HVAC Breaking News

Nov. 11, 2004: KeySpan To Sell Mechanical Contracting Subsidiaries

NEW YORK - KeySpan Corp. announced that it plans to initiate the process of selling a significant portion of its mechanical contracting subsidiaries. In conjunction with this, the utility recorded a $90.4 million non-cash after-tax ($122.2 million pre-tax) goodwill impairment charge in this segment.

Including the $90.4 million non-cash charge, third quarter 2004 results, less preferred dividends, were a loss of $117.1 million or $0.73 per share, as compared to net income of $11.1 million or $0.07 per share in the same period last year. Year-to-date 2004 results were $258.4 million or $1.61 per share, as compared to $245.5 million or $1.56 per share in the same period last year.

Robert B. Catell, chairman and chief executive officer, stated, "We have made the decision to exit portions of the Business Solutions Division, which have not met our expectations. We will monetize those businesses which we determine do not contribute to the growth of our core gas and electric operations, and retain the businesses which support our growth strategy."

Publication date: 11/08/2004

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 ACCA Conference

Images from the 2015 ACCA Conference in Grapevine, Texas. Posted on April 8, 2015.

Podcasts

NEWSMakers: Mark Crockett
Mark Crockett vice president, Crockett Facilities Services, explains the importance of technician training, the value of being a top minority-owned company in the U.S., current projects the company is managing, and much more. Posted on April 24.
More Podcasts

ACHRNEWS

NEWS 04-20-15 cover

2015 April 20

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Global Warming

Do you believe in man-made global warming?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con