Dominion Management to Discuss Positive Earnings Impact of Goodwill Expense Reduction.Business Editors RICHMOND, Va.--(BUSINESS WIRE)--Jan. 4, 2001 Analyst Presentation to be Made Available On Web Site On January 8, Thos. E. Capps, Dominion's (NYSE NYSE See: New York Stock Exchange : D) chief executive officer and Thomas N. Chewning, chief financial officer, will speak to investors in Boston. The presentation material will be made available for viewing on Dominion's web site at www.dom.com/investors. Among the information presented, Tom Chewning will review a significant potential earnings increase beginning this year that would result from the Financial Accounting Standards Board's proposal to eliminate goodwill amortization expense. The company's current earnings expectations include about 34 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. of annual non-cash goodwill amortization expense. Under the FASB's proposed new rule, earnings expectations would be 34 cents higher on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. Dominion is one of the nation's largest producers of energy, with a production capability of 2.7 trillion British Thermal Units British thermal unit, abbr. Btu, unit for measuring heat quantity in the customary system of English units of measurement, equal to the amount of heat required to raise the temperature of one pound of water at its maximum density [which occurs at a temperature of 39. (BTUs) of energy per day. The company has a power generation portfolio of more than 19,000 megawatts, which is expected to grow to more than 28,000 megawatts by 2005. Dominion is also one of the largest independent oil and natural gas exploration and production companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with 2.8 trillion cubic feet of equivalent natural gas reserves, with an annual production capability of over 300 billion cubic feet equivalent of natural gas. The company has 7,600 miles of interstate natural gas pipeline with a delivery capability of 6.3 billion cubic feet per day. In addition, the company operates the nation's largest underground natural gas storage system, with more than 950 billion cubic feet of storage capacity. Dominion also serves 3.8 million retail natural gas and electric customers. For more information about Dominion, visit the company's website at www.dom.com. This release contains forward-looking statements that are subject to various risks and uncertainties. A discussion of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations is available in company filings with the SEC, including the company's most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . They include fluctuations in energy-related commodities prices, weather conditions, capital market conditions, the risks of operating businesses in regulated industries that are in the process of becoming deregulated, and completing the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of Dominion Capital, Inc. required of the company in connection with the CNG CNG Compressed Natural Gas CNG Calling (Tone) CNG Comfort Noise Generation CNG Cryptography Next Generation (Microsoft Windows Vista) CNG Centre National de Génotypage transaction. |
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