SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT of 1934
Date of Report (Date of earliest event reported) April 16, 1998
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MDU RESOURCES GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-3480 41-0423660
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(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
Schuchart Building
918 East Divide Avenue
P.O. Box 5650
Bismarck, North Dakota 58506-5650
(Address of principal executive offices)
Registrant's telephone number, including area code (701) 222-7900
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
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The following press release was issued by MDU
Resources Group, Inc. on April 16, 1998:
FIRST QUARTER EARNINGS INCREASE 22 PERCENT AT MDU RESOURCES
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BISMARCK, ND - Martin A. White, President and CEO, MDU
Resources Group, Inc. (NYSE:MDU) announced financial results
for the three months ended March 31, 1998, showing consolidated
earnings of $17.6 million, or 58 cents per common share, diluted,
compared to $14.4 million, or 50 cents per common share, diluted,
for the same period last year. Higher earnings from the company's
natural gas transmission unit, electric operations and
construction materials and mining unit more than offset earnings
declines at the other business units, producing a 22 percent
improvement in consolidated earnings over the first quarter last
year.
The earnings increase at the natural gas transmission unit
was due to gains on sales of natural gas, higher volumes and
margins on natural gas transportation services, and the reversal
of reserves for certain contingencies. Also contributing to the
earnings improvement was an increase from the company's construction
materials and mining unit and earnings from the electric utility
services operation. Partially offsetting these gains were decreased
returns from the oil and natural gas production operations, primarily
related to lower oil and natural gas prices, combined with reduced
earnings from utility operations due to weather that was 7 percent
warmer than a year ago.
So far this year the company has added operations in
northern California, Alaska and Oregon to its construction materials
and mining unit. The most significant acquisition within this
group involved Morse Bros., Inc., the largest construction materials
supplier in Oregon. In total, these acquisitions more than tripled
the company's aggregate reserves.
MDU Resources Group, Inc. is a multidimensional natural
resource company comprised of construction materials and mining
operations, oil and natural gas acquisition, exploration and
production activities, an electric and natural gas utility, a
natural gas transmission company, and utility services companies.
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MDU RESOURCES GROUP, INC.
COMPARATIVE HIGHLIGHTS
(In millions, except per share amounts)
THREE MONTHS ENDED
MARCH 31,
1998 1997
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Revenues:
Electric $ 44.7 $ 37.3
Natural Gas 73.5 60.0
Construction Materials and Mining 39.0 23.0
Oil and Natural Gas Production 12.9 19.5
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Total $ 170.1 $ 139.8
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Net Income $ 17.8 $ 14.6
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Earnings Contribution on Common Stock:
Electric $ 3.6 $ 3.4
Natural Gas Distribution 3.6 3.8
Natural Gas Transmission 8.1 2.5
Construction Materials and Mining 0.3 (0.2)
Oil and Natural Gas Production 2.0 4.9
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Earnings on Common Stock $ 17.6 $ 14.4
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Average Common Shares Outstanding -- Basic 30.2 28.6
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Average Common Shares Outstanding -- Diluted 30.4 28.7
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Earnings Per Common Share -- Basic $ 0.58 $ 0.50
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Earnings Per Common Share -- Diluted $ 0.58 $ 0.50
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SIGNATURE
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 hereunto duly authorized.
Dated: April 16, 1998 MDU RESOURCES GROUP, INC.
By: /s/ Vernon A. Raile
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Vernon A. Raile
Vice President,
Controller and Chief
Accounting Officer
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