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
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.