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Article: Allete says it's considering spinoff.(BUSINESS)(EARNINGS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- January 25, 2003
- Author:
CopyrightCOPYRIGHT 2003 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Susan E. Peterson; Staff Writer
Allete Inc., the Duluth-based parent company of Minnesota Power and the Adesa auto auction business, reported lower fourth-quarter and year-end earnings Friday, but its stock price rose after the company raised its dividend and said it is continuing to review whether it should consider splitting itself in two.
Despite the widespread stock market downturn, Allete's shares rose 68 cents, or 3.4 percent, to close Friday at $20.78.
Allete said fourth-quarter net earnings declined 29 percent to $18.1 million, or 22 cents a share; that included a one-time charge of $5.5 million, or 7 cents a share, for an ...