FERGUS FALLS, Minn., April 14 /PRNewswire-FirstCall/ -- Otter Tail Corporation (Nasdaq: OTTR) hosted 370 shareholders and guests at its annual meeting of common shareholders on Monday, April 14 in Fergus Falls, Minn. Represented by proxy or present in person at the meeting were 84% of the corporation's total shares outstanding. Shareholders reelected Nathan Partain, and elected James Stake and John Erickson to serve three-year terms on Otter Tail Corporation's board of directors.
Partain has served on the board since 1993. He is president and chief investment officer of Duff & Phelps Investment Management Co. and president, CEO and CIO of DNP Select Income Fund, Chicago. Stake, of St. Paul, Minn., is a recently retired 3M Company executive. He served as 3M's executive vice president of enterprise services and also chaired several 3M committees including risk management and environmental, health and safety. Stake fills the opening created by the retirement of Dennis Emmen, former CFO of Otter Tail Power Company, who served on the board for 24 years. Erickson, Otter Tail Corporation's president and CEO, became a director one year ago by board appointment following another director's retirement.
In his address to shareholders, Erickson said Otter Tail Corporation
had a successful year in 2007, with revenues, earnings, stock price and
dividends all showing increases. "2007 was a good year for Otter Tail
shareholders," he said. "Our stock price increased 11% and, combined with a
dividend yield of 3.8%, total shareholder return was 14.8%. This is the
third consecutive year of double-digit total shareholder return." The
corporation's nonelectric businesses produced 55% of 2007 net income, and
Erickson cited strong performance in it
|SOURCE Otter Tail Corporation|
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