Black Hills (BKH) FY2013 results: revenue $1.3 billion, up 8.7% on the year
Black Hills Corp. (BKH) reported revenue of $1.3 billion for fiscal 2013, the year ended 31 December 2013, up 8.7% on the year before. Net income was $115 million, up 41.0%, and diluted earnings per share $2.59. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$1.3 billion
+8.7% on the year
FY2008FY2013
Operating margin
20.3%
23.5% a year earlier
FY2008FY2013
Net income
$115 million
+41.0% on the year
FY2008FY2013
Diluted EPS
$2.59
+40.0% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,276
1,174
1,272
+8.7%
Gross profit
n/a
767
697
Gross margin
n/a
65.3%
54.8%
Operating income
259
276
186
-6.1%
Operating margin
20.3%
23.5%
14.6%
Interest expense
112
114
91.4
-1.6%
Pre-tax income
181
170
57.5
+7.0%
Income tax
63.0
60.2
18.2
+4.7%
Effective tax rate
34.7%
35.5%
31.7%
Net income
115
81.5
49.7
+41.0%
Net margin
9.0%
6.9%
3.9%
Diluted EPS
$2.59
$1.85
$1.24
+40.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
325
317
224
+2.4%
Capital expenditure
355
349
441
+1.6%
Free cash flow
-30.1
-32.2
-217
Free cash flow margin
-2.4%
-2.7%
-17.1%
Cash from investing
-349
11.2
-447
Cash from financing
17.0
-371
250
Depreciation and amortisation
137
146
136
-5.9%
Share-based compensation
12.6
8.3
5.6
+52.3%
Dividends paid
67.6
65.3
59.2
+3.6%
Dividend per share
$1.52
$1.48
$1.46
+2.7%
Diluted shares, weighted
44m
44m
40m
+0.8%
Shares outstanding at period end
44m
44m
44m
+0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,284
1,206
1,162
+6.4%
Non-controlling interest
n/a
26.7
n/a
Debt
1,479
1,320
1,628
+12.1%
Other liabilities
1,075
1,177
1,337
-8.7%
Total liabilities and equity
3,838
3,729
4,127
+2.9%
Fixed assets
2,953
2,743
2,790
+7.7%
Goodwill
353
353
353
0.0%
Intangible assets
3.4
3.6
3.8
-6.2%
Investments
16.7
16.4
17.3
+1.8%
Cash and equivalents
7.8
15.5
21.6
-49.3%
Receivables
178
164
157
+8.5%
Inventory
88.5
77.6
84.1
+14.0%
Other assets
237
357
701
-33.4%
Total assets
3,838
3,729
4,127
+2.9%
10-K for the year ended 31 December 2013, filed 26 February 2014: the filing.