After selling $2.1 billion in assets in 2003 with proceeds of $850 million, CMS posted a net loss of $44 million (30 cents/share) for the year compared to a negative $650 million ($4.68/share) in 2002. The company reported net income of $8 million in the fourth quarter compared to a net loss of $44 million in 4Q2002.

Excluding the impact of $1.11/share in asset writedowns and other charges, ongoing earnings for 2003 were 81 cents/share, or $122 million, in line with the company’s guidance of 80-90 cents per share. On a comparable basis, ongoing earnings for 2002 were 84 cents/share on net income of $117 million.

CMS CEO Ken Whipple said the 2003 results and the company’s expectation of 85 cents/share in ongoing earnings this year (and a net loss of 50 cents/share) reflect the progress in CMS’s “utility-plus” strategy.

“Our goal is to become a smaller, stronger company with our utility, Consumers Energy, as the primary focus. The ‘plus’ part is our non-utility energy businesses — independent power projects, gas and electric distribution units, and gas pipelines — that are important to our cash flow and earnings,” Whipple said.

“We will continue to execute our financial improvement plan and meet our commitments. We have this company moving in the right direction and will maintain our focus on operational excellence, increasing our financial flexibility, and reducing debt.”

©Copyright 2004 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.