HVAC Breaking News

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

November 11, 2004
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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

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