MERRILLVILLE, Ind., Feb 29, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- NiSource Inc. (NYSE: NI) today announced that it will be revising its previously released unaudited 2007 earnings as a result of changes in its unbilled electric revenue estimates at its Northern Indiana Public Service Company (NIPSCO) subsidiary dating back a number of years. Consequently, the company is filing a Form 12(b)-25 with the Securities and Exchange Commission, which extends the due date for its Form 10-K filing.
NiSource emphasized that the revenue estimates in question were never billed to its customers and that there would be no impact on customers as a result of the correction. The company estimates that the previously reported electric net revenues were overstated by a cumulative total of $15-20 million over a period of years, primarily since 2002. The company indicated that it has addressed the estimating process that resulted in the overstated revenue estimates and does not expect there to be a meaningful impact on future revenues or earnings.
The revision will result in a slight delay in the filing of NiSource's Form 10-K for the year ended December 31, 2007. The company currently expects that it will file its 2007 Form 10-K on or before March 14, 2008.
NiSource Inc. (NYSE: NI), 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 www.nisource.com.
SOURCE NiSource Inc.
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