8-KOther Events

CENTERPOINT ENERGY INC 8-K Report (Nov 7, 2003)

Filed November 7, 2003For Securities:CNP

Summary

CenterPoint Energy, Inc. (CNP) filed a Form 8-K on November 7, 2003, to disclose certain reclassifications in its historical financial statements. These adjustments are necessary to present the operations of CenterPoint Energy Management Services, Inc. as discontinued operations, following a decision in June 2003 to sell this component of the company's Other Operations business segment. The reclassifications are made in accordance with Statement of Financial Accounting Standards No. 144. Importantly, the company states that these reclassifications did not impact the net income for any of the five fiscal years ended December 31, 2002. The filing also includes updated financial statement schedules and supplementary data. Investors should note that forward-looking statements and management estimates within this report have not been updated to reflect developments after December 31, 2002.

Key Highlights

  • 1CenterPoint Energy is reclassifying operations of CenterPoint Energy Management Services, Inc. as discontinued operations.
  • 2The reclassification is a result of the decision made in June 2003 to sell this business component.
  • 3These adjustments are in accordance with Statement of Financial Accounting Standards No. 144.
  • 4The reclassifications had no impact on net income for the five years ended December 31, 2002.
  • 5Updated financial statements and supplementary data are included as exhibits.
  • 6Financial disclosures and forward-looking statements are not updated for developments after December 31, 2002.

Frequently Asked Questions

The main reason for this 8-K filing is to disclose reclassifications in CenterPoint Energy's historical financial statements to present the operations of CenterPoint Energy Management Services, Inc. as discontinued operations, in preparation for its sale.

No, the company explicitly states that these reclassifications did not affect net income for any of the five fiscal years ended December 31, 2002.

The filing provides updated financial statement schedules and supplementary data. It also incorporates Management's Discussion and Analysis (MD&A) and Selected Financial Data related to these reclassifications.

No, investors should not rely on the forward-looking statements and management estimates within this report for current developments, as they have not been updated to reflect events subsequent to December 31, 2002.