Otter Tail Corporation announced financial results for the year ended Dec. 31 with the following highlights:
n Consolidated net income from continuing operations increased to $52.9 million for 2005 compared with $40.6 million in 2004.
n Total consolidated net income increased to $62.6 million for 2005 compared with $42.2 million for 2004.
n Total diluted earnings per share increased to a record $2.11 for 2005 compared with $1.58 for 2004.
n Total diluted earnings per share in 2005 include a net gain of 34-cents per share from the sale of three businesses.
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n Diluted earnings per share from continuing operations increased to $1.78 for 2005 compared with $1.52 for 2004.
n Consolidated revenues grew 22 percent to $1.05 billion in 2005 compared with $857 million in 2004.
On Feb. 6, the Board of Directors declared a quarterly common stock dividend, increasing the dividend to 28.8 cents per share from 28 cents per share paid in the fourth quarter of 2005.
The corporation anticipates its 2006 diluted earnings per share from continuing operations to be in the range of $1.60 to $1.80.
"Our financial results in 2005 were exceptional. Revenues surpassed $1 billion for the first time in our history and we achieved a record level of earnings," said John Erickson, president and chief executive officer of Otter Tail Corporation.
"The strong performance reflects earnings growth in both our electric and non-electric operations. Our electric business adapted well to redesigned wholesale energy markets introduced in 2005, and our non-electric operations were led by record results at our plastics companies.
Erickson added dividend payments would again increase in 2006 and at a higher rate.
