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December 10, 2003
NAPERVILLE, Ill. -- Nicor Inc. (NYSE: GAS) released the following statement in response to today's announcements by the Office of the United States Attorney for the Northern District of Illinois and the Securities and Exchange Commission regarding charges against former employees of Nicor Energy, LLC, a 50-percent owned joint venture with Dynegy Marketing and Trade that is no longer in operation.
-- During the time period covered by the charged conduct, Nicor
Energy, a retail energy marketing business, had its own
management and was operated separately from Nicor Inc. and
Nicor Gas. None of the individuals are employees of Nicor Inc.
or Nicor Gas, nor were they at the time of the charged
conduct. Nicor Energy disposed of all of its natural gas and
electric accounts earlier this year and the business is in a
final liquidation phase.
-- Nicor Inc. originally discovered accounting irregularities at
Nicor Energy as part of a 2001 year-end audit and management
review of Nicor Energy's financial results. Nicor Inc.
publicly disclosed these findings to federal authorities and
the investment community. Nicor Inc. has cooperated fully
throughout the investigation and is pleased that this matter
has now come to a resolution.
-- Nicor Inc. wrote down to zero its investment in this joint
venture in the third quarter 2002. These indictments are not
expected to have a material impact on the financial results of
Nicor Inc.
Nicor Inc. (NYSE: GAS) is a holding company and is a member of the S&P 500. Its principal businesses are Nicor Gas, one of the nation's largest natural gas distribution companies, and Tropical Shipping, a containerized shipping business serving the Caribbean region. Nicor also owns several energy-related businesses and has equity interests in several energy-related businesses. For more information, visit the Nicor website at www.nicor.com.
Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements about the earnings expectations of Nicor Inc., its subsidiaries and affiliates. Although Nicor believes these statements are based on reasonable assumptions, actual results may vary materially from stated expectations. Such forward-looking statements may be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "expect," "intend," "may," "planned," "potential," "should," "will," "would," or similar phrases. Actual results may differ materially from those indicated in the company's forward-looking statements due to the direct or indirect effects of the results of legal contingencies (including litigation) and the resolution of those issues, including the effects of an ICC review, and undue reliance should not be placed on such statements. Other factors that could cause materially different results include, but are not limited to, weather conditions; natural gas and fuel prices; fair value accounting adjustments; health care costs; insurance costs; legal costs; borrowing needs; interest rates; credit conditions; economic and market conditions; Caribbean tourism; energy conservation; legislative and regulatory actions, results, or adjustments; additional adjustments related to Nicor's retail energy marketing joint venture; asset sales; significant unplanned capital needs; future mercury-related charges or credits; changes in accounting principles; performance of major suppliers and contractors; and acts of terrorism. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Nicor undertakes no obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this release.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Nicor Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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