COC IDA060909.pdf

Please refer to pages 8-9 of this report for detailed disclosure and certification information.
Institutional Equity Research

IDACORP, INC.
June 9, 2009 IDA – NYSE

Rating:
NEUTRAL

Price: (6/9/09) $23.97

Price Targets:
12-18 month: $24
5-year: $35

Industry:
Utilities

James L. Bellessa, Jr., CFA
406.791.7230
[e-mail]

Company Description:
Boise, ID -- IDACORP, Inc. is the holding
company for the Idaho Power Company, an
electric public utility that serves an
approximate 24,000 square mile area in
Southern Idaho and Eastern Oregon. Non-
regulated subsidiaries include an affordable
housing project finance company and an
operator of small hydroelectric generation
projects.

FY (Dec) 2008A 2009E Y-O-Y
Growth 2010E Y-O-Y
Growth
Revenue ($M) $960.4 $1,033.9 8% $1,074.5 4%
Previous - NC NC
Price/Revenue ratio 1.1x 1.1x 1.1x
EPS Revised $2.17 $2.20 1% $2.39 9%
Previous - NC NC
Price/EPS ratio 11.1x 10.9x 10.0x
EBITDA ($M) $316.9 $340.4 7% $367.3 8%
EV/EBITDA ratio 8.1x 7.5x 7.0x

Quarterly Data: EPS EPS Revenue Revenue EBITDA
Previous ($M) Previous ($M)
3/31/09A $0.40 - $228.6 - $73.7
6/30/09E $0.45 NC $254.1 NC $78.6
9/30/09E $1.09 NC $313.5 NC $120.4
12/31/09E $0.26 NC $237.7 NC $67.6
Valuation Data Trading Data
Long-term growth rate (E) 5% Shares outstanding (M) 47.1
Total Debt/Cap (3/31/09) 53.6% Market Capitalization ($M) $1,130
Cash per share (3/31/09) $1.89 52-week range $20.91 - $33.89
Book value per share (3/31/09) $27.76 Average daily volume (3 mos.) (K) 409
Dividend (yield) $1.20 (5.0%) Float 97%
Return on Equity (T-T-M) 8% Index Membership S&P 400 MidCap

Utility Provides Regulatory and Contract Update.
Response to Langley Gulch Challenge Outlined.
• Idaho and Oregon regulatory issues decided. On June 8th, IDACORP, Inc.
filed a Form 8-K that discussed several recent regulatory decisions, as well as
other issues. The orders handed down in Idaho and Oregon were generally in
line with expectations (these items are summarized on pages 3 and 5). While the
orders will boost revenues to enable the utility to recover its operating costs
(particularly power costs), very little will benefit the bottom line. Accordingly,
our 2009 and 2010 EPS estimates remain unchanged.
• Electric deliveries to Hoku pushed back. The company divulged an amended
Electric Service Agreement (ESA) with Hoku Materials, Inc. (HOKU - $4.40),
which will be filed with the IPUC for approval. Idaho Power does not believe
the amended ESA will have a material impact on 2009 earnings.
• Utility seeks to accelerate Langley Gulch, not delay it. Idaho Power
responded to a request by intervenors for a stay of a Certificate of Public
Convenience and Necessity (CPCN) for the proposed Langley Gulch power
plant, and announced its intention to accelerate the plant’s completion from
December 2012 to June 2012. A decision about the stay by Idaho regulators
should be made in the next few weeks.
• Maintaining NEUTRAL rating and target price. We are maintaining our 12-
18 month target price of $24, or ~10x our 2010 EPS estimate. At the current
share price, we are maintaining a NEUTRAL rating for total return investors,
including a 5% yield.
D.A. Davidson & Co.
2
Price Chart
Source: Thomson One
D.A. Davidson & Co.
3
The Idaho Public Utilities Commission (IPUC) issued final orders on May 29th surrounding
Idaho Power’s Fixed Cost Adjustment Mechanism (FCA), Idaho Energy Efficiency Rider
(ERR), Advanced Metering Infrastructure (AMI), and Power Cost Adjustment (PCA). These
orders were in line with expectations, hiking rates by $106.3 million (+13.5%), of which
$25.5 million (+3.1%) will help to lift and/or hold up earnings.

The AMI decision is the only item that affects Idaho Power’s rate base, adding $3.8 million.
The allowed annual revenue increase for AMI is $10.5 million, including $9.2 million of
accelerated depreciation expense for the metering equipment that is being replaced. The
incremental $1.3 million of AMI revenues should lift the utility’s earnings power slightly.
The $2.7 million of allowed FCA funding mitigates the earnings loss that occurs from reduced
usage due to efficiency and conservation programs. While none of the funding for the other
two orders increases earnings, the $84.3 million (+10.2%) PCA funding increase pays off
power supply expenses and the $12.3 million (+2.25%) EER funding increase helps to pay
energy efficiency and conservation expenses.

A rate order was handed down by Oregon regulators granting a $3.9 million (+11.46%) rate
increase for the Annual Power Cost Update, which has no impact on earnings. Additionally,
regulators accepted a stipulated agreement for 2007-2008 Excess Power Supply Costs, which
defers $5.5 million of expenses for later recovery.

Regarding other issues, the company divulged an amended Electric Service Agreement (ESA)
with Hoku Materials, Inc. which will be filed with the IPUC for approval. Hoku is building a
polysilicon plant in Pocatello, Idaho, which will be served by Idaho Power. The amendment
calls for a 6-month delay of the starting date to December 1, 2009 for commencement of
Hoku’s required electric purchases under the ESA, and changes in some of the terms of the
original ESA. Idaho Power does not believe the amended ESA will have a material impact on
earnings in 2009, as initial revenues would have largely been offset by the initial costs to
provide electric service to Hoku, and additional costs will flow through the utility’s power
cost adjustment mechanism.

Regarding the request by intervenors for a stay of a Certificate of Public Convenience and
Necessity for the Langley Gulch power plant, Idaho Power disclosed a number of details
about the project, including vendor penalties from delaying the project. Idaho Power plans to
oppose the request for stay, and will be filing its response on June 12th. Instead of moving
back the project as the intervenors suggested, the utility announced its intent to accelerate the
plant’s completion from December 2012 to June 2012 to satisfy expected customer load
needs, including the demand from Hoku.

We are maintaining our 12-18 month target price of $24, or ~10x our 2010 EPS estimate. At
the current share price, we are maintaining a NEUTRAL rating for total return investors,
including a 5% yield.

Idaho Regulatory Issues Decided
Oregon Regulatory Issues Decided
Hoku ESA Revised
Response to Langley Gulch Motion
to Stay
Maintaining Rating and Target
Price
D.A. Davidson & Co.
4
IDACORP 2009-2011 CAPITAL SPENDING BUDGET

($ in millions) 2009E 2010-2011E
Capital Requirements for Regulated Operations
Ongoing capital expenditures $150-155 $400-410
Advanced Metering Infrastructure 20-22 40-50
Major Projects 1 50-53 95-105
Minimum Transmission for Baseload Resource - 20-25
Total capital expenditures $220-230 $555-590
* Boardman-Hemingway Line: New 500 kV transmission line between Boardman, Oregon and Hemingway,
Idaho. The project is expected to relieve existing congestion by increasing transmission capacity and improving
reliability, with the initial project phase estimate of $50 million will be funded by Idaho Power. Cost estimates
for the project (including initial phase project estimate and construction costs of the line) are approximately $600
million. Idaho Power is seeking partners for up to 50% of the project when construction commences. The
estimated in-service date has been delayed from 2013 to 2015 subject to siting, permitting and regulatory
approvals, so construction costs are not included in the 2009-2011 CapEx budget.
* Gateway West Project: Joint venture with PacifiCorp to build transmission lines between Douglas, Wyoming
and Hemingway, Idaho. Initial phases of the project could be completed by 2014 depending on the timing of
rights-of-way acquisition, siting and permitting, and construction sequencing. Idaho Power's estimated total
construction cost of $500-600 million are not currently included in the 2009-2011 forecast.
IDACORP, Inc. - Capital Expenditures
* Langley Gulch Power Plant (2012 Baseload Resource): 300 MW natural gas-fired facility which the utility
now hopes to be operational by June 2012 at an estimated cost of $427 million. Construction of the facility is
subject to approval from the Idaho Public Utilities Commission (IPUC) and intervenors have requested a motion
to stay the proceedings for at least ten months. The IPUC is expected to issue its decision in June 2009 on the
issue of recently-filed motion to stay. Unless the motion to stay is granted, the IPUC is expected to approve or
deny the utility's request for approval to build the facility before September 1, 2009. Idaho Power expects to
spend $45-50 million during 2009 on the project.
* Hemingway Station: New 500 kV station needed to meet growth, capacity and operating constraints at an
estimated total cost of $52 million. The station was originally part of the Gateway West Project but was
accelerated to 2010 to meet forecast deficits and improve reliability.
* Hemingway-Hubbard Transmission Line: Part of the Hemingway Station Project, expected to provide
power to the Treasure Valley in southwest Idaho by 2010 at an estimated total cost of $25 million.
Notes to Capital Expenditures Plan
1 Construction costs for the Langley Gulch Power Plant are not included in the 2009-2011 CapEx budget. Major
projects include:
Source: Company reports and estimates

D.A. Davidson & Co.
5
REGULATORY RATE CASE SUMMARY

Revenue
Increase
Average Rate
Base
Return on
Equity
Return on
Rate Base Equity Ratio
2009-2010 Idaho Power Cost Adjustment (PCA)1
Application, April 2009 $93.8 (+11.4%)
Revised & Approved, May 2009 $84.3 (+10.2%)
Oregon Annual Power Cost Update (APCU)2
Requested & Approved, May 2009 $3.9 (+11.46%)
Application, June 2008 $66.6 (+9.9%) $2,093 11.25% 8.55% 49.27%
Approved, January 2009 $20.9 (+3.1%) $2,094 10.5% 8.18% 49.27%
Revised, March 2009 $27.0 (+4.0%) $2,094 10.5% 8.18% 49.27%
FERC Open Access Transmission Tariff (OATT) Case4
Application, March 2006 $11.0 11.25%
Calculation Change Approved, June 2006 $11.0 11.25%
Stipulation, August 2007 $8.2 10.7%
ALJ Initial Decision, August 2007 $6.8 10.7%
Revised/Appealed, January 2009 $6.8 10.7%
Application, June 2007 $64 (+10.35%) 11.5% 8.10%
Approved, February 2008 $32.1 (+5.2%)
5 The 2007 Idaho general rate case was decided under a "black box" settlement agreement. Therefore, no data is given for line items including allowed ROE, rate
base, etc.
Notes to Rate Case Summary
3 As part of the 2008 general rate case, ongoing finance costs of ~$10 million (allowance for funds used during construction (AFDUC)) for the relicensing of the
Hells Canyon Project were allowed in rate base for the first time since the company’s relicensing efforts started ten years ago in order to support cash flows for
the utility’s credit rating purposes (but not profits), even though the company’s relicensing efforts are still ongoing. Also included in the rate case were a
lowering of the load growth adjustment rate (LGAR) from $28.14/MWh to $26.63/MWh, and a new residential tiering rate schedule was enacted.
($ in millions)
2008 Idaho General Rate Case 3
2007 Idaho General Rate Case 5
4 The new OATT calculation allowed the utility to move from a fixed rate to a formula rate which would be updated annually. The Administrative Law Judge's
(ALJ) initial decision required refunds of $5.4 million. On appeal, the ALJ’s initial decision was upheld in most respects and Idaho Power was required to
reduce its rates to FERC jurisdictional customers and refund $13.3 million to these customers for the period since the new rates went into effect in June 2006.
The utility has filed a request for rehearing with the FERC.
1 The PCA mechanism is a pass-through mechanism and does not contain a profit component. It provides annual adjustments to rates by tracking differences
between actual net power supply costs and power supply costs recovered in retail rates. Although Idaho Power's original 2009 PCA request was for a rate
increase of $93.8 million (+11.4%), the utility subsequently revised its request based upon its updated operating plan, to approximately $84.3 million (+10.2%)
and the revised request was approved. The 2009-2010 PCA reflects a new methodology that utilizes Idaho Power's most recent operating plan to forecast power
supply expenses rather than the previous method (based on a forecast of Brownlee Reservoir inflow and a regression formula). Effective February 1, 2009, the
PCA mechanism provides that 95% of deviations in power supply costs are reflected in Idaho Power’s rates for both the forecast and the true-up components.
The significant size of this PCA filing includes a true-up for higher than projected power costs last year as well as higher expected costs in the coming year.
2 In addition to granting Idaho Power's APCU, the OPUC issued an order on May 28, 2009 adopting a stipulation in the utility's net power supply deferral. The
deferral was granted in anticipation of higher than normal power supply expenses (Idaho Power's forecast of excess power supply costs in its Oregon jurisdiction
equaled $5.7 million) due to below-normal hydrogeneration. Under current rules, the $5.7 million deferral will not be collected until after power supply cost
deferrals from older periods have been recovered.
Source: Company reports and regulatory filings

D.A. Davidson & Co.
6
IDACORP, Inc. Balance Sheet
$ thousands -- Fiscal year ends 12/31 2004 2005 2006 2007 2008 3/31/2009
ASSETS:
Electric Plant:
In Service (At Original Cost) $3,324,816 $3,477,067 $3,583,694 $3,796,339 $4,030,134 $4,077,121
Accumulated Provision For Depreciation (1,316,125) (1,364,640) (1,406,210) (1,468,832) (1,505,120) (1,520,896)
In Service - Net 2,008,691 2,112,427 2,177,484 2,327,507 2,525,014 2,556,225
Construction Work In Progress 152,427 149,814 210,094 257,590 207,662 186,662
Held For Future Use 2,636 2,906 2,810 3,366 6,318 6,653
Other Property, Net Of Accum. Depreciati 45,708 29,294 28,692 28,089 19,171 19,270
Property, Plant And Equipment - Net 2,209,462 2,294,441 2,419,080 2,616,552 2,758,165 2,768,810
Investments And Other Property 223,061 191,593 202,825 201,085 198,552 185,532
Current Assets:
Cash And Cash Equivalents 23,403 52,356 9,892 7,966 8,828 89,113
Receivables:
Customer 92,258 94,469 62,131 69,160 64,733 70,919
Allowance For Uncollectible Accounts (43,108) (33,078) (7,168) (7,505) (1,724) (1,482)
Employee Notes Receivable 3,523 2,951 2,569 2,128 179
Other 8,806 21,377 11,855 10,957 10,260 15,099
Total Receivables
Energy Marketing Assets 9,203 23,859 12,069
Taxes Receivable 18,111 9,710 Accrued Unbilled Revenues 33,832 38,905 31,365 36,314 43,934 35,751
Materials And Supplies (At Avg. Cost) 28,008 30,451 39,079 43,270 50,121 52,778
Fuel Stock (At Average Cost) 6,539 11,739 15,174 17,268 16,852 13,941
Prepayments 30,035 17,876 9,308 9,371 10,059 9,878
Deferred Income Taxes 23,407 23,922 28,035 25,672 37,550 14,792
Regulatory Assets -- Derivatives 5,510 3,064
Refundable Income Tax Deposit 44,903 46,083
Other Current Assets 2,956 3,993 6,023 7,381 8,956
Assets Held For Sale 6,673 3,326
Total Current Assets 221,416 297,520 266,531 266,707 266,284 319,455
Other Assets:
American Falls And Milner Water Rights 31,585 31,585 30,543 29,501 26,332 25,008Company-Owned Life Insurance 35,765 35,401 34,055 30,842 29,482 30,036
Energy Marketing Assets -- Long-Term 16,635 22,189
Regulatory Assets Associated With Taxes 433,271 415,177 423,548 449,668 696,332 692,270
Long-Term Receivables 2,895 4,015 3,802 3,583 4,012 3,844
Other 60,082 46,239 43,670 55,370 43,686 44,723
Assets Held For Sale 25,966 21,076
Total Other Assets 580,233 580,572 556,694 568,964 799,844 795,881
Total Assets $3,234,172 $3,364,126 $3,445,130 $3,653,308 $4,022,845 $4,069,678
Capitalization And Liabilities:
Capitalization:
Common Stock Equity
Common Stock $589,440 $598,706 $638,799 $675,774 $729,576 $731,756
Retained Earnings 424,312 437,284 493,363 537,699 581,605 586,408
Other Comprehensive Income (888) (3,425) (5,737) (6,156) (8,707) (9,458)
Treasury Stock (4,578) (998) (2,242) (2) (37) (20)
Unearned Compensation (6,316)
Total Common Stock Equity 1,008,286 1,025,251 1,124,183 1,207,315 1,302,437 1,308,686
Noncontrolling Interest 4,478 4,434 3,987
Preferred Stock
Long-Term Debt 979,549 1,023,545 928,648 1,156,880 1,183,451 1,279,504
Total Capitalization 1,987,835 2,048,796 2,052,831 2,368,673 2,490,322 2,592,177
Current Liabilities:
Long-Term Debt Due Within One Year 78,603 16,307 95,125 11,456 86,528 81,502
Notes Payable 36,270 60,100 129,000 186,445 151,250 150,700
Accounts Payable 79,156 80,324 86,440 85,116 96,785 53,010
Energy Marketing Liabilities 9,420 24,093 13,532
Taxes Accured 46,318 72,652 47,402 8,492
Interest Accrued 14,426 14,616 12,657 18,913 16,727 24,054
Uncertain Tax Positions 26,764 4,119 4,509
Other 21,265 19,577 23,572 38,129 40,259 47,017
Liabilities Held For Sale 5,916 2,606
Total Current Liabilities 285,458 293,585 410,334 375,315 395,668 360,792

Other Liabilities:
Term 16,635 22,189
Deferred Income Taxes 555,774 519,563 498,512 466,182 515,719 511,281
Regulatory Liabilities - Other 275,854 345,109 294,844 274,204 276,266 282,440
Other 112,616 124,833 179,836 168,934 344,870 322,988
Liabilities Held For Sale 10,051 8,773
Total Other Liabilities 960,879 1,021,745 981,965 909,320 1,136,855 1,116,709
Total Capitalization And Liabilities 3,234,172 3,364,126 3,445,130 3,653,308 4,022,845 4,069,678
Shares Outstanding (000's)42,217 42,632 43,834 45,063 46,920 47,145
Book Value per Share $23.88 $24.05 $25.65 $26.79 $27.76 $27.76
% of Total Capitalization
Long-Term Debt 49.3% 50.0% 45.2% 48.8% 47.5% 49.4%
Noncontrolling Interest/Preferred 0.0% 0.0% 0.0% 0.2% 0.2% 0.2%
Common 50.7% 50.0% 54.8% 51.0% 52.3% 50.5%
D.A. Davidson & Co.
7
IDACORP, Inc. Consolidated Statements of Income
$ thousands -- Fiscal year ends 12/31 2007 1Q08 2Q08 3Q08 4Q08 2008 1Q09 2Q09E 3Q'09E 4Q'09E 2009E 2010E
REVENUES:
Electric Utility:
General business $668,303 $167,313 $188,748 $246,639 $181,611 $784,311 $187,927 $203,347 $263,156 $192,691 $847,121 $865,273
Off system sales 154,948 33,363 25,641 34,637 27,789 121,430 28,530 37,903 37,678 32,305 136,416 155,723
Other revenues 52,150 12,120 14,556 16,831 6,828 50,335 11,572 12,200 12,200 12,200 48,172 50,000
Total Electric Utility Revenues 875,401 212,796 228,945 298,107 216,228 956,076 228,029 253,450 313,035 237,196 1,031,710 1,070,997
Diversified Operations:
Other 3,993 644 1,281 1,609 804 4,338 545 650 500 500 2,195 3,500
Total Revenues 879,393 213,440 230,226 299,716 217,032 960,414 228,574 254,100 313,535 237,696 1,033,905 1,074,497
EXPENSES:
Electric Utility:
Purchased power 289,484 45,299 50,089 79,513 56,237 231,138 32,795 61,261 81,799 57,080 232,934 259,098
Fuel expense 134,322 37,237 28,681 46,467 37,018 149,403 39,133 34,216 43,825 40,323 157,497 160,649
497 906
Power cost adjustment (121,131)(17,744)(829)(20,105)(8,735)(47,413)15,859 0 (9,000)(2,000)4,859 (21,000)
Total Power Supply 302,675 65,289 77,941 105,875 84,520 333,128 88,693 95,477 116,624 95,403 395,290 398,747
Impairment of assets
Other Operations and Maintenance 286,510 68,430 75,617 74,778 74,708 293,533 68,769 76,035 72,311 70,447 287,562 294,524
Energy efficiency programs 13,487 3,364 3,928 5,956 5,631 18,879 4,057 5,800 5,900 6,000 21,757 24,000 Gain on sale of emission allowances (2,754)(346) (158)(504)(228) (172)(400) 0
Depreciation 103,072 25,750 26,617 25,717 24,001 102,085 25,963 24,500 24,750 25,000 100,213 102,000
Taxes other than income taxes 17,634 4,803 4,800 4,827 4,653 19,083 5,062 5,069 5,009 4,981 20,121 20,349
Total Electric Utility Expenses 720,624 167,636 188,557 216,995 193,513 766,204 192,316 206,709 224,593 201,831 824,543 839,620
Other: 6,692 1,048 1,140 1,144 (286)3,046 624 1,200 1,200 1,200 4,224 5,000
Total Operating Expenses 727,316 168,684 189,697 218,139 193,227 769,747 192,940 207,909 225,793 203,031 829,673 844,620
OPERATING INCOME
Electric Utility 154,777 45,160 40,388 81,112 22,715 189,375 35,713 46,741 88,441 35,365 206,260 231,376
Other Diversified Operations (2,699)(404)141 465 1,090 1,292 (79)(550)(700)(700)(2,029)(1,500)
Equity in Earnings of Partnerships
Operating Income 152,078 44,756 40,529 81,577 23,805 190,667 35,634 46,191 87,741 34,665 204,231 229,876
TOTAL OTHER INCOME: 20,524 3,741 4,302 2,038 (6,250)3,831 6,921 2,950 2,950 2,950 15,771 12,400
Earnings of Uncons. Eq-method Inv. (4,824)(4,036) (3,278) 2,642 675 (3,997)402 (1,000) (1,000) (1,000)(2,598) (4,000)
TOTAL OTHER EXPENSES: 8,903INTEREST EXPENSE AND OTHER:
Interest on long-term debt 59,961 16,876 15,744 17,226 17,404 67,250 16,639 18,200 18,250 18,300 71,389 75,000
Other interest 3,380 596 1,313 1,310 2,587 5,806 836 1,300 1,300 1,300 4,736 5,500
Total interest expense and other 63,341 17,472 17,057 18,536 19,991 73,056 17,475 19,500 19,550 19,600 76,125 80,500
INCOME BEFORE INCOME TAXES: 95,534 26,989 24,496 67,721 (1,761)117,445 25,482 28,641 70,141 17,015 141,279 157,776
INCOME TAXES: 13,731 5,584 6,941 15,809 (9,134)19,200 6,796 7,447 18,237 4,424 36,903 41,022
Income from Continuing Operations 81,803 21,405 17,555 51,912 7,373 98,245 18,686 21,195 51,905 12,591 104,376 116,754
Losses from Disc. Ops. (net of tax) 67 0 0 0 0 0 0 0 0 0 0
Net Income 81,870 21,405 17,555 51,912 7,373 98,245 18,686 21,195 51,905 12,591 104,376 116,754
Adjustment for noncontrolling interest 469 311 (40) (173) 71 169 198 50 50 50 348 400
Net Income Available for Common 82,339 21,716 17,515 51,739 7,444 98,414 18,884 21,245 51,955 12,641 104,724 117,154
Earnings per share from cont. ops.$1.85 $0.48 $0.39 $1.15 $0.16 $2.17 $0.40 $0.45 $1.09 $0.26 $2.20 $2.39
Losses from Discontinued Operations $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
EPS $1.86 $0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.45 $1.09 $0.26 $2.21 $2.40
Dividends paid per share of common stock $1.20 $0.300 $0.300 $0.300 $0.300 $1.20 $0.300 $0.300 $0.300 $0.300 $1.20 $1.20
Avg. common shares outstanding (000)44,291 45,004 45,096 45,194 46,027 45,330 46,876 47,276 47,676 48,076 47,476 48,876
Segment breakdown of EPS
Idaho Power Company $1.73 $0.47 $0.39 $1.05 $0.17 $2.08 $0.41 $0.44 $1.09 $0.26 $2.20 $2.35
IDACORP Energy ($0.00)(0.00) (0.00) (0.00) (0.00)($0.00)(0.00)
Ida-West Energy $0.05 0.00 0.02 0.03 0.00 $0.05 0.00
IDACORP Financial $0.16 0.02 0.02 0.02 0.03 $0.08 0.00
Holding Company ($0.08)(0.01)(0.04)0.05 (0.03)($0.03)(0.02)
EPS from Continuing Operations $1.85 $0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.45 $1.09 $0.26 $2.20 $2.39
IdaTech
IDACOMM
(Losses) from Discontinued Operations $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Reported EPS $1.86 $0.48 $0.39 $1.14 $0.16 $2.17 $0.40 $0.45 $1.09 $0.26 $2.21 $2.39
D.A. Davidson & Co.
Two Centerpointe Drive, Suite 400 • Lake Oswego, Oregon 97035 • [phone] • [phone] • www.dadavidson.com
Copyright D.A. Davidson & Co., 2009. All rights reserved.
8
Required Disclosures
D.A. Davidson & Co. expects to receive, or intends to seek, compensation for investment banking services from this company in the
next three months.
D.A. Davidson & Co. is a full service investment firm that provides both brokerage and investment banking services. James L.
Bellessa, Jr., CFA, the research analyst principally responsible for the preparation of this report, will receive compensation that is
based upon (among other factors) D.A. Davidson & Co.’s investment banking revenue. However, D.A. Davidson & Co.’s analysts are
not directly compensated for involvement in specific investment banking transactions.
I, James L. Bellessa, Jr., CFA, attest that (i) all the views expressed in this research report accurately reflect my personal views about
the common stock of the subject company, and (ii) no part of my compensation was, is, or will be, directly or indirectly, related to the
specific recommendations or views expressed in this report.

Ratings Information

D.A. Davidson & Co. Ratings Buy Neutral Underperform
Risk adjusted return potential Over 15% total return
expected on a risk adjusted
basis over next 12-18 months
>0-15% return potential
on a risk adjusted basis
over next 12-18 months
Likely to remain flat or lose
value on a risk adjusted basis
over next 12-18 months
Distribution of Ratings (as of 3/31/09) Buy Hold Sell
Corresponding Institutional Research Ratings Buy Neutral Underperform
and Distribution 47% 47% 6%
Corresponding Private Client Research Ratings Outperform Market Perform Underperform
and Distribution 86% 9% 5%
Distribution of Combined Ratings 51% 44% 6%
Distribution of companies from whom D.A. Davidson & Co. has received compensation for investment banking services in last 12 mos.
Institutional Coverage 2% 3% 9%
Private Client Coverage 0% 0% 0%
Distribution of Combined Investment Banking 2% 3% 8%

D.A. Davidson & Co.’s Institutional Research Rating Scale (maintained since 7/9/02): Buy, Neutral, Underperform
D.A. Davidson & Co.
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Copyright D.A. Davidson & Co., 2009. All rights reserved.
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Target prices are our Institutional Research Department’s evaluation of price potential over the next 12-18 months and 5 years, based
upon our assessment of future earnings and cash flow, comparable company valuations, growth prospects and other financial criteria.
Certain risks may impede achievement of these price targets including, but not limited to, broader market and macroeconomic
fluctuations and unforeseen changes in the subject company’s fundamentals or business trends.

Other Disclosures

Information contained herein has been obtained by sources we consider reliable, but is not guaranteed and we are not soliciting any
action based upon it. Any opinions expressed are based on our interpretation of data available to us at the time of the original
publication of the report. These opinions are subject to change at any time without notice. Investors must bear in mind that inherent
in investments are the risks of fluctuating prices and the uncertainties of dividends, rates of return and yield. Investors should also
remember that past performance is not necessarily an indicator of future performance and D.A. Davidson & Co. makes no guarantee,
express or implied, as to future performance. Investors should note this report was prepared by D.A. Davidson & Co.’s Institutional
Research Department for distribution to D.A. Davidson & Co.’s institutional investor clients and assumes a certain level of investment
sophistication on the part of the recipient. Readers, who are not institutional investors or other market professionals, should seek the
advice of their individual investment advisor for an explanation of this report’s contents, and should always seek such advisor’s advice
before making any investment decisions. Further information and elaboration will be furnished upon request.