-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950124-04-000802.txt : 20040310
<SEC-HEADER>0000950124-04-000802.hdr.sgml : 20040310
<ACCEPTANCE-DATETIME>20040310162300
ACCESSION NUMBER:		0000950124-04-000802
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040310
ITEM INFORMATION:		
FILED AS OF DATE:		20040310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMERS ENERGY CO
		CENTRAL INDEX KEY:			0000201533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				380442310
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05611
		FILM NUMBER:		04660493

	BUSINESS ADDRESS:	
		STREET 1:		212 W MICHIGAN AVE
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		5177881030

	MAIL ADDRESS:	
		STREET 1:		212 W MICHIGAN AVE
		STREET 2:		M 946
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSUMERS POWER CO
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CMS ENERGY CORP
		CENTRAL INDEX KEY:			0000811156
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				382726431
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09513
		FILM NUMBER:		04660492

	BUSINESS ADDRESS:	
		STREET 1:		FAIRLANE PLZ S STE 1100
		STREET 2:		330 TOWN CENTER DR
		CITY:			DEARBORN
		STATE:			MI
		ZIP:			48126
		BUSINESS PHONE:		3134369261

	MAIL ADDRESS:	
		STREET 1:		FAIRLANE PLAZA SOUTH, SUITE 1100
		STREET 2:		330 TOWN CENTER DRIVE
		CITY:			DEARBORN
		STATE:			MI
		ZIP:			48126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k83681e8vk.txt
<DESCRIPTION>CURRENT REPORT DATED 03/10/04
<TEXT>
<PAGE>
================================================================================

                                    FORM 8-K

                                 CURRENT REPORT


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

         DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) MARCH 10, 2004

 COMMISSION         REGISTRANT; STATE OF INCORPORATION;          IRS EMPLOYER
FILE NUMBER            ADDRESS; AND TELEPHONE NUMBER          IDENTIFICATION NO.
- -----------            -----------------------------          ------------------

   1-9513                 CMS ENERGY CORPORATION                  38-2726431
                         (A MICHIGAN CORPORATION)
                             ONE ENERGY PLAZA
                          JACKSON, MICHIGAN 49201
                              (517) 788-0550


   1-5611                CONSUMERS ENERGY COMPANY                 38-0442310
                         (A MICHIGAN CORPORATION)
                             ONE ENERGY PLAZA
                          JACKSON, MICHIGAN 49201
                              (517) 788-0550



<PAGE>




ITEM 12.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On March 10, 2004, CMS Energy Corporation ("CMS Energy") issued a News Release,
in which it announced its 2003 results and 2004 earnings guidance. Attached as
Exhibit 99 to this report and incorporated herein by reference is a copy of the
CMS Energy News Release, furnished as a part of this report.

The News Release contains "forward-looking statements", within the meaning of
the safe harbor provisions of the federal securities laws. The "forward-looking
statements" are subject to risks and uncertainties. They should be read in
conjunction with "CMS ENERGY FORWARD-LOOKING STATEMENTS, CAUTIONARY FACTORS AND
UNCERTAINTIES" found in Item 1 of CMS Energy's Form 10-K/A for the Fiscal Year
Ended December 31, 2002, filed on July 1, 2003 and "CONSUMERS FORWARD--LOOKING
STATEMENTS, CAUTIONARY FACTORS AND UNCERTAINTIES" found in Item 1 of Consumers
Energy Company's Form 10-K for the Fiscal Year Ended December 31, 2002, filed on
March 31, 2003 (both incorporated herein by reference), that discuss important
factors that could cause CMS Energy's and Consumers Energy Company's results to
differ materially from those anticipated in such statements.




<PAGE>

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.



                                      CMS ENERGY CORPORATION

Dated:  March 10, 2004

                                      By:    /s/ Thomas J. Webb
                                           -------------------------------------
                                           Thomas J. Webb
                                           Executive Vice President and Chief
                                           Financial Officer


                                      CONSUMERS ENERGY COMPANY

Dated:  March 10, 2004

                                      By:    /s/ Thomas J. Webb
                                           -------------------------------------
                                           Thomas J. Webb
                                           Executive Vice President and Chief
                                           Financial Officer
<PAGE>
                                 EXHIBIT INDEX


Exhibit             Description
- ------              -----------

99.1                CMS Energy News Release

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>k83681exv99w1.txt
<DESCRIPTION>CMS ENERGY NEWS RELEASE
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

[CMS ENERGY LOGO]

                                                                    NEWS RELEASE

                           CMS ENERGY RESULTS IMPROVE,
                             FINANCIAL PLAN ON TRACK

         JACKSON, Mich., March 10, 2004 - CMS Energy (NYSE: CMS) announced today
a 2003 reported net loss of $44 million, or $0.30 per share, compared to a loss
of $650 million, or $4.68 per share, in 2002.

         Excluding the impact of $1.11 per share in asset writedowns and other
charges, ongoing earnings for 2003 were $0.81 per share, or $122 million, in
line with the Company's guidance of $0.80 to $0.90 per share. On a comparable
basis, ongoing earnings for 2002 were $0.84 per share on net income of $117
million.

         Ongoing (non-Generally Accepted Accounting Principles) earnings
provide a key measure of the Company's present operating financial performance,
unaffected by discontinued operations, asset sales or other items detailed in
the attached summary financial statements.

         CMS Energy also announced its guidance for 2004: a reported net loss of
about $0.50 per share and ongoing earnings growth to about $0.85 per share. The
reported guidance reflects losses anticipated from the sale of certain
international assets.

         CMS Energy 2003 highlights included:

         - 15 assets sold for $2.1 billion and net proceeds of nearly $850
             million

         - Consolidated debt reduced by $1.1 billion

         - $3.8 billion refinanced to extend debt maturities and lower interest
             costs

         - $560 million contributed to the pension plan, fully funding all
             accumulated obligations

         - Consumers Energy's gas utility ranked highest for customer
             satisfaction in the Midwest for the second straight year by J.D.
             Power and Associates

         - Consumers Energy ranked No. 2 nationally in a University of Michigan
             survey of customer satisfaction for combined electric and gas
             utilities.

         - Electric utility met all 10 performance standards set by the Michigan
             Public Service Commission

         - The Company's utility and non-utility generating plants set
             production records


<PAGE>

         The Company also noted it had restated its 2001 and 2002 financial
statements to properly account for certain derivative instruments held by some
international affiliates. The Company owns a minority interest in those
affiliates. CMS Energy's 2003 10-K filing will detail the restatements, which
increased the 2002 loss from $4.46 per share to $4.68 per share.

         CMS Energy's chairman and chief executive officer, Ken Whipple, said
the 2003 results and 2004 guidance reflect the progress the Company is making
with its "utility-plus" strategy.

         "Our goal is to become a smaller, stronger company with our utility,
Consumers Energy, as the primary focus. The `plus' part is our non-utility
energy businesses - independent power projects, gas and electric distribution
units, and gas pipelines - that are important to our cash flow and earnings,"
Whipple said.

         "We will continue to execute our financial improvement plan and meet
our commitments. We have this Company moving in the right direction and will
maintain our focus on operational excellence, increasing our financial
flexibility, and reducing debt."

         CMS Energy is an integrated energy company, which has as its primary
business operations an electric and natural gas utility, natural gas pipeline
systems, and independent power generation.


                                      # # #

         For more information on CMS Energy, please visit our web site at:
         www.cmsenergy.com

         Media Contacts: Jeff Holyfield, 517/788-2394 or Dan Bishop,
         517/788-2395

         Investment Analyst Contact: CMS Energy Investor Relations, 517/788-2590

<PAGE>
                             CMS Energy Corporation
                        SUMMARY OF CONSOLIDATED EARNINGS
                        --------------------------------
                    Condensed Consolidated Income Statements
                      (Millions, Except Per Share Amounts)

<TABLE>
<CAPTION>
                                                             Fourth Quarter                             Twelve Months
                                                               (Unaudited)
                                                   ----------------------------------         ---------------------------------
                                                       2003                  2002                2003                  2002
                                                   ------------          ------------         -----------          ------------
<S>                                                <C>                   <C>                  <C>                  <C>
Operating Revenue                                  $      1,372          $      1,736         $     5,513          $      8,673

Earnings from Equity
   Method Investees                                          39                    (3)                164                    92

Operating Expenses                                        1,306                 2,255               5,082                 8,690
                                                   ------------          ------------         -----------          ------------

Operating Income (Loss)                            $        105          $       (522)        $       595          $         75

Other Income (Deductions)                                    12                   (30)                 14                     -

Fixed Charges                                               139                   123                 594                   508

Income Tax Expense (Benefit)                                 10                  (162)                 58                   (41)

Minority Interests                                            3                     -                   -                     2
                                                   ------------          ------------         -----------          ------------

Income (Loss) from Continuing Operations           $        (35)         $       (513)        $       (43)         $       (394)

Income (Loss) from Discontinued Operations                   43                  (120)                 23                  (274)

Cumulative Effect of Accounting Changes                       -                     -                 (24)                   18
                                                   ------------          ------------         -----------          ------------

Net Income (Loss)                                  $          8          $       (633)        $       (44)         $       (650)
                                                   ============          ============         ===========          ============

Earnings (Loss) Per Share

             Basic                                 $       0.05          $      (4.40)        $     (0.30)         $      (4.68)

             Diluted                                       0.05                 (4.40)              (0.30)                (4.68)

</TABLE>


<PAGE>


                             CMS Energy Corporation
                      SUMMARIZED COMPARATIVE BALANCE SHEETS
                      -------------------------------------
                              (Millions of Dollars)

<TABLE>
<CAPTION>
                                                               December 31               December 31
                                                                  2003                      2002
                                                             ---------------           ---------------
<S>                                                          <C>                       <C>
ASSETS
Cash and cash equivalents                                    $           532           $           351
Restricted cash                                                          201                        38
Other current assets                                                   1,761                     2,350
                                                             ---------------           ---------------
    Total current assets                                     $         2,494           $         2,739
Net plant and property                                                 6,944                     6,103
Investments                                                            1,390                     1,369
Non-current assets                                                     3,010                     4,570
                                                             ---------------           ---------------
Total assets                                                 $        13,838           $        14,781
                                                             ===============           ===============

STOCKHOLDERS' INVESTMENT
  AND LIABILITIES
Capitalization
    Debt
      Long-term debt (excluding Securitization and           $         5,622           $         4,931
        Related Parties)
      Capital leases                                                      58                       116
      Notes Payable                                                        -                       458
      Current portion of long-term
        debt and capital leases
        (excluding securitization)                                       491                       619
                                                             ---------------           ---------------
      Total debt                                             $         6,171           $         6,124
    Preferred stock and securities                                       305                       927
    Minority interest                                                     73                        38
    Common stockholders' equity                                        1,585                     1,078
                                                             ---------------           ---------------
    Total capitalization                                     $         8,134           $         8,167
Securitization debt                                                      426                       453
Long-term debt - Related Parties                                         684                         -
Current liabilities                                                      980                     1,785
Non-current liabilities                                                3,614                     4,376
                                                             ---------------           ---------------
Total Stockholders' Investment and Liabilities               $        13,838           $        14,781
                                                             ===============           ===============

</TABLE>


                             CMS Energy Corporation
                       SUMMARIZED STATEMENTS OF CASH FLOWS
                              (Millions of Dollars)

<TABLE>
<CAPTION>
                                                                           Twelve Months
                                                             -----------------------------------------
                                                                  2003                      2002
                                                             ---------------           ---------------
<S>                                                          <C>                       <C>
Beginning of Period Cash                                     $           351           $           123
                                                             ---------------           ---------------
    Cash (used in) provided by
      operating activities                                   $          (251)          $           614
    Cash provided by investing activities                                203                       829
    Cash used in financing activities                                    230                    (1,223)
    Currency Translation Adjustment                                       (1)                        8
                                                             ---------------           ---------------
      Total Cash Flow                                        $           181           $           228
                                                             ---------------           ---------------
End of Period Cash                                           $           532           $           351
                                                             ===============           ===============

</TABLE>


<PAGE>
                             CMS Energy Corporation
                        SUMMARY OF CONSOLIDATED EARNINGS
             -------------------------------------------------------
 Reconciliations of GAAP Net Income (Loss) to Non-GAAP Ongoing Net Income (Loss)
                      (Millions, Except Per Share Amounts)

<TABLE>
<CAPTION>
                                                                      Fourth Quarter                     Twelve Months
                                                                       (Unaudited)
                                                               ---------------------------          -------------------------
                                                                  2003            2002                 2003          2002
                                                               -----------     -----------          ----------    -----------
<S>                                                            <C>             <C>                  <C>           <C>
NET INCOME (LOSS)                                              $         8     $      (633)         $      (44)   $      (650)

Reconciling Items:
      Discontinued Operations (Income) Loss                            (43)            120                 (23)           274
      Cumulative Effect of Accounting Changes:
           EITF #02-03 MTM Accounting                                    -               -                  23              -
           SFAS No. 143 Asset Retirement Obligation                      -               -                   1              -
           SFAS No. 133 Derivative Accounting                            -               -                   -            (18)
      Net Asset Writedowns                                              23             458                  79            458
      Loss of Tax Benefits                                               -              13                   -             54
      Net Asset (Gain)/Loss and Other                                   48              18                  86             (1)
                                                               -----------     -----------          ----------    -----------
Ongoing Net Income (Loss) - Non-GAAP Basis                     $        36     $       (24)         $      122    $       117
                                                               ===========     ===========          ==========    ===========

Average Number of Common Shares Outstanding
      Basic                                                            161             144                 150            139
      Diluted                                                          166             148                 155            143

BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE

Earnings (Loss) Per Share as Reported                          $      0.05     $     (4.40)         $    (0.30)   $     (4.68)

Reconciling Items:
      Discontinued Operations (Income) Loss                          (0.27)           0.83               (0.16)          1.97
      Cumulative Effect of Accounting Changes:
           EITF #02-03 MTM Accounting                                    -               -                0.15              -
           SFAS No. 143 Asset Retirement Obligations                     -               -                0.01              -
           SFAS No. 133 Derivative Accounting                            -               -                   -          (0.13)
      Net Asset Writedowns                                            0.14            3.18                0.52           3.29
      Loss of Tax Benefits                                               -            0.09                   -           0.39
      Net Asset (Gain)/Loss and Other                                 0.30            0.14                0.59              -
                                                               -----------     -----------          ----------    -----------
Ongoing Net Income (Loss) - Non-GAAP Basis                     $      0.22     $     (0.16)         $     0.81    $      0.84
                                                               ===========     ===========          ==========    ===========

DILUTED EARNINGS (LOSS) PER AVERAGE COMMON SHARE

Earnings (Loss) Per Share as Reported                          $      0.05     $     (4.40)         $    (0.30)   $     (4.68)

Reconciling Items:
      Discontinued Operations (Income) Loss                          (0.27)           0.83               (0.16)          1.97
      Cumulative Effect of Accounting Changes:
           EITF #02-03 MTM Accounting                                    -               -                0.15              -
           SFAS No. 143 Asset Retirement Obligations                     -               -                0.01              -
           SFAS No. 133 Derivative Accounting                            -               -                   -          (0.13)
      Net Asset Writedowns                                            0.14            3.18                0.52           3.29
      Loss of Tax Benefits                                               -            0.09                   -           0.39
      Net Asset (Gain)/Loss and Other                                 0.30            0.14                0.59              -
                                                               -----------     -----------          ----------    -----------
Ongoing Net Income (Loss) - Non-GAAP Basis                     $      0.22     $     (0.16)         $     0.81    $      0.84
                                                               ===========     ===========          ==========    ===========

</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
