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Semco keeps fire burning for gas.(SEMCO Energy Inc. profits)(Brief Article)(Statistical Data Included)
Crain's Detroit Business, March, 2002 by Lane, Amy
Semco Energy Inc. closed a year of corporate change with losses and a shrunken stock price. How the Farmington Hills-based company fares this year rests largely on its main natural-gas business. ``2002 is going to be a big year for Semco,'' said Mike Davis, executive vice president of investment banking at Fahnestock & Co.
Inc. in Detroit. ``They'll have all of this restructuring behind them. It'll be a very clean financial year for them.'' A new business strategy led Semco (NYSE: SEN) last year to discontinue its engineering-services business and restructure other operations. It reported a loss of $6.4 million or 35 cents a share on revenue of $445 million, compared with net income of $16.7 million or 90 cents on revenue of $410 million in 2000. The...
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