-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RLflmzvSK6/YfeOPERjSKrFdyoiNChQzVbBT2nxa4WOtskwuDjHjudRsnFQLZwO/ 5/mskFIkOOkng60NgIfqsA== 0000950144-01-506443.txt : 20010828 0000950144-01-506443.hdr.sgml : 20010828 ACCESSION NUMBER: 0000950144-01-506443 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010827 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIEDMONT NATURAL GAS CO INC CENTRAL INDEX KEY: 0000078460 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 560556998 STATE OF INCORPORATION: NC FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06196 FILM NUMBER: 1724192 BUSINESS ADDRESS: STREET 1: 1915 REXFORD RD CITY: CHARLOTTE STATE: NC ZIP: 28211 BUSINESS PHONE: 7043643120 MAIL ADDRESS: STREET 1: P.O. BOX 33068 CITY: CHARLOTTE STATE: NC ZIP: 28233 8-K 1 g71456e8-k.txt PIEDMONT NATURAL GAS COMPANY INC 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 27, 2001 --------------- Piedmont Natural Gas Company, Inc. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) North Carolina 1-6196 56-0556998 - ------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 1915 Rexford Road, Charlotte, North Carolina 28211 - ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (704) 364-3120 ----------------------- - ------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report.) Page 1 of 4 pages 2 Item 5. Other Events On August 27, 2001, Piedmont Natural Gas Company issued a press release concerning an overstatement of earnings attributable to Piedmont's 30% interest in SouthStar Energy Services LLC. A copy of the Press Release is attached as an exhibit to this Form 8-K. Item 7. Financial Statements and Exhibits (c) Exhibits The following exhibit is filed herewith: Exhibit No. Description of Exhibit ----------- ---------------------- 99.1 Press Release Dated August 27, 2001 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Piedmont Natural Gas Company, Inc. ---------------------------------- (Registrant) By /s/ Barry L. Guy --------------------------------- Barry L. Guy Vice President and Controller (Principal Accounting Officer) Date August 27, 2001 Page 2 of 4 pages EX-99.1 3 g71456ex99-1.txt PRESS RELEASE DATE AUGUST 27 2001 1 PRESS RELEASE PIEDMONT REPORTS SOUTHSTAR REVENUE ADJUSTMENT CHARLOTTE, N.C., August 27, 2001. On Friday, August 24, 2001, Piedmont Natural Gas Company (NYSE:PNY) reported unaudited net income and diluted earnings per share for the three, nine, and twelve months ended July 31, 2001. The reported earnings included earnings attributable to Piedmont's 30% interest in SouthStar Energy Services, LLC., a natural gas marketer operating in Georgia under the trade name Georgia Natural Gas Services. At a meeting of SouthStar's Executive Committee attended by Piedmont representatives this morning, SouthStar's management reported that SouthStar's audited revenues and net income as reported to Piedmont for SouthStar's 1998, 1999, and 2000 fiscal years and its unaudited revenues and net income for SouthStar's seven month period ended July 31, 2001 were overstated. According to SouthStar's management, the overstatement was due to the manner by which SouthStar estimated its unbilled revenues for the various reporting periods. Based on information presently available to Piedmont, it appears that the revision in SouthStar's net income since SouthStar's inception in July 1998 will reduce Piedmont's earnings by $.15 per share if the entire adjustment is taken in fiscal 2001. Based on information currently available to Piedmont, it appears that approximately one-third of the adjustment relates to periods prior to Piedmont's current fiscal year. SouthStar's management is working with its independent auditors to further refine the exact amount of the overstatement of SouthStar's revenues and net income and the accounting periods to which it applies. Once Piedmont has received a final report, Piedmont will provide further guidance. The overstatement of revenues and net income by SouthStar is unrelated to the ongoing lawsuit in which Georgia Natural Gas Company, a wholly owned subsidiary of AGL Resources, Inc. and the owner of a 50% interest in SouthStar, has brought an action, purportedly on behalf of SouthStar, against Dynegy Marketing and Trade, the owner of a 20% interest in SouthStar. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, including, but not limited to, those that are discussed in SEC reports filed by Piedmont Natural Gas. The statements contained in this news release are based on Piedmont's current estimates, and actual results may differ materially. More information about the risks and uncertainties relating to these forward-looking statements may be found in Piedmont's SEC filings, which are available free of charge on the SEC's website at www.sec.gov. Page 3 of 4 pages 2 Piedmont Natural Gas is an energy and services company primarily engaged in the transportation, distribution and sale of natural gas to over 700,000 residential, commercial and industrial customers in North Carolina, South Carolina and Tennessee. The Charlotte-based company is the second-largest natural gas utility in the Southeast. An unregulated subsidiary of the Company is an equity participant in a venture that markets natural gas to an additional 570,000 customers in Georgia, the first state in the venture's eight-state region to deregulate retail natural gas service. Another unregulated subsidiary is an equity participant in Heritage Propane Partners, L.P., the nation's fourth-largest propane distributor serving more than 500,000 customers in twenty-eight states. # # # # # # # # # Page 4 of 4 pages -----END PRIVACY-ENHANCED MESSAGE-----