Summary
Dominion Resources, Inc. (Dominion) announced on February 23, 2004, that it will record an additional $44 million after-tax charge against its 2003 reported earnings. This charge is to reflect the impaired value of its CNG International pipeline assets located in Australia, which are currently classified as assets held for sale. This disclosure impacts the company's previously reported financial results for fiscal year 2003. Investors should note that this charge is a non-cash item related to asset impairment, rather than an operational cash outflow, and it directly reduces the reported earnings for 2003. The company has furnished a press release and preliminary earnings tables with this 8-K filing for further detail.
Key Highlights
- 1Dominion Resources to record an additional $44 million after-tax charge against 2003 earnings.
- 2The charge is related to the impaired value of CNG International pipeline assets in Australia.
- 3The affected assets are classified as held for sale.
- 4This is an adjustment to previously reported 2003 financial results.
- 5The filing includes a press release and preliminary earnings tables as exhibits.