Otter Tail Corporation Announces Third Quarter Earnings and Maintains 2007 Earnings Guidance; Board of Directors Declare... (terim installations and a2.8% decrease i...)

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Otter Tail Corporation Announces Third Quarter Earnings and Maintains 2007 Earnings Guidance; Board of Directors Declares Dividend

Date:11/1/2007

terim installations and a 2.8% decrease in scan revenues. Revenues from equipment sales and servicing decreased $1.9 million between the quarters. Cost of goods sold decreased $3.9 million between the quarters. The decrease in equipment sales revenues and cost of goods sold reflect a change in mix between the quarters to more commission-based compensation for sales to customers from traditional dealership distribution of products. A $0.2 million increase in operating and depreciation expenses contributed to the decrease in health services net income between the quarters.

Food Ingredient Processing

The food ingredient processing segment recorded revenues of $15.7 million and net income of $1.0 million in the quarter ended September 30, 2007 compared with revenues of $11.5 million and a net loss of $1.1 million in the quarter ended September 30, 2006. The increase in revenue was the result of an increase in pounds of product sold combined with an increase in the price per pound of product sold. The increase in revenue combined with a decrease in the cost per pound of product sold due to lower potato and natural gas prices were the main factors contributing to the increase in net income between the quarters.

Other Business Operations

Other business operations had revenues of $52.0 million and net income of $0.9 million in the quarter ended September 30, 2007 compared with revenues of $40.7 million and net income of $0.7 million in the quarter ended September 30, 2006. Revenues and net income from the corporation's construction companies increased $11.4 million and $0.4 million, respectively, between the quarters as a result of an increase in construction activity between the quarters. Net income at the corporation's flatbed trucking company decreased $0.2 million between the quarters.

2007 Expectations

Otter Tail Corporation anticipates 2007 diluted earnings per share from continuing operations to be in a range from $1.60 to $1.80. C
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Otter Tail Corporation Announces Third Quarter Earnings and Maintains 2007 Earnings Guidance; Board of Directors Declare...(terim installations and a2.8% decrease i...),Health