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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

costs increased $1.8 million despite a 5.3% decrease in kwhs generated mainly as a result of an 86% increase in generation at the electric utility's higher-cost combustion turbine peaking plants. Purchased power costs to serve retail customers increased $16.4 million, reflecting a 22.1% increase in kwhs purchased for system use combined with a 4.9% increase in the cost per kwh purchased, mainly related to power purchased in the fourth quarter of 2007 to replace generation lost during a scheduled major maintenance shutdown of Big Stone Plant. The increase in electric operation and maintenance expenses in 2007 reflects an increase in expenses related to external contract work, higher labor and benefit costs, rate case related expenditures and increased tree-trimming expenses. The electric utility recorded a non-cash charge in other income and deductions of $3.3 million in the fourth quarter of 2006 related to a reduction in capitalized interest allowed in rate base. The resulting increase in other income and deductions in 2007 was partially offset by a $0.8 million decrease in allowance for equity funds used during construction.

Plastics

Plastics segment revenues and net income were $149.0 million and $8.3 million, respectively, in 2007 compared with $163.1 million and $14.3 million in 2006. The decrease in revenue and net income is due to an 18.8% reduction in plastic pipe sales prices partially offset by a 12.5% increase in pounds of plastic pipe sold and a 12.5% decrease in the cost per pound of pipe sold. The decrease in sales prices reflected a softening of the plastic pipe market, which was expected.

Manufacturing

Manufacturing segment revenues and net income were $381.6 million and $15.6 million, respectively, in 2007 compared with $311.8 million and $13.2 million in 2006. DMI Industries, Inc. recorded a $48.0 million increase in revenue and a $1.4 million increase in net income as a result of increased production levels and producti
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SOURCE Otter Tail Corporation
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