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BKH - Black Hills News Story

$67.42 -1.2  -1.8%

Last Trade - 05/05/21

Sector
Utilities
Size
Large Cap
Market Cap £3.05bn
Enterprise Value £5.83bn
Revenue £1.29bn
Position in Universe 1555th / 6849

CORRECTION - Black Hills Corp. Reports Second Quarter 2016 Results

Thu 4th August, 2016 1:59am
CORRECTION - Black Hills Corp. Reports Second Quarter 2016 Results

BHC tag_1K

RAPID CITY, S.D. - Aug. 3, 2016 - The second quarter 2016 earnings news release issued by Black Hills Corp. earlier today contained incorrect 2015 subtotals in the Consolidated Financial Results table at the top of page four of the release. The corrected table is provided below. The earnings release posted to Black Hills' website and attached to the Form 8-K filed with the Securities and Exchange Commission contains the correct table.

CONSOLIDATED FINANCIAL RESULTS
(Minor differences may result due to rounding.)

Three Months Ended June 30, Six Months Ended June 30,
2016 2015 2016 2015
(in millions)
Net income (loss) available for common stock:
Electric Utilities $ 19.2 $ 17.6 $ 38.4 $ 35.2
Gas Utilities 1.0 3.2 32.9 26.8
Power generation (a) 5.7 7.5 14.3 15.7
Mining 0.7 3.0 3.7 6.1
Oil and gas (b) (c) (19.4 ) (71.2 ) (26.4 ) (90.3 )
7.2 (39.7 ) 62.8 (6.5 )
Corporate and Eliminations (d) (e) (6.5 ) (2.1 ) (22.2 ) (1.4 )
Net income (loss) available for common stock $ 0.7 $ (41.8 ) $ 40.7 $ (8.0 )

(a) Net income (loss) available for common stock for the three and six months ended June30, 2016 is net of net income attributable to noncontrolling interest of $2.6 million.
(b) Net income (loss) for the three and six months ended June30, 2016 and June 30, 2015 include noncash after-tax impairments of $16 million and $25 million and $63 million and $77 million, respectively.
(c) Net income (loss) for the six months ended June30, 2016 includes an after-tax benefit of approximately $5.8 million recognized from additional percentage depletion deductions that are being claimed with respect to our oil and gas properties involving prior tax years.
(d) Net income (loss) for the three and six months ended June30, 2016 included incremental, non-recurring acquisition and transition costs, after-tax of $4.1 million and $20.2 million, respectively; and after-tax internal labor costs attributable to the acquisition of $2.0 million and $5.7 million respectively.
(e) Net income (loss) for the six months ended June30, 2016 includes tax benefits of approximately $4.4 million as a result of the re-measurement of the liability for uncertain tax positions predicated on an agreement reached with IRS Appeals in early 2016.

Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer focused, growth-oriented, vertically-integrated utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.2 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company also generates wholesale electricity and produces natural gas, oil and coal. More information is available at www.blackhillscorp.com.

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Investor Relations Contact
Jerome E. Nichols
605-721-1171
jerome.nichols@blackhillscorp.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Black Hills Corporation via Globenewswire

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