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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

ound at our food ingredient processing business. The 2007 results again illustrate the value of our diversification strategy."

Erickson said dividend payments will again increase in 2008. "Our Board of Directors has increased our dividend payment for the 33rd consecutive year. The increase brings the annual indicated dividend rate to $1.19 per share, a $0.02 increase over the 2007 rate."

Segment Performance Summary

Electric

Electric segment revenue and net income were $323.5 million and $24.5 million, respectively, in 2007 compared with $306.0 million and $24.2 million in 2006. The increase in electric revenue was due to a $16.0 million increase in retail revenues and a $1.8 million increase in other electric revenues, offset by a $0.3 million decrease in wholesale and net energy trading revenues.

The increase in retail revenues includes $8.4 million in increased fuel-clause adjustment (FCA) revenues mainly related to an increase in purchased power costs in the fourth quarter of 2007 to replace generation lost during a scheduled major maintenance shutdown of Big Stone Plant. The increase in retail revenues also includes $7.6 million related to a 3.3% increase in retail kwh sales. Residential kwh sales increased 4.0% due, in part, to a 9.6% increase in heating degree days. Increased oil and ethanol production in our electric service territory and surrounding regions contributed to a 3.3% increase in commercial and industrial kwh sales. The $1.8 million increase in other electric revenues is related to an increase in revenues from integrated transmission agreements, reimbursement of system operations costs from the Midwest Independent Transmission System Operator and electric system construction work performed for other companies.

Electric operating expenses increased $21.8 million, which includes increases of $18.2 million in fuel and purchased power expenses and $3.3 million in other operating and maintenance expenses. Fuel
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SOURCE Otter Tail Corporation
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