Corporate Information
Corporate Info
FAQ


Printer Friendly Version Print Version
SEMCO ENERGY, Inc. Explores Strategic Alternatives To Increase Shareholder Value

PORT HURON, Mich., July 25 /PRNewswire/ -- The management of SEMCO ENERGY, Inc. (NYSE: SEN) a diversified energy services and infrastructure holding company, today announced it is exploring strategic alternatives in an effort to enhance and maximize shareholder value. These alternatives include evaluating possible transactions, such as a merger with a strategic partner. The Company said it has retained the investment banking firm Banc of America Securities LLC as financial advisor to assist in the review of such alternatives.

Commenting on the announcement, Chairman, President and CEO, William L. Johnson said, "SEMCO has grown normalized earnings per share more than 240% in the last four years and has made significant progress in implementing its growth strategy. This success has not been reflected in the Company's stock price. We are also concerned that SEMCO's modest size in the quickly consolidating utility industry may be impeding our ability to fully execute our long-term growth strategy."

According to Johnson, the SEMCO ENERGY Board of Directors has requested that management undertake a review of strategic alternatives.

"SEMCO remains committed to increasing shareholder value while providing high quality service to the customers and communities we serve," said Johnson.

Management will hold a conference call with the financial community at 10:30 a.m. EDT today. The general public can listen to the conference call live via the Internet by accessing www.videonewswire.com or www.semcoenergy.com .

SEMCO ENERGY, Inc. is a diversified energy and infrastructure company that distributes natural gas to more than 350,000 customers combined in Michigan and Alaska. The Company also owns and operates businesses involved in gas engineering and quality assurance services, pipeline construction services, propane distribution, intrastate pipelines and natural gas storage in various regions in the United States. In addition, the Company provides information technology and outsourcing services, specializing in the mid-range computer market.

The following is a "safe-harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that involve risks and uncertainties including, but not limited to, statements involving revenues and expenses, operating income, returns on invested assets, regulatory approval processes, success in obtaining new business, success in integrating acquired businesses, and other risks detailed from time to time in the Company's Securities and Exchange Commission filings.
SOURCE SEMCO ENERGY, Inc.
Web site: http: //www.semcoenergy.com
CONTACT: Media: Francis R. Lieder, Jr., 810-987-2200, ext. 4186, francis.lieder@semcoenergy.com, or Analysts: Seb Coppola, Sr. Vice Pres., CFO, 810-989-4101, both of SEMCO ENERGY, Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SEMCO Energy's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

 
©2006 SEMCO ENERGY, Inc., All Rights Reserved.