Key Developments For Otter Tail Corporation
Otter Tail Corporation (OTTR.O) (Nasdaq)
Otter Tail Corporation Sees FY 2009 EPS At Low End Of Prior Range Below Analysts' Estimates; Declares Quarterly Common Stock Dividend
Otter Tail Corporation announced that for fiscal 2009, it expects earnings to be near the low end of its previously announced range of $0.70 to $1.10. According to Reuters Estimates, analysts on an average were expecting the Company to report earnings per share (EPS) of $0.86 for fiscal 2009. The Company also announced that on October 29, 2009 the Board of Directors declared a quarterly common stock dividend of USD0.2975 per share payable December 10, 2009 to shareholders of record on November 13, 2009.
Otter Tail Corporation Declares Dividend
Otter Tail Corporation announced that its Board of Directors has declared a quarterly common stock dividend of $0.2975 per share payable on September 10, 2009 to shareholders of record on August 14, 2009. The Board also declared a quarterly dividends on the Company's four series of preferred stock, payable on September 1, 2009 to shareholders of record on August 14, 2009.
Otter Tail Corporation Lowers FY 2009 EPS Outlook
Otter Tail Corporation announced that for fiscal 2009, it has lowered diluted earnings per share (EPS) guidance to a range of $0.70 to $1.10 from its previously announced range of $0.80 to $1.20. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $0.93 for fiscal 2009. The Company cited that difficult economic conditions for the balance of the year as the main reason for lowering fiscal 2009 EPS outlook.
Otter Tail Corporation Completes Holding Company Transition
Otter Tail Corporation announced that it has completed its transition to a holding company structure effective July 1, 2009. As a part of the transition, newly formed Otter Tail Corporation will function as a holding company with two principal subsidiaries, Otter Tail Power Company and Varistar Corporation. Otter Tail Power Company will own and operate the regulated utility business of the corporation. Varistar Corporation will own and operate the nonelectric businesses. The nonelectric businesses are in manufacturing, health services, food ingredient processing, plastics, construction and transportation. As a part of the transition, and by operation of law, each outstanding common share of Otter Tail Corporation stock automatically converted into one common share of the new holding company stock, and each outstanding share of Otter Tail Corporation cumulative preferred stock converted into one cumulative preferred share of the new holding company.
Otter Tail Corporation Says In $75 Million Loan Pact-DJ
Dow Jones reported that Otter Tail Corporation said that it has entered into a $75 million term loan agreement. JPMorgan Chase is the administrative agent in the loan, which is due May 20, 2011. Otter Tail said it will use the proceeds borrowed under the loan to support the working capital needs and other capital requirements of Otter Tail's electric operations, including construction of a wind farm near Lake Ashtabula in North Dakota. Borrowings under the loan bear interest at a rate equal to the base rate in effect from time to time.
