ACHRNEWS

NorthWestern Corp. Announces Second Quarter Results

August 18, 2004
SIOUX FALLS, S.D. - NorthWestern Corp. reported financial results for the second quarter ended June 30, 2004, and filed the company's second quarter 2004 Form 10-Q with the Securities and Exchange Commission.

NorthWestern reported a consolidated loss on common stock in the second quarter of 2004 of $4.8 million, compared with a consolidated loss on common stock of $57.8 million in the same period in 2003. Due to NorthWestern's bankruptcy filing, the company has ceased recording interest expense on its unsecured debt and trust preferred securities, which accounted for a $17.5 million decrease in interest expense during the second quarter of 2004 and a $7.5 million decrease in minority interests on preferred securities of subsidiary trusts.

Revenues from continuing operations in the second quarter of 2004 were $233.0 million, compared with $234.7 million in the second quarter of 2003. Revenues for the six months ended June 30, 2004, were $572.6 million, compared with $522.6 million in the same period in 2003. Revenues increased due to sales of surplus gas of $19.7 million, increased market prices for gas of $15.9 million, and an increase in nonregulated gas revenues of $13.4 million.

Consolidated gross margin in the second quarter of 2004 was $103.3 million, as compared to $105.4 million in the second quarter of 2003. For the six months ended June 30, 2004, consolidated gross margin was $236.0, as compared to $238.2 million for the same period in 2003.

Publication date: 08/23/2004