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Otter Tail Corporation Reports Record Revenues and Net Income From Continuing Operations for 2007; Earnings Per Share of $1.78; Board Approves Dividend Increase
Date:2/5/2008

FERGUS FALLS, Minn., Feb. 5 /PRNewswire-FirstCall/ -- Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter and year ended December 31, 2007.

2007 Highlights:

-- Consolidated revenues grew 12.1% to a record $1.2 billion in 2007.

-- Consolidated net income from continuing operations was a record

$54.0 million in 2007 compared to $50.7 million in 2006.

-- Total diluted earnings per share were $1.78 for 2007 compared with

$1.70 for 2006.

2008 Announcements:

-- On February 5, 2008 the Board of Directors declared a quarterly common

stock dividend, increasing the dividend to $0.2975 per share from

$0.2925 per share. This dividend is payable March 10, 2008 to

shareholders of record on February 15, 2008. This increase puts the

corporation's current dividend yield at 3.7% based on today's closing

stock price of $32.54.

-- The Board also declared quarterly dividends on the corporation's four

series of preferred stock, payable March 1, 2008 to shareholders of

record as of February 15.

-- The corporation anticipates its 2008 diluted earnings per share from

continuing operations to be in the range of $1.85 to $2.10.

"We are pleased with our 2007 results. Revenues and net income from continuing operations were at record levels," said John Erickson, president and chief executive officer. "Our electric business provided a solid foundation and our nonelectric businesses continued to perform well, led by growth in our manufacturing platform including strong results at DMI Industries, our wind energy tower manufacturer. We are also pleased to report a significant turnar
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SOURCE Otter Tail Corporation
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