Nicor earnings decline

NAPERVILLE - Shipping declines and lower corporate operating results pushed Nicor Inc.'s earnings downward in the second quarter, the company reported Friday. Nicor reported operating income of $39.5 million for earnings of 50 cents a share compared to $40.6 million and 64 cents a share in the second quarter 2008. The figures reflect improved operating income in the company's gas distribution and other energy-related businesses that were more than offset by lower operating income in the company's shipping business, as well as lower corporate operating results. The second quarter comparisons also reflect lower interest income and pretax equity investment income as well as a higher effective income tax rate in 2009. "Our consolidated year-to-date results are solid, particularly given the challenging economic environment," said Russ Strobel, Nicor's Chairman, President and Chief Executive Officer. "As expected, we're now seeing the positive impacts of rate relief begin to offset the increased operating costs of our gas distribution business."