Parent of Florida Water Services, Allete, Inc., report earning flat for conglomerate and water services

Third Quarter Earnings of 47 Cents Per Share

Updated: Thu, Oct 18 8:31 AM EDT

DULUTH, Minn., Oct. 18 /PRNewswire/ -- ALLETE, Inc. today reported third quarter 2001 earnings of 47 cents per share versus 50 cents last year. Net income was $37.8 million on quarterly revenue of $420.2 million, compared with net income of $35.0 million and $323.5 million of revenue for the same period a year ago.

"We are very pleased with our third quarter results, considering the current national situation," said David Gartzke, ALLETE president. "Energy Services and our real estate business posted strong earnings. However, the Sept. 11 terrorist attacks did have a negative impact on our financial performance this quarter, particularly at Automotive Services and our securities portfolio."

Water Services net income for the quarter was flat compared to a year ago. A 6 percent decrease in water sales due to wet weather was offset by a gain on asset sales in Florida resulting from the condemnation of a small water system. The total number of water customers increased 4 percent compared to third quarter 2000.