Corporate Information
Corporate Info
FAQ


Printer Friendly Version Print Version
SEMCO ENERGY, Inc. Announces 2003 Earnings Guidance and Revised 2002 Guidance

FARMINGTON HILLS, Mich., Dec. 19 /PRNewswire-FirstCall/ -- SEMCO ENERGY, Inc. (NYSE: SEN) today announced that it expects earnings per share to be between $.55 and $.65 for 2003, given normal weather, and earnings for the year 2002 to be lower than previous guidance and the current consensus estimate of $.64 per share.

Marcus Jackson, Chairman, President and Chief Executive Officer said, "Although temperatures in the Michigan gas distribution operations have been colder than normal this quarter, the Alaskan operations have experienced significantly warmer than normal temperatures which has adversely impacted operating results. Temperatures in Alaska have been approximately 25% warmer than normal in the fourth quarter, which has reduced sales by approximately 3 billion cubic feet. In addition, costs to complete certain construction services projects have been higher than anticipated. Based on normal weather from now through year-end, earnings per share for SEMCO are currently expected to be between $.45 and $.50 for 2002."

SEMCO will release year-end 2002 results and provide an update on guidance for 2003 in early February.

SEMCO ENERGY, Inc. is a diversified energy and infrastructure company that distributes natural gas to more than 377,000 customers in Michigan and Alaska. It also owns and operates businesses involved in pipeline construction services, propane distribution, intrastate pipelines and natural gas storage in various regions of the United States. In addition, it 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. Statements that are not historic facts, including statements about the Company's outlook, beliefs, plans, goals and expectations, are forward-looking statements. Factors that may impact forward-looking statements include, but are not limited to, the effects of weather, the economic climate, competition, commodity prices, changing conditions in the capital markets, regulatory approval processes, success in obtaining new business and other risks detailed from time to time in the company's Securities and Exchange Commission filings.

SOURCE 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.