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To: 4figureau who wrote (859)	8/7/2002 10:36:18 AM
From: 4figureau	Respond to of 5423

CMS Posts Loss After Trading Scandals >>The company's second quarter was marked by turmoil, with regulators probing bogus energy deals, the resignation of its chief executive and credit problems. Because of the trades under investigation, known as "round-trip" deals, the company is restating its 2000 and 2001 financial results to eliminate the effects of the transactions.<< DEARBORN, Mich. (Reuters) - CMS Energy Corp. (NYSE:CMS - News), the utility holding company under investigation for false energy trades, on Wednesday posted a loss for the second-quarter after taking hefty charges for restructuring and its discontinued oil and gas business. Before items, the company earned 44 cents a share. On that basis, analysts polled by Thomson First Call expected the company to earn 23 cents a share to 31 cents a share, with an average estimate of 27 cents. The company's second quarter was marked by turmoil, with regulators probing bogus energy deals, the resignation of its chief executive and credit problems. Because of the trades under investigation, known as "round-trip" deals, the company is restating its 2000 and 2001 financial results to eliminate the effects of the transactions. To shore up its balance sheet, the company has agreed to sell its oil and gas business, and on Wednesday said it could divest additional pipelines, gas gathering and processing facilities and an LNG terminal. Shares of the company closed at $7.93 Tuesday on the New York Stock Exchange. biz.yahoo.com