Alliant Energy Reports Second-Quarter 2003 Results

Alliant Energy Corp. (Madison, WI) reported income (loss) and earnings per share (EPS) from continuing operations for the second quarter of 2003 of $11.7 million and $0.13, respectively, compared to $5.5 million and $0.06 for the same period in 2002. Alliant Energy's net income and EPS for the second quarter of 2003 were $32.2 million and $0.35, respectively, compared to $6.3 million and $0.07 for the same period in 2002.

Alliant Energy continued to successfully execute its planned asset divestitures by closing on the sale of its Australian business in April and its affordable housing and SmartEnergy businesses in July. Alliant Energy recorded an after-tax gain on the sale of its Australian business of $41 million in the second quarter of 2003. In addition, the second quarter of 2003 results reflect after-tax charges of $33 million for valuation adjustments to reflect updated estimates of the market value of the $634 million of assets it had classified as assets held for sale as of June 30, 2003, as well as selling costs related to the asset divestitures.

Alliant Energy's 2003 earnings guidance for earnings from continuing operations remains a range of $1.45 to 1.65 per share, which includes guidance for its domestic utility operations of $1.75 to 1.95 per share. This guidance does not include any potential asset valuation charges that Alliant Energy may incur in 2003, the impact of certain non-cash SFAS 133 valuation adjustments, or the impact of any cumulative effects of changes in accounting principles.