Corporate loss for the year ended December 31, 2008 was $72.6 mn, compared to a loss of $5.9 mn for the same period in 2007
US-based power and natural gas utility Black Hills has reported a net loss of $98.8 million, or $2.58 per share primarily impacted by two non-cash charges, for the fourth quarter ended December 31, 2008, compared to a net income of $23.8 million, or $0.62 per share, for the same period of 2007.
The company has reported revenue of $407.77 million for the fourth quarter ended December 31, 2008, compared to $153.65 million for the same period of 2007.
For the year ended December 31, 2008, the company has reported a net income of $105.1 million, or $2.75 per share, compared to $98.8 million, or $2.64 per share, for the same period of 2007. Black Hills has reported revenue of $1 billion for 2008, compared to $574.84 million for 2007.
According to the company, in the fourth quarter of 2008, operational results were overshadowed by two charges to net income totaling $120.4 million, or $3.14 per share. As a result of low crude oil and natural gas prices at the end of 2008 the company recorded a non-cash ceiling test impairment of oil and gas assets totaling $59.0 million, or $1.54 per share.
David Emery, chairman, president and CEO of Black Hills, said: “This past year was transformational for Black Hills and our operational performance was good even with the turmoil in the financial markets, declining energy prices and the slowing economy.”