Sunday, July 15, 2012

South Dakota 2011 Corporate Annual Earnings Up 92%, North Dakota Up 18%, Over 2010

I found 7 South Dakota headquartered Corps, which file with the SEC, and with Pretax Income or Pretax Loss of $10 mil or more in any of the most recent three years.

These 7 South Dakota Corps generated Total Pretax Income in 2011 which was up a very robust 92% from 2010.

And I found 3 North Dakota headquartered Corps, which file with the SEC, and with Pretax Income or Pretax Loss of $10 mil or more in any of the most recent three years.

These 3 North Dakota Corps generated Total Pretax Income in 2011 which was up 18% from 2010.


In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments, and Gains and Losses on both Debt Retirements and Asset Dispositions.

I use Pretax Income rather than After-tax Net Income, since so much of the change in effective income tax rates just happens due to financial engineering.

Below here is the Pretax Income (PTI) and Pretax Loss (PTL) of these South Dakota and North Dakota Corps for each of the most recent three years, along with the related annual percentage changes.






PTI(L) PTI(L)





% %





Change Change


PTI(L) PTI(L) PTI(L) 2011 2010


2011 2010 2009 vs vs
Headquarters mils $s mils $s mils $s 2010 2009
North Dakota




MDU Resources Bismark 336 367 401 -8% -8%
Minn-Dakota Farmers Cooperative Wahpeton 187 101 96 85% 5%
Titan Machinery West Fargo 73.6 37.2 27.0 98% 38%





Total all 3 North Dakota Corps
596.6 505.2 524.0 18% -4%







South Dakota





Raven Industries Sioux Falls 76 60 43 27% 40%
Daktronics Brookings 22 (8) 42 375% -119%
Lake Area Corn Processors Wentworth 17.4 7.0 4.9 149% 43%
National American University Holdings Rapid City 16.7 16.5 4.9 1% 237%
HF Financial Sioux Falls 0.4 9.3 11.7 -96% -21%
Lodgenet Interactive Sioux Falls (3.1) (9.8) (17.2) 68% 43%
Summit Hotel Properties Sioux Falls (12.4) (14.2) (10.3) 13% -38%







Total all 7 South Dakota Corps
117.0 60.8 79.0 92% -23%







Total all 10 Dakota Corps
713.6 566.0 603.0 26% -6%