Alliant Energy Corp. (Madison, WI) reported adjusted net income of $4.4 million, or $0.05 per share, for the first quarter of 2002, compared to adjusted net income of $36.0 million, or $0.45 per share, for the first quarter of 2001. Reported net income and earnings per share for the first quarter of 2002 and 2001 were $9.7 million, or $0.11 per share, and $9.2 million, or $0.12 per share, respectively.
"We view these short-term earnings challenges as an aberration, but believe they compromise our ability to achieve our previously stated 2002 earnings targets," said Alliant Energy CEO Erroll Davis, Jr. "However, with an economic recovery and favorable regulatory treatment, we remain confident in our plan to return Alliant Energy to delivering 7 to 10 percent annual adjusted earnings growth in 2003 and beyond."
