Business Services Industry
Southern Union Co. Reports 2002 Profits.
Knight Ridder/Tribune Business News, August, 2002
By Jerry Lynott, The Times Leader, Wilkes-Barre, Pa. Knight Ridder/Tribune Business News
Aug. 8--WILKES-BARRE, Pa.--Announcing its year-end results Wednesday, Southern Union Co. said it performed well despite a record-warm winter and will continue to improve as it focuses on its core business of supplying natural gas.
Net earnings for the fiscal year 2002 ending June 30, were $19.6 million, down from $57.8 million for 2001.
The year-end results reflect a $17 million restructuring charge and a $5.8 million charge Southern Union took as a result of its investment in a technology company. In 2001, the company reported a one-time gain of $31.9 million from the sale of investment holdings.
Thomas Karam, Southern Union president and chief...
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