United States
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2003.June 30, 2003
OR
____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________________________________ to _______________.__________________
Commission File Number 1-7978
Black Hills Power, Inc.
Incorporated in South Dakota IRS Identification Number 46-0111677
625 Ninth Street
Rapid City, South Dakota 57701
Registrant’s telephone number (605)number(605) 721-1700
Former name, former address, and former fiscal year if changed since last report
NONE
Indicate by check mark whether the registrantRegistrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantRegistrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesYES X No______ NO____
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes______ NoYES ____ NO X
As of April 30,July 31, 2003 there were issued and outstanding 23,416,396 shares of the Registrant’sRegistrant's common stock, $1.00 par value, all of which were held beneficially and of record by Black Hills Corporation.
Reduced Disclosure
The Registrant meets the conditions set forth in General Instruction H (1) (a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.
TABLE OF CONTENTS
Page ---- PART 1. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Statements of Income - Three Months Ended March 31, 2003 and 2002 3 Condensed Balance Sheets - March 31, 2003 and December 31, 2002 4 Condensed Statements of Cash Flows - Three Months Ended March 31, 2003 and 2002 5 Notes to Condensed Financial Statements 6-10 Item 2. Results of Operations 10-12 Item 4. Controls and Procedures 12-13 PART II. OTHER INFORMATION Item 1. Legal Proceedings 14 Item 6. Exhibits and Reports on Form 8-K 14 Signatures 15 Certifications 16-19 Exhibit Index 20
Page | ||||||||
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PART 1 | FINANCIAL INFORMATION | |||||||
Item 1 | Financial Statements | |||||||
Condensed Statements of Income - | ||||||||
Three and six months ended | ||||||||
June 30, 2003 and 2002 | 3 | |||||||
Condensed Balance Sheets - | ||||||||
June 30, 2003 and December 31, 2002 | 4 | |||||||
Condensed Statements of Cash Flows - | ||||||||
Six months ended June 30, 2003 and 2002 | 5 | |||||||
Notes to Condensed Financial Statements | 6-10 | |||||||
Item 2 | Results of Operations | 10-13 | ||||||
Item 4 | Controls and Procedures | 13 | ||||||
PART II | OTHER INFORMATION | |||||||
Item 1 | Legal Proceedings | 14 | ||||||
Item 6 | Exhibits and Reports on Form 8-K | 14 | ||||||
Signatures | 15 | |||||||
Exhibit Index | 16 |
2
Three Months Ended March 31 2003 2002 ---- ---- (in thousands) Operating revenue $43,762 $37,192 -------- ------- Operating expenses: Fuel and purchased power 14,436 9,088 Operations and maintenance 5,424 5,625 Administrative and general 3,437 1,830 Depreciation and amortization 4,729 4,247 Taxes, other than income taxes 2,084 2,075 -------- ------- 30,110 22,865 -------- ------- Operating income 13,652 14,327 -------- ------- Other income (expense): Interest expense (4,103) (2,765) Other income 484 147 -------- ------- (3,619) (2,618) -------- ------- Income before income taxes and discontinued operations 10,033 11,709 Income taxes (3,334) (3,886) -------- ------- Income from continuing operations 6,699 7,823 Discontinued operation, net of income taxes (Note 2) 1,906 4,161 -------- ------- Net income $ 8,605 $11,984 ======== =======
Three months ended | Six months ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June 30 | June 30 | |||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||
(in thousands) | ||||||||||||||
Operating revenue | $ | 39,207 | $ | 38,303 | $ | 82,970 | $ | 75,494 | ||||||
Operating expenses: | ||||||||||||||
Fuel and purchased power | 11,445 | 9,354 | 25,881 | 18,442 | ||||||||||
Operations and maintenance | 6,679 | 6,176 | 12,103 | 11,801 | ||||||||||
Administrative and general | 3,665 | 3,050 | 7,103 | 4,879 | ||||||||||
Depreciation and amortization | 4,809 | 4,431 | 9,537 | 8,678 | ||||||||||
Taxes, other than income taxes | 2,012 | 1,939 | 4,097 | 4,014 | ||||||||||
28,610 | 24,950 | 58,721 | 47,814 | |||||||||||
Operating income | 10,597 | 13,353 | 24,249 | 27,680 | ||||||||||
Other income (expense): | ||||||||||||||
Interest expense | (4,301 | ) | (3,267 | ) | (8,604 | ) | (6,491 | ) | ||||||
Other income | 741 | 146 | 1,424 | 752 | ||||||||||
(3,560 | ) | (3,121 | ) | (7,180 | ) | (5,739 | ) | |||||||
Income before income taxes and | ||||||||||||||
discontinued operations | 7,037 | 10,232 | 17,069 | 21,941 | ||||||||||
Income taxes | (2,315 | ) | (3,440 | ) | (5,648 | ) | (7,327 | ) | ||||||
Income from continuing operations | 4,722 | 6,792 | 11,421 | 14,614 | ||||||||||
Discontinued operations, net of | ||||||||||||||
income taxes (Note 2) | -- | 2,339 | 1,906 | 6,501 | ||||||||||
Net income | $ | 4,722 | $ | 9,131 | $ | 13,327 | $ | 21,115 | ||||||
The accompanying notes to condensed financial statements are an integral part of these condensed financial statements.
3
March 31 December 31 2003 2002 ---- ---- ASSETS (in thousands) Current assets: Cash and cash equivalents $ 809 $ 518 Receivables (net of allowance for doubtful accounts of $884 and $871, respectively) 16,632 16,391 Receivables - related party 55,950 54,253 Materials, supplies and fuel 9,333 9,743 Deferred income taxes 1,264 5,397 Assets from discontinued operations - 1,008,901 -------- ---------- 83,988 1,095,203 -------- ---------- Investments 2,821 2,681 -------- ---------- Property and equipment 619,664 613,926 Less accumulated depreciation (216,429) (211,992) -------- ---------- 403,235 401,934 -------- ---------- Other assets: Regulatory asset 4,350 4,350 Other 6,249 7,159 -------- ---------- 10,599 11,509 -------- ---------- Total $500,643 $1,511,327 ======== ========== LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ 2,546 $ 3,095 Accounts payable 17,094 14,653 Accounts payable - related party 1,417 2,585 Accrued liabilities 17,579 15,575 Liabilities from discontinued operations - 964,759 -------- ---------- 38,636 1,000,667 -------- ---------- Long-term debt, net of current maturities 212,034 212,042 -------- ---------- Deferred credits: Deferred income taxes 54,767 58,539 Regulatory liability 5,216 5,395 Other 17,289 16,456 -------- ---------- 77,272 80,390 -------- ---------- Stockholder's equity: Common stock $1 par value; 50,000,000 shares authorized; 23,416,396 shares issued 23,416 23,416 Additional paid-in capital 39,549 80,961 Retained earnings 118,341 131,906 Accumulated other comprehensive loss (8,605) (18,055) -------- ---------- 172,701 218,228 -------- ---------- Total $500,643 $1,511,327 ======== ==========
Three Months Ended March 31 2003 2002 ---- ---- (in thousands) Cash flows from operations $17,527 $ 5,972 ------- ------- Investing activities: Property additions (6,018) (8,845) Change in notes receivable from associated companies, net (2,427) 9,817 (Increase) decrease in investments (140) 1,410 -------- ------- (8,585) 2,382 -------- ------- Financing activities Dividends paid (8,094) (7,749) Long-term debt - repayments (557) (531) -------- ------- (8,651) (8,280) -------- ------- Increase in cash and cash equivalents 291 74 Cash and cash equivalents: Beginning of period 518 1,079 -------- ------- End of period $ 809 $ 1,153 ======== ======= Supplemental disclosure of cash flow information Cash paid during the period for: Interest (net of capitalized interest of $199 and $458, respectively) $ 6,386 $ 4,180 Income taxes $ - $ - Stock dividend distribution to Black Hills Corporation, the parent company of Black Hills Power, Inc. (Note 2) $ 45,687 $ -
June 30 2003 | December 31 2002 | |||||||
---|---|---|---|---|---|---|---|---|
(in thousands) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,976 | $ | 518 | ||||
Receivables (net of allowance for doubtful accounts of $889 and $871, respectively) | 14,356 | 16,391 | ||||||
Receivables - related party | 50,403 | 54,253 | ||||||
Materials, supplies and fuel | 10,187 | 9,743 | ||||||
Deferred income taxes | 1,540 | 5,397 | ||||||
Assets from discontinued operations | -- | 1,008,901 | ||||||
78,462 | 1,095,203 | |||||||
Investments | 2,860 | 2,681 | ||||||
Property and equipment | 624,308 | 613,926 | ||||||
Less accumulated depreciation | (219,992 | ) | (211,992 | ) | ||||
404,316 | 401,934 | |||||||
Other assets: | ||||||||
Regulatory asset | 4,350 | 4,350 | ||||||
Other | 6,591 | 7,159 | ||||||
10,941 | 11,509 | |||||||
Total | $ | 496,579 | $ | 1,511,327 | ||||
LIABILITIES AND STOCKHOLDER'S EQUITY | ||||||||
Current liabilities: | ||||||||
Current maturities of long-term debt | $ | 2,547 | $ | 3,095 | ||||
Accounts payable | 19,413 | 14,653 | ||||||
Accounts payable - related party | 563 | 2,585 | ||||||
Accrued liabilities | 17,816 | 15,575 | ||||||
Liabilities from discontinued operations | -- | 964,759 | ||||||
40,339 | 1,000,667 | |||||||
Long-term debt, net of current maturities | 210,072 | 212,042 | ||||||
Deferred credits: | ||||||||
Deferred income taxes | 55,257 | 58,539 | ||||||
Regulatory liability | 3,564 | 5,395 | ||||||
Other | 19,547 | 16,456 | ||||||
78,368 | 80,390 | |||||||
Stockholder's equity: | ||||||||
Common stock $1 par value; 50,000,000 shares authorized; 23,416,396 shares issued | 23,416 | 23,416 | ||||||
Additional paid-in capital | 39,549 | 80,961 | ||||||
Retained earnings | 113,430 | 131,906 | ||||||
Accumulated other comprehensive loss | (8,595 | ) | (18,055 | ) | ||||
167,800 | 218,228 | |||||||
Total | $ | 496,579 | $ | 1,511,327 | ||||
The accompanying notes to condensed financial statements are an integral part of these condensed financial statements.
4
Six months ended June 30 | ||||||||
---|---|---|---|---|---|---|---|---|
2003 | 2002 | |||||||
(in thousands) | ||||||||
Cash flows from operations | $ | 30,760 | $ | 21,606 | ||||
Investing activities: | ||||||||
Property additions | (11,724 | ) | (15,301 | ) | ||||
Change in notes receivable from associated companies, net | 2,846 | 9,817 | ||||||
(Increase) decrease in investments | (179 | ) | 1,317 | |||||
(9,057 | ) | (4,167 | ) | |||||
Financing activities | ||||||||
Dividends paid | (17,727 | ) | (15,536 | ) | ||||
Long-term debt - repayments | (2,518 | ) | (2,492 | ) | ||||
(20,245 | ) | (18,028 | ) | |||||
Increase (decrease) in cash and cash equivalents | 1,458 | (589 | ) | |||||
Cash and cash equivalents: | ||||||||
Beginning of period | 518 | 1,079 | ||||||
End of period | $ | 1,976 | $ | 490 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 8,529 | $ | 6,618 | ||||
Income taxes paid (refunded), net | $ | (3,886 | ) | $ | 10,100 | |||
Stock dividend distribution to Black Hills Corporation, the | ||||||||
parent company of Black Hills Power, Inc. (Note 2) | $ | 45,687 | $ | -- |
The accompanying notes to condensed financial statements are an integral part of these condensed financial statements.
5
BLACK HILLS POWER, INC.
Notes to Condensed Financial Statements
(unaudited)
(Reference is made to Notes to Financial Statements
included in the Company’s Annual Report on Form 10-K)
(1) | MANAGEMENT’S STATEMENT |
The financial statements included herein have been prepared by Black Hills Power, Inc. (the Company) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the footnotes adequately disclose the information presented. These financial statements should be read in conjunction with the financial statements and the notes thereto, included in the Company’s 2002 Annual Report on Form 10-K filed with the Securities and Exchange Commission. |
Accounting methods historically employed require certain estimates as of interim dates. The information furnished in the accompanying financial statements reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the |
(2) | NON-CASH DIVIDEND AND DISCONTINUED OPERATIONS |
During the quarter ended March 31, 2003, the Company distributed a non-cash dividend to its parent company, Black Hills Corporation (Parent). The dividend consisted of 10,000 common shares of Black Hills Generation, Inc., formerly known as |
The disposition was accounted for under the provisions of Statement of Financial Accounting Standards (SFAS) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (SFAS 144). Accordingly, results of operations have been classified as “Discontinued operations, net of income taxes” in the accompanying Condensed Statements of Income, and prior periods have been restated. For business segment reporting purposes, Generation’s business results were previously included in the segment “Independent Power Production”. The assets and liabilities of Generation are shown in the accompanying Condensed Balance Sheets under the captions “Assets |
6 Revenues and net |
Three Months Ended Three Months Ended March 31, 2003 March 31, 2002 -------------- -------------- (in thousands) Revenue $ 41,485 $ 29,479 ======== ======== Income before income taxes and change in accounting principle $ 2,833 $ 5,805 Income taxes (927) (2,540) Change in accounting principle, net of tax - 896 -------- -------- Netincome from the discontinued operations$ 1,906 $ 4,161 ======== ========
Three months ended June 30 | Six months ended June 30 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | |||||||||||
(in thousands) | ||||||||||||||
Revenue | $ | -- | $ | 37,206 | $ | 41,485 | $ | 67,600 | ||||||
Income before income taxes and | ||||||||||||||
change in accounting principle | $ | -- | $ | 4,153 | $ | 2,833 | $ | 9,362 | ||||||
Income taxes | -- | (1,814 | ) | (927 | ) | (3,757 | ) | |||||||
Change in accounting principle, | ||||||||||||||
net of tax | -- | -- | -- | 896 | ||||||||||
Net income from discontinued | ||||||||||||||
operations | $ | -- | $ | 2,339 | $ | 1,906 | $ | 6,501 | ||||||
March 31 December 31 2003 2002 ---- ---- (in thousands) Current assets $ - $ 77,213 Non-current assets - 931,688 Current liabilities - (555,100) Non-current liabilities - (409,659) ------ --------- Net assets of discontinued operations (including accumulated other comprehensive loss of $9,440) $ - $ 44,142 ====== =========
Certain 2002 amounts in the financial statements have been reclassified to conform to the 2003 presentation. These reclassifications did not have an effect on the Company’s total stockholder’s equity or net income as previously reported. |
(4) RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
In June 2001, the Financial Accounting Standards Board (FASB) issued SFAS No. 143, “Accounting for Asset Retirement Obligations” (SFAS 143). SFAS 143 requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred with associated asset retirement costs being capitalized as part of the carrying amount of the long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Management adopted SFAS 143 effective January 1, 2003 and it had no impact on the Company’s financial statements. |
7
(5) COMPREHENSIVE INCOME The following table presents the components of the Company’s |
Three Months Ended March 31 2003 2002 ---- ---- (in thousands) Net income $ 8,605 $11,984 Othercomprehensiveincome (loss): Fair value adjustment on derivatives designated as cash flow hedges, included in Discontinued operations (351) 1,838 ------- ------- Comprehensive income $ 8,254 $13,822 ======= =======
Three months ended June 30 | Six months ended June 30 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | |||||||||||
(in thousands) | ||||||||||||||
Net income | $ | 4,722 | $ | 9,131 | $ | 13,327 | $ | 21,115 | ||||||
Other comprehensive income (loss): | ||||||||||||||
Reclassification adjustment on | ||||||||||||||
interest rate swap included in | ||||||||||||||
net income | 10 | -- | 20 | -- | ||||||||||
Fair value adjustment on | ||||||||||||||
derivatives designated as cash | ||||||||||||||
flow hedges, included in | ||||||||||||||
discontinued operations | -- | (3,080 | ) | (360 | ) | (1,242 | ) | |||||||
Comprehensive income | $ | 4,732 | $ | 6,051 | $ | 12,987 | $ | 19,873 | ||||||
(6) RELATED-PARTY TRANSACTIONS
Receivables
The Company has accounts receivable balances related to transactions with other Black Hills Corporation subsidiaries. The balances were |
The Company also has extended a line of credit to its Parent, Black Hills Corporation (the Parent), which is due on demand. However, the Company has formally agreed that such amounts will not be demanded until January 1, 2004 or until such time that the Parent has amounts available to repay the obligation and continue its normal operations through January 1, 2004. Outstanding advances were |
Other Balances and Transactions
In addition to the above transactions, in order to fuel its combustion turbine, the Company purchased natural gas from Enserco Energy, an indirect subsidiary of the Parent. The amount purchased during the three month periods ended |
8
The Company also received revenues of approximately |
(7) LEGAL PROCEEDINGS
Fires
In September 2001, a fire, which is known as the Hell Canyon |
In June 2002, a forest fire, sometimes referred to as the Grizzly Gulch |
The cause of the Grizzly Gulch |
The State of South Dakota initiated a civil action in the Seventh Judicial Circuit Court, Pennington County, South Dakota seeking recovery of damages for fire suppression, reclamation and remediation costs, and treble damages for injury to trees. The United States government initiated a civil action in U.S. District Court, District of South Dakota, asserting similar claims. Neither the State of South Dakota nor the United States specified the amount of their alleged damages. In addition, the Company has been notified of potential private civil claims for property damage and business loss. The Company has denied all claims and will vigorously defend this matter. The State of South Dakota has subsequently joined its claim in the federal action. |
If it is determined that power line contact was the cause of either fire and that the Company was negligent in the maintenance of those power lines, the Company could be liable for some or all of the damages related to these claims. Although the Company cannot predict the outcome or the viability of potential claims with respect to either fire, based on information currently available, management believes that any such claims, if determined adversely to the Company, will not have a material adverse effect on the Company’s financial condition or results of operations. |
9
Ongoing Proceedings
The Company is subject to various other legal proceedings, claims and litigation which arise in the ordinary course of operations. In the opinion of management, the amount of liability, if any, with respect to these actions would not materially affect the financial position or results of operations of the Company. |
Three Months Ended March 31 2003 2002 ---- ---- (in thousands) Revenue $43,762 $37,192 Operating expense 30,110 22,865 ------- ------- Operating income $13,652 $14,327 ======= ======= Income from continuing operations $ 6,699 $ 7,823 ======= =======
Three Months ended June 30 | Six months ended June 30 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | |||||||||||
(in thousands) | ||||||||||||||
Revenue | $ | 39,207 | $ | 38,303 | $ | 82,970 | $ | 75,494 | ||||||
Operating expense | 28,610 | 24,950 | 58,721 | 47,814 | ||||||||||
Operating income | $ | 10,597 | $ | 13,353 | $ | 24,249 | $ | 27,680 | ||||||
Income from continuing operations | $ | 4,722 | $ | 6,792 | $ | 11,421 | $ | 14,614 | ||||||
The following table provides certain operating statistics: |
Three Months Ended March 31 2003 2002 ---- ---- (in MWh's) Firm (system) sales 505,482 505,543 Off-system sales 245,727 161,112
Three months ended June 30 | Six months ended June 30 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | |||||||||||
(in MWh's) | ||||||||||||||
Firm (system) sales | 447,400 | 462,000 | 952,900 | 968,000 | ||||||||||
Off-system sales | 234,100 | 210,000 | 479,800 | 371,000 |
Three Months Ended |
Electric operating expenses increased |
10
Interest expense increased |
Six Months Ended June 30, 2003 Compared to Six Months Ended June 30, 2002. Electric utility revenues increased 10 percent for the six-month period ended June 30, 2003, compared to the same period in the prior year. The increase in revenue was primarily due to a 29 percent increase in off-system electric megawatt-hour sales at a 23 percent increase in average prices received. Industrial revenues decreased 8 percent, primarily due to the closing of Homestake Gold Mine and Federal Beef Processors and decreased electricity usage at the South Dakota Cement Plant. |
Electric operating expenses increased 23 percent for the six-month period ended June 30, 2003 compared to the same period in the prior year. The increase in operating expense was primarily due to a $6.2 million increase in purchased power costs, a $1.3 million increase in fuel expense, and increased depreciation and general and administrative expenses. Purchased power and fuel costs increased due to the increase in electric sales and higher gas prices. The average cost of fuel and purchased power increased 17 percent in 2003 compared to the same period in 2002. Depreciation expense increased due to additional expense related to combustion turbines. A $1.0 million increase in pension expense contributed to the increase in general and administrative expense. |
Interest expense increased $2.1 million for the six-month period, primarily due to interest associated with the $75 million first mortgage bonds issued in August 2002. |
Net income decreased $3.2 million, primarily due to the increase in fuel |
Some of the statements in this Form 10-Q include “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this Form 10-Q that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are based on assumptions, which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including: |
11
12
New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise. |
Evaluation of Disclosure Controls and Procedures
Changes in Internal Control Over Financial Reporting
13
BLACK HILLS POWER, INC.
Part II — Other Information
Item 1. | Legal Proceedings |
For information regarding legal proceedings, see Note 11 |
Item 6. | Exhibits and Reports on Form 8-K |
(a) | Exhibits |
Exhibit |
Exhibit 31.2 Certification pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes – Oxley Act of 2002. |
Exhibit 32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
Exhibit |
(b) | Reports on Form 8-K |
We have filed |
Form 8-K dated April 11, 2003. |
Reported under Items 2 and 7, that the Company distributed a non-cash dividend to its parent company, Black Hills Corporation, relinquishing its ownership of Black Hills Generation, and provided certain unaudited pro forma combined condensed financial information giving effect to such dividend. |
14
BLACK HILLS POWER, INC.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BLACK HILLS POWER, INC. /s/ Daniel P. Landguth ---------------------------- Chairman and Chief Executive Officer /s/ Mark T. Thies ---------------------------- Executive Vice President and Chief Financial Officer
Dated: May 15, 2003
I, Daniel P. Landguth, certify that:
|
|
|
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/s/Daniel P. Landguth Daniel P. Landguth, Chairman and Chief Executive Officer |
/s/Mark T. Thies Mark T. Thies, Executive Vice President and Chief Financial Officer |
Dated: August 13, 2003
15
EXHIBIT INDEX
Exhibit Number | Description | ||||
---|---|---|---|---|---|
Exhibit 31.1 | Certification pursuant to Rule 13a - 14(a) of the |
Exhibit 31.2 | Certification pursuant to Rule 13a - 14(a) of the |
|
Exhibit 32.1 | Certification pursuant to |
Exhibit 32.2 |
| Certification pursuant to |
Date: May 15, 2003
/s/ Daniel P. Landguth ------------------------ Chairman and Chief Executive Officer
I, Mark T. Thies, certify that:
|
|
|
|
Sarbanes-Oxley Act of 2002. |
16
|
|
Date: May 15, 2003
/s/ Mark T. Thies ---------------------------- Executive Vice President and Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description - -------------- ----------- Exhibit 99.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Exhibit 99.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.