EX-99 4 march2010brokers.htm BROKER'S STATEMENT NORTHEAST UTILITIES AND SUBSIDIARIES

Exhibit 99.2


NORTHEAST UTILITIES AND SUBSIDIARIES

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

   Cash and Cash Equivalents

$

30,012 

 

$

26,952 

   Receivables, Net

 

570,870 

 

 

512,770 

   Unbilled Revenues

 

161,872 

 

 

229,326 

   Fuel, Materials and Supplies

 

229,837 

 

 

277,085 

   Marketable Securities

 

81,960 

 

 

66,236 

   Derivative Assets

 

17,379 

 

 

31,785 

   Prepayments and Other Current Assets

 

151,641 

 

 

123,700 

Total Current Assets

 

1,243,571 

 

 

1,267,854 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

8,957,713 

 

 

8,839,965 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

   Regulatory Assets

 

3,207,971 

 

 

3,244,931 

   Goodwill

 

287,591 

 

 

287,591 

   Marketable Securities  

 

41,763 

 

 

54,905 

   Derivative Assets  

 

153,651 

 

 

189,751 

   Other Long-Term Assets

 

213,186 

 

 

172,682 

Total Deferred Debits and Other Assets

 

3,904,162 

 

 

3,949,860 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

14,105,446 

 

$

14,057,679 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

LIABILITIES & CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

   Notes Payable to Banks

$

100,313 

 

$

100,313 

   Long-Term Debt - Current Portion

 

66,286 

 

 

66,286 

   Accounts Payable

 

385,181 

 

 

457,582 

   Accrued Taxes

 

64,236 

 

 

50,246 

   Accrued Interest

 

92,879 

 

 

83,763 

   Derivative Liabilities

 

44,208 

 

 

37,617 

   Other Current Liabilities

 

166,138 

 

 

183,605 

Total Current Liabilities

 

919,241 

 

 

979,412 

 

 

 

 

 

 

Rate Reduction Bonds

 

375,866 

 

 

442,436 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

   Accumulated Deferred Income Taxes  

 

1,450,931 

 

 

1,380,143 

   Accumulated Deferred Investment Tax Credits

 

21,466 

 

 

22,145 

   Regulatory Liabilities

 

426,687 

 

 

485,706 

   Derivative Liabilities

 

972,041 

 

 

955,646 

   Accrued Pension

 

786,195 

 

 

781,431 

   Other Long-Term Liabilities

 

822,759 

 

 

823,723 

Total Deferred Credits and Other Liabilities

 

4,480,079 

 

 

4,448,794 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

   Long-Term Debt

 

4,588,862 

 

 

4,492,935 

 

 

 

 

 

 

   Noncontrolling Interest in Consolidated Subsidiary:

 

 

 

 

 

     Preferred Stock Not Subject to Mandatory Redemption

 

116,200 

 

 

116,200 

 

 

 

 

 

 

   Common Shareholders' Equity:

 

 

 

 

 

     Common Shares

 

978,381 

 

 

977,276 

     Capital Surplus, Paid In

 

1,763,894 

 

 

1,762,097 

     Deferred Contribution Plan

 

(67)

 

 

(2,944)

     Retained Earnings

 

1,287,271 

 

 

1,246,543 

     Accumulated Other Comprehensive Loss

 

(42,740)

 

 

(43,467)

     Treasury Stock

 

(361,541)

 

 

(361,603)

   Common Shareholders' Equity

 

3,625,198 

 

 

3,577,902 

Total Capitalization

 

8,330,260 

 

 

8,187,037 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

14,105,446 

 

$

14,057,679 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31,

(Thousands of Dollars, Except Share Information)

 

2010

 

 

2009

 

 

 

 

 

 

Operating Revenues

$

1,339,420 

 

$

1,593,483 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

   Fuel, Purchased and Net Interchange Power

 

603,349 

 

 

838,920 

   Other Operating Expenses

 

248,273 

 

 

247,445 

   Maintenance

 

45,637 

 

 

48,836 

   Depreciation

 

78,656 

 

 

76,983 

   Amortization of Regulatory (Liabilities)/Assets, Net

 

(8,327)

 

 

21,691 

   Amortization of Rate Reduction Bonds

 

59,570 

 

 

55,897 

   Taxes Other than Income Taxes

 

85,599 

 

 

86,429 

      Total Operating Expenses

 

1,112,757 

 

 

1,376,201 

Operating Income

 

226,663 

 

 

217,282 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

   Interest on Long-Term Debt

 

57,270 

 

 

55,684 

   Interest on Rate Reduction Bonds

 

6,690 

 

 

10,625 

   Other Interest

 

3,302 

 

 

4,668 

      Interest Expense

 

67,262 

 

 

70,977 

Other Income, Net

 

8,057 

 

 

4,182 

Income Before Income Tax Expense

 

167,458 

 

 

150,487 

Income Tax Expense

 

79,857 

 

 

51,423 

Net Income

 

87,601 

 

 

99,064 

Net Income Attributable to Noncontrolling Interests:

 

 

 

 

 

   Preferred Dividends of Subsidiary

 

1,390 

 

 

1,390 

Net Income Attributable to Controlling Interests

$

86,211 

 

$

97,674 

 

 

 

 

 

 

Basic and Fully Diluted Earnings Per Common Share

$

0.49 

 

$

0.60 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

0.26 

 

$

0.24 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

Basic

 

176,349,762 

 

 

162,340,475 

Fully Diluted

 

176,537,472 

 

 

162,925,167 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

   Net Income

$

87,601 

 

$

99,064 

   Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

     Provided by Operating Activities:

 

 

 

 

 

      Bad Debt Expense

 

9,556 

 

 

9,507 

      Depreciation

 

78,656 

 

 

76,983 

      Deferred Income Taxes

 

33,248 

 

 

17,178 

      Pension and PBOP Expense, Net of Capitalized Portion and PBOP Contributions

23,331 

 

 

6,703 

      Regulatory Overrecoveries/(Underrecoveries), Net

 

6,066 

 

 

(14,694)

      Amortization of Regulatory (Liabilities)/Assets, Net

 

(8,327)

 

 

21,691 

      Amortization of Rate Reduction Bonds

 

59,570 

 

 

55,897 

      Deferred Contractual Obligations

 

(6,274)

 

 

(8,666)

      Derivative Assets and Liabilities

 

(2,594)

 

 

(14,769)

      Other

 

(35,160)

 

 

(3,450)

   Changes in Current Assets and Liabilities:

 

 

 

 

 

      Receivables and Unbilled Revenues, Net

 

(7,258)

 

 

10,483 

      Fuel, Materials and Supplies

 

48,431 

 

 

51,171 

      Taxes Receivable/Accrued

 

4,639 

 

 

43,270 

      Other Current Assets

 

(279)

 

 

(1,541)

      Accounts Payable

 

(46,188)

 

 

(174,497)

      Counterparty Deposits and Margin Special Deposits

 

(12,946)

 

 

(10,582)

      Other Current Liabilities

 

(6,369)

 

 

(23,795)

Net Cash Flows Provided by Operating Activities

 

225,703 

 

 

139,953 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

   Investments in Property and Plant

 

(202,487)

 

 

(208,896)

   Proceeds from Sales of Marketable Securities

 

21,331 

 

 

52,933 

   Purchases of Marketable Securities

 

(21,825)

 

 

(54,557)

   Rate Reduction Bond Escrow and Other Deposits

 

(322)

 

 

(1,480)

   Other Investing Activities

 

(156)

 

 

2,853 

Net Cash Flows Used in Investing Activities

 

(203,459)

 

 

(209,147)

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

   Issuance of Common Shares

 

 

 

387,350 

   Cash Dividends on Common Shares

 

(45,088)

 

 

(37,207)

   Cash Dividends on Preferred Stock

 

(1,390)

 

 

(1,390)

   Decrease in Short-Term Debt

 

 

 

(124,909)

   Issuance of Long-Term Debt

 

95,000 

 

 

250,000 

   Retirements of Rate Reduction Bonds

 

(66,569)

 

 

(62,451)

   Financing Fees

 

(1,124)

 

 

(15,205)

   Other Financing Activities

 

(13)

 

 

18 

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

 

(19,184)

 

 

396,206 

Net Increase in Cash and Cash Equivalents

 

3,060 

 

 

327,012 

Cash and Cash Equivalents - Beginning of Period

 

26,952 

 

 

89,816 

Cash and Cash Equivalents - End of Period

$

30,012 

 

$

416,828 

 

 

 

 

 

 

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 .