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Otter Tail Corporation (OTTR) Announces Public Offering Of Common Stock
Otter Tail Corporation announced today that is offering 5,000,000 shares of common stock to the public in order to finance the expansion of existing wind farms and the construction of a new wind farm. The proceeds from the offering will provide the company with funds for the construction of the Ashtabula Wind Center in North Dakota and the expansion of existing facilities in Oklahoma and North Dakota.
The company also updated its expected earnings per share for the stock Otter Tail is now forecasting a slight drop in expected earnings, from 1.40-1.65/per share to 1.25-1.50/share.
The reasons given by the company for the change in expected earnings are quoted below:
* Cooler than normal weather in July and August which impacts the
electric segment's expected earnings.
* Reductions in raw potato supplies which are expected to lower
sales volumes for the rest of 2008 in the food ingredient
processing segment.
* A continuation of the general business conditions as discussed in
the August 4, 2008 second quarter earnings release. These
conditions include reduced demand for waterfront equipment and,
most importantly, increased costs related to the startup of new
facilities and integrating new customers at the Company's wind
tower manufacturing business as it prepares for anticipated
industry growth.-Globe Newswire News Release
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