This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Otter Tail Corporation Announces Third Quarter Earnings; Board of Directors Declares Dividend 2009-10-29 21:00 ET - News Release FERGUS FALLS, Minn., Oct. 29, 2009 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) today announced financial results for the quarter ended September 30, 2009.
Highlights
* Consolidated net income improved 10.0% as net income in our
electric and food ingredient processing segments increased $3.0
million and $2.8 million, respectively, compared with the third
quarter of 2008.
* Consolidated revenues decreased 27.1% compared with last year's
third quarter.
* Diluted earnings per share totaled $0.29 compared with $0.31 in
the third quarter of 2008.
* Operating cash flow increased by $100.3 million for the nine
months ended September 30, 2009 compared with the same period
last year.
Announcements
* On October 29, 2009 the Board of Directors declared a quarterly
common stock dividend of 29.75 cents per share payable December
10, 2009 to shareholders of record on November 13, 2009.
* The Board also declared quarterly dividends on the corporation's
four series of preferred stock, payable December 1, 2009, to
shareholders of record on November 13, 2009.
* The corporation expects its 2009 diluted earnings per share to
be near the low end of its previously announced range of $0.70
to $1.10.
* On September 11, 2009 Otter Tail Power Company announced its
withdrawal from participation in the planned construction of a
500- to 600-megawatt generating unit at its Big Stone Plant site.
* On July 1, 2009 the corporation completed its transition to a
holding company structure.
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