segment as well as rate increases in the regulated
electric and natural gas segments of about $3.8 million.
Consolidated gross margin for the nine months ended Sept. 30, 2008 was
$425.8 million, an increase of $33.3 million over the first nine months of
2007 due primarily to rate increases, volume increases, an unrealized gain on
forward contracts and reduced qualifying facility supply costs.
Consolidated operating, general and administrative expenses were $63.4
million for the third quarter of 2008 compared with $52.5 million for the
third quarter of 2007. The increase was due primarily to an $11.4 million
increase in pension expense. Pension costs inMontana are included in expense
on a pay-as-you-go (cash funding) basis. In 2005, the MPSC authorized the
recognition of pension costs based on an average of the annual funding to be
made over a 5-year period for the calendar years 2005 through 2009. Based on
plan asset market losses through September 2008, we have increased our 2009
cash funding projections for ourMontana plan from $17.0 million to
approximately $47.0 million, which exceeds our original estimated minimum
funding requirements. In accordance with the MPSC's 2005 authorization, this
will result in annual pension expense for 2008 and 2009 of $37.5 million,
which is approximately $15.2 million higher than our original projection.
"Our employees are critical to the business, so we plan a total payment of
approximately $54 million companywide to the pension plan in 2009,
approximately $30 million more than we had originally projected," added Rowe.
"We also plan to offset that incremental pension funding by delaying capital
expenditures in our growth projects by a similar amount in 2009."
Consolidated operating, general and administrative expenses were $177.3
million for the nine months ended Sept. 30, 2008 as compared with $173.6
million in same period of 2007. The increase was due primarily to an increase
in pension expense offset by a decrease in operating lease expense related to
the purchase of our previously leased interest in Colstrip Unit 4.
Property and other taxes were $21.7 million in the third quarter of 2008
compared with $20.4 million in the same period of 2007. For the nine months
ended Sept. 30, 2008, property and other taxes were $66.0 million compared
with $61.7 million in the same period of 2007.
Depreciation expense was $21.3 million in the third quarter of 2008
compared with $20.7 million in the same period of 2007. The increase in
depreciation expense was related primarily to the purchase of the previously
leased interest in Colstrip Unit 4. For the nine months ended Sept. 30, 2008,
depreciation expense was $63.6 million compared with $61.4 million in the same
period of 2007.
Interest expense was $15.6 million for the third quarter of 2008 compared
with $14.6 million for the third quarter of 2007, primarily related to the
additional debt incurred for the purchase of the previously leased interest in
Colstrip Unit 4. For the nine months ended Sept. 30, 2008, interest expense
was $47.5 million compared with $42.4 million in the same period of 2007.
Results from Regulated Operations
Regulated electric gross margin for the third quarter of 2008 was $94.7
million, up 2.7 percent, compared with $92.2 million for the same period in
2007. This $2.5 million increase was primarily due to a rate increase in this
segment.
Regulated retail electric volumes for the third quarter of 2008 totaled
2,626,000 megawatt hours compared with 2,666,000 megawatt hours for the third
quarter of 2007, a 1.5% decrease. The decrease was due primarily to cooler
summer weather than the same period in 2007. Wholesale electric volumes were
71,000 megawatt hours for the third quarter 2008, an increase from 54,000
megawatt hours for the same period of 2007, due primarily to increased plant
availability in theSouth Dakota generation facilities.
Regulated electric gross margin for the nine months ended Sept. 30, 2008
increased $19.5 million as compared with the same period in 2007, due
primarily to rate increases, reduced qualifying facility supply costs, and
volume increases from customer growth, colder winter weather and plant
availability.
Regulated retail electric volumes for the nine months ended Sept. 30, 2008
totaled 7,630,000 megawatt hours, an increase of 1.7% as compared with the
same period in 2007. Regulated wholesale electric volumes for the first nine
months in 2008 were 202,000 megawatt hours, an increase from 119,000 megawatt
hours in the same period in 2007, due to an increase in customer loads.
Regulated natural gas gross margin was $22.8 million for the third quarter
of 2008 compared with $20.8 million for the third quarter in 2007. The
increase was primarily due to rate increases and increased volumes due to 1.0%
customer growth.
Regulated retail natural gas volumes were 2,344,000 dekatherms for the
third quarter of 2008, an increase of 5.4% compared with 2,223,000 dekatherms
for the same period in 2007. The increase in volumes was primarily due to
customer growth.
Regulated natural gas gross margin for the first nine months of 2008 was
$103.8 million compared with $88.9 million for the same period in 2007. The
increase was primarily due to increased volumes due to colder weather and 1.2%
customer growth along with rate increases.
Regulated retail natural gas volumes were 22,571,000 dekatherms for the
first nine months of 2008 compared with 20,035,000 dekatherms for the same
period in 2007.
Results from Unregulated Operations
Gross margin from unregulated electric operations was $24.3 million for
the third quarter of 2008, compared with $13.6 million for the third quarter
of 2007, primarily due to an unrealized gain of approximately $10.2 million on
forward contracts due to changes in forward prices of electricity. These
contracts economically hedge a portion of our Colstrip Unit 4 output through
2009. Unrealized gains and losses will be recorded based on market prices
through the duration of these contracts; however, they will ultimately reverse
as the power is delivered.
Unregulated electric volumes were 440,000 megawatt hours in the third
quarter of 2008 compared with 454,000 megawatt hours in the same period in
2007. Electric volumes at Colstrip Unit 4 decreased primarily due to reduced
plant and transmission availability.
Unregulated electric gross margin for the nine months ended Sept. 30, 2008
was $42.6 million as compared with $42.0 million with the same period in 2007.
Unregulated retail electric volumes for the nine months ended Sept. 30,
2008 totaled 1,331,000 megawatt hours, an increase of 11.9% as compared with
the same period in 2007.
Liquidity and Capital Resources
As of Sept. 30, 2008, cash and cash equivalents were $8.6 million compared
with $4.7 million at Sept. 30, 2007. The Company had revolver availability of
$120.3 million at Sept. 30, 2008 compared with $156.6 million at Sept. 30,
2007. The decrease in revolver availability was due primarily to the share
buyback program completed amounting to approximately $78 million during the
third quarter of 2008.
Cash provided by operating activities totaled $176.7 million during the
first nine months of 2008, compared with $173.9 million during the nine months
ended Sept. 30, 2007.
The Company used $80.9 million for investment activities during the nine
months ended Sept. 30, 2008 compared with $116.7 million for the nine months
ended Sept. 30, 2007. Capital expenditures for the nine months ended Sept.
30, 2008 were $81.0 million as compared with $77.9 million in 2007. In
addition, in 2007 the Company used $40.2 million to complete the purchase of a
portion of our previously leased interest in the Colstrip Unit 4 generating
facility.
The Company used $100.0 million in financing activities during the nine
months ended Sept. 30, 2008 compared with $54.4 million for the nine months
ended Sept. 30, 2007. During the nine months ended Sept. 30, 2008 the Company
used $78.6 million to repurchase shares of the Company and paid dividends on
common stock of $38.0 million. During the nine months ended Sept. 30, 2007,
the Company made debt repayments of $44.4 million and paid dividends on common
stock of $34.4 million.
Colstrip Unit 4 Matters Update
In January 2008, the Company announced that it was performing an
evaluation of our strategic options related to our 30% ownership interest in
Colstrip Unit 4. On June 10, 2008, the Company entered into an agreement to
sell our interest in Colstrip Unit 4 for $404 million in cash, subject to
certain working capital adjustments. The agreement provides a timeline of 120
days for us to explore the viability of placing this asset into ourMontana
utility rate base. The agreement also contains certain termination rights for
both us and the buyer for which, under specified circumstances, the Company
may be required to pay a termination fee of $6.3 million or the buyer may be
required to pay a termination fee of $20 million.
Consistent with these terms, on June 30, 2008, the Company submitted a
filing with MPSC to initiate a review process to determine if it would be in
the public interest to place its interest in Colstrip Unit 4 into rate base at
an equivalent value to the negotiated selling price including certain
adjustments. A hearing was conducted in September, and the Company
anticipates a ruling by the Montana Public Service Commission ("MPSC") by
mid-November. If the MPSC does not rate base at the equivalent value, the
Company expects to complete the process to sellColstrip 4 to Bicent (Montana)
Power Company ("Bicent") by year-end although the agreement allows for closing
to occur at anytime before the end of January 2009.
Also related to Colstrip Unit 4 during the first quarter of 2008, the MPSC
opened a proceeding to investigate our compliance with a 2004 MPSC order
limiting our ability to provide loans, guarantees, advances, equity
investments or working capital to subsidiaries or affiliates. A ruling on
this matter is expected from the MPSC by mid-November.
Dividend
NorthWestern's Board of Directors declared a quarterly common stock
dividend of 33 cents per share, payable on Dec. 31, 2008, to common
shareholders of record as of Dec. 15, 2008.
2008 Earnings Outlook
NorthWestern increased its estimate for earnings per share in 2008 to be
in the range of $1.65 - $1.80 per fully diluted share. The guidance
assumptions for 2008 include:
-- The Company's year-to-date actual results of operations;
-- Impact of rate relief in the Company's service territories;
-- Decreased lease expense and increased depreciation and interest
expense related to the purchase of the previously leased interest in Colstrip
Unit 4;
-- Lower average pricing on forward sales contracts and anticipated
output volumes of 1.7 million megawatt hours at Colstrip Unit 4;
-- An after-tax increase in pension expense of approximately $9.4 million
over the Company's previous projection;
-- No after-tax unrealized gain or loss in the 2008 earnings for the
forward contracts to hedge forward prices of electricity at Colstrip Unit 4;
-- An after-tax impact of additional insurance proceeds, ranging between
$3.0 million and $5.0 million, anticipated in the fourth quarter of 2008;
-- Fully diluted average shares outstanding of 38.0 million; and
-- Normal weather in the Company's electric and natural gas service
territories for the fourth quarter of 2008.
Company Hosting Investor Conference Call
NorthWestern will host an investor conference call today (Oct. 30) at
11:00 am Eastern Time (10:00 a.m. Central Time) to review its financial
results for the quarter ended Sept. 30, 2008.
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 noon ET on
Oct. 30, 2008, through Nov. 30, 2008, at 800-475-6701, access code 965194.
About NorthWestern Energy
NorthWestern Energy is one of the largest providers of electricity and
natural gas in the Upper Midwest and Northwest, serving approximately 650,000
customers inMontana,South Dakota andNebraska. More information on
NorthWestern Energy is available on the Company's Web site at
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 "2008
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 additional 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.
In addition, we may not be able to complete the proposed Colstrip Unit 4
transaction due to a number of factors, including the failure to obtain
regulatory approvals, the MPSC issuing an order providing the Colstrip Unit 4
interest will be included in NorthWestern's rate base, the exercise by
existing owners of rights of first refusal, the occurrence of a material
adverse effect, or failure to satisfy other closing conditions.
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
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2008 2007
(Unaudited)
ASSETS
Current Assets $278,254 $278,354
Property, Plant, and Equipment, Net 1,816,150 1,770,880
Goodwill 355,128 355,128
Regulatory Assets 124,534 123,041
Other Noncurrent Assets 19,748 19,977
Total Assets $2,593,814 $2,547,380
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Maturities of Long-term Debt and
Capital Leases $20,732 $21,006
Current Liabilities 347,492 300,833
Long-term Capital Leases 37,117 38,002
Long-term Debt 805,851 787,360
Noncurrent Regulatory Liabilities 220,642 194,959
Deferred Income Taxes 115,214 74,046
Other Noncurrent Liabilities 292,537 308,150
Total Liabilities 1,839,585 1,724,356
Total Shareholders' Equity 754,229 823,024
Total Liabilities and Shareholders' Equity $2,593,814 $2,547,380
NORTHWESTERN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
OPERATING REVENUES $272,244 $265,863 $934,725 $892,036
COST OF SALES 130,503 139,021 508,941 499,555
GROSS MARGIN 141,741 126,842 425,784 392,481
OPERATING EXPENSES
Operating, general
and administrative 63,411 52,486 177,348 173,611
Property and other
taxes 21,718 20,393 65,898 61,645
Depreciation 21,292 20,725 63,608 61,412
TOTAL OPERATING
EXPENSES 106,421 93,604 306,854 296,668
OPERATING INCOME 35,320 33,238 118,930 95,813
Interest Expense (15,629) (14,633) (47,478) (42,380)
Other Income 1,218 909 1,640 1,646
Income Before Income
Taxes 20,909 19,514 73,092 55,079
Income Tax Expense (7,530) (6,337) (26,759) (20,326)
Net Income $13,379 $13,177 $46,333 $34,753
Average Common Shares
Outstanding 38,057 36,471 38,665 36,063
Basic Earnings per
Average Common Share $0.35 $0.36 $1.20 $0.96
Diluted Earnings per
Average Common Share $0.35 $0.35 $1.19 $0.93
Dividends Declared per
Average Common Share $0.33 $0.33 $0.99 $0.95
NORTHWESTERN CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended September 30,
2008 2007
Operating Activities:
Net Income $46,333 $34,753
Noncash Items 92,607 85,925
Changes in Operating Assets and Liabilities 37,809 53,193
Cash Provided by Operating Activities 176,749 173,871
Cash Used in Investing Activities (80,930) (116,686)
Cash Used in Financing Activities (100,017) (54,436)
(Decrease) Increase in Cash and Cash Equivalents (4,198) 2,749
Cash and Cash Equivalents, beginning of period 12,773 1,930
Cash and Cash Equivalents, end of period $8,575 $4,679
NORTHWESTERN CORPORATION
REGULATED ELECTRIC SEGMENT
Three months ended Sept. 30, 2008
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $208.0 $202.1 $5.9 2.9%
Total Cost of Sales 113.3 109.9 3.4 3.1
Gross Margin $94.7 $92.2 $2.5 2.7%
% GM/Rev 45.5% 45.6%
Volumes MWH
2008 2007 Change % Change
(in thousands)
Retail Electric
Montana 532 557 (25) (4.5)%
South Dakota 130 142 (12) (8.5)
Residential 662 699 (37) (5.3)
Montana 853 871 (18) (2.1)
South Dakota 237 231 6 2.6
Commercial 1,090 1,102 (12) (1.1)
Industrial 786 770 16 2.1
Other 88 95 (7) (7.4)
Total Retail Electric 2,626 2,666 (40) (1.5)%
Wholesale Electric 71 54 17 31.5%
Average Customer Counts 2008 2007 Change % Change
(in thousands)
Retail Electric
Montana 265,258 261,769 3,489 1.3%
South Dakota 47,947 47,713 234 0.5
Residential 313,205 309,482 3,723 1.2
Montana 59,817 58,603 1,214 2.1
South Dakota 11,605 11,447 158 1.4
Commercial 71,422 70,050 1,372 2.0
Industrial 71 71 - -
Other 7,640 7,506 134 1.8
Total Retail Electric 392,338 387,109 5,229 1.4%
2008 as compared with:
Cooling Degree-Days 2007 Historic Average
Montana 43% colder 13% warmer
South Dakota 23% colder 11% colder
NORTHWESTERN CORPORATION
REGULATED ELECTRIC SEGMENT
Nine months ended Sept. 30, 2008
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $583.6 $551.2 $32.4 5.9%
Total Cost of Sales 303.5 290.6 12.9 4.4
Gross Margin $280.1 $260.6 $19.5 7.5%
% GM/Rev 48.0% 47.3%
Volumes MWH
2008 2007 Change % Change
(in thousands)
Retail Electric
Montana 1,699 1,653 46 2.8%
South Dakota 394 393 1 0.3
Residential 2,093 2,046 47 2.3
Montana 2,408 2,413 (5) (0.2)
South Dakota 658 627 31 4.9
Commercial 3,066 3,040 26 0.9
Industrial 2,320 2,250 70 3.1
Other 151 164 (13) (7.9)
Total Retail Electric 7,630 7,500 130 1.7%
Wholesale Electric 202 119 83 69.7%
Average Customer Counts 2008 2007 Change % Change
(in thousands)
Retail Electric
Montana 265,727 262,050 3,677 1.4%
South Dakota 47,912 47,660 252 0.5
Residential 313,639 309,710 3,929 1.3
Montana 59,471 58,143 1,328 2.3
South Dakota 11,486 11,335 151 1.3
Commercial 70,957 69,478 1,479 2.1
Industrial 71 71 - -
Other 5,951 5,933 18 0.3
Total Retail Electric 390,618 385,192 5,426 1.4%
2008 as compared with:
Cooling Degree-Days 2007 Historic Average
Montana 42% colder 8% warmer
South Dakota 32% colder 17% colder
NORTHWESTERN CORPORATION
REGULATED NATURAL GAS SEGMENT
Three months ended Sept. 30, 2008
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $45.6 $37.1 $8.5 22.9%
Total Cost of Sales 22.8 16.3 6.5 39.9
Gross Margin $22.8 $20.8 $2.0 9.6%
% GM/Rev 50.0% 56.1%
Volumes Dekatherms
2008 2007 Change % Change
(in thousands)
Retail Gas
Montana 941 892 49 5.5%
South Dakota 126 124 2 1.6
Nebraska 160 160 - -
Residential 1,227 1,176 51 4.3
Montana 571 556 15 2.7
South Dakota 246 181 65 35.9
Nebraska 278 290 (12) (4.1)
Commercial 1,095 1,027 68 6.6
Industrial 15 15 - -
Other 7 5 2 40.0
Total Retail Gas 2,344 2,223 121 5.4%
Average Customer Counts 2008 2007 Change % Change
(in thousands)
Retail Gas
Montana 154,403 152,123 2,280 1.5%
South Dakota 36,169 36,261 (92) (0.3)
Nebraska 35,960 35,849 111 0.3
Residential 226,532 224,233 2,299 1.0
Montana 21,601 21,207 394 1.9
South Dakota 5,684 5,712 (28) (0.5)
Nebraska 4,461 4,451 10 0.2
Commercial 31,746 31,370 376 1.2
Industrial 301 307 (6) (2.0)
Other 140 140 - -
Total Retail Gas 258,719 256,050 2,669 1.0%
2008 as compared with:
Heating Degree-Days 2007 Historic Average
Montana 11% colder 8% warmer
South Dakota 42% colder 10% warmer
Nebraska 45% colder 6% colder
NORTHWESTERN CORPORATION
REGULATED NATURAL GAS SEGMENT
Nine months ended Sept. 30, 2008
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $297.8 $257.3 $40.5 15.7%
Total Cost of Sales 194.0 168.4 25.6 15.2
Gross Margin $103.8 $88.9 $14.9 16.8%
% GM/Rev 34.9% 34.6%
Volumes Dekatherms
2008 2007 Change % Change
(in thousands)
Retail Gas
Montana 9,033 7,881 1,152 14.6%
South Dakota 2,322 2,116 206 9.7
Nebraska 2,091 1,954 137 7.0
Residential 13,446 11,951 1,495 12.5
Montana 4,563 4,066 497 12.2
South Dakota 2,166 1,796 370 20.6
Nebraska 2,157 1,997 160 8.0
Commercial 8,886 7,859 1,027 13.1
Industrial 150 111 39 35.1
Other 89 114 (25) (21.9)
Total Retail Gas 22,571 20,035 2,536 12.7%
Average Customer Counts 2008 2007 Change % Change
Retail Gas
Montana 155,236 152,677 2,559 1.7%
South Dakota 36,527 36,559 (32) (0.1)
Nebraska 36,397 36,244 153 0.4
Residential 228,160 225,480 2,680 1.2
Montana 21,685 21,234 451 2.1
South Dakota 5,761 5,746 15 0.3
Nebraska 4,524 4,516 8 0.2
Commercial 31,970 31,496 474 1.5
Industrial 304 312 (8) (2.6)
Other 140 140 - -
Total Retail Gas 260,574 257,428 3,146 1.2%
2008 as compared with:
Heating Degree-Days 2007 Historic Average
Montana 14% colder 2% colder
South Dakota 12% colder 4% colder
Nebraska 12% colder 5% colder
NORTHWESTERN CORPORATION
UNREGULATED ELECTRIC SEGMENT
Three months ended Sept. 30, 2008
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $20.1 $18.8 $1.3 6.9%
Total Cost of Sales (4.2) 5.2 (9.4) (180.8)
Gross Margin $24.3 $13.6 $10.7 78.7%
% GM/Rev 120.9% 72.3%
Volumes MWH
2008 2007 Change % Change
(in thousands)
Wholesale Electric 440 454 (14) (3.1)%
NORTHWESTERN CORPORATION
UNREGULATED ELECTRIC SEGMENT
Nine months ended Sept. 30, 2008
(Unaudited)
Results
2008 2007 Change % Change
(in millions)
Total Revenues $57.1 $55.7 $1.4 2.5%
Total Cost of Sales 14.5 13.7 0.8 5.8
Gross Margin $42.6 $42.0 $0.6 1.4%
% GM/Rev 74.6% 75.4%
Volumes MWH
2008 2007 Change % Change
(in thousands)
Wholesale Electric 1,331 1,189 142 11.9%
SOURCE NorthWestern Corporation
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