Exhibit 99.1
801 E. 86th Avenue
Merrillville, IN 46410
FOR IMMEDIATE RELEASE
February 29, 2008
| | | |
| FOR ADDITIONAL INFORMATION | | |
| Media | | Investors |
| Tom Cuddy | | Randy Hulen |
| Director, Communications | | Director, Investor Relations |
| (219) 647-5581 | | (219) 647-5688 |
| tcuddy@nisource.com | | rghulen@nisource.com |
NiSource Announces Form 10-K Filing to be Delayed
MERRILLVILLE, Ind. —NiSource Inc. (NYSE: NI) announced today that it will be revising its previously released unaudited 2007 earnings as a result of changes in its unbilled electric revenue estimates at its Northern Indiana Public Service Company (NIPSCO) subsidiary dating back a number of years. Consequently, the company is filing a Form 12b-25 with the Securities and Exchange Commission, which extends the due date for its Form 10-K filing.
NiSource emphasized that the revenue estimates in question were never billed to its customers and that there would be no impact on customers as a result of the correction. The company estimates that the previously released electric net revenues were overstated by a cumulative total of $15-$20 million over a period of years, primarily since 2002. The company indicated that it has addressed the estimating process which resulted in the overstated revenue estimates and does not expect there to be a meaningful impact on future revenues or earnings.
The revision will result in a slight delay in the filing of NiSource’s Form 10-K for the year ended December 31, 2007. The company currently expects that it will file its 2007 Form 10-K on or before March 14, 2008.
