Niagara Mohawk Reports Second-Quarter 2001 Results
Niagara Mohawk Holdings Inc.
(Syracuse, NY), parent company of Niagara Mohawk Power Corp., reported results for the second quarter of 2001. Earnings before interest, taxes, depreciation and amortization for the 12 months ended June 30, 2001, were $1.09 billion, compared to a
level of $1.10 billion for the 12 months ended March 31, 2001.
The company reported a loss of $80.0 million, or a loss of $0.50 per share. This compares to a loss of $19.7 million, or a loss of $0.12 per share in the second quarter of 2000. The second quarter of 2001 includes a charge of $44.0 million, or $0.27 per share, due to the recognition of an
impairment charge as a result of the company's assessment of its investment in
a development-stage telecommunications company.
Earnings for the second quarter of 2001 were also reduced by $14.7 million, or $0.09 per share, as a result of higher income taxes caused by a change in the intra-period tax-allocation methodology for recognizing the
flow-through of certain tax benefits and liabilities.
The company reported a loss of $80.4 million, or a loss of $0.50 per share, for the 12 months ended June 30, 2001, compared to a loss of $55.1 million, or a loss of $0.31 per share, for the 12 months ended June 30, 2000.