About this Report

  • BKH Stockprice: $66.66, - 1.36%
  • BKH Volume: 588,148 shares
  • BKH Market Capitalization: $4 billion

About this Report

Providing you with a balanced view of our business

Our Corporate Responsibility report is informed by sustainability reporting guidelines and strives to give you with a balanced view of our business – who we are, what we do and how we work each day to fulfill our mission of Improving Life with Energy.

We welcome your feedback

As you review our Corporate Responsibility report, we encourage you to provide us feedback. Please send any comments to investorrelations@blackhillscorp.com. Thank you.

Forward Looking Statements

This report includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this report that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements, which are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves.

These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. Our business and any offering may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, our ability to deliver safe and reliable and affordable energy to our customers.

Whether actual results and developments will conform to our expectations and predictions is subject to a number of risk and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Items 1A of Part I of our 2017 Annual Report on Form 10-K and other reports that we file with the SEC from time to time.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Reconciliation

Limitations on the Use of Non-GAAP Measures

Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of these non-GAAP financial measures should not be construed as an inference that our future results will not be affected by unusual, non-routine, or non-recurring items.

Non-GAAP measures should be used in addition to and in conjunction with results presented in accordance with GAAP. Non-GAAP measures should not be considered as an alternative to net income, operating income or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. Our non-GAAP measures reflect an additional way of viewing our operations that we believe, when viewed with our GAAP results and the reconciliation to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not rely on a single financial measure.

Earnings per share, as adjusted and earnings from continuing operations, per share, as adjusted

Earnings per share, as adjusted, and earnings from continuing operations, per share, as adjusted, are Non-GAAP financial measures. Earnings per share, as adjusted, and earnings from continuing operations, per share, as adjusted, are defined as GAAP earnings per share and GAAP earnings from continuing operations, adjusted for expenses, gains and losses that the Company believes do not reflect the Company’s core operating performance. Examples of these types of adjustments may include one-time non-budgeted events, impairment of assets, acquisition and disposition costs, and other adjustments noted in the earnings reconciliation table below. The Company is not able to provide a forward-looking quantitative GAAP to Non-GAAP reconciliation for this financial measure because we do not know the unplanned or unique events that may occur later during the year.

Earnings Per Share, as adjusted 2013 2014 2015 2016 2017
Net income (loss) available for common stock (GAAP) $2.64 $2.93 $(0.71) $1.37 $3.21
(Income) loss from discontinued operations (GAAP) (0.09) 0.04 3.83 1.20 0.31
Net income (loss) available for common stock (excluding discontinued operations) 2.55 2.97 3.12 2.57 3.52
Adjustments (after tax)
Interest rate swaps - MTM (0.44) - - - -
Costs associated with prepayment of BHW project financing (Net of interest savings) 0.15 - - - -
Financing costs, net of interest savings ($250M bond payoff)* 0.13 - - - -
Integration expenses - - 0.15 0.56 0.05
Tax reform and other tax items - - - - (0.21)
Total Non-GAAP adjustments (0.16) - (0.15) (0.56) (0.16)
Net income available for common stock (excluding discontinued operations); as adjusted (Non-GAAP) $2.39 $2.97 $3.27 $3.13 $3.36