NiSource Reports High First-Quarter 2003 Net Income

April 29, 2003 by Jeff Shepard

NiSource Inc. (Merrillville, IN) reported income from continuing operations of $266.1 million for the three months ended March 31, 2003, versus $243.8 million for the same period in 2002, a 9.1 percent increase. First-quarter 2003 earnings per share from continuing operations was $1.05 (all share amounts are basic) compared to $1.19 for the first quarter of 2002. Net income for the first quarter of 2003 was $254.9 million, or $1.00 per share, versus $242.2 million, or $1.18 per share, for the comparable 2002 period.

The per-share results were diluted by $0.23 with the issuance of 54.5 million shares of common stock, due to the company's successful equity offering in the fourth quarter of 2002 (41.4 million shares) and the settlement of forward equity agreements under NiSource's Premium Income Equity Securities in the first quarter of 2003 (13.1 million shares).