8-KOther Events

CMS ENERGY CORP 8-K Report (Apr 1, 2003)

Filed April 1, 2003For Securities:CMSCMS-PCCMSACMSCCMSD

Summary

CMS Energy Corporation (CMS) filed this Form 8-K on April 1, 2003, to address an inadvertent disclosure of internal corporate EBITDA forecasts for Consumers Energy Company. The company disclosed an internal forecast of $898 million for fiscal year 2003 and $936 million for fiscal year 2004. This disclosure was made to comply with Regulation FD due to the inadvertent release of this non-public information. CMS Energy explicitly states that it does not typically disclose this type of internal forecast and has no intention of updating these specific numbers or releasing further EBITDA information in the future. Investors should note that this filing is primarily a disclosure requirement and does not represent an updated earnings guidance or a change in company policy regarding financial projections. The company also reminds investors to review its previously filed 10-K reports for important cautionary factors and uncertainties that could materially affect future results.

Key Highlights

  • 1CMS Energy and Consumers Energy Company experienced an inadvertent disclosure of internal EBITDA forecasts.
  • 2The disclosed internal EBITDA forecast for Consumers Energy in fiscal year 2003 is $898 million.
  • 3The disclosed internal EBITDA forecast for Consumers Energy in fiscal year 2004 is $936 million.
  • 4The Form 8-K filing is made to comply with Regulation FD due to the inadvertent disclosure.
  • 5CMS Energy states that it does not publicly disclose such internal forecasts as a matter of company policy.
  • 6The company has no intention to update these specific EBITDA numbers or release future EBITDA information.
  • 7Forward-looking statements are included, with a disclaimer to consult prior 10-K filings for risks and uncertainties.

Frequently Asked Questions

CMS Energy is filing this Form 8-K report to disclose non-public information about Consumers Energy's internal EBITDA forecasts, which were inadvertently disclosed. This filing is necessary to comply with Regulation FD, which requires public companies to disclose material non-public information to all investors simultaneously.

No, the disclosed EBITDA figures of $898 million for FY2003 and $936 million for FY2004 are internal forecasts that were inadvertently released. CMS Energy explicitly states that it does not publicly disclose this type of information and has no intention of updating these numbers or releasing EBITDA information in the future. Therefore, these should not be considered official earnings guidance.

According to the filing, CMS Energy has no intention to update these specific internal forecast numbers or release EBITDA information in the future. Investors should rely on the company's standard public financial reporting for future updates.

The filing itself references previous 10-K reports (for the year ended December 31, 2002) for both CMS Energy and Consumers Energy, which contain detailed discussions of important factors, risks, and uncertainties. These factors could cause actual results to differ materially from any forward-looking statements made in this report or other company communications.