Alliant Energy Reports Third-Quarter 2002 EarningsOctober 27, 2002 by Jeff Shepard
Alliant Energy Corp. (Madison, WI) reported earnings for the third quarter of 2002 of $0.59 per share compared to $0.90 in 2001. The decrease in adjusted earnings in the third quarter of 2002 compared to the same period in 2001 was primarily the result of increased losses from Alliant Energy's Brazil investments; higher utility operating expenses; the dilutive impact of additional common shares outstanding in the third quarter of 2002 compared to the same period in 2001; non-cash asset valuation charges of $0.06 per share incurred in the third quarter of 2002; and lower results from Alliant Energy's mass marketing businesses.
"2002 continues to be a very challenging year for Alliant Energy in particular and the energy industry in general," said Erroll Davis, Jr., chairman, president and CEO of Alliant Energy. "We are keenly focused on working through the issues we face today and taking the necessary steps to position the company for improved financial performance in 2003 and beyond."