Black Hills (BKH) FY2012 results: revenue $1.2 billion, down 7.7% on the year
Black Hills Corp. (BKH) reported revenue of $1.2 billion for fiscal 2012, the year ended 31 December 2012, down 7.7% on the year before. Net income was $82 million, up 63.9%, and diluted earnings per share $1.85. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2013.
Revenue
$1.2 billion
-7.7% on the year
FY2008FY2012
Operating margin
23.5%
14.6% a year earlier
FY2008FY2012
Net income
$82 million
+63.9% on the year
FY2008FY2012
Diluted EPS
$1.85
+49.2% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
1,174
1,272
1,220
-7.7%
Gross profit
767
697
653
+10.0%
Gross margin
65.3%
54.8%
53.5%
Operating income
276
186
183
+48.4%
Operating margin
23.5%
14.6%
15.0%
Interest expense
114
91.4
90.6
+24.3%
Pre-tax income
170
57.5
83.8
+195.2%
Income tax
60.2
18.2
22.2
+230.4%
Effective tax rate
35.5%
31.7%
26.5%
Net income
81.5
49.7
68.7
+63.9%
Net margin
6.9%
3.9%
5.6%
Diluted EPS
$1.85
$1.24
$1.76
+49.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
317
224
148
+41.7%
Capital expenditure
349
441
472
-20.8%
Free cash flow
-32.2
-217
-325
Free cash flow margin
-2.7%
-17.1%
-26.6%
Cash from investing
11.2
-447
-389
Cash from financing
-371
250
161
Depreciation and amortisation
146
136
127
+7.6%
Share-based compensation
8.3
5.6
5.6
+46.6%
Dividends paid
65.3
59.2
56.5
+10.2%
Dividend per share
$1.48
$1.46
$1.44
+1.4%
Diluted shares, weighted
44m
40m
39m
+10.0%
Shares outstanding at period end
44m
44m
39m
+0.7%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,206
1,162
1,100
+3.8%
Non-controlling interest
26.7
n/a
n/a
Debt
1,320
1,628
1,440
-18.9%
Other liabilities
1,177
1,337
1,171
-12.0%
Total liabilities and equity
3,729
4,127
3,712
-9.6%
Fixed assets
2,743
2,790
2,495
-1.7%
Goodwill
353
353
353
0.0%
Intangible assets
3.6
3.8
4.1
-5.8%
Investments
16.4
17.3
17.8
-5.0%
Cash and equivalents
15.5
21.6
16.4
-28.5%
Receivables
164
157
172
+4.4%
Inventory
77.6
84.1
62.9
-7.6%
Other assets
357
701
590
-49.1%
Total assets
3,729
4,127
3,712
-9.6%
10-K for the year ended 31 December 2012, filed 25 February 2013: the filing.