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.