DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
This assessment plan proposal is to outline a structured approach to evaluati...
dte_q104
1. April 28, 2004
DTE ENERGY REPORTS FIRST QUARTER EARNINGS
DETROIT – DTE Energy (NYSE:DTE) today reported earnings for the first quarter ended March 31, 2004 of
$186 million, or $1.09 per diluted share, compared with reported earnings of $155 million, or $0.92 per diluted share
in the first quarter 2003.
Operating earnings (which exclude non-recurring items, tax credit driven normalization, discontinued
operations, and cumulative effect of accounting changes) for the 2004 first quarter were $151 million, or $0.89 per
diluted share, which is comparable with operating earnings of $178 million, or $1.06 per diluted share for the same
period in 2003.
The 2004 reported results include a $48 million non-recurring net of tax gain at Energy Marketing & Trading
resulting from a modification to future purchase commitments under a transportation agreement with an interstate
pipeline company and the termination of a related long-term gas storage agreement for gas deliveries during the
summer injection period and redeliveries during the winter heating season. Reported results also reflect a $7 million
impairment charge relating to the expected loss on sale and discontinued operations of Southern Missouri Gas Co., and
a $6 million unfavorable tax adjustment to normalize the company’s effective tax rate.
2003 reported results included several non-recurring items, which are detailed in the reconciliation of reported
to operating earnings located at the end of this release.
“As our first quarter results demonstrate, we continue to face financial challenges in 2004,” said Anthony F.
Earley Jr., DTE Energy chairman and CEO. “Our earnings performance this year will be largely dependent on the
timing and amount of rate relief that we receive at our two utilities, Detroit Edison and MichCon. We’ve made
significant progress in the Detroit Edison rate case, as we received an interim rate order from the MPSC in February,
and are on track for a final rate order in the third quarter. In our gas rate case, which is a basic cost-of-service case, we
expect the MPSC staff to file its recommendation regarding interim rate relief for MichCon next week, and we
anticipate that an interim rate order in that case will be issued in July.”
“There has also been good progress in the effort to reform Michigan’s electric restructuring legislation, Public
Act 141,” Earley continued. “We have been actively advocating changes in the law to correct the structural flaws of
Michigan’s Customer Choice Program. The Energy and Technology Committee of the Michigan Senate has conducted
a series of hearings on this important issue, and we anticipate that PA 141 reform legislation will be introduced soon. It
is critical that the Choice Program be corrected so that it is fair and balanced for all participants. We continue to work
actively on both the regulatory and legislative fronts to establish a framework for our utilities that will position them to
resume healthy growth in 2005 and beyond.”
Operating earnings results for the first quarter 2004, by business unit, were as follows:
• DTE Energy Resources operating earnings were $0.35 per diluted share versus $0.62 per diluted share in 2003.
The regulated operations of this business unit, which are the power generation services of Detroit Edison, declined
$0.06 per diluted share versus last year. The decrease was driven by reduced gross margins, due primarily to the
loss of retail customer sales to the electric Customer Choice program, pension and benefit expenses, and the
impact of the interim rate order that Detroit Edison received in February 2004. The interim rate order, which
increased electric rates, also reinstated the power supply cost recovery (PSCR) mechanism, which had been frozen
since June 2000. The PSCR is the mechanism by which Detroit Edison passes its fuel and purchased power costs
through to customers. The retroactive reinstatement of the PSCR from the date of the interim order to Jan. 1, netted
with the interim rate increase for the quarter, resulted in an $11million after-tax revenue reduction for Detroit
Edison, mostly impacting DTE Energy Resources’ first quarter performance. Now that the PSCR has been
restarted, any profits from wholesale sales will be used to reduce recoverable power supply costs until the MPSC
issues a final rate order in the Detroit Edison rate case, which is expected in September. Earnings for the quarter
benefited from increased residential sales, and the recording of $24 million (after tax) of regulatory deferrals,
which lowers depreciation and amortization expense.
2. - more -
-2-
The non-regulated operations of this business unit include the company’s energy services, energy marketing
and trading (comprising DTE Energy Trading and CoEnergy), coal services and biomass businesses. Earnings at
these non-regulated operations decreased $0.21 per diluted share from last year. The decrease was mainly
attributable to lower production of synthetic fuel, reflecting the company’s decision to produce synfuel only from
five of its nine plants in the first quarter, pending the sale of its remaining four plants. The company’s strategy is
to produce synfuel mainly from the plants in which it has sold an interest in order to optimize earnings and cash
flow. Also impacting the decline in quarterly earnings were reduced profits at Energy Trading, which benefited
last year from higher margins on short term deliveries of power, and an increase in operating costs associated
with the ramping up of the DTE Peptec business, a subsidiary that uses proprietary technology to produce high
quality coal products from waste coal. The earnings decline was partially offset by increased earnings from coke
battery operations, which was driven by higher coke sales and coke prices.
• DTE Energy Distribution had operating earnings of $0.13 per diluted share versus earnings of $0.03 per
diluted share last year. The regulated operations of this business unit are the electric distribution services of
Detroit Edison. These regulated operations experienced a year-over-year increase of $0.09 per diluted share,
driven by increased revenues due to higher residential sales, lower transmission expenses, and reduced
operation and maintenance expenses from cost reduction initiatives. This was partially offset by increased
uncollectable accounts expenses and higher pension and benefit costs.
The non-regulated operations of this business unit consist primarily of DTE Energy Technologies, which
markets and distributes a portfolio of distributed generation products and services. Year-over-year
performance at this business improved by $0.01 per diluted share, driven by increased sales and cost-
reduction initiatives.
• DTE Energy Gas had operating earnings of $0.44 per diluted share versus $0.50 per diluted share last
year. The regulated operations include the gas distribution services provided by MichCon. Regulated
operations were down $0.04 per diluted share, due to warmer weather and increased uncollectable
accounts expenses. Partially offsetting the expense increases were a lower effective tax rate driven by
lower earnings and lower property taxes.
Non-regulated operations include the production of gas in northern Michigan and the gathering,
transporting, processing and storage of gas. Operating earnings from these operations declined by $0.02 per
diluted share year-over-year, due mainly to the loss of earnings from the 2003 sale of our 16 percent pipeline
interest in the Portland Natural Gas Transmission System.
• Corporate & Other includes interest costs, as well as certain non-regulated investments, including assets
held for sale and investments in emerging energy technologies. Corporate & Other operating losses were
$0.03 per diluted share, compared with an operating loss of $0.09 per diluted share in 2003, due primarily to
lower financing costs.
• Use of Operating Earnings Information – DTE Energy management believes that operating earnings
provide a more meaningful representation of the company’s earnings from ongoing operations and uses
operating earnings as the primary performance measurement for external communications with analysts and
investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to
report to the Board of Directors.
“In addition to our corporate focus on bringing our rate cases to resolution this year, we’ll continue to
pursue stable earnings growth at our non-regulated businesses,” said David E. Meador, DTE Energy senior vice
president and chief financial officer.
2
3. - more -
-3-
“This year, the key driver of our non-regulated earnings continues to be our synthetic fuels business,
which we anticipate will contribute $150 million to $190 million in net income. In addition, we are actively
developing opportunities in our other businesses such as on-site energy, waste coal recovery and power
generating asset management services. These types of projects fit our selective criteria: they are low risk, require
low capital investment, and build upon our core skills and assets. These businesses will serve as the basis for the
future growth of our non-regulated business portfolio and help us to achieve our non-regulated earnings target of
$195 million to $250 million this year.”
This earnings announcement, as well as a package of detailed financial information, is available on the
company’s website at www.dteenergy.com on the “Investors” page.
DTE Energy will conduct a conference call with the investment community at 8:30 a.m. EDT
Thursday, April 29, to discuss first quarter earnings results. Investors, the news media and the public may
listen to a live Internet broadcast of the DTE Energy conference call at www.dteenergy.com.
DTE Energy is a Detroit-based diversified energy company involved in the development and management
of energy-related businesses and services nationwide. DTE Energy's largest operating subsidiaries are Detroit
Edison, an electric utility serving 2.1 million customers in Southeastern Michigan, and MichCon, a natural gas
utility serving 1.2 million customers in Michigan. Information about DTE Energy is available at
www.dteenergy.com.
The information contained in this document is as of the date of this press release. DTE Energy expressly disclaims any
current intention to update any forward-looking statements contained in this document as a result of new information or future
events or developments. Words such as “anticipate,” “believe,” “expect,” “projected” and “goals” signify forward-looking
statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various
assumptions, risks and uncertainties. This press release contains forward-looking statements about DTE Energy’s financial results
and estimates of future prospects, and actual results may differ materially. Factors that may impact forward-looking statements
include, but are not limited to: the effects of weather and other natural phenomena on operations and sales to, and purchases by,
customers; economic climate and growth or decline in the geographic areas where we do business; environmental issues, laws and
regulations, and the cost of remediation and compliance associated therewith; nuclear regulations and operations associated with
nuclear facilities; the ability to utilize Section 29 tax credits and/or sell interests in facilities producing such credits;
implementation of electric and gas Customer Choice programs; impact of electric and gas utility restructuring in Michigan,
including legislative amendments; employee relations and the impact of collective bargaining agreements; unplanned outages;
access to capital markets and capital market conditions and the results of other financing efforts which can be affected by credit
agency ratings; the timing and extent of changes in interest rates; the level of borrowings; changes in the cost of coal and other raw
materials, purchased power and natural gas; effects of competition; impacts of FERC, MPSC, NRC and other applicable
governmental proceedings and regulations; contributions to earnings by non-regulated businesses; changes in federal, state and
local tax laws and their interpretations, including the code, regulations, rulings, court proceedings and audits; the ability to recover
costs through rate increases; the availability, cost, coverage and terms of insurance; the cost of protecting assets against or damage
due to terrorism; changes in accounting standards and financial reporting regulations; changes in federal or state laws and their
interpretation with respect to regulation, energy policy and other business issues; and changes in the economic and financial
viability of our suppliers, customers and trading counter parties, and the continued ability of such parties to perform their
obligations to the Company. This press release should also be read in conjunction with the forward-looking statements in DTE
Energy’s, MichCon’s and Detroit Edison’s 2003 Form 10-K Item 1, and in conjunction with other SEC reports filed by DTE
Energy, MichCon and Detroit Edison.
Members of the Media – For Further Information:
Lorie N. Kessler Scott Simons
(313) 235-8807 (313) 235-8808
Analysts – For Further Information:
Investor Relations (313) 235-8030
3
4. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ended
March 31
(in Millions, Except per Share Amounts) 2003
2004
$ 2,095
Operating Revenues ........................................................................................ $ 2,093
Operating Expenses
Fuel, purchased power and gas....................................................................... 813
741
Operation and maintenance ............................................................................ 771
736
Depreciation, depletion and amortization....................................................... 197
167
Taxes other than income................................................................................. 97
85
1,878
1,729
217
Operating Income............................................................................................ 364
Other (Income) and Deductions
Interest expense .............................................................................................. 139
131
Interest income ............................................................................................... (8 )
(10 )
Minority interest ............................................................................................. (16 )
(30 )
Other income .................................................................................................. (13 )
(17 )
Other expenses................................................................................................ 33
22
135
96
82
Income Before Income Taxes.......................................................................... 268
(26 )
Income Tax Provision (Benefit)...................................................................... 75
108
Income from Continuing Operations............................................................. 193
74
Income (Loss) from Discontinued Operations, net of tax ............................ (7 )
(27 )
Cumulative Effect of Accounting Changes, net of tax.................................. -
$ 155
Net Income ....................................................................................................... $ 186
Basic Earnings per Common Share
Income from continuing operations................................................................ $ .65
$ 1.14
Discontinued operations ................................................................................. .44
(.04 )
Cumulative effect of accounting changes....................................................... (.17 )
-
Total.............................................................................................................. $ .92
$ 1.10
Diluted Earnings per Common Share
Income from continuing operations................................................................ $ .64
$ 1.13
Discontinued operations ................................................................................. .44
(.04 )
Cumulative effect of accounting changes....................................................... (.16 )
-
Total.............................................................................................................. $ .92
$ 1.09
Average Common Shares
167
Basic ........................................................................................... 170
Diluted ............................................................................................................ 168
170
$ .515
Dividends Declared per Common Share ....................................................... $ .515
4
5. DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)
Three Months Ended March 31
2003
2004
Reported Operating
Reported Operating
Earnings Adjustments Earnings
(in Millions) Earnings Adjustments Earnings
Energy Resources
Regulated – Power Generation ............... $ $ 25 $ - $ 25
15 $ - $ 15
Non-regulated
Energy Services .................................... 51 - 51
38 - 38
Energy Marketing & Trading ............... 44 (16 ) D 28
57 (48 ) A 9
Other..................................................... - - -
(2 ) - (2 )
Total Non-regulated.............................. 95 (16 ) 79
93 (48 ) 45
120 (16 ) 104
108 (48 ) 60
Energy Distribution
Regulated – Power Distribution.............. (4 ) 14 E 10
26 - 26
Non-regulated ......................................... (4 ) - (4 )
(3 ) - (3 )
(8 ) 14 6
23 - 23
Energy Gas
Regulated – Gas Distribution.................. 59 17 F 76
70 - 70
Non-regulated ......................................... 8 - 8
4 - 4
67 17 84
74 - 74
10 G
(71 ) 45 B (16 )
Corporate and Other.............................. (12 ) 6B (6 )
(71 ) 55 (16 )
(12 ) 6 (6 )
Income from Continuing Operations
Regulated................................................ 80 31 111
111 - 111
Non-regulated ......................................... 28 39 67
82 (42 ) 40
108 70 178
193 (42 ) 151
Discontinued Operations
Income from operations.......................... 5 (5 ) H -
- - -
Impairment loss/Gain on sale ................ 69 (69 ) I -
(7 ) 7C -
74 (74 ) -
(7 ) 7 -
Cumulative Effect of Accounting
Changes
Asset retirement obligations ................... (11 ) 11 J -
- - -
Energy trading activities ......................... (16 ) 16 K -
- - -
(27 ) 27 -
- - -
$ 155 $ 23 $ 178
Net Income .............................................. $ 186 $ (35 ) $ 151
ADJUSTMENTS KEY
A) Adjustment for contract termination / modification .. Terminated a long-term gas storage agreement and modified a related transportation agreement with a
pipeline company
B) Tax credit driven normalization ................................. Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
C) Impairment loss/Discontinued operations .................. Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
D) Adjustment of EITF 98-10 accounting change .......... Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-
10
E) Loss on sale of steam heating business ...................... Sold Detroit Edison steam heating business
F) Disallowance of gas costs ........................................... Reserve for the potential disallowance of MichCon 2002 gas procurement costs
G) Contribution to DTE Energy Foundation................... Used a portion of International Transmission Company (ITC) sale proceeds to fund the DTE Energy
Foundation
H) Adjustment for discontinued operations .................... Sold ITC
I) Gain on sale of ITC...................................................... Sold ITC
J) Asset retirement obligations ........................................ Cumulative effect of a change in accounting principle from adoption of SFAS 143
K) Adjustment of EITF 98-10 accounting change .......... Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
5
6. DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended March 31
2003
2004
Reported Operating
Reported Operating
Earnings Adjustments Earnings
Earnings Adjustments Earnings
Energy Resources
Regulated – Power Generation ............... $ $ 0.15 $ - $ 0.15
0.09 $ - $ 0.09
Non-regulated
Energy Services .................................... 0.30 - 0.30
0.22 - 0.22
Energy Marketing & Trading ............... 0.26 (0.09 ) D 0.17
0.33 (0.28 ) A 0.05
Other..................................................... - - -
(0.01 ) - (0.01 )
Total Non-regulated.............................. 0.56 (0.09 ) 0.47
0.54 (0.28 ) 0.26
0.71 (0.09 ) 0.62
0.63 (0.28 ) 0.35
Energy Distribution
Regulated – Power Distribution.............. (0.02 ) 0.08 E 0.06
0.15 - 0.15
Non-regulated ......................................... (0.03 ) - (0.03 )
(0.02 ) - (0.02 )
(0.05 ) 0.08 0.03
0.13 - 0.13
Energy Gas
Regulated – Gas Distribution.................. 0.35 0.10 F 0.45
0.41 - 0.41
Non-regulated ......................................... 0.05 - 0.05
0.03 - 0.03
0.40 0.10 0.50
0.44 - 0.44
0.06 G
(0.42 ) 0.27 B (0.09 )
Corporate and Other.............................. (0.07 ) 0.04 B (0.03 )
(0.42 ) 0.33 (0.09 )
(0.07 ) 0.04 (0.03 )
Income from Continuing Operations
Regulated................................................ 0.48 0.18 0.66
0.65 - 0.65
Non-regulated ......................................... 0.16 0.24 0.40
0.48 (0.24 ) 0.24
0.64 0.42 1.06
1.13 (0.24 ) 0.89
Discontinued Operations
Income from operations.......................... 0.03 (0.03 ) H -
- - -
Impairment loss/Gain on sale ................ 0.41 (0.41 ) I -
(0.04 ) 0.04 C -
0.44 (0.44 ) -
(0.04 ) 0.04 -
Cumulative Effect of Accounting
Changes
Asset retirement obligations ................... (0.07 ) 0.07 J -
- -
Energy trading activities ......................... (0.09 ) 0.09 K -
- -
(0.16 ) 0.16 -
- -
$ 0.92 $ 0.14 $ 1.06
Net Income .............................................. $ 1.09 $ (0.20 ) $ 0.89
ADJUSTMENTS KEY
A) Adjustment for contract termination / modification .. Terminated a long-term gas storage agreement and modified a related transportation agreement with a
pipeline company
B) Tax credit driven normalization ................................. Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
C) Impairment loss/Discontinued Operations ................. Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
D) Adjustment of EITF 98-10 accounting change .......... Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-
10
E) Loss on sale of steam heating business ...................... Sold Detroit Edison steam heating business
F) Disallowance of gas costs ........................................... Reserve for the potential disallowance of MichCon 2002 gas procurement costs
G) Contribution to DTE Energy Foundation................... Used a portion of International Transmission Company (ITC) sale proceeds to fund the DTE Energy
Foundation
H) Adjustment for discontinued operations .................... Sold ITC
I) Gain on sale of ITC...................................................... Sold ITC
J) Asset retirement obligations ........................................ Cumulative effect of a change in accounting principle from adoption of SFAS 143
K) Adjustment of EITF 98-10 accounting change Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
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