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NiSource Annual Report (Amendment), Year Ended Dec 31, 2004

Filing Date
Filed January 27, 2006
Period End
December 31, 2004
Security
NI
In the record · 2016–202610-K1210-Q338-K177

NI filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’17Sep ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 10-K/A filed January 27, 2006. Cited figures are marked; the original filing is the authoritative source.

This Form 10-K/A amends NiSource Inc.'s annual report for fiscal year 2004 to restate the Statements of Consolidated Cash Flows for 2003 and 2002.

The restatement reclassifies cash flows from discontinued operations into operating, investing and financing activities and reclassifies restricted cash activity from operating to investing. Per the filing, the restatement does not change operating, financing and investing cash flows related to continuing operations or the net change in cash and cash equivalents. The filing also updates the Report of Independent Registered Public Accounting Firm, dated January 27, 2006 as to the restatement effects.

The underlying results for 2004 show income from continuing operations of $430.2 milliona, or $1.63 per share, versus $425.7 million, or $1.64 per share, in 2003. Net income was $436.3 million, or $1.65 per share. Gross revenues were $6,666.2 million and total net revenues were $3,055.7 million.

Net cash flows from operating activities were $1,056.3 millionb in 2004, after the restated presentation. Long-term debt, excluding current portion, fell to $4,835.9 million from $5,993.4 million at year-end 2003, and short-term borrowings declined to $307.6 million from $685.5 million.

Management projected 2005 capital expenditures of $623.6 millionc and expected 2005 earnings per share from continuing operations to be $0.10 to $0.15 lower than 2004. For investors, the key points are the restatement's limited effect on continuing-operations cash flows and the 2004 earnings and debt-reduction trends described in the filing's MD&A, which attributes much of the improvement to regulatory initiatives, controlled operating costs and lower interest expense.

02—Key points

Key Highlights

  1. Restatement affects only the cash flow statement presentation for 2003 and 2002; the filing states operating, financing and investing cash flows for continuing operations and the net change in cash are unchanged.
  2. 2004 income from continuing operations was $430.2 million, or $1.63 per share, compared with $425.7 million, or $1.64 per share, in 2003.
  3. 2004 net income was $436.3 million, or $1.65 per share, including $6.1 million from discontinued operations.
  4. Total long-term debt excluding current portion declined to $4,835.9 million at December 31, 2004 from $5,993.4 million a year earlier; interest expense, net fell $60.8 million in 2004.
  5. Management expects 2005 earnings per share from continuing operations to be $0.10 to $0.15 lower than 2004, and projects 2005 capital expenditures of $623.6 million, $100.2 million higher than 2004.
  6. Management projects 2005 interest and tax payments of approximately $990 million and plans to refinance $900 million of notes due November 2005 with a new debt issue, partly hedged through forward starting swaps.

03—Questions

Frequently Asked Questions

  1. Why did NiSource file this amended 10-K?

    The filing states it reflects a restatement of the Statements of Consolidated Cash Flows for 2003 and 2002, as discussed in Note 23. Cash flows from discontinued operations were moved out of a single operating line item into operating, investing and financing activities, and restricted cash activity was reclassified from operating to investing.

  2. Did the restatement change NiSource's reported cash position or cash flows from continuing operations?

    According to the filing, the restatement does not impact operating, financing and investing cash flows related to continuing operations or the net change in cash and cash equivalents as originally presented.

  3. How did NiSource's earnings and debt position trend in 2004?

    Income from continuing operations was $430.2 million ($1.63 per share) in 2004 versus $425.7 million ($1.64 per share) in 2003. Long-term debt excluding current portion fell to $4,835.9 million from $5,993.4 million, and short-term borrowings fell to $307.6 million from $685.5 million.

  4. What does management expect for 2005?

    Management stated that earnings per share from continuing operations could be $0.10 to $0.15 lower than 2004 results, reflecting operational and financial initiatives, regulatory proceedings and pipeline re-contracting. Capital expenditures are projected at $623.6 million, mainly for pipeline integrity work, growth initiatives and system upgrades.

04—Continue

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