From Times Staff and Wire Reports
Columbia Gas System Posts Huge Loss: Columbia posted an $805-million loss for the second quarter, blaming the high-priced gas contracts that drove the company into bankruptcy court last month. The loss amounted to $15.93 per share for Columbia, one of the nation’s largest natural gas suppliers. The results compared to a loss of $4.6 million, or 10 cents a share, a year earlier. Columbia said it took a $765-million accounting charge against its after-tax earnings to cover estimated losses on the contracts.
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