MERRILLVILLE, Ind., March 5 /PRNewswire-FirstCall/ -- NiSource Inc. today filed its Form 10-K for the year ended Dec. 31, 2007, with the U.S. Securities and Exchange Commission.
NiSource's Form 10-K filing includes a $16.8 million one-time, non-cash adjustment, reflected in the fourth quarter of 2007, related to overstatements of unbilled electric revenues at its Northern Indiana Public Service Company (NIPSCO) subsidiary over a period of years, primarily since 2002.
On a GAAP basis, the adjustment reduces NiSource's previously reported income from continuing operations for the year ended Dec. 31, 2007, from $322 million to $312 million, or from $1.18 per share to $1.14 per share. Because the vast majority of the adjustment relates to periods prior to 2007, it does not affect the company's previously reported net operating earnings (non-GAAP) of $1.37 per share for the 12 months ended Dec. 31, 2007.
NiSource emphasized that the adjusted electric revenue estimates were never billed to customers, and there would be no impact on customers as a result of the correction. The company indicated that it has addressed the unbilled revenue calculation process that resulted in the overstated revenue estimates and does not expect there to be a meaningful impact on future revenues or earnings.
About NiSource
NiSource Inc. , based in Merrillville, Ind., is a Fortune 500 company engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution. NiSource operating companies deliver energy to 3.8 million customers located within the high- demand energy corridor stretching from the Gulf Coast through the Midwest to New England. Information about NiSource and its subsidiaries is available via the Internet at http://www.nisource.com/. NI-F
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of NiSource and its management. Although NiSource believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Readers are cautioned that the forward-looking statements in this presentation are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the following: weather; fluctuations in supply and demand for energy commodities; growth opportunities for NiSource's businesses; increased competition in deregulated energy markets; the success of regulatory and commercial initiatives; dealings with third parties over whom NiSource has no control; the success of NiSource's restructuring of its outsourcing agreement; actual operating experience of NiSource assets; the regulatory process; regulatory and legislative changes; changes in general economic, capital and commodity market conditions; and counter-party credit risk.
