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KeySpan Plans To Sell Contracting Subsidiaries

December 17, 2004
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BROOKLYN, N.Y. - KeySpan Corp., an electricity and gas utility company, has plans to sell a significant portion of its mechanical contracting subsidiaries after a strategic review of the Energy Services segment of the corporation.

KeySpan recorded a 90.4 million non-cash goodwill impairment charge in this segment. This resulted in a loss of $117.1 million or 73 cents per share. This is compared to a net income of $11.1 million or 7 cents per share in the same period last year.

"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," said Robert Catell, chairman and chief executive officer of Keyspan.

Publication date: 12/20/2004

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