Alliant Energy says 2001 on track to meet earnings goals

MADISON, Wis., Oct. 19, 2001 — Public utility holding company Alliant Energy Corp. today reported a rise in its 3rd quarter adjusted earnings and said it was on track to meet its earnings goal for the year.

Alliant reported adjusted net income of $74.9 million, or $0.94 per share, for the third quarter of 2001 compared to adjusted net income of $73.5 million, or $0.93 per share, for the third quarter of 2000.

Both periods excluded non-cash valuation adjustments related to the company’s obligation under certain 30-year exchangeable senior notes — charges of $0.16 per share and $0.02 per share in the third quarters of 2001 and 2000, respectively. In addition, adjusted net income for the third quarter of 2000 excludes $204 million of non-cash net income, or $2.58 per share, relating to the company’s adoption of a new accounting pronouncement (SFAS No. 133) on July 1, 2000.

Higher electric utility margins, a lower effective income tax rate and higher earnings from the company’s non-regulated operations were largely offset by increased utility operating expenses during the quarter.

“I am pleased to report another solid quarter of financial performance,” said Alliant Energy CEO Erroll B. Davis, Jr. “Through the successful execution of our Invest, Connect and Grow strategy, we continue to deliver strong earnings and shareowner value through both our regulated utility operations and our portfolio of non-regulated businesses.”

Reported net income and earnings per share for the third quarters of 2001 and 2000 were $62.3 million, or $0.78 per share, and $276.2 million, or $3.49 per share, respectively.

Alliant Energy is the parent company of three public utility companies — IES Utilities Inc. (IES), Interstate Power Company (IPC) and Wisconsin Power and Light Company (WP&L) — and of Alliant Energy Resources, Inc. (AER), the parent company of Alliant Energy’s non-regulated operations.

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