NiSource Inc. finished 2010 with a weak fourth quarter but posted a markedly
improved performance for the year.
NiSource is reporting a net income in 2010 of $292 million or basic earning
per share of $1.05, compared to a net income in 2009 of $217.7 million or 79
For the fourth quarter of 2010 NiSource is reporting a net income of $33.4
million or basic earnings per share of 12 cents, compared to a net income in
the year-ago period of $89.5 million 32 cents.
“NiSource’s established infrastructure investment-driven strategy continues
to generate positive customer benefits, enhanced shareholder value, and
sustainable long-term earnings growth,” NiSource President and CEO Robert
Skaggs Jr. said in a statement released today.
“During 2010, our team executed on a broad array of key regulatory and
financial initiatives, infrastructure enhancement programs, and new growth
projects,” Skaggs added. “These achievements, combined with improved margins
and increased usage in our industrial electric markets, enabled us to
deliver on our earnings commitments for the fourth consecutive year, while
remaining responsive to the needs of our customers and other key
Among other things, NiSource reported $50 million in additional revenue in
2010 from infrastructure enhancement and regulatory initiatives at its gas
distribution companies; and more than $20 million in increased demand margin
revenue chiefly linked to the completion of the company’s gas transmission
and storage projects.
To fund infrastructure investments slated for 2011, NiSource also
completedin September a $400 million equity offering of common stock and
finalized in December a debt tender offer of $273.1 milloin and a concurrent
30-year debt offering of $250 million.
“With the successful completion of our equity offering and other key
elements of our financial strategy, we are well positioned to take advantage
of the deep inventory of investment opportunities available across all of
our business units and continue growing our earnings on a sustainable
basis,” Skaggs said.
•Gas distribution: $342.9 million ($329.4 million in 2009).
•Gas transmission and storage: $377.2 million ($408.9 million in 2009).
•Electric: $218.3 million ($162.3 million in 2009).
•Corporate and other: an operating loss of $20.9 million (an operating loss
of $19.8 million in 2009).
•Gas distribution: $113 million ($114.6 million in the year-ago period).
•Gas transmission and storage: $100 milion ($116.7 million in the year-ago
•Electric: $43.8 million ($35.5 million in the year-ago period).
•Corporate and other: an operating loss of $8.3 million (an operating loss
of $7.6 million in the year-ago period).