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.
-- 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.
-- 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
|SOURCE Otter Tail Corporation|
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