Friday, February 26, 2010

US Airways magazine to profile West Virginia in May 2010 Travel Feature

    CHARLESTON -- US Airways Magazine will highlight West Virginia as part of its travel series in the May 2010 issue of its in-flight magazine, reaching about 3.1 million affluent business and leisure travelers who fly the airline to reach more than 230 destinations in 32 countries.

    “West Virginia is a real hidden gem,” explained Carsten Morgan, director of special projects for Pace Airline Media. “Located in the heart of the airline’s dominant market share in the surrounding Mid-Atlantic region, the state has a wonderful story to tell.”

    “West Virginia’s beautiful countryside, community pride and strong leadership were all contributing factors in selecting the state.” Morgan added.

    Pace Airline Media, which publishes the magazine, estimates that the travel and relocation feature on West Virginia will be approximately 12 to 16 pages in length. The issue will cover the state’s history and heritage, its outdoor recreational opportunities and its attractions, events and entertainment. The section also will profile West Virginia’s livable metros, charming small town gems and residents’ high quality of life amid the state’s great beauty.

    The West Virginia travel feature follows US Airways’ successful 2008 economic profile of the state, which brought much positive attention.

    “The West Virginia Department of Commerce is pleased to support this opportunity to tell our state’s story to a national and global audience – particularly with its release at the start of the high-volume summer travel season,” said Kelley Goes, cabinet secretary of the West Virginia Department of Commerce, which includes the West Virginia Division of Tourism and the Division of Natural Resources.

    “This issue will provide a great opportunity to highlight what the state has to offer for recreation and living. Plus, the timing is perfect leverage for our high-profile events -- like the PGA TOUR’S Greenbrier Classic golf tournament and the Boy Scouts of America’s high-adventure base – to draw attention to all that our state has to offer.”

Mylan reports improved financial results for 2009

    PITTSBURGH -- Mylan Inc. has announced its financial results for the three and twelve months ended December 31, 2009.

    Financial Highlights
• Adjusted diluted earnings per share (EPS) of .33 and $1.30 for the three and twelve months ended December 31, 2009, compared to .26 and .80 for the same prior year periods;
• Total revenues of $1.35 billion for the three months ended December 31, 2009;
• Total revenues of $5.09 billion for the year ended December 31, 2009;

    Mylan's Chairman and CEO Robert J. Coury said, "I'm pleased to report very strong fourth quarter results capping off another extremely successful year, our second full year of operating the New Mylan. With that said, we are reaffirming our 2010 guidance of $1.50 to $1.70, which I fully expect will translate into an industry-leading EPS growth rate over the 2008 to 2010 period. I anticipate that this strong growth will continue, and we are projecting revenues in excess of $8.5 billion in 2013, representing a top-line CAGR of 15%, from 2010. We are also projecting EPS in excess of $2.75 in 2013, which represents a CAGR of 20%. Additionally, I fully expect we will be able to deliver EPS in excess of $2 in 2011. We also anticipate generating cumulative operating cash flows of approximately $4 billion by the end of 2013. With that said, we expect to continue to lead the sector in EPS growth, which we believe will benefit all shareholders and other stakeholders."

    Total revenues for the quarter ended Dec. 31, 2009 increased $148.7 million, or 12% to $1.35 billion from $1.20 billion in the same prior year period. Revenues in the current quarter were favorably impacted by the effect of foreign currency translation, reflecting a weaker U.S. dollar. Translating current year revenues at prior year exchange rates would have resulted in operational year-over-year revenue growth, excluding foreign currency, of $70.3 million, or approximately 6%.

    Generics revenues, which are derived from sales in North America, Europe, the Middle East and Africa (collectively, EMEA), and Asia Pacific were $1.29 billion in the current quarter, compared to $1.13 billion in the same prior year period.

    Total revenues from North America were $545.0 million for the three months ended December 31, 2009, compared to $561.7 million for the same prior year period, representing a decrease of 3%. Prior year revenues included a substantial contribution from levetiracetam, which was launched by Mylan in November 2008. Additional generic competition on levetiracetam entered the market in mid-January 2009.

    Helping to offset some of the effect of this additional competition were products launched in North America subsequent to December 31, 2008, which contributed revenues of approximately $81 million, including lansoprazole delayed-release ("lansoprazole DR") capsules, 15 mg and 30 mg, the generic version of Tap Pharmaceuticals' proton pump inhibitor Prevacid(R) DR Capsules.

    Sales in Asia Pacific are derived from Mylan's operations in India, Australia, Japan and New Zealand. Asia Pacific revenues were $309.1 million in the current quarter, compared to $232.3 million in the same prior year period, an increase of 33%. Excluding foreign currency, calculated as described above, operational sales increased approximately 20%, primarily driven by increased sales in Japan and India. Also contributing to the increase in Asia Pacific revenues are higher third-party sales of active pharmaceutical ingredients (API). API is also sold to Mylan subsidiaries in conjunction with our vertical integration strategy.

    Specialty, consisting of Mylan's Dey business, which focuses on the development, manufacture and marketing of specialty pharmaceuticals in the respiratory and severe allergy markets, reported total revenues of $87.5 million for the current quarter, an increase of 8% from $81.2 million for the three months ended December 31, 2008, led by Perforomist(R) Solution, Dey's Formoterol Fumarate Inhalation Solution (Perforomist Solution). Sales of Dey's EpiPen(R) Auto-Injector were consistent on a year over year basis and, as has been previously noted, fourth quarter sales of the EpiPen Auto-Injector are seasonally the lowest.
    Consolidated gross profit for the three months ended December 31, 2009, was $516.0 million and gross margins were 38.2%, compared to gross profit of $394.7 million and gross margins of 32.8% in the same prior year period. Gross profit in both periods is negatively impacted by certain purchase accounting related items totaling $72.4 million and $145.6 million for the quarters ended December 31, 2009 and 2008, which consisted primarily of incremental amortization related to purchased intangible assets and step-up in inventory. Excluding these amounts from both periods, gross margins were 43.5% in the current year compared to 44.9% in the prior.

    Earnings from operations were $60.0 million for the three months ended December 31, 2009, compared to $34.6 million for the same prior year period.

    Total revenues for the year ended December 31, 2009 were $5.09 billion compared to $5.14 billion for the prior year. Included in total revenues in the prior year was other revenue of $468.1 million of previously deferred revenue related to the sale of our rights in Bystolic(TM). Excluding other revenue from both years, net revenue increased by $384.2 million, or 8% from $4.63 billion in the prior year to $5.02 billion in 2009.

    Generics revenues were $4.70 billion in the year ended December 31, 2009, compared to $4.29 billion in the prior year.  
 
    Total revenues from North America were $2.18 billion for the year ended December 31, 2009, compared to $1.87 billion for the prior year, representing an increase of 16%. This increase was the result of new product revenue of approximately $322.5 million, mainly Divalproex Sodium Extended-Release tablets, Mylan's version of Abbott Laboratories' Depakote(R) ER.

    With headquarters in Pittsburgh, Mylan maintains a large production facility in Morgantown. Mylan is the 11th largest private company in West Virginia in 2009, according to data released by Workforce West Virginia.

    Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 140 countries and territories. For more information, visitwww.mylan.com .

SBA to offer virtual business training online March 1

    CLARKSBURG – A live Webinar and hands-on workshop is being provided by the U.S. Small Business Administration and its resource partners on Monday, March 1. This training will provide West Virginia’s small businesses with tools and information on how to do business with the federal government. The training will focus on how small businesses can: market to federal agencies; find contracting opportunities online; learn the government buying process; and how to get registered.

    “We want to reach as many small businesses and entrepreneurs as we can and our Virtual Training Initiative is a perfect way to expand our outreach efforts in rural West Virginia,” said Judy McCauley, director of SBA’s West Virginia District Office.

    Selling to the Government & SBA’s Small Business Certification Programs will be held at 10:00 a.m. and Getting Your Business Registered in CCR, is set for 1:30 p.m. The hands-on portion of the training will be conducted at the West Virginia Women’s Business Center (WBC) in Beckley, W.Va. The WBC is located at 200 Value City Center, Suite 601 in Beckley. Businesses interested in attending the Beckley training can contact the WBC at (304) 253-3145.

    Small business owners can also participate in one or both of the workshops from the comfort of their own office through SBA’s ReadyTalk conferencing system. For information on how to participate and to register, contact Naomi Bassel at naomi.bassel@sba.gov or (304) 623-5631 extension 225.

    The federal government is the largest purchaser of goods and services in the world, spending nearly $520 billion in 2008. Contracting can be an excellent option for small businesses searching for expansion opportunities and for ways to keep their companies viable in today’s business climate. The U.S. Small Business Administration oversees various certification programs which can provide minorities, women, disabled veterans and other social and economic disadvantaged individuals with tools to engage in federal contracting.

    Representatives from the West Virginia Women’s Business Center, Regional Contracting Assistance Center, and the U.S. Small Business Administration will be providing instructional guidance and support during the presentations.

SBA experts to host Web Chat on assistance with Federal Contracting

    WASHINGTON – On Thursday, March 4, the SBA’s Web Chat will highlight assistance to small businesses looking to grow or expand in the federal government marketplace, and businesses that need surety bonds to do public and private contracting. Business owners can find out how to position their business to sell to the government and how to obtain bonding.

    Karen Hontz, Office of Government Contracting and Business Development, and Pam Swilling, Office of Surety Guarantees at the U. S. Small Business Administration will host the Web chat on “Contracting Opportunities & Surety Bonds.” Hontz and Swilling will answer questions on doing business in the federal market and how small contractors can get assistance in obtaining surety bonds.

    The SBA’s Web chat series, providing small business owners with an opportunity to discuss relevant business issues online with experts, industry leaders and successful entrepreneurs. Chat participants will have direct, real-time access to the Web chats via questions they submit online in advance and during the live session, with instant answers.

    Hontz and Swilling will answer questions for one hour beginning at 1 p.m. on March 4.

    Participants can join the live Web chat by going online to www.sba.gov , and clicking “Online Business Chat.” Web chat participants may post questions before the March 4 chat by visiting http://web.sba.gov/livemeeting/Mar10 / and posting their questions online. 

    To review archives of past Web chats, visit online at http://www.sba.gov/tools/monthlywebchat/index.html

Friday, February 19, 2010

West Virginia to receive $126 million grant for statewide broadband project

    WHEELING, W.Va. - The state of West Virginia will receive more than $126.3 million worth of federal stimulus funds for the Statewide Broadband Infrastructure Project. The state applied for the grant last year.

    “More than three years ago, I announced that our goal is to have West Virginia wired for broadband access from border to border, and with today’s stimulus funding announcement, our dream is well on its way to reality,” Gov. Joe Manchin said. “I consider the direction we take from today’s announcement just as significant as upgrading from the telegraph to the telephone, or going from a two-lane road to an Interstate highway system.”

    The governor said the broadband project will take the state’s technology infrastructure to a new level, particularly for the more rural parts of West Virginia. “This project is not just about technology; it’s about providing better public safety, broadening our health care technology, and enhancing and delivering a better education system,” the governor said.

    West Virginia was the only state in the nation to apply for a complete statewide grant, which would not have happened without a lot of hard work, preparation and the expertise of Cisco Systems Chairman and CEO John Chambers, Manchin said. “Our own very talented people put this application together and they consulted with top experts in the field, including John Chambers, to make this a workable, successful plan.

    “The dream we had in 2007 to expand broadband access statewide by 2010 is more realistic now because of the hard work of our team and the work with Cisco’s assistance. The state has been rewarded extremely handsomely to move our state forward in the 21st century.”

    West Virginia received the full funding request from its application.

    The announcement was made by U.S. Department of Commerce Sec. Gary Locke, who joined U.S. Sen. Jay Rockefeller, Reps. Nick Rahall and Alan Mollohan and National Telecommunications and Information Administration Administrator Larry Strickling in presenting the grant.

    Plans for the project include bringing high-speed Internet access to the region by expanding the state’s existing microwave public safety network and adding about 2,400 miles of fiber. As a result, every K-12 school in the state will have a high-speed internet connection. In addition, access to health-care, distance learning opportunities and broadband video applications for emergency first-responders will be greatly expanded.

    The project intends to spur affordable broadband service that would affect more than 700,000 households, 110,000 businesses and 1,500 anchor institutions by allowing local Internet service providers to connect to the project’s open network.

WorkForce West Virginia receives $250,000 grant for regional economic development

    CHARLESTON – The U.S. Department of Labor has awarded WorkForce West Virginia a $250,000 Regional Innovation Grant to help the Advantage Valley region of West Virginia and nearby counties in Kentucky and Ohio establish economic development plans that will create long-term sustainable growth and employment opportunities.

    “West Virginia is committed to doing all we can to address changing economic conditions,” said Gov. Joe Manchin. “Funding from this grant will help make sure we have a well-trained work force capable of meeting current and future workplace challenges.”

    Implementation of the plan includes determining the strengths and weaknesses of the Advantage Valley region, identifying target industries and helping displaced workers train and connect with available jobs.

    “WorkForce West Virginia and our partners will collaborate to establish economic and education projects that offer area workers high-quality career opportunities and promote business growth in the Advantage Valley region, "said Russell Fry, acting executive director for WorkForce West Virginia.

    Advantage Valley was created in 1996 to promote the region along I-64 from Montgomery, W.Va., to Ashland, Ky. The region was later expanded and now includes Boone, Clay, Cabell, Kanawha, Lincoln, Mason, Putnam and Wayne counties in West Virginia; Boyd, Carter and Greenup counties in Kentucky; and Lawrence County, Ohio.

    "Advantage Valley is grateful for the support received from the Governor's Office, the West Virginia Department of Commerce and WorkForce West Virginia for this project,” said Mike Herron, Advantage Valley president. “We are anxious to begin working on plans to strengthen the area's identity and refining a strategic plan that supports regional goals that will help ensure that the area's work force remains globally competitive.”

    WorkForce West Virginia is a network of work force development services designed to provide West Virginia's citizens and employers the opportunity to succeed in today’s competitive global economy. For more information, visit www.workforcewv.org .

Wednesday, February 17, 2010

Japanese manufacturer Nippon Tungsten to open first North American facility in West Virginia

    CHARLESTON – Japan-based manufacturer Nippon Tungsten has selected West Virginia for its first facility in North America and its first wholly owned subsidiary outside of Japan.

    Nippon Tungsten plans to occupy an existing 10,000-square-foot building located in Cabell County. The company will create a high-tech specialized machine shop that will resharpen blades manufactured by Nippon Tungsten’s equipment in Japan. The facility will service the company’s customers located throughout North America.

    “West Virginia is proud that Nippon Tungsten chose to open its first North American facility in our state,” said Gov. Joe Manchin. “International investment is an important part of West Virginia’s growing economy. We continue to attract such companies due to our strategic market location, skilled workforce and positive business climate.”

    “Before deciding where to open our first facility in the U.S., we evaluated various locations,” said Shozo Yoshida, president of Nippon Tungsten. “West Virginia offered advantages such as proximity to customers and an existing building that met our needs. When we also considered the assistance from state and local government and the positive experience of other Japanese companies in this state, we found West Virginia to be the best choice.”

    Nippon Tungsten will invest $2.4 million in the facility, which is expected to create six jobs initially. It is scheduled to be in operation by May 2010.

    For Nippon Tungsten’s customers, blade sharpness is imperative to cut materials with speed and precision. One of the firm’s largest North American customers, Proctor and Gamble, relies on the blades to cut products such as sanitary napkins and diapers.

    The blades are sharpened in an intricate three-stage process. In the final stage, the blades are filed by a skilled technician equipped with microscope-enhanced vision.

    Nippon Tungsten refines and fabricates tungsten and other metals to manufacture fine ceramic and refractory products. Nippon Tungsten products and technologies include die cutters, ceramic substrate, electrical contact and alloy metal components. The company is headquartered in Fukuoka City on Kyushu Island, Japan. The firm has offices and factories throughout Japan, China and Thailand.

Tuesday, February 16, 2010

10 finalists announced in statewide business plan competition

    MORGANTOWN, W.Va. – West Virginia University placed six teams in the top ten at the fourth annual Statewide Collegiate Business Plan Competition.

    The competition features student teams from colleges and universities throughout West Virginia. Finalists will take the next step toward becoming the newest state collegiate entrepreneurs with a workshop Feb. 19-20 at WVU. 

    Other finalists are from Glenville State College, Marshall University and the University of Charleston.

    The Statewide Collegiate Business Plan Competition spans the entire academic year and typically begins early in the fall semester. This year, 98 applicants from seven state institutions submitted proposals to be considered for the competition. The field was narrowed to 20 competitors, who were then invited to participate in the second round of competition in November, 2009. After second-round judging, 10 finalists were selected to advance to the final round of competition. The winners will be announced in April. Winners in the Lifestyle and Technology categories each win a $10,000 prize. Each winning team also receives professional business services, which they use to build small businesses within the state.

    Over the weekend, the WVU Entrepreneurship Center will host a workshop for the would-be companies looking to transform their visions into reality. The workshop gives participants the opportunity to interact with successful business professionals as the teams hone their business plans.

    “The weekend workshop is the main educational component of the Business Plan Competition,” said Mindy Walls, WVU Entrepreneurship Center Director. “It gives participants the chance to receive individual help from state entrepreneurs and work through issues they are facing in planning their businesses.”

    Coaches, participants and speakers from all over the state will be welcomed on Friday, Feb. 19, with an evening dinner at the Waterfront Place Hotel, followed by tips from past participants and advice from state business leaders. Law students from the WVU Entrepreneurial Law Clinic will also be on hand to provide legal consultation to all finalist teams.

    The workshop weekend continues on Saturday morning at the WVU College of Business and Economics, as teams will work all day with coaches to develop their business strategies in preparation for the final round of competition that will be held April 9-10.

    Finalists are encouraged to enroll in an online entrepreneurship course through the WVU College of Business and Economics designed to support their efforts in an academic setting.

    “The use of distance learning gives participants in this competition the opportunity to get advice on all aspects of their businesses,” Walls said. “Plus, they get to interact live as part of the process, which is quite valuable to the teams.”

    The WVU Business Plan Competition expanded to all four-year institutions statewide in 2006, with the goal of promoting entrepreneurship in higher education by providing leadership, skills training and peer support to students interested in building small businesses in West Virginia.

    For more information on the Statewide Collegiate Business Plan Competition, visit the Entrepreneurship Center website at: http://www.be.wvu.edu/bpc.

Friday, February 12, 2010

Four named to Business Hall of Fame at Marshall University

    HUNTINGTON – Four successful business leaders will be honored by Marshall University when they are inducted into the Lewis College of Business Hall of Fame Tuesday, April 20. This year’s inductees include Mark Chandler, vice president and chief financial officer of Triana Energy LLC; David Fox, III, vice president of business development of McJunkin Red Man Supply Company; James C. Justice, II, owner of The Greenbrier; and John Leslie, owner of Leslie Equipment Company.

    The induction reception and ceremony will take place in the new Marshall University Foundation Hall, home of the Erickson Alumni Center, on the Huntington campus. The celebration will start with a VIP reception at 5:30 p.m., followed by a general reception at 6:15 p.m. and an awards ceremony at 7 p.m.

    The Hall of Fame honors those people in the business community who have an outstanding record of long-standing achievement in their career fields. It is the most distinguished honor granted by the Lewis College of Business (LCOB).

    “This year we have some very outstanding inductees into the Lewis College Business Hall of Fame,” said Dr. Chong Kim, dean of the College of Business. “Not only will we be recognizing four outstanding business leaders, but this also will be one of the first big events in our new alumni center. It also is a revitalization of the Hall of Fame since we have not had an induction since 2006.”
    The 2010 inductees are:

    • Mark A. Chandler, vice president and chief financial officer of Triana Engergy LLC and affiliated companies, graduated magna cum laude from Marshall University in 1981. He began his career in Huntington, rising within the ranks of public accounting to become a partner in the firm Lockhart and Chandler, CPA’s. He left public accounting to join Columbia Energy in 1989 and became the Chief Financial Officer of Columbia Natural Resources in 1996. Chandler later became one of the original partners in Triana Energy, where he served as vice president and CFO from 2001 until the company’s sale in 2005. He continued working with that team of entrepreneurs and currently serves as CFO for a number of successful energy related enterprises, including Triana Energy, Highlands Drilling and Appalachian Geophysical Services.

    • David Fox, III, vice president of business development with McJunkin Red Man Supply Company, graduated from Marshall University in 1971 with a Bachelor of Arts in Business Administration. His career began in the oil and gas industry in 1972 with Branchland Pipe & Supply, a family owned business started in 1921 by his grandfather, David Fox, Sr. Along with his family, Fox started Appalachian Pipe & Supply in 1984. It merged with the oil and gas division of McJunkin Corporation in 1989 to form the largest oil field supply company in the eastern United States. Fox served as senior vice president and managed overall operations. McJunkin was sold to Goldman Sachs in 2007.

    • James C. Justice, II, owner of The Greenbrier and The Greenbrier Sporting Club, and James C. Justice Companies, Inc., received his BS and MBA degrees from Marshall University. He served as captain of the Marshall University golf team his last two years. Justice joined the family business in 1976 and as a result of his strong interest in agriculture in 1977 he started Bluestone Farms, which is currently operating as Justice Family Farms, LLC. Under his direction, Justice Farms grew to be the largest cash grain operation on the east coast. After the death of his father in 1983, Justice became president and CEO of Bluestone Industries, In., and Bluestone Coal Corporation. In 2003, Justice founded the James C. Justice Companies, Inc., to further expand the coal reserve base and acquire additional mining operations.

    • John Leslie, owner of Leslie Equipment Company, graduated from Marshall University in 1974 with a bachelor’s degree in business management. He returned to his hometown of Cowen, W.Va., and bought his uncle’s half of Leslie Brothers Equipment Co., a John Deere equipment franchise. Leslie ran the business with his father until 1985, when he purchased his father’s half of the company to become the sole owner. Eventually, Leslie shortened the name to Leslie Equipment Co. and expanded the business in Cowen. Today, Leslie Equipment employs more than 250 people at 10 locations throughout West Virginia, Ohio and Kentucky.

Thursday, February 11, 2010

FirstEnergy to acquire Allegheny Energy in $8.5 billion stock-for-stock deal

    AKRON, Ohio -- FirstEnergy and Allegheny Energy, Inc.  today announced that both companies' boards of directors have unanimously approved a definitive agreement in which the companies would combine in a stock-for-stock transaction.

    Under the terms of the agreement, Allegheny shareholders would receive 0.667 shares of FirstEnergy common stock in exchange for each share of Allegheny they own. Based on the closing stock prices for both companies on Feb. 10, 2010, Allegheny shareholders would receive a value of $27.65 per share, or $4.7 billion. FirstEnergy will also assume approximately $3.8 billion in Allegheny net debt. The price per share represents a premium of 31.6 percent to the closing stock price of Allegheny on Feb. 10, 2010, and a 22.3 percent premium to the average stock price of Allegheny over the last 60 days ending Feb. 10, 2010. Following the completion of the merger, it is anticipated that FirstEnergy shareholders would own approximately 73 percent and Allegheny shareholders would own approximately 27 percent of the combined company.

    The companies expect to complete the transaction within 12-14 months.
    The combination creates a leading regional energy provider with: -- Approximately $16 billion in annual revenues and $1.4 billion in annual net income (combined figures as of December 31, 2009); -- Ten regulated electric distribution companies providing electric service to more than six million customers in Pennsylvania, Ohio, Maryland, New Jersey, New York, Virginia and West Virginia; -- Nearly 20,000 miles of high-voltage transmission lines connecting the Midwest and Mid-Atlantic; -- Approximately 24,000 megawatts (MW) of generating capacity from a diversified mix of regional coal, nuclear, natural gas, oil and renewable power; and -- More than 2,200 MW of renewable energy, including hydroelectric, contracted wind and pumped-storage capacity. 

    "The combination of our companies is a natural fit that will accelerate our efforts to strengthen the operating performance of our generating fleet while building on our long-standing dedication to customers, shareholders and employees," said Anthony J. Alexander, president and chief executive officer of FirstEnergy. "This transaction will provide outstanding value to both companies' shareholders - offering enhanced earnings growth potential and a more competitive cost structure. Among other benefits, it would increase generation resources by 70 percent, more than double the amount of supercritical coal capacity, improve the overall environmental performance of the generation fleet, and increase our customer base by 35 percent. We also expect to create significant efficiencies and economies of scale as we share best practices across the new organization."

    Paul J. Evanson, chairman, president and chief executive officer of Allegheny, said, "This transaction significantly enhances value for our shareholders, who will receive both a meaningful premium and a substantial increase in the dividend based on FirstEnergy's current practice. The combined company will have substantial upside potential with increased scale and a more diverse generation fleet. We plan on working closely with FirstEnergy to integrate the businesses while maintaining both companies' long-standing focus on reliability, customer service, quality and safety."

    Following completion of the merger, the combined company would retain the FirstEnergy name and be headquartered in Akron, Ohio. The company's customers will continue to be served by their current electric utility companies including: Pennsylvania Electric Company (Penelec); Pennsylvania Power Company (Penn Power); Metropolitan Edison Company (Met-Ed); Allegheny Power (including: West Penn Power Company; Monongahela Power Company; The Potomac Edison Company); Ohio Edison Company; The Cleveland Electric Illuminating Company (CEI); The Toledo Edison Company; and Jersey Central Power & Light (JCP&L).

    Anthony J. Alexander will continue to serve as president and chief executive officer of FirstEnergy. Paul J. Evanson, currently chairman, president and chief executive officer of Allegheny, will become executive vice chairman of the combined company, reporting to Alexander. The FirstEnergy board will be expanded from 11 to 13 people with two additional directors from Allegheny.

About FirstEnergy
FirstEnergy is a diversified energy company headquartered in Akron, Ohio, with total annual revenues of $13 billion. Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services. Its seven electric utility operating companies comprise the nation's fifth largest investor-owned electric system, serving 4.5 million customers within 36,100 square miles of Ohio, Pennsylvania, New Jersey and New York; and its generation subsidiaries control more than 14,000 megawatts of capacity. More information is available on the company's Web site at www.firstenergycorp.com/investor .


About Allegheny Energy
Allegheny is an investor-owned electric utility headquartered in Greensburg, Pa., with total annual revenues of over $3 billion. The company's approximately $3.8 billion of net debt excludes securitized debt estimated to be approximately $527 million. The company owns and operates 9,700 MW of generating capacity and delivers low-cost, reliable electric service to approximately 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia. More information is available on the company's Web site at www.alleghenyenergy.com .

Huntington Banks says it will lend $4 billion to small businesses in the midwest

    COLUMBUS, Ohio -- Huntington Bank is committed to increasing the number of loans to small businesses through new lending guidelines and the hiring of 150 additional business bankers who will help small businesses navigate the lending process. Huntington estimates that approximately 27,000 loans will be made to small businesses over the next three years as a result of the bank's new initiatives, leading to job creation throughout the Midwest - a region that includes West Virginia.

    "Small businesses are the engine for our economic recovery and future job growth in the Midwest," said Steve Steinour, chairman, president and CEO of Huntington Bank. "We know that small businesses generate 65 percent of new jobs, and we want to help our area recover by jump starting small business hiring. It's clear that healthy small businesses foster growth and vitality in the communities they serve. We view this commitment as a significant opportunity at this stage of the overall economic recovery."

    While it is the 24th largest bank in the country, Huntington ended 2009 as the 7th largest SBA lender in the country. The bank also was the No. 1 SBA lender in four of the five markets it serves including Michigan, Ohio, West Virginia and Indiana in fiscal year 2009.

    Huntington's new small business initiatives are an outgrowth of Huntington's strategic plan completed last year with elements that include:
-- Increased lending: Huntington will lend $4 billion to small businesses over the next three years in Ohio, Michigan, West Virginia, Pennsylvania, Indiana and Kentucky. 
-- Turnaround loans: Many businesses suffered losses during the first part of the recession, which inhibited their ability to qualify for lending. If a business is experiencing a turnaround with several quarters of profitability and can provide reasonable projections, Huntington will include those results when evaluating loan applications. 
-- Increasing the number of experts: Huntington is hiring more than 150 additional business bankers across its markets to aggressively call on small businesses to offer financial solutions to help those businesses grow.
 -- CEO Roundtables: Huntington is launching small business CEO roundtables in Midwestern cities so that Huntington CEO Steve Steinour can hear directly from small business owners about the challenges they face and what they need to be more successful. 
-- Exploring government loans: Huntington looks for every opportunity to approve each application. In addition to conventional loans, Huntington utilizes 15 different government-lending programs including SBA lending, state and local lending, and agriculture and rural development loan programs. 

    For more information about Huntington's small business lending call: 1-800-480-2001. Or visit our Web site at www.huntington.com .


Friday, February 05, 2010

Governor Releases February 'Open for Business' Report

    CHARLESTON – Gov. Joe Manchin today released the latest Open for Business report documenting the state's economic progress. The February 2010 report highlights projects and related announcements from businesses both large and small that will assist with the creation of new jobs and the preservation of existing jobs.

West Virginia to receive $6 million grant to train 1,800 for clean energy jobs
    West Virginia will receive $6 million in federal economic stimulus funds to train 1,853 people for “green” jobs. WorkForce West Virginia will use the funds to work with educational and training providers to provide training and professional development. The program is expected to help 1,672 West Virginians find employment in “green” enterprises, including wind energy, bio-power industries and water and sewer plants.

Management firm opens office in Kanawha County
    New York-based RGZ Solutions has opened an office in the Charleston Area Alliance Business Incubator. The consulting firm offers services in complex project management in information technology; computer security assessments and audits; implement large financial and Enterprise Resource Planning (ERP) systems (SAP, Oracle, Microsoft Dynamics); and governance risk and compliance work.

Jefferson County’s “green” paperboard company celebrates 140th anniversary
    Having survived the Civil War, the Great Depression, two world wars, and several changes in ownership, the Halltown paperboard manufacturer in Jefferson County marks 140 years of making paper in West Virginia. The Ox Paperboard Co. recycles waste paper from various sources into pulp to make new products. The plant is focusing on recycling local paper products. The company also recycles water used in the papermaking process. Ox Paperboard’s plans for the future call for a nearly $1.5 million capital investment at the facility.

Morgantown ranks #2 on list of “Best Cities for Jobs”
    Morgantown in Monongalia County ranks second among 19 U.S. cities that show job growth of 1 percent or more from July-October 2009, according to a report by CareerBuilder.com. Heading the list with 2.7 percent employment growth was Merced, Calif., followed by Morgantown at 2.4 percent.

West Virginia schools get good marks in education report
    West Virginia’s educational system received a B- in Education Week’s Quality County 2010 report. The national average score was a C. West Virginia was the first in the nation to receive an A in “Standards, Assessments and Accountability.” The state ranked seventh in the nation with a B- in “Teaching Profession.” West Virginia scored a C- in “Chances for Success,” a category based on 13 factors including family income, parents’ level of education and high school graduation rates.

WVEDA approves $522,000 for business loan
    The West Virginia Economic Development Authority (WVEDA) approved a $522,000 loan during its January meeting: - Randox Laboratories, $522,000, to finance a building in Kearneysville, Jefferson County. Based in the United Kingdom, Randox produces diagnostic reagents and systems. Also during its January meeting, WVEDA approved allocations for the following projects to facilitate the issuance of tax exempt bonds under the guidance of federal tax rules. - $45,172,875 for Longview Power, Morgantown, a new 695-megawatt electrical power generating plant under construction - $30 million for American Clean Energy LLC, located at the Harless Wood Products Industrial Park, Mingo County, a new 28-megawatt wood-fired electricity generation plant.

SBA offers virtual business training on government contracting

    CLARKSBURG – A live Webinar and hands-on workshop is being provided by the U.S. Small Business Administration and its resource partners on Wednesday, Feb. 10. This training will provide West Virginia’s small businesses with tools and information on how to do business with the federal government. The training will focus on how small businesses can: market to federal agencies; find contracting opportunities online; learn the government buying process; and how to get registered.

    “We want to reach as many small businesses and entrepreneurs as we can and our Virtual Training Initiative is a perfect way to expand our outreach efforts in rural West Virginia,” said Judy McCauley, director of SBA’s West Virginia District Office. “This Virtual Training Initiative is also an excellent opportunity for qualified West Virginia small businesses to learn more and also register for the February 18 Small Business Industry Day at the U.S. Capitol.”

    Selling to the Government & SBA’s Small Business Certification Programs will be held at 10:00 a.m. and Getting Your Business Registered in CCR, is set for 1:30 p.m. Host sites for the virtual training will be at the Pierpont Community & Technical College in Fairmont, Southern Community & Technical College in Logan, the Women’s Business Center in Beckley, and the Regional Contracting Assistance Center in Charles Town (1:30 p.m. training only). Small business owners can participate in one or both of the workshops at any of the host sites, or from the comfort of their own office. For additional information and to register, contact Naomi Bassel at naomi.bassel@sba.gov or (304) 623-5631 extension 225.

    Small Business Industry Day is an event being hosted by the Architect of the Capitol (AOC) and is designed to provide information on how to do business with the AOC and the Capitol Visitor Center (CVC). The CVC is looking for U.S.-made products and manufactured with U.S.-made materials such as educational toys, jewelry, and souvenir apparel whose focus is on the Capitol for its two gift shops. They are also looking for goods and services required to maintain its buildings, including elevators, escalators, air handling units and electrical systems as well as products and services needed to maintain the landscaping around the Capitol complex and conserve and repair historical objects and artwork. Additional information can be found at the AOC website at www.aoc.gov.

    The federal government is the largest purchaser of goods and services in the world, spending nearly $520 billion in 2008. Contracting can be an excellent option for small businesses searching for expansion opportunities and for ways to keep their companies viable in today’s business climate. The U.S. Small Business Administration oversees various certification programs which can provide minorities, women, disabled veterans and other social and economic disadvantaged individuals with tools to engage in federal contracting.

    Representatives from the West Virginia Women’s Business Center, Small Business Development Center, Regional Contracting Assistance Center, and the U.S. Small Business Administration will be providing instructional guidance and support during the presentations.

Wednesday, February 03, 2010

Entrepreneur, Environmentalist and Entertainer join WVU's Academy of Distinguished Alumni

    MORGANTOWN – A management consultant for Fortune 500 companies, a well-known computer entrepreneur and environmentalist and a legendary television actor will be inducted into the West Virginia University Alumni Association Academy of Distinguished Alumni during a ceremony on Friday, Feb. 5, 2010, at The Erickson Alumni Center beginning at 6 p.m. 

    The 2010 class includes George B. Bennett, founder of four successful businesses that have reshaped the practice of management consulting; Addison M. Fischer, founder and chairman of Fischer International Systems Corporation and chairman of Planet Heritage Foundation; and Don Knotts, an Emmy Award winning actor.

    The Academy of Distinguished Alumni honors WVU graduates who have attained national or international distinction in their profession or discipline. The award has been established by the Alumni Association in cooperation with the University's 13 schools and colleges.

George B. Bennett
    For more than 35 years George Bennett has been a successful serial entrepreneur. Early in his career, he co-founded Bain and Co. and Braxton Associates, two highly regarded international strategy consulting firms that have dramatically affected Fortune 500 scale firms around the world. Later, he co-founded Symmetrix, a management consulting firm that specialized in helping large firms translate innovative strategies into cost effective operating practices. The last firm he co-founded, Health Dialog Corp., is an international health care services company having a dramatic impact on the way health care is delivered in the United States, several European countries and Australia. 

    Bennett and Chris McKown founded Health Dialog in 1997. The firm provides analytic services for payers (insurance companies, employers, Medicare, etc.) and telephonic support and Web support to patients. The firm is well known for the scale of the databases it maintains (five-year health histories for 34 million individuals) and for the sophistication of the analytic techniques it uses to identify individuals who could benefit from telephonic support and/or Web support. Bennett currently serves as the chairman of the firm’s Board of Directors. He served as both the CEO and chairman of the board from 1997 until January, 2008, when the firm was sold to Bupa, a large British-owned global provider of healthcare services.

    Bennett launched his entrepreneurial career in 1973 as a co-founder of Bain & Co., a large, top-tier international consulting firm whose clients have historically outperformed the stock market by four to one. Over the years, the firm has served more than 4,150 clients in a wide variety of industries. The company currently has 41 offices in 27 countries on five continents.

    In 1976 Bennett founded Braxton Associates, Inc., a boutique strategy consulting firm with a reputation for innovation and creativity. The firm was acquired in 1984 by Deloitte Touche Tohmatsu International, one of the world’s largest professional service firms.

    In 1985, Bennett co-founded Symmetrix, Inc., a strategy consulting firm that developed extensive system integration and re-engineering capabilities. He served as its chairman and chief executive officer from 1985 to 1996. In 1996 the firm was sold to Nextera Enterprises, a publicly traded firm that quickly built scale by acquiring a wide variety of successful specialty consulting practices.

    Bennett spent a year in Washington in the early 1980s as a member of the Grace Commission, a commission created by President Ronald Reagan to bring state-of-the-art business practices to the federal government. Bennett has remained active in Washington and has been an active participant in the ongoing debate regarding health reform.

    Bennett earned a bachelor’s degree in industrial engineering from West Virginia University in 1967 and a master’s degree and a doctoral degree in industrial administration from Carnegie Mellon University in 1971. In 1982, he was inducted into the WVU Distinguished Alumni Academy of Industrial and Management Systems Engineering. Bennett serves (or has served) on the board of directors of a number of organizations, including the Disease Management Association of America, the National Youth Science Foundation and Urban Improv, a Boston-based not-for-profit organization focused on “improving the odds” for Boston’s inner city youth. 

    Bennett, an avid boater and fisherman, has four children and four – soon to be fice -- grandchildren, all of whom live in the Boston area. He and his wife, Mimi, live in Brookline, Mass., and are active in the Brookline and Boston communities.

Addison M. Fischer
    Addison Fischer has been a computer entrepreneur since creating his first high-tech startup company in 1973, and has been involved in seed venture capital investing since the early 1980s. In 1980, he was a principal founder of the Community School of Naples, an independent K-12 school in Florida.

    Fischer founded Fischer International Systems Corp., a communications software provider to the Global 2000 and presently serves as chairman. As major owner of RSA Data Security, he founded VeriSign, the internationally recognized standard of Internet commerce integrity. 

    Fischer is co-owner, with Stanley Druckenmiller, of Duquesne Capital Management. He is co-founder of two small private Silicon Valley venture capital firms, Tierra del Oro and Camino del Oro, specializing in high-tech startup companies. 

    During the 1980s and 1990s he was a member of official committees that set U.S. standards for computer security and electronic commerce. He has been invited to address Congress on several topics, including digital signature standards, proposed FBI digital telephony legislation and global U.S. competitiveness. From 1995 through 1999 Fischer was a member of the Computer Systems Security and Privacy Advisory Board established by the Computer Security Act of 1987 to advise the President and report to Congress on issues regarding United States computer security. This committee, since renamed the Information Security and Privacy Advisory Board, is involved in work ranging from privacy issues to aspects of cyber-warfare. Addison holds numerous U.S. and international patents and is a lifetime member of the Association of Former Intelligence Officers. He holds mathematics degrees, as well as an honorary doctorate, from West Virginia University.

    In addition to his business interests, the Clarksburg, W.Va., native is actively involved in preserving, for future generations, our environment, resources, health, and freedom. Fischer works to promote civil liberties and privacy; advocates wilderness protection; and strives to preserve the integrity of the U.S. and world food supply from genetically altered species (the long-term effects of which are unknown). He also works with numerous organizations to reduce climate change.

    In 2000, working together with the Zenerji Fund, Fischer acquired a substantial amount of sensitive primeval Costa Rican rainforest to prevent its destruction by timber and farming interests. Part of this acquisition included the community of Las Alturas. He is presently involved in working to enhance the opportunities available to the people of Las Alturas while preserving their heritage and connection with nature. He is engaged in bringing together experts, researchers and innovators from various scientific, social, spiritual and engineering disciplines toward the goal of building a prototype community capable of operating perpetually in harmony with the surrounding virgin rainforest.

    From 2003 through 2005 Fischer was a member of the board of the Amazon Conservation Team, a private non-profit organization that works in concert with indigenous South American tribes to protect their ancestral lands. He presently serves as a member of the Advisory Board. In 2005, Fischer began supporting and working closely with Dr. Jane Goodall, and her worldwide conservation efforts. He presently serves as a board member of the Jane Goodall Institute. In 2008, Fischer founded, with Cindy Mercer, the Planet Heritage Foundation with the mission of preserving the planet's natural and ecological heritage, and mankind's cultural, social and intellectual heritage.

Don Knotts
    Morgantown native Don Knotts began his legendary career as a ventriloquist, performing at parties and other events in the local area. He decided to take a stab at a career in show business, moving to New York City after graduating from high school, but returned to his hometown to attend West Virginia University. Knotts enlisted in the Army where he was assigned to the Special Services Branch during World War II. While serving, he entertained the troops and began his comedic career.

    Knotts returned to WVU where he received his bachelor’s degree in 1948. Upon graduation, he married and returned to New York City where he performed stand-up comedy at clubs and appeared on radio programs, eventually playing the character Windy Wales on "The Bobby Benson Show." From 1953 to 1955, he was a regular on the soap opera "Search for Tomorrow." He was cast in the small role of the psychiatrist in the Broadway play "No Time for Sergeants," which starred Andy Griffith. He appeared as a regular on the "The Steve Allen Show" beginning in 1956 where he became well-known for his "nervous man" shtick in the "Man-on-the-Street" segments. It was this role of the fidgety, high-strung persona that became part of his characters for the rest of his career.

    When "The Tonight Show" moved to Hollywood in 1959 with host Jack Paar, Knotts also moved to California as a regular. Shortly thereafter, he was cast as Deputy Barney Fife on "The Andy Griffith Show," a role that would make him a legend. He earned five Emmy nominations, winning all five times in the Best Supporting Actor category from 1961 to 1967. In 1964, Knotts earned success on the big screen where he starred in “The Incredible Mr. Limpet,” and signed a five-year contract with Universal Studios. He went on to star in major movies, including “The Ghost and Mr. Chicken” (1966), “The Reluctant Astronaut” (1967), “The Shakiest Gun in the West” (1968), “The Love God” (1969) and "How to Frame a Figg" (1971).

    During the 1970s, he appeared in regional theater and made guest appearances on several TV shows. He teamed with Tim Conway on comedies for Walt Disney before landing a co-starring role as landlord Ralph Furley on the popular sitcom "Three's Company" from 1977 to 1984. Knotts also appeared in several television shows, including Griffith's "Matlock" series.

    In 2000, Knotts was honored with a star on the Hollywood Walk of Fame. During the next 10 years, he remained active, touring with plays and doing voice-over work for cartoons, including the voice of Mayor Turkey Lurkey in Disney's animated film “Chicken Little” in 2005. Knotts passed away in 2006 after an illness leaving behind his wife Francey and two children, Karen and Thomas. 

    For more information about the Academy, visit:http://alumni.wvu.edu/awards/academy .

11 Projects Statewide Receive Brownfields Grants

    MORGANTOWN — Eleven West Virginia communities, from Weirton in the northern panhandle to the Upper Guyandotte in the southern coalfields, will be creating plans to redevelop dilapidated industrial sites, thanks to grants from the 2010 FOCUS WV Brownfields program.

    “The FOCUS WV program allows the West Virginia Brownfields Assistance Centers at West Virginia University and Marshall University to provide financial and technical assistance to the selected communities to create redevelopment visions for some of their biggest eyesores,” said Sera Zegre, FOCUS WV program manager at WVU. 

    Funding for the Foundation for Overcoming Challenges and Utilizing Strengths (FOCUS) program is being provided by the Claude Worthington Benedum Foundation through the West Virginia University Foundation.

    The winners, who will be using the $5,000 awards to create community-based revitalization plans, include:
    • Arthurdale Heritage, Inc., to revitalize the Arthurdale school buildings in Preston County;
    • Brooke-Hancock Regional Planning & Development Council, to attract private developers to Weirton’s North End in Hancock County;
    • Central Appalachia Empowerment Zone of West Virginia, to convert an old rail yard into the JG Bradley Campground in Clay County;
    • City of Parkersburg, to redevelop the FoamCoat waterfront property that was once a marble factory and a petroleum storage facility along the Little Kanawha River in Wood County;
    • Coal Heritage Highway Authority, to establish a Coal Heritage Discovery Center in an underutilized historical structure in the town of Mt. Hope in Fayette County;
    • Friends of Deckers Creek, to transform a former service station into the Pioneer Rocks Gateway in Monongalia County;
    • Morris Creek Watershed Association, to design a “green” building to house an Environmental    Educational Learning Center for Fayette and Kanawha Counties;
     • Shepherdstown Public Library , to reclaim a dormant landfill as a site for a new, state-of-the-art “green” library in Jefferson County;
    • Upper Guyandotte Watershed Association, to revitalize Horse Creek Lake in Wyoming County;
    • Webster County Economic Development Authority, to redevelop the old Reiss-Viking magnetite processing plant along the banks of the Gauley River outside Camden in Webster County;
    • Wes-Mon-Ty Resource Conservation & Development Project, Inc., to restore mine-scarred lands on Cheat Mountain at Barton Bench in Randolph County.

    More information about the FOCUS WV Brownfields Program, as well as testimonials from communities that received funding in 2009, can be found at www.wvbrownfields.com .

Tuesday, February 02, 2010

Patriot Coal announces 2009 earnings report

    ST. LOUIS, Feb. 2  -- Patriot Coal Corporation today reported its financial results for the quarter ended Dec. 31, 2009. The Company reported revenues of $503.2 million, EBITDA of $32.5 million, net income of $10.9 million and diluted earnings per share of .12 for the 2009 fourth quarter. Net income and diluted earnings per share were reduced by a $20.2 million restructuring and impairment charge related to coal reserves and infrastructure.

    For the full-year 2009, the Company reported revenues of $2.0 billion, EBITDA of $110.7 million, net income of $127.2 million, and diluted earnings per share of $1.49. In 2008, Patriot reported revenues of $1.7 billion, EBITDA of $44.2 million, net income of $142.7 million and diluted earnings per share of $2.21. Accretion related to shipments on below-market sales and purchase contracts obtained in the Magnum Coal acquisition in July 2008 totaled $66.1 million and $298.6 million, respectively, in the fourth quarter and 2009 year, and $279.4 million in 2008.

    "We posted our highest 2009 quarterly EBITDA in the fourth quarter, which represented a solid finish to a challenging year. And for the year we saw EBITDA increase 150 percent versus 2008. Our stronger operating performance, higher revenues and value-added commercial transactions all contributed to the improvements," said Patriot Chief Executive Officer Richard M. Whiting. "Patriot enters the new year with a more seasoned team and more stable operations. As a result, we are positioned to manage near-term challenges and opportunities, and to prosper as coal markets improve."

    On Jan. 6, 2010, the Company announced that the U.S. Army Corps of Engineers had finalized its evaluation process and issued the Hobet 45 permit under Section 404 of the Clean Water Act. The Hobet surface mine is part of the Company's Corridor G mining complex in southern West Virginia. At full production capability, the complex produces nearly four million tons of thermal coal annually.

    "We are pleased that the Corps of Engineers granted the permit allowing us to continue mining activities at the Hobet mine. We appreciate the diligent efforts of the EPA and the Corps, and we are confident this permit will allow Patriot to continue providing coal for low-cost electricity generation in a manner that reduces any potential impact on the environment," noted Whiting.

    Sales in the fourth quarter included 6.7 million tons of thermal and 1.6 million tons of metallurgical coal, an increase from the 6.3 million and 1.5 million tons, respectively, sold in the 2009 third quarter.

    For the 2009 year, shipments of 32.8 million tons represented an increase of 4.3 million from the prior year. Revenues in the 2009 fourth quarter were $503.2 million, comparable with revenues of $506.2 million in the 2009 third quarter. Revenues for 2009 increased $390.7 million compared to 2008, primarily due to the inclusion of a full year of Magnum results, partially offset by lower thermal coal volume in 2009. Revenues in the 2009 fourth quarter were $37.9 million lower than the prior year amount, as a result of lower tons sold, partially offset by higher average selling prices.

    For 2010, the Company currently anticipates sales volume in the range of 33.0 to 35.0 million tons. This includes metallurgical coal sales of at least 6.5 million tons, representing a meaningful increase over the 5.4 million tons sold in 2009. Additionally, this guidance incorporates the impact of moves at both longwalls in the first quarter of 2010 and extended moves mid-year as both longwalls relocate to new areas within the mines. Based on this expected volume, cost per ton is expected to be in the range of $53.00 to $57.00 for the Appalachia segment and $36.00 to $38.00 for the Illinois Basin segment. These estimated costs per ton compare favorably to $57.13 and $37.30 reported in 2009 for the Appalachia and Illinois Basin segments, respectively.

    Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin. The Company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves. The Company's common stock trades on the New York Stock Exchange under the symbol PCX.

NiSource reports 2009 earnings down from 2008 levels

    MERRILLVILLE, Ind.,— NiSource Inc. has announced net operating earnings (non-GAAP) of $295.3 million, or $1.07 per share, for the 12 months ended Dec. 31, 2009, compared to net operating earnings of $349.4 million, or $1.28 per share for 2008. NiSource's consolidated operating earnings (non-GAAP) for the 12 months ended Dec. 31, 2009 were $881.0 million, compared to $918.6 million in 2008.

    On a GAAP basis, NiSource reported income from continuing operations for the 12 months ended Dec. 31, 2009, of $231.2 million, or .84 per share, compared with $370.6 million, or $1.35 per share in 2008. Operating income was $801.9 million for 2009 versus $918.7 million in the year-ago period. Schedules 1 and 2 of this news release contain a reconciliation of net operating earnings and operating earnings to GAAP.

    For the three months ended Dec. 31, 2009, net operating earnings were $98.9 million (non-GAAP), or .35 per share, compared with $126.2 million, or .46 per share, for the same period in 2008. On a GAAP basis, income from continuing operations for the three months ended Dec. 31, 2009 was $88.5 million, or .32 per share, compared with $127.5 million, or .46 per share for the fourth quarter of 2008.

    "Our team's exceptional execution enabled NiSource to not only weather the storm during 2009, but to emerge as a stronger, more robust company," NiSource President and Chief Executive Officer Robert C. Skaggs, Jr. said. "Despite unprecedented dislocations in the financial markets and a very challenging economic environment - particularly in our Northern Indiana markets - our company's underlying business performance remained strong, our liquidity position improved significantly, and we produced tangible results from our core strategy to build shareholder value and deliver long-term, sustainable earnings growth.

    The company noted that its net operating earnings for 2009 (non-GAAP) were in line with the company's guidance range of $1.00 to $1.10 per share announced early last year. The results reflect increased net revenues in NiSource's Gas Distribution and Gas Transmission & Storage businesses, as well as the effects of open market debt repurchases and lower short-term interest rates. As anticipated, these improvements were more than offset by previously disclosed increased pension expense, reduced electric demand resulting from the economic downturn, and incremental interest expense related to the issuance of long-term debt under the company's liquidity plan.

    Compared with 2008, NiSource's 2009 results reflected approximately $69.9 million in additional net revenues (excluding regulatory trackers) at NiSource's Gas Distribution unit, primarily attributable to regulatory initiatives. NiSource's Gas Transmission & Storage unit also delivered $56.2 million in increased net revenues (excluding regulatory trackers) resulting from growth projects, short-term transportation and storage services, and mineral rights leasing. These improvements helped to lessen impacts from the economic recession, which resulted in reduced industrial electric demand of approximately 17 percent compared to 2008 levels.

    "Through our revenue growth initiatives, as well as aggressive cost management efforts across all our businesses, we mitigated a significant portion of the impacts of the economic recession," Skaggs said. "Our ability to deliver on our financial commitments in the face of a tough economy underscores the resilience of our core regulated businesses and is a testament to the team's disciplined execution of their business plans."

    NiSource Inc. (NYSE:NI) , based in Merrillville, Ind., is a Fortune 500 company engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution. NiSource operating companies deliver energy to 3.7 million customers located within the high-demand energy corridor stretching from the Gulf Coast through the Midwest to New England. Information about NiSource and its subsidiaries is available via the Internet at www.nisource.com .