Columbia, SC, October 22, 2004 - SCANA Corporation (NYSE: SCG) today announced financial results for the three and nine months ended September 30, 2004, and narrowed its previous guidance for 2004 earnings.
Reported earnings for the three months ended September 30, 2004 were $54 million, or 48 cents per share, compared to $84 million, or 76 cents per share for the third quarter of 2003. Earnings reported for the third quarter of 2004 include an after-tax write-down of approximately $15 million, or 13 cents per share, related to the valuation of the Company's investment in Knology, a regional telecommunications provider headquartered in West Point, Georgia, and an after-tax charge of $11 million, or 10 cents per share, related to litigation associated with the sale of the Company's propane assets in 1999. Reported earnings for the third quarter of 2003 included an after-tax gain of $2 million, or 2 cents per share, related to the sale of a portion of the Company's investment in ITC Holding Company. Excluding those items in both periods, GAAP-adjusted net earnings from operations for the third quarter of 2004 were $80 million, or 71 cents per share, compared to $82 million, or 74 cents per share, for the same period in 2003.