May 5, 2004
RICHMOND, Va. - Dominion (NYSE: D) said today it will record an additional $7 million after-tax charge against its first quarter 2004 earnings prepared in accordance with generally accepted accounting principles (GAAP) related to an agreement to settle a class action lawsuit. The lawsuit involved a dispute over Dominion’s rights to lease fiber-optic cable along a portion of its electric transmission corridor. The settlement agreement is subject to court approval.
On April 20, Dominion announced net income for the three months ended March 31, 2004, of $444 million ($1.36 per share). The additional after-tax charge of $7 million (2 cents per share) now results in net income of $437 million ($1.34 per share). This charge will be reflected in Dominion’s first quarter 2004 financial statements filed with the Securities and Exchange Commission on Form 10-Q.
The charge, reported in the corporate segment, is excluded from operating earnings and does not affect Dominion’s previously reported operating earnings of $1.37 per share. A revised detailed description of the items included in 2004 GAAP earnings but excluded from operating earnings can be found at the end of this press release or by visiting our Web site at www.dom.com/investors.
Dominion is one of the nation's largest producers of energy, with an energy portfolio of more than 24,000 megawatts of generation, 6.4 trillion cubic feet equivalent of proved natural gas reserves and 7,900 miles of natural gas transmission pipeline. Dominion also operates the nation's largest underground natural gas storage system with more than 960 billion cubic feet of storage capacity and serves 5.3 million retail energy customers in nine states. For more information about Dominion, visit the company's Web site at www.dom.com.
###
.svg)
.svg)
.svg)
.svg)