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NiSource Exits Telecom Business

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MERRILLVILLE, Ind., Sept. 15 -- NiSource Inc. announced today it has completed the sale of its telecommunications subsidiary, Columbia Transmission Communications Corp. (Transcom), to NEON Communications Inc., a provider of advanced optical network services in the US Northeast and Mid-Atlantic regions. On July 3, NiSource's subsidiary, Columbia Energy Group, executed an agreement to sell 100 percent of the outstanding capital stock of Transcom to NEON, and during the second quarter of 2003, NiSource recognized an after-tax loss of $2.5 million related to the then-pending sale.

Since the fourth quarter of 2002, NiSource has reported the results of operations related to Transcom as discontinued operations on its consolidated income statements, and Transcom's assets and liabilities have been separately aggregated and reflected as assets and liabilities of discontinued operations on NiSource's consolidated balance sheets. All prior periods have been restated to reflect Transcom as discontinued operations.

"Virtually all of NiSource's operating income is derived from our core, regulated assets," said Gary L. Neale, NiSource chairman, president and CEO. "Moving forward, our strategy is to focus on optimizing the potential of our utility and pipeline assets to deliver long-term value to our shareholders."

NiSource, based in Merrisville, Ind., acquired Transcom as a result of its acquisition of Columbia Energy Group in 2000. Transcom owns and operates a dark fiber optic system between New York City and Washington, D.C.

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Sep 2003
CommunicationsNews & Features

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