0000072741-12-000057.txt : 20120730 0000072741-12-000057.hdr.sgml : 20120730 20120730162821 ACCESSION NUMBER: 0000072741-12-000057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20120730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120730 DATE AS OF CHANGE: 20120730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NSTAR ELECTRIC CO CENTRAL INDEX KEY: 0000013372 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041278810 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02301 FILM NUMBER: 12993959 BUSINESS ADDRESS: STREET 1: 800 BOYLSTON ST STREET 2: P1600 CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 6174242000 MAIL ADDRESS: STREET 1: 800 BOYLSTON ST STREET 2: P1600 CITY: BOSTON STATE: MA ZIP: 02199 FORMER COMPANY: FORMER CONFORMED NAME: BOSTON EDISON CO DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNECTICUT LIGHT & POWER CO CENTRAL INDEX KEY: 0000023426 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 060303850 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00404 FILM NUMBER: 12993960 BUSINESS ADDRESS: STREET 1: SELDEN STREET CITY: BERLIN STATE: CT ZIP: 06037-1616 BUSINESS PHONE: (860)665-5000 MAIL ADDRESS: STREET 1: 107 SELDEN STREET CITY: BERLIN STATE: CT ZIP: 06037 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 042147929 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05324 FILM NUMBER: 12993956 BUSINESS ADDRESS: STREET 1: ONE FEDERAL STREET STREET 2: BUILDING 111-4 CITY: SPRINGFIELD STATE: MA ZIP: 01105 BUSINESS PHONE: 8606655000 MAIL ADDRESS: STREET 1: 107 SELDEN ST CITY: BERLIN STATE: CT ZIP: 06037-1616 FORMER COMPANY: FORMER CONFORMED NAME: NORTHEAST UTILITIES SYSTEM DATE OF NAME CHANGE: 19961121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN MASSACHUSETTS ELECTRIC CO CENTRAL INDEX KEY: 0000106170 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041961130 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07624 FILM NUMBER: 12993957 BUSINESS ADDRESS: STREET 1: ONE FEDERAL STREET STREET 2: BUILDING 111-4 CITY: SPRINGFIELD STATE: MA ZIP: 01105 BUSINESS PHONE: 4137855871 MAIL ADDRESS: STREET 1: 107 SELDEN ST CITY: BERLIN STATE: CT ZIP: 06037-1616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF NEW HAMPSHIRE CENTRAL INDEX KEY: 0000315256 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 020181050 STATE OF INCORPORATION: NH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06392 FILM NUMBER: 12993958 BUSINESS ADDRESS: STREET 1: 780 N. COMMERCIAL STREET CITY: MANCHESTER STATE: NH ZIP: 03105-0330 BUSINESS PHONE: 6036694000 MAIL ADDRESS: STREET 1: 780 N. COMMERCIAL STREET CITY: MANCHESTER STATE: NH ZIP: 03105-0330 8-K 1 f8kq22012earnings.htm Q2 2012 EARNINGS Converted by EDGARwiz

Commission

File Number

Registrant; State of Incorporation

Address; and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

1-5324

NORTHEAST UTILITIES

(a Massachusetts voluntary association)

One Federal Street, Building 111-4

Springfield, Massachusetts 01105

Telephone number:  (413) 785-5871

04-2147929

0-00404

THE CONNECTICUT LIGHT AND POWER COMPANY

(a Connecticut corporation)

107 Selden Street

Berlin, Connecticut  06037-1616

Telephone:  (860) 665-5000

06-0303850

1-2301

NSTAR ELECTRIC COMPANY

(a Massachusetts corporation)

800 Boylston Street

Boston, Massachusetts 02199

Telephone number:  (617) 424-2000

04-1278810

1-6392

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

(a New Hampshire corporation)

Energy Park

780 North Commercial Street

Manchester, New Hampshire 03101-1134

Telephone:  (603) 669-4000

02-0181050

0-7624

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(a Massachusetts corporation)

One Federal Street, Building 111-4

Springfield, Massachusetts 01105

Telephone number:  (413) 785-5871

04-1961130

Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Section 2.

Financial Information


Item 2.02.

Results of Operations and Financial Conditions.


On July 30, 2012, Northeast Utilities issued a news release announcing its unaudited results of operations for the second quarter and first six months ended June 30, 2012, and related financial information for certain of its subsidiaries as of and for the same periods.  A copy of the news release and related unaudited financial reports are attached as Exhibits 99.1 and 99.2, and are incorporated herein by reference thereto.  


The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by Northeast Utilities or any subsidiary thereof under the Securities Act of 1933, as amended, unless specified otherwise.


Item 9.01

Financial Statements and Exhibits.


(d)

Exhibits.  


Exhibit Number

Description

99.1

News Release of Northeast Utilities dated July 30, 2012.

99.2

Financial Report for the three and six months ended June 30, 2012.



[The remainder of this page left blank intentionally.]




2




SIGNATURE


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



 

NORTHEAST UTILITIES

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(Registrants)




July 30, 2012




By:

/S/ JAY S. BUTH

Jay S. Buth

Vice President, Controller and Chief Accounting Officer

 

 

















3




EXHIBIT INDEX



Exhibit

Number

Description of Exhibit

99.1

News Release of Northeast Utilities dated July 30, 2012.

99.2

Financial Report for the three and six months ended June 30, 2012.






4


 EX-99 2 f2q2012earningsnewsrelease.htm NEWS RELEASE Converted by EDGARwiz


EXHIBIT 99.1

[f2q2012earningsnewsreleas002.gif]

P. O. Box 270

Hartford, CT  06141-0270

56 Prospect Street

Hartford, CT  06103

(860)-665-5000

www.nu.com


News Release



CONTACT:

Jeffrey R. Kotkin

OFFICE:

(860) 728-4650



NU REPORTS SECOND QUARTER RESULTS


BOSTON, Massachusetts and HARTFORD, Connecticut, July 30, 2012 – Northeast Utilities (NYSE: NU) today reported earnings of $44.3 million, or $0.15 per share, in the second quarter of 2012, compared with earnings of $77.3 million, or $0.44 per share, in the second quarter of 2011.  Second quarter 2012 results included approximately $91.5 million, or $0.30 per share, of after-tax charges related to the April 10, 2012 closing of the merger between NU and NSTAR and various related regulatory settlements.  Excluding those charges, NU earned $135.8 million, or $0.45 per share1, in the second quarter of 2012.  NSTAR’s results are included in NU’s second quarter 2012 results, but not in NU’s first quarter 2012 results.


In the first six months of 2012, NU earned $143.6 million, or $0.60 per share, compared with earnings of $191.4 million, or $1.08 per share, in the first half of 2011.  Excluding merger and related settlement costs of $92.6 million, or $0.38 per share, NU earned $236.2 million, or $0.98 per share, in the first half of 2012.


Thomas J. May, NU president and chief executive officer, said he was extremely pleased with the integration work NU has undertaken since the merger was completed in April.  “We continue to be highly confident that our merger will provide significant benefits to both the customers and communities we serve throughout Connecticut, Massachusetts and New Hampshire, as well as to investors.  In fact, customers in Massachusetts and Connecticut have already realized $46 million of benefits from the merger in the form of rate credits in their bills in the second quarter,” May said.


May noted that NU’s second-quarter 2012 results before merger and related settlement costs were in line with the company’s expectations.  He added that NU’s ongoing investment in needed transmission infrastructure will continue to bring significant benefits to customers of the region.


Electric Transmission


NU’s transmission segment earned $63.7 million in the second quarter of 2012 and $110 million in the first half of 2012, compared with $42.2 million in the second quarter of 2011 and $86.9 million in the first half of 2011.  The increase in year-to-date earnings primarily reflects continued investment in NU’s transmission system, as well as the addition of NSTAR Electric Company transmission results in the second quarter of 2012.  



1



Electric Distribution and Generation


NU’s electric distribution and generation segment earned $70.5 million in the second quarter of 2012 and $112.5 million in the first half of 2012, compared with $39.1 million in the second quarter of 2011 and $94.8 million in the first half of 2011.  Those 2012 results exclude $50.8 million of second-quarter after-tax charges relating to the merger and related settlement agreements.  Those charges include a total of $43 million of rate credits provided to customers of The Connecticut Light and Power Company (CL&P), NSTAR Electric, and Western Massachusetts Electric Company (WMECO), as well as $40 million of reduced storm cost recovery from CL&P customers as a result of the Connecticut settlement agreement.  


The distribution and generation segment benefited in the second quarter and first half of 2012 from control of operating expenses that was offset by higher costs related to pension and health care benefits and higher depreciation and property taxes.


Excluding $38.4 million of after-tax merger settlement-related charges, which reflect $25 million of customer rate credits and the $40 million write-down of 2011 storm costs, CL&P’s distribution segment earned $10.5 million in the second quarter of 2012 and $31.3 million in the first half of 2012, compared with $19.1 million in the second quarter of 2011 and $47.6 million in the first half of 2011.  Lower second quarter and first half 2012 results were due primarily to a weather-driven 3.8 percent reduction in retail electric sales in the first half of 2012 and higher pension, tree trimming and system maintenance costs.


Excluding $15 million of customer rate credits, which contributed to a $10.6 million after-tax charge, NSTAR Electric’s distribution segment earned $42 million in the second quarter of 2012.


Public Service Company of New Hampshire’s (PSNH) distribution and generation segment earned $14.8 million in the second quarter of 2012 and $29.9 million in the first half of 2012, compared with $16 million in the second quarter of 2011 and $37.5 million in the first half of 2011.  Lower 2012 results were due in part to a 1.9 percent reduction in electric sales in the first half of 2012, compared with the first half of 2011, as well as higher depreciation, property tax, pension and health care costs.


Excluding $3 million of merger settlement-related customer rate credits, which resulted in a $1.8 million after-tax charge, WMECO’s distribution segment earned $3.2 million in the second quarter of 2012 and $9.3 million in the first half of 2012, compared with $4 million in the second quarter of 2011 and $9.7 million in the first half of 2011.  Lower second quarter and first half 2012 results were due in part to higher depreciation, interest and tree trimming expense.


Natural Gas Distribution


Excluding $3 million of merger-related customer rate credits, which contributed to a $2 million after-tax charge, NSTAR Gas Company earned $0.1 million in the second quarter of 2012.


Yankee Gas Services Company lost $0.1 million in the second quarter of 2012 and earned $14.6 million in the first half of 2012, compared with earnings of $1.2 million in the second quarter of 2011 and $23.7 million in the first half of 2011.  Yankee Gas’ second quarter 2012 results reflect a 5 percent decline in second-quarter firm natural gas sales due primarily to warmer weather in April and May of 2012, compared with the same period of 2011, which reduced customer space heating demand.  


NU parent and other businesses


Excluding $38.6 million of after-tax merger-related expenses, NU parent and unregulated businesses had net earnings of $1.6 million in the second quarter of 2012, an improvement of $5.6 million compared with after-tax expenses of $4 million in the second quarter of 2011.  The improvement was driven by a number of factors, including the addition of earnings from NSTAR Communications and lower interest

2


expense.  The following table reconciles 2012 and 2011 second-quarter and first six months earnings per share.


 

 

Second Quarter

   First Six Months

2011

Reported EPS

$0.44

$1.08

 

NSTAR earnings in 2012

$0.19

$0.23

 

Higher transmission earnings in 2012

$0.05

$0.05

 

Lower electric sales in 2012

($0.01)

($0.04)

 

Lower firm natural gas sales in 2012

--

($0.04)

 

Higher O&M, including untracked pension and health care costs in 2012


($0.02)


($0.01)

 

Other, including higher interest costs

($0.01)

($0.02)

 

Higher outstanding common shares

($0.19)

($0.26)

 

2012 EPS before merger-related settlements

and other merger-related charges


$0.45


$0.98

 

Customer rate credits

($0.10)

($0.12)

 

Reduction of storm cost recovery from customers

($0.08)

($0.10)

 

Funding of Connecticut energy initiatives

($0.03)

($0.04)

 

Other merger-related costs

($0.09)

($0.12)

 

Total merger-related settlements and other merger-related charges


($0.30)


($0.38)

2012

Reported EPS

$0.15

$0.60

Financial results for the second quarter and first half of 2012 and 2011 are noted below:


Three months ended:


(in millions, except EPS)


  June 30, 2012


  June 30, 2011

Increase/

(Decrease)


2012 EPS1

CL&P Distribution, ex. rate credits,

storm cost write-down


$10.5


$19.1


($8.6)


$0.04

NSTAR Electric Distribution, ex.

rate credits


$42.0


N/A


N/A


$0.13

PSNH Distribution/Generation

$14.8

$16.0

($1.2)

$0.05

WMECO Distribution/Generation,

 ex. rate credits


$3.2


$4.0


($0.8)


$0.01

Total—Electric Distribution/ Generation, ex. rate credits, storm

cost write-down



$70.5



$39.1



$31.4



$0.23

NSTAR Gas, ex. rate credits

$0.1

N/A

N/A

$0.00

Yankee Gas

($0.1)

$1.2

($1.3)

$0.00

Total—Natural Gas Distribution,

ex. rate credits


$0.0


$1.2


($1.2)


$0.00

CL&P Transmission

$33.5

$32.2

$1.3

$0.11

NSTAR Electric Transmission

$13.6

N/A

N/A

$0.05

PSNH Transmission

$6.5

$5.6

$0.9

$0.02

WMECO Transmission

$9.7

$4.2

$5.5

$0.03

NU Transmission Ventures

$0.4

$0.2

$0.2

$0.00

Total—Transmission

$63.7

$42.2

$21.5

$0.21

NU Parent and Other Companies,

ex. merger, settlement expenses


$1.6


($4.0)


$5.6


$0.01

Earnings, ex. merger impacts

$135.8

$78.5

$57.3

$0.45

Merger, settlement impacts

($91.5)

($1.2)

($90.3)

($0.30)

   Reported Earnings

$44.3

$77.3

($33.0)

$0.15



3

 



Six months ended:


(in millions, except EPS)


  June 30, 2012


  June 30, 2011

Increase/

(Decrease)


2012 EPS1

CL&P Distribution, ex. rate credits, storm cost write-down


$31.3

       

       $47.6


($16.3)


$0.13

NSTAR Electric Distribution, ex.

rate credits


$42.0


       N/A


N/A


$0.17

PSNH Distribution/Generation

$29.9

       $37.5

($7.6)

$0.13

WMECO Distribution/Generation,

ex. rate credits


$9.3


         $9.7


($0.4)


 $0.04

Total—Electric Distribution/

Generation, ex. rate credits, storm

cost write-down



$112.5



       $94.8



$17.7



$0.47

NSTAR Gas, ex. rate credits

$0.1

       N/A

N/A

$0.00

Yankee Gas

$14.6

       $23.7

($9.1)

$0.06

Total—Natural Gas Distribution,

ex. rate credits


$14.7

       

       $23.7


($9.0)


$0.06

CL&P Transmission

$65.3

       $66.6

($1.3)

$0.27

NSTAR Electric Transmission

$13.6

       N/A

N/A

$0.06

PSNH Transmission

$12.6

       $11.6

$1.0

$0.05

WMECO Transmission

$17.8

         $8.4

$9.4

$0.07

NU Transmission Ventures

$0.7

         $0.3

$0.4

$0.00

Total—Transmission

$110.0

       $86.9

$23.1

$0.45

NU Parent and Other Companies,

ex. merger settlement, expenses


($1.0)


($4.5)


$3.5


$0.00

Earnings, ex. merger impacts

$236.2

         $200.9

$35.3

$0.98

Merger, settlement impacts

($92.6)

($9.5)

($83.1)

($0.38)

  Reported Earnings

$143.6

     $191.4

($47.8)

$0.60


Retail sales data:

 

Gwh for three months ended


June 30, 2012


June 30, 2011

% Change

   Actual

   % Change

Weather Norm.

CL&P

5,181

        5,250

(1.3%)

(2.4%)

NSTAR Electric*

4,964

        5,029

(1.3%)

(1.6%)

PSNH

1,824

        1,849

(1.3%)

(1.8%)

WMECO

   870

     871

(0.1%)

(1.0%)

Total*

        12,835

      12,995

(1.2%)

(1.9%)

 

 

 

 

 

Gwh for six months ended

 

 

 

 

CL&P

        10,608

      11,026

(3.8%)

(1.2%)

NSTAR Electric*

        10,054

      10,382

(3.2%)

(1.2%)

PSNH

          3,761

   3,833

(1.9%)

(0.6%)

WMECO

1,781

1,819

(2.1%)

(0.5%)

Total*

        26,197

27,053

(3.2%)

(1.0%)

 

 

 

 

 

Firm volumes in mmcf for three months ended



      



NSTAR Gas*

          6,834

        7,272

(6.0%)

1.2%

Yankee Gas

          8,053

        8,480

 (5.0%)

(1.8%)

Total*

        14,887

      15,752

(5.5%)

(0.4%)

 

 

 

 

 



4


Firm volumes in mmcf for six

months ended

 

 

 

 

NSTAR Gas*

        24,467

     28,856

(15.2%)

4.0%

Yankee Gas

        24,872

     27,864

(10.7%)

2.9%

Total*

        49,339

     56,720

(13.0%)

           3.5%


* Prior year sales data for NSTAR Electric and NSTAR Gas are included for illustrative purposes.


NU has approximately 314 million common shares outstanding.  It operates New England’s largest energy delivery system, serving approximately 3.5 million customers in Connecticut, Massachusetts and New Hampshire.


1 All per share amounts in this news release are reported on a diluted basis.  The only common equity securities that are publicly traded are common shares of NU parent.  The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocated to such business, but rather represent a direct interest in NU's assets and liabilities as a whole.  EPS by business is a non-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to controlling interests of each business by the weighted average diluted NU parent common shares outstanding for the period.  In addition, the second quarter and first half 2012 earnings and EPS excluding certain charges related to the April 10, 2012 closing of the merger between NU and NSTAR are non-GAAP financial measures.  Management uses these non-GAAP financial measures to evaluate earnings results and to provide details of earnings results and guidance by business and to more fully compare and explain our second quarter and first half 2012 and 2011 results without including the impact of the non-recurring merger-related costs.  Management believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NU’s businesses.  Non-GAAP financial measures should not be considered as alternatives to NU consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of NU’s operating performance.


This news release includes statements concerning NU’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts.  These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  In some cases, readers can identify these forward-looking statements through the use of words or phrases such as “estimate, “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could,” and other similar expressions.  Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements.  Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, actions or inaction of local, state and federal regulatory and taxing bodies; changes in business and economic conditions, including their impact on interest rates, bad debt expense and demand for NU’s products and services; changes in weather patterns; changes in laws, regulations or regulatory policy; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make NU’s access to necessary capital more difficult or costly; developments in legal or public policy doctrines; technological developments; changes in accounting standards and financial reporting regulations; fluctuations in the value of our remaining competitive contracts; actions of rating agencies; the outcome of our merger with NSTAR; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NU’s and NSTAR’s reports filed with the Securities and Exchange Commission.  Any forward-looking statement speaks only as of the date on which such statement is made, and NU undertakes no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events.

# # # #

Note:  NU will webcast a discussion concerning its second quarter 2012 results tomorrow, July 31, 2012, at

9 a.m. Eastern Daylight Time.  The webcast can be accessed through NU’s website at www.nu.com.




5



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M%,+S/,_S/`N!)(FP%,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,\S_,\S_,\S_,\ MS_,\SP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SP/Y+WWWGOO MO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#WWGOOO??>>^\]S_,\S_,\ M#X$D0=,TC;`T3=,T34$T31-`4A'OO??>>^^5A3#%DC#/\SS/\SS/\SS/\SS/ M\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/`_DO??> M>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\_\_S/,_S/)#WWGOOO??>>^\]S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOO"8(6$BFTU@0!4RP((3S/\SS/\SS/ M\SP/LB!(0CS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/`_D MO??>>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/ M\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/(_` M$(2`+$F2+(C`$(P`>>^]]]Y[[[WW'K$L"R(\S_,\S_,\S_,\S_,\S_,\S_,\ M#^2]]]Y[[[WWWO][S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[ M[SW/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S M/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\S_,\S_,\S_,\S_,\ MS_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[[[WW MWGOO/<_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS_S_,\ MS_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[ M[[WWWGOO/<_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS/ M\SS/\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#W MWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??>>^^]]SS/ M\SS/\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>_WOOO??>\SS/\SS/\SS/\SS/ M\SS/\SS/\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S M/)#WWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??>>^^] M]SS/\SS/\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S M/,_S/,_S/,_S/,_S/`_DO??>>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\S_,\ MS_,\D/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[ M[[WW/,_S/,_S/,_S/.O/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S M/,_S/,_S/,_S/,_S/,_S/`_DO??>>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\ MS_,\S_,\D/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^] M]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/ :\SS/\SS/\SR0]]Y[[[WWWGOO/<_S/$\$`#L_ ` end EX-99 4 june2012brokers.htm BROKER'S STATEMENT Converted by EDGARwiz

EXHIBIT 99.2


NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

$

 28,483

 

$

 6,559

 

Receivables, Net

 

 661,910

 

 

 488,002

 

Unbilled Revenues

 

 202,262

 

 

 175,207

 

Fuel, Materials and Supplies

 

 262,562

 

 

 248,958

 

Regulatory Assets

 

 624,397

 

 

 255,144

 

Marketable Securities

 

 79,231

 

 

 70,970

 

Prepayments and Other Current Assets

 

 95,160

 

 

 112,632

Total Current Assets

 

 1,954,005

 

 

 1,357,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 16,054,913

 

 

 10,403,065

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 5,201,154

 

 

 3,267,710

 

Goodwill

 

 3,518,454

 

 

 287,591

 

Marketable Securities

 

 372,302

 

 

 60,311

 

Derivative Assets

 

 93,616

 

 

 98,357

 

Other Long-Term Assets

 

 311,856

 

 

 172,560

Total Deferred Debits and Other Assets

 

 9,497,382

 

 

 3,886,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 27,506,300

 

$

 15,647,066


The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.  







NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

  Notes Payable to Banks

$

 1,248,500 

 

$

 317,000 

  Long-Term Debt - Current Portion

 

 683,208 

 

 

 331,582 

  Accounts Payable

 

 600,995 

 

 

 633,282 

  Regulatory Liabilities

 

 203,767 

 

 

 167,844 

  Derivative Liabilities

 

 113,188 

 

 

 107,558 

  Other Current Liabilities

 

 640,809 

 

 

 390,416 

Total Current Liabilities

 

 3,490,467 

 

 

 1,947,682 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 160,133 

 

 

 112,260 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  Accumulated Deferred Income Taxes

 

 3,249,323 

 

 

 1,868,316 

  Regulatory Liabilities

 

 551,690 

 

 

 266,145 

  Derivative Liabilities

 

 946,621 

 

 

 959,876 

  Accrued Pension, SERP and PBOP

 

 2,064,069 

 

 

 1,326,037 

  Other Long-Term Liabilities

 

 884,317 

 

 

 420,011 

Total Deferred Credits and Other Liabilities

 

 7,696,020 

 

 

 4,840,385 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

  Long-Term Debt

 

 6,936,473 

 

 

 4,614,913 

 

 

 

 

 

 

 

 

   Noncontrolling Interest - Preferred Stock of Subsidiaries

 

 155,568 

 

 

 116,200 

 

 

 

 

 

 

 

 

   Equity:

 

 

 

 

 

 

Common Shareholders' Equity:

 

 

 

 

 

 

  Common Shares

 

 1,662,251 

 

 

 980,264 

 

  Capital Surplus, Paid In

 

 6,178,698 

 

 

 1,797,884 

 

  Retained Earnings

 

 1,635,709 

 

 

 1,651,875 

 

  Accumulated Other Comprehensive Loss

 

 (66,387)

 

 

 (70,686)

 

  Treasury Stock

 

 (342,632)

 

 

 (346,667)

   Common Shareholders' Equity

 

 9,067,639 

 

 

 4,012,670 

   Noncontrolling Interests

 

 - 

 

 

 2,956 

  Total Equity

 

 9,067,639 

 

 

 4,015,626 

Total Capitalization

 

 16,159,680 

 

 

 8,746,739 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 27,506,300 

 

$

 15,647,066 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.  






NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Thousands of Dollars, Except Share Information)

2012 

 

2011 

 

2012 

 

2011 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

$

 1,628,684

 

$

 1,047,481

 

$

 2,728,307

 

$

 2,282,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Power, Fuel and Transmission

 

 542,014

 

 

 382,542

 

 

 937,358

 

 

 879,246

 

Operations and Maintenance

 

 529,977

 

 

 269,701

 

 

 791,940

 

 

 533,323

 

Depreciation

 

 144,485

 

 

 73,637

 

 

 225,324

 

 

 147,588

 

Amortization of Regulatory Assets, Net

 

 25,590

 

 

 16,992

 

 

 31,016

 

 

 50,491

 

Amortization of Rate Reduction Bonds

 

 40,752

 

 

 17,086

 

 

 59,100

 

 

 34,367

 

Energy Efficiency Programs

 

 73,489

 

 

 29,970

 

 

 110,762

 

 

 64,403

 

Taxes Other Than Income Taxes

 

 112,862

 

 

 79,419

 

 

 198,899

 

 

 167,823

 

 

Total Operating Expenses

 

 1,469,169

 

 

 869,347

 

 

 2,354,399

 

 

 1,877,241

Operating Income

 

 159,515

 

 

 178,134

 

 

 373,908

 

 

 405,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-Term Debt

 

 86,925

 

 

 57,044

 

 

 146,892

 

 

 114,444

 

Interest on Rate Reduction Bonds

 

 2,056

 

 

 2,293

 

 

 3,487

 

 

 4,871

 

Other Interest

 

 66

 

 

 2,897

 

 

 5,116

 

 

 1,468

 

 

Interest Expense

 

 89,047

 

 

 62,234

 

 

 155,495

 

 

 120,783

Other Income, Net

 

 1,806

 

 

 7,334

 

 

 10,580

 

 

 17,647

Income Before Income Tax Expense

 

 72,274

 

 

 123,234

 

 

 228,993

 

 

 302,355

Income Tax Expense

 

 26,055

 

 

 44,515

 

 

 82,019

 

 

 108,052

Net Income

 

 46,219

 

 

 78,719

 

 

 146,974

 

 

 194,303

Net Income Attributable to Noncontrolling Interests

 

 1,880

 

 

 1,441

 

 

 3,373

 

 

 2,870

Net Income Attributable to Controlling Interest

$

 44,339

 

$

 77,278

 

$

 143,601

 

$

 191,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

$

 0.15

 

$

 0.44

 

$

 0.60

 

$

 1.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

 0.34

 

$

 0.28

 

$

 0.63

 

$

 0.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 301,047,753

 

 

 177,347,374

 

 

 239,551,735

 

 

 177,267,791

 

Diluted

 

 301,816,884

 

 

 177,626,992

 

 

 240,127,169

 

 

 177,553,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.  







NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 146,974 

 

$

 194,303 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Bad Debt Expense

 

 13,384 

 

 

 9,374 

 

 

 Depreciation

 

 225,324 

 

 

 147,588 

 

 

 Deferred Income Taxes

 

 59,509 

 

 

 95,293 

 

 

 Pension, SERP and PBOP Expense

 

 105,974 

 

 

 69,654 

 

 

 Pension and PBOP Contributions

 

 (164,294)

 

 

 (37,530)

 

 

 Regulatory (Under)/Over Recoveries, Net

 

 (53,806)

 

 

 40,434 

 

 

 Amortization of Regulatory Assets, Net

 

 31,016 

 

 

 50,491 

 

 

 Amortization of Rate Reduction Bonds

 

 59,100 

 

 

 34,367 

 

 

 Derivative Assets and Liabilities

 

 (5,090)

 

 

 (9,272)

 

 

 Other

 

10,541 

 

 

 (6,014)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 83,395 

 

 

 80,696 

 

 

 Fuel, Materials and Supplies

 

 45,127 

 

 

 12,992 

 

 

 Taxes Receivable/Accrued, Net

 

 15,854 

 

 

 48,933 

 

 

 Accounts Payable

 

 (188,259)

 

 

 (23,981)

 

 

 Other Current Assets and Liabilities, Net

 

 (64,346)

 

 

 (20,633)

Net Cash Flows Provided by Operating Activities

 

 320,403 

 

 

 686,695 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (690,376)

 

 

 (468,526)

 

Proceeds from Sales of Marketable Securities

 

 132,580 

 

 

 72,369 

 

Purchases of Marketable Securities

 

 (143,225)

 

 

 (73,564)

 

Proceeds from Sale of Assets

 

 - 

 

 

 46,841 

 

Other Investing Activities

 

 11,274 

 

 

 (4,828)

Net Cash Flows Used in Investing Activities

 

 (689,747)

 

 

 (427,708)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

 (159,708)

 

 

 (97,207)

 

Cash Dividends on Preferred Stock

 

 (3,269)

 

 

 (2,779)

 

Increase/(Decrease) in Short-Term Debt

 

 558,500 

 

 

 (130,000)

 

Issuance of Long-Term Debt

 

 300,000 

 

 

 122,000 

 

Retirements of Long-Term Debt

 

 (267,699)

 

 

 (124,086)

 

Retirements of Rate Reduction Bonds

 

 (36,439)

 

 

 (34,320)

 

Other Financing Activities

 

 (117)

 

 

 (883)

Net Cash Flows Provided by/(Used in) Financing Activities

 

 391,268 

 

 

 (267,275)

Net Increase/(Decrease) in Cash and Cash Equivalents

 

 21,924 

 

 

 (8,288)

Cash and Cash Equivalents - Beginning of Period

 

 6,559 

 

 

 23,395 

Cash and Cash Equivalents - End of Period

$

 28,483 

 

$

 15,107 


The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.