0000072741-11-000084.txt : 20110802 0000072741-11-000084.hdr.sgml : 20110802 20110802170930 ACCESSION NUMBER: 0000072741-11-000084 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110802 DATE AS OF CHANGE: 20110802 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: 111004372 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: 111004369 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: 111004370 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: 111004371 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 f8k080220112qearningsce.htm 2Q 2011 EARNINGS Converted by EDGARwiz



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


                                


FORM 8-K


CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  August 2, 2011


 

 

 

Commission

Registrant; State of Incorporation

I.R.S. Employer

File Number

Address; and Telephone Number

Identification No.

-----------

-----------------------------------

--------------------

 

 

 

1-5324

NORTHEAST UTILITIES

04-2147929

 

---------------------------------------

 

 

(a Massachusetts voluntary association)

 

 

One Federal Street, Building 111-4

 

 

Springfield, Massachusetts 01105

 

 

Telephone:  (413) 785-5871

 

 

 

 

0-00404

THE CONNECTICUT LIGHT AND POWER COMPANY

06-0303850

 

---------------------------------------

 

 

(a Connecticut corporation)

 

 

107 Selden Street

 

 

Berlin, Connecticut  06037-1616

 

 

Telephone:  (860) 665-5000

 




 

 

 

1-6392

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

02-0181050

 

---------------------------------------

 

 

(a New Hampshire corporation)

 

 

Energy Park

 

 

780 North Commercial Street

 

 

Manchester, New Hampshire 03101-1134

 

 

Telephone:  (603) 669-4000

 

 

 

 

0-7624

WESTERN MASSACHUSETTS ELECTRIC COMPANY

04-1961130

 

--------------------------------------

 

 

(a Massachusetts corporation)

 

 

One Federal Street, Building 111-4

 

 

Springfield, Massachusetts 01105

 

 

Telephone:  (413) 785-5871

 


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:


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

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

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

[  ]  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 Condition.


On August 2, 2011, Northeast Utilities issued a news release announcing the unaudited results of operations for the second quarter and first six months of 2011 and related financial information for certain of its subsidiaries for the same periods.  A copy of the news release and the related financial reports are attached as Exhibit 99.1 and 99.2, respectively, and are incorporated herein by reference thereto.


The information contained in this Item 2.02, 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, The Connecticut Light and Power Company, Public Service Company of New Hampshire or Western Massachusetts Electric Company under the Securities Act of 1933, as amended unless specified otherwise.


Section 9 – Financial Statements and Exhibits


Item 9.01 – Financial Statements and Exhibits


(d) Exhibits.


 

 

Exhibit

Number

Description

Exhibit 99.1

News Release issued by Northeast Utilities on August 2, 2011

Exhibit 99.2

Financial Report for the three and six month periods ended June 30, 2011


[SIGNATURE PAGE TO FOLLOW]





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

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(Registrants)

 




By:  /s/ JAY S. BUTH

Name:  Jay S. Buth

Title:    Vice President-Accounting and Controller




Date:  August 2, 2011


 EX-99 2 northeastutilitiesq211earnin.htm PRESS RELEASE Converted by EDGARwiz

Exhibit 99.1

[northeastutilitiesq211ear002.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, RAISES MID-POINT OF 2011 EARNINGS GUIDANCE


HARTFORD, Connecticut, August 2, 2011 – Northeast Utilities (NYSE: NU) today reported earnings of $77.3 million, or $0.44 per share, in the second quarter of 2011, compared with $71.9 million, or $0.41 per share, in the second quarter of 2010.  In the first six months of 2011, NU earned
$191.4 million, or $1.08 per share, compared with earnings of $158.2 million, or $0.90 per share, in the first half of 2010.  Second quarter and six-month results from 2011 reflect after-tax expenses of
$1.2 million and $9.5 million, respectively, associated with NU’s pending merger with NSTAR.  Excluding those expenses, NU earned $78.5 million, or $0.44 per share, in the second quarter of 2011 and $200.9 million, or $1.13 per share, in the first half of 2011.


Charles W. Shivery, NU’s chairman, president and chief executive officer, attributed NU’s higher operating results in the second quarter of 2011 primarily to the company’s continued focus on cost control measures and the impact of recent electric distribution rate case decisions, partially offset by a decline in results at NU parent and competitive businesses.


2011 earnings guidance


NU also today raised the mid-point of its 2011 stand-alone full-year consolidated earnings guidance by raising the lower end of its earnings guidance range.  NU now estimates it will earn between $2.30 per share and $2.40 per share, excluding projected after-tax expenses of approximately $0.20 per share related to the NSTAR merger.  That estimate reflects an increase in the lower end of distribution and generation segment earnings guidance to between $1.30 per share and $1.35 per share1.  Previously, NU had projected consolidated earnings of between $2.25 per share and $2.40 per share, excluding the merger expenses, and distribution and generation earnings of between $1.25 per share and $1.35 per share1.


Including the merger expenses, NU projects earnings of between $2.10 per share and $2.20 per share.  NU continues to project transmission segment earnings of between $1.05 per share and $1.10 per share1 and NU parent and other company net expenses of $0.05 per share1, excluding merger expenses.  


Transmission


NU’s transmission segment earned $42.2 million in the second quarter of 2011 and $86.9 million in the first half of 2011, compared with $41.9 million in the second quarter of 2010 and $82.1 million in the first half of 2010.  The higher year-to-date earnings primarily reflect continued investment in NU’s transmission system.  

- more -


Distribution and Generation



1


NU’s distribution and generation segment earned $40.3 million in the second quarter of 2011 and $118.5 million in the first half of 2011, compared with $27.1 million in the second quarter of 2010 and
$75 million in the first half of 2010.  NU’s second-quarter and first half 2011 distribution and generation results benefited from strong control of operating expenses and the impact of electric distribution rate increases, partially offset by higher costs related to pension and health care benefits and higher property taxes in the first half of 2011, as well as lower electric sales in the second quarter of 2011.  NU’s retail electric sales were down 1.3 percent in the second quarter of 2011, compared with the second quarter of 2010, due in part to cooler weather in late May and June 2011.  For the first six months of the year, electric sales were up 0.9 percent, compared with the first six months of 2010, but down 0.5 percent on a weather-adjusted basis.


The Connecticut Light and Power Company’s (CL&P) distribution segment earned $19.1 million in the second quarter of 2011 and $47.6 million in the first half of 2011, compared with $8.4 million in the second quarter of 2010 and $22.7 million in the first six months of 2010.  The higher first half 2011 results were due primarily to the impact of CL&P’s 2010 distribution rate case, partially offset by higher pension and health care benefit costs.


Public Service Company of New Hampshire’s (PSNH) distribution and generation segment earned $16 million in the second quarter of 2011 and $37.5 million in the first half of 2011, compared with
$16.9 million in the second quarter of 2010 and $28.1 million in the first half of 2010.  Higher year-to-date results in 2011 were primarily due to higher distribution revenues than in 2010.  In the second quarter of 2011, the benefit from those higher revenues was offset by a number of factors, including the absence in 2011 of other positive impacts of PSNH’s June 2010 distribution rate case decision.  


Western Massachusetts Electric Company’s (WMECO) distribution segment earned $4 million in the second quarter of 2011 and $9.7 million in the first half of 2011, compared with $2.3 million in the second quarter of 2010 and $5.2 million in the first half of 2010.  Improved second quarter results were due in part to new distribution rates that took effect February 1, 2011, and lower uncollectibles expense, partially offset by higher depreciation expense.


Yankee Gas Services Company earned $1.2 million in the second quarter of 2011 and $23.7 million in the first half of 2011, compared with a loss of $0.5 million in the second quarter of 2010 and earnings of $19.0 million in the first six months of 2010.  Yankee Gas’ second quarter 2011 results reflect a 22.2 percent year-over-year increase in second-quarter firm natural gas sales due in part to cooler weather in April and May of 2011.  On a weather-adjusted basis, Yankee Gas’ firm natural gas sales in 2011 were up 14.7 percent in the second quarter and 6.6 percent in the first half, compared with the same periods of 2010.  The sales increases were due in large part to conversion of increasing numbers of commercial and industrial customers from interruptible to firm service and increased use of distributed generation fueled by natural gas.


NU parent and other businesses


NU parent and other businesses had net after-tax expenses of $5.2 million in the second quarter of 2011 and $14 million in the first half of 2011, compared with earnings of $2.9 million in the second quarter of 2010 and $1.1 million in the first half of 2010.  The 2011 results include $1.2 million of after-tax expenses in the second quarter and $9.5 million of after-tax expenses in the first half related to NU’s pending merger with NSTAR.  Excluding merger expenses, NU parent recorded net expenses of $4 million in the second quarter of 2011 and $4.5 million in the first half of 2011.  Aside from merger expenses, the lower 2011 results, as expected, were primarily due to lower earnings at NU’s competitive businesses, which will continue to wind down their wholesale marketing contracts through 2013.


- more -

The following table reconciles 2011 and 2010 second-quarter and first-half results.



 

 

 

 

2

 

 

Second Quarter

   First Half

2010

Reported EPS

$0.41

$0.90

 

Change in transmission earnings in 2011

---

$0.03

 

Change in distribution and generation earnings in

2011


$0.08


$0.24

 

Change in Parent/Other results in 2011, excluding

impact of NSTAR merger


($0.05)


($0.04)

 

Expenses related to NSTAR merger

---

($0.05)

2011

Reported EPS

$0.44

$1.08

Financial results for the second quarter and first half of 2011 and 2010 are noted below:

Three months ended:


(in millions, except EPS)


  June 30, 2011


  June 30, 2010

Increase/

(Decrease)


2011 EPS1

CL&P Distribution

$19.1

$8.4

$10.7

$0.11

PSNH Distribution/Generation

$16.0

$16.9

($0.9)

$0.09

WMECO Distribution

$4.0

$2.3

$1.7

$0.02

Yankee Gas

$1.2

($0.5)

$1.7

$0.01

Total—Distribution/Generation

$40.3

$27.1

$13.2

$0.23

CL&P Transmission

$32.2

$34.3

($2.1)

$0.18

PSNH Transmission

$5.6

$4.6

$1.0

$0.03

WMECO Transmission

$4.2

$3.0

$1.2

$0.03

NU Transmission Ventures

$0.2

---

$0.2

---

Total—Transmission

$42.2

$41.9

$0.3

$0.24

Total—Regulated

$82.5

$69.0

$13.5

$0.47

NU Parent and Other Companies,

excluding merger expenses


($4.0)


$2.9


($6.9)


($0.03)

Merger expenses

($1.2)

---

($1.2)

---

   Reported Earnings

$77.3

$71.9

$5.4

$0.44


Six months ended:


(in millions, except EPS)


  June 30, 2011


  June 30, 2010

Increase/

(Decrease)


2011 EPS1

CL&P Distribution

$47.6

       $22.7

$24.9

$0.28

PSNH Distribution/Generation

$37.5

       $28.1

$9.4

$0.21

WMECO Distribution

$9.7

         $5.2

$4.5

$0.05

Yankee Gas

$23.7

       $19.0

$4.7

$0.13

Total—Distribution/Generation

$118.5

       $75.0

$43.5

$0.67

CL&P Transmission

$66.6

       $67.1

($0.5)

$0.37

PSNH Transmission

$11.6

         $9.3

$2.3

$0.07

WMECO Transmission

$8.4

         $5.7

$2.7

$0.05

NU Transmission Ventures

$0.3

         ---

$0.3

---

Total—Transmission

$86.9

       $82.1

$4.8

$0.49

Total—Regulated

$205.4

       $157.1

$48.3

$1.16

NU Parent and Other Companies,

excluding merger expenses


($4.5)


$1.1


($5.6)


($0.03)

Merger expenses

($9.5)

  ---

($9.5)

($0.05)

  Reported Earnings

$191.4

     $158.2

$33.2

$1.08

- more -

3

 

 

 

 

 

Retail sales data:

 

Gwh for three months ended


June 30, 2011


June 30, 2010

% Change

   Actual

   % Change

Weather Norm.

CL&P

5,250

        5,337

(1.6%)

(1.0%)

 

PSNH

1,849

        1,855

(0.4%)

(0.8%)

WMECO

   871

879

(0.9%)

(0.5%)

Total NU

7,966

        8,068

(1.3%)

(0.9%)

 

 

 

 

 

Gwh for six months ended

 

 

 

 

CL&P

11,026

      10,929

0.9%

(0.6%)

PSNH

  3,833

3,787

1.2%

(0.2%)

WMECO

  1,819

1,808

0.6%

(0.6%)

Total NU

16,671

16,516

0.9%

(0.5%)

 

 

 

 

 

Yankee Gas firm volumes in mmcf

for three months ended


8,480

       

       6,941   


22.2%


14.7%

Yankee Gas firm volumes in mmcf

for six months ended


27,864

     

     23,529


18.4%


6.6%

NU has approximately 177 million common shares outstanding.  It operates New England’s largest energy delivery system, serving more than 2 million customers in Connecticut, New Hampshire and Massachusetts.

 

1 All per share amounts in this news release are reported on a fully 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 fully diluted NU parent common shares outstanding for the period.  Management uses this non-GAAP financial measure to evaluate earnings results and to provide details of earnings results and guidance by business.  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 effects and outcome of our pending merger with NSTAR, and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NU’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.

# # # #

4

 GRAPHIC 3 northeastutilitiesq211ear002.gif NU LOGO begin 644 northeastutilitiesq211ear002.gif M1TE&.#EAU`!9`+,``(.#@R./R_;Y^T]/3\GD\JG3ZZRLK"DI*8G#XT>AU,[. MSF>RV^7M\0!]PP```/___R'Y!`$``/\`+`````#4`%D```3_\+WWWGOOO??> M>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#WWGOOO??>>^\]S_,\S_,\S_,\ MS_,\S_,\S_,\S_,\S_-`WGOOO??>>^^]]SS/\SS/\SS/\SS/\SS/\SS/\SS/ M\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/`_DO??>>^^] M]]Y[S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/\SS/\SS/ M\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S M/,_S/,\#>>^]]]Y[[[WWWO,\S_,\_\_S/,_S/,_S/,_S/,_S/,_S/`_DO??> M>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/\SS/ M\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/,_S/,_S M/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\#^2] M]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[[[WWWGOO/<_S M/,_S/,_S/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,\S_,\ MS_,\S_,\S__S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\ M#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[[[WWWGOO M/<_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,\ MS_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS/\SS/\SS/ M\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#WWGOOO??> M>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??>>^^]]SS_S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS/\SS/ M\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#WWGOO MO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??>>^^]]SS/\SS/ M\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S/,_S M/`]3(`LC+`$DD+<2>H*)]]Y[S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\D/?> M>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/__,\S_,\S_-`WGOOO??>>^^]]SS/ M\SS/\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S M/,_S/,_S/,_S/`_DO??>>^^]]]Y[#Y$$0?$L35,\29,\#$(\S_,\S_,\S_,\ MD/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW M/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\S_,\ MS_,\S_,\S_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\P@$DB0,$S1- M(`B0T,(CK0G6PO\CA3W/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[ M[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/ M\SS/\SR0]]Y[[[WW'@FM-8G`!$VS/$73$$_2$$\2/$6S/(SP/,_S0-Y[[[WW MWGOOO?<\S_,\S_,\S_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/ M\SS/\SS/\SS/\SS/\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,__\SS/ M\SS/\SS/\SR0]]Y[[[WWWGOO/<_S/,_S/,_S/,_S"$52/$70-,WR$$'30,A; M;;W2T$--D(8(02(\S_,\S_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/ M\SS/\SS/\SS/\SS/\SS/\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S M/,_S/,_S/,_S/)#WWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-` MWGOOO5=2:PT]DC1-@SQ$TR0"$S2,$"0/T0A"4PA!\BS%`WGOO??>>^^]]][S M/,_S/,_S/,_S/,_S/,_S/,_S/,_S/`_DO??>_WOOO??>>\_S/,_S/,_S/,_S M/,_S/,_S/,_S/,_S/)#WWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\ MS_-`WGOOO??>>^^]]SS/\SS/\SS/\SP/$31-TS3+(RQ-TQ1/`6D-O=+00X&) M0%Y0"`$B-('`/,_S/,_S/,_S/,_S/,_S/`_DO??>>^^]]]Y[S_,\S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/\SS/ M\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^]5\IC MJ[766B(\2-,TQ%,T`?_S)($@!,6S%$]2"`%#-`6$A/+>>^^]]]Y[S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/ M\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^] M]]Y[[[WWWO,\S_,\S_,\C[`T34(\1-(T39,P3]$T`80\U-8CH;R%'BK/0C"+ M4`0"TA2,\#S/\SS/\SS/\SS/\SR0]]Y[[[WWWGOO/<_S/,_S/,_S/,_S/,_S M/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,\S_,\S_,\S_,\S_,\SP/_ M>>^]]]Y[[[WWWO,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\#^2]1U)KK34D7@E- MTP3$0P1-P#Q+4SQ((A"+0!1/P3#%@R"0%Y8(2;SWWGOO/<_S/,_S/,_S/,_S M/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,\S_,\S_,\S_,\S_,\ MSP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SP/Y+WWWGOOO??> M>\_S/,_S/,_S"$G3-$W3-$'Q"$C0-$WQ")#4DG@K")'(0T(4#R,PS%,P1"(4 M#<(PS_,\S_,\S_,\S_-`WGOOO??>>^^]]SS/\SS/__,\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/)#WQ&,HM=9::RTQ#[,T38,\ MS](LCY`L#X$\!/$(S_,\S_-`'F$BH9>">.^]]SS/\SS/\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_,\D/?>>^^]]]Y[[SW/\SS/ M\SP/$23%\Q!+T#1-TP2(\/\02=-`EGBEH<<2>84]\3S/\SS/\SS/PQ0/$A0, M\SS/\SS/\SS/`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`>"ZVU@-@3);76-$U`/$\1-`GS$`'R M,(@@,,_S/,_S/,\#>>^]]]AB(@7QWO,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\ M#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[[[WWWGOO M/<__\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S"$G3 M-$W3!`GQ/`P2-$W3+,P#8:@%\E@JCY#WWO,\S_,\S_,\S_,\@B`L02$\S_,\ MS_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[[[WW MWGOO/<_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\SP,1J;766FNMM8#8\Q1+T#0!\CQ$TA2/@!#/\SS/ M\SS/\SP/Y+WWWGOOD?)86L_S/,_S/,_S/,_S/,_S/,_S_SS/\SS/\SR0]]Y[ M[[WWWGOO/<_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S0)YX[[WWWGOOO?<\S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/(RQ!TS1-TS1- MTS3!0CP/@P0-I`7R7DE("";>>\_S/,_S/,_S/,_S/,_S/$02(,_S/,_S/)#W MWGOOO??>>^\]S_,\`L,(C/`\S_,\#",PC/`\S_,\S_-`WGOOO??>>^^]]SS/ M(S`,PP#&\SS/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S M/,_S/,_S/,_S/`^$$?%802FTUO]::TW3)(7P/,02-`OS"`@B/,_S/,_S/,_S M/)#WWGOOO?>>*.0Q"/,\S_,\S_,\S_,\S_,\S_,\S_,\RG%`SCGFO?<>..<, M]CS/\SS/\SS/\SS/\SS/\SS/\PC"PP##`7$.O/?>>^^]]][S/,_S/,_S/,_S M/,_S/,_S/,_S/,_S/`_D"?'>>^^]]]Y[S_,\S_,\3]($"\(\CT`42](T3=,T M3;`0D/=820&)1]A[[SW/\SS/\SS/\SS/\SS/\SR/@`0-\CS/\T#>>^^]]]Y[ M[[WW/,_S/(+A.(YS*,_S/(QR#(KP/,_S/,\#>>^]]]Y[[[WWWO,HPR,P@.,X MP/,\S_/_/,_S/,_S/,_S/`_DO??>>^^]]]Y[S_,\S_,\SZ,,S/,\S_,\S_,\ MS_,\S_,\D-)::ZV%A8AX3Q#(D@1-TS1)(3P/L2S$\SS/\SS/\SS/\T#>>^^] M]]Y[[XF"%,PC/,_S/,_S/,_S/,_S/,_S/,_S/,\#&> M4"Q)LC#/\SS/\SS/\SS/\SS/\SS/\SP/Y(TQG'/.O/?>,,_S/,_S/,_S/,_S M/,_S/,_S/,^C.,?S/!#@G`/OO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\ MS_-`WE/NL/?>>^^]]SS/\SS/(P1-T_\T3=,T3=,T3=,T3=,$R0(I[+WW6$&% MO/?>\SS/\SS/\SS/\SS/\SS/\SR/(#S/\P@/Y+WWWGOOO??>>\_S/,_S/,\S M`,SA.(ZC/,\S&,_S/(_`,!#VWGM""*',4XH]@G(XAR`\@.,XP",(@O`\S_,\ M#\,PS_-`WGM/,,;$>^^]]SP,(SS"\PC&X1R,(#S/\SS/\SS/\SS/`V$(K912 M2BF$T%K3-$W3-$W3-,&"$,+S/,+S/,_S/,_S/`_DO??>>^^]]]Y[S\,0R)($ MQ/,\S_,\S_,\S_,\S_,\S_,\D/<&>,8YYPY[;QC/\S#`<0S'H#P/?.,.^]]][S/,_S/(_`,,+S/(\@/`(C,`1!%$6!(`ADI11""&DA(MY[S_,\ MS_,\S_,\S_,\S_,\S_,\S\,4!;(LD/+>>^^]]]Y[[SW/\SS/\SS/,P#/`SB. MXPS",QC/PPR.HT`8<`X\!9QS[CCG#,KA.(>A"(#C.,Y@#([C,,^C',[``(X# M,>\9YXPPQSGS'G,,#&,X!R,8A^,>P.\)X9SSH$W&(\P.,[P/(KC.,:C.(YS&([C`,_@ M.,<#>0\XYPY[QCD''G,XCO$HCG,PS^`XP_,,CC,(C^$8S_,8!X0]=IP[XKWW MWGO/\SS/\SP/TC1-TS1-TS1-TS1-$`1)LBP0A$HIA`@AA!#O/<_S/,_S/,_S M/,_S/,_S/,_S/,_#%,N20%(B[[WWWGOOO?<\S_,\S_,\SS,`S_,0A^,XCC$8 MC^(X#@!Y3QWGQE/.N?'``3#"X3C'\SR`XSC`\QB.XP"/X3B.\2@.Q#GP@'/@ MO>'<$<_@'`-@*`#S,(?C',SS/,_S/,_S//_/\SR0EUIKK;766FNM-4W3-$W3 M-$W3-$W3!,F"%,SS/,_S/,_S0-Y[[[WWWGOOO?<\S_,(3+$$S?(\S_,\S_,\ MS_,\S_,\SP-Y[[T!WGO/..?<<1@/X#@.\#S*X3@'HSB.,SR/\#S,X3@'Y+T' MG'/@/>.<`\_@.,XQ#([C#,]C`(9A'(YS"`_@.([C.)#!'CO.'?;>>^\]S_,\ MS_,\3-,T3=,T3=,T3=,T3=,T3=-`0D@+E4(($^^]]SS/\SS/\SS/\SS/\SS/ M\SS/\SS/0Q#"`WF/D??>>^^]]][S/,_S/,_S/,\S`,_S/`_@.([C&`_@.`X$ MO*>.X( MC^(XCN,X#O`PA^,>^^]]][S/,\C%,NR%(SP/,_S/,_S/,_S/,_S M/`_DO??>`.^]]\1PCN,8#^`X#O`\RN$XCJ(XCC,\S_,\S.$XD//>`\XY\)YQ MS@'/X#B.\CS/\RC*X3B`\`R.>^]]]Y[S_,\S_,\S_,\SS,`S_,\S\,4\>Y M(Y1S;CS/\SS,X3C'\SR`XSC`\QB.XP`/X#B.\4#>>V8`YYQY;SAW"`\P"(8! M#,XA,(?C',SS/,_S/,_S/,\#>8(1(800@C%&2($L2Y($0=,T3=,T39`@C/`\ M`B,\S_,\#^2]]]Y[[[WWWGO/\SR/@"#$\PA(L#S/\SS/\SS/\SS/\SR0]]Y[ M;X#WWGOO*8[C&(\P.,[P/,KA.,:C.(XS/,_S/,SA0-QYC`'G''C/..<`CW(X M#O`\CW`8@.,XQB,>^\]S_,\1,$\PA($"/$\S_,\S_,\S_,\S_-`WGOOF7/.,.^] M]SS/X!C/\S##<0S'80C_#W`\_S/,_S/,_S)$W3-$W3-$W3-$W3 M-$V3+)#"WGNDK-!:0.P]#%((S_,\S_,\S_,\S_,\S_,\S_,(#[%`T'LDM;;$ M>^^]]SS/\SS/\SS/\SP"PS`,\SS/\SR/8##/`WGO,6.4>.\QQAC#,,SS/,\C M&`;S,`S#,`S#,`S#,(SP/`)$&:/>>^\Q8]1[C&$(CZ(\BF$PS_,\#V,8S/,\ MS_,\S_,\D/=>:*VUUEIKK35-$RP%\SP"4RQ!TS1-4`C/0R0)\0C"\T#>>^^] M__?>>^^]]SS/\Q3$PR0!\3Q%T!#/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S M/,_S/,_S/,_S/,_S/,_S/,_S/`_DO??>>^^]]]Y[S_,\S_,\S_,\S_,\S_,\ MS_,\S_,\S_,\D/?>>^^]]]Y[[SW/\SS/\SS/\P1-TS1-TS1-$RP(\3P/@4!6 M:*VUUE9Y3Y34(,)#(,SS/,_S/,_S/,_S/,_S/`\C"$L!>6^UQ9Y`Y+WWWO,\ MS_,\S_,\S_,\S_,\S_,\S_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/ M\SS/\SS/\SS/\SR0]]Y[[[WWWGOO/<_S/,_S/,_S//_/\SS/\SS/\SS/\SS/ M\T#>>R^TUEIK(2$B"`*!)$'3-$W3-,%"/`^Q!$U"/`*R,`\!$>^]]]Y[[[WW MWO,\#U,(0K((#](TB/`(S_,\S_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/ M\SS/\SS/\SS/\SS/\SR0]]Y[[[WWWGOO/<_S/,_S/,_S/,_S/,_S/,_S/,_S M/,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,$3=,D2,$\`H$D0=,T30-IK;6`V'LE MM=;*\Q!!PCP%(@C"\SS/\SS/\SS/\S#$@R`/A(4D7@DM%/'>>\_S/,_S/,_S M/,_S/,_S/,_S/,_S/,_S/)#_]]Y[[[WWWGOO/<_S/,_S/,_S/,_S/,_S/,_S M/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,\S_,\S_,\S_,\S_,\SP-Y[[VW M5F%,$)1"TS1-TS1-TS1)(3P,$C1-LS`/LS3+\R`+1(C"A'COO??>$P_#"(@@ M),7#!`'Q$$'3$,_S/,_S/,_S/)#WWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\ MS_,\S_,\S_-`WGOOO??>>^^]]SS/\SS/\SS/\SS/\SS/\SS/\SS/\SS/`WGO MO??>>^^]]][S/,_S/,_S/,_S"$R!)$W3-$W3-$W3-`VDK?(>6:&U%LI[1=`@ MS[,$_\R#%`]!/(P@"`+S$`]1/`CR$)!&'FFA/)8:>>\]S_,\S_,\S_,\S_,\ MS_,\S_,\S_,\S_-`WGOOO??>>^^]]SS/\SS/\SS/\SS/\SS/\SS/\SS/\SS/ M`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/`_DO??>2Z&UUEIK M3=,T3=,$"_,(1=(T3=,LS$,D38,\PM(0D%>28$N0\HAXY16,L`A"0CQ+0SQ% MTR"/@##/\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S M/(\`>>^]]]Y[[[WWWO,\S_,\S_,\S_,\S_,\S_,\S_,\S__S/`_DO??>>^^] M]]Y[S_,\S_,\S_,\S_,D3=,T3=,T3=,T38`(D$=0:*VU%LH3J#5-\3!)4SQ$ M0SP+\B#%@S`"\A3%LQ3/DD"$"($]U-H2[[WW/,_S/,_S/,_S/,_S/`+#,`S# M,,+S"`P#88R)]]Y[[[TGQ/,(#,,H@/$\SR,\S_,\S_,\S_,\C_`\#^2]]]Y[ M[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[[ZW06FNM-4W3)(7P M%$G3-$W3-(OP%$'3!,1#!`WR0%A8CP0A$A-+D/44RX,D#],@3]$$PK,T3<(\ MS_,\S_,\SP-Y[[WWWGO/C'/.<0S_QO,PPW$<`_$\`O,\SV,\SS/\SS/\SS/\SS/\SR",#B.`PC"\SP" M1)TAWGMJB/>4>^\] MS_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??(:JVU%BR,0"Q!TS1-TS0- M(CQ(T#1-_\`\1=,DP@-)#;W2R$OKE?1*\C`!(P3+4S3)PP3-\@A!@SS/\SS/ M\SP/Y+WWWGOOO??><(X#/,_S/,\S`,_S/,8A/(_B.(ZC/`_@.!!GWC/.. M>P\,PO,`CN,>^^]]SS/\SS/\SS/ M\SS/\S!(TS0!(@A%TC1-`VFMM9;((ZFUUI+P($T3,,_2)`(3)`+3%,^2/$4@ M,$WQ+`V$B=#*0ZVMQT)YS_,\S_,\S_,\S_,\S_,\SS,XC@,\S_,\D/>&>>^] MX=Y[8CC.(#P/X#B.\3S,X3C`\SS/,QS"\RB'XT#`>^^]]]Y[[_^]]SS/\SS/ M\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>>Z*T5!BS!$W3-$W3-$V`",+2-$W3 M+(*P-$U#/`BD-?)60P\U]L)Z2,`(0?(4#?(@3<`(2=,@#R$\S_,\S_,\D/?> M>^^]]]Y[;SB.`SS/\SS/,QC/\RC.\3S/PQB&\#P/X$"<,^\]9HQX[SWC#,_S M/(RA/,_S/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\S_,\S_,\ M`B$42],T3=,T#:2UEM@KH;76VGI"TC0-\A1-LSQ$TS!"$`A,LSQ(0PA!(#"0 M%H0(;3W26D/O/<_S/,_S/,_S/,_S/,__\SS/,SB.`SS/\T#>>\,\9HX[C`DF M/(HA/`_@.([Q"(SP*,8C,(;C#(P@,((`4>:]]YY0BKWWWO,PBO((S/,\S_,\ MS_,\S_,\S_,\S_,\#^2]]]Y[[[WW2FA-TS1-TS1-$Q0/D31-TS0-\A!!TS3+ M0S20%MA+;;W2TBMM/4M3/$E#"$%3/$O3%,_2-`WQ/,_S/,_S0-Y[[[WWWGOO MO3>\_S/,_S/,_S/,_S/,_S/$_1-$W3 M-$W3-)"6F$"M_[766BN/!$W3)`(3-`WR%$U3/$F#/$N#/$M3/$F#0-YJ09#6 M@F"A-?(\S_,\S_,\S_,\S_,\S_,\SS,XC@,\SP-Y[[UAA#K.':64<3C.(3P/ MX#B.\1"&XSC#PQB'XQR*H@`.Q#GPGACN,.7<$(_A&((`.,/S/,_S/,_S/,_S M/,_S/,_S/)#WWGOOO??>>RPT3=,T3=,$Q5,$3=,T3=,43]$T31,P0M)`6A`L MM"!(:^6E5CQ)@SQ+LSQ(TQ1/TC3+4S2)\#S/\SS/`WGOO??>>^^]]]XS.(X# M/,_S/,\S&(\P.,[Q/(]P.,XA/`\$..?,>^PX-]X3A^,,S_,HCN,`S_\#.,[Q M"(?C`,]Q,,_S#)#QWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S[,T3=,T3;-` M!%NMM=9:"^2AUC1-0#Q+TS3%LS0-\BQ-P#!!4SQ)LSQ+`PF"M)9>::V5E]#S M/,_S/,_S/,_S/,_S/,_S/,\S.(X#/`_DO??>,$\,Y\Y[CW`XSB$\#^`XCO$\ MS.$XP_,PA^,,PO,H$.<<>.PX=]X[SAW,X1P`8!C`\SS/\SS/\SS/\SS/\SS/ M\T#>>^^]]]Y[[[U'-$W3-$'Q($'3-$W3-`$C+$W3-$WQ($T#:>F1UAH3H25! M6E,\2;,\2-,00M`TA!`T32`PS/,\S_,\#^3_O??>>^^]]]Y[SS,XC@,\S_,\ MSS,8CS`XSO$\CW`XSB$\D`><<^8]=IP;[S&'XPS"\RB.XP"/XCB.,PR.XSC* MX3B.XT".>>^]]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S)$W3+`(!2:VUUEIK M@8G46M,TR(,T3=,00M(TR5,TS?(@34,(09,\!:0U]%)KZZ'6VGK/\SS/\SS/ M\SS/\SS/\SS/\SS/,SB.`SR0]]Y[;Y@GAG/G/8]P.,XA/`_@.([Q/,SA.,/S M,(?C#,+S0)1S#CSCG#L`&&,8`N`XCN,XCO(\S_,\S_,\S_,\S_,\SP-Y[[WW MWGOOO??>\Q!-0@A+_],T3=,T39,(1-`T3=,D3]$T#:2MAUIKY:76T$M-0PA! M$PA%TR0/TC0!PP1-$S#/\SS/\SR0]]Y[[[WWWGOO/<\#.(XS/,_S/(\P&(\P M.,[Q/(]P.,XA0-X#SCGS'CO.C?\SS/\SS/\SS/\SS/\SS/\SS/\PB%4`0-I+766FMM/1)::TT3 M"$30-$W`,$'3!`+1-`TA!$U#,$T3"!#26A"DM89>:FT)S_,\S_,\S_,\S_,\ MS_,\S_,\SV,XCG-`Q'OO/>;4$\.Y\SR/<#C.(3P/X#B.\3S,X3C#\S"'X_\, MP@-YRCD'GCK.G??>PQS*8`B*`1P.\#S/\SS/\SS/\SS/\SP/Y+WWWGOOO??> M>\_S/,_2-$W3-$W3-,M3-$W3-$W`,$'3-)"&WFJMK;=::X(T3<`P3=,P1-,T MA1`T32`032`\S_,\S_-`WGOOO??>>^^]]SS/(QR.XQC/\SS/,`B/<#C.\2C, M><>8\=Y\;S,(?C#(\B*([C`,\S.,[Q/,\##,]Q"`_D/>#,>^^] M]]Y[S_,\S_,\S_,\S_,\S_,\S_,\S_,\S](TD-9::ZTA@5IKK35-(21-TS3! M4S1-TQ!"TS3)@S1-P!!-TT`("ZVMMUIKZ`7T/,__\SS/\SS/\SS/\SS/\SS/ M\SS/\RB'`W$.**7&4>^)X9P#'`9S.,ZA,`S@.([!,(KC.`,C"(/C'`#D*..< M&TRPXQQ@#.`HS^$,S,,<@_`\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/\SR/ M$#1-TS1-4SQ+TS1-TS3(LS1-TT!:$:&UEAYJK:V7-$T@$$W3%$+0-,F#-$V3 M"(SP/,_S/,\#>>^]]]Y[[[WWWO,\S_,\#.`XCN,X@_(\SZ,B%UAHCK;56WO,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\ M#^0Q98QB[[WWWA.*PCP"PP@"PS`,(P@"PS`,(P@,(SP/HR@0\1AC0C`FWGM, M&8KP/(_""(JA/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,@3=,$ M!!,T3=,T39,(1=,T30-IC(766A"DM=8(T31-("!-TR!/T#1-(01-TQ3/\SS/ M\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#WWGOOO??> M>__O/<_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\SP-Y;[7`2&BMM=9:P!!-TS1-LSQ)TS3-\BQ-TP1" MT31-(B`-I+7U4FMMO=0:>L_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#WWGOO MO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??>>^^]]SS/\SS/ M\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,+"%$W3-$W3 M-`W!!$W3-`TDB-)::ZV(UEI+S](T3?(L3=,D3](T3?#_(,WR/,_S/,_S/)#W MWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??>>^^]]SS/ M\SS/\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S M/,_S/,_S/,_S/`_DO?=>::VUUEIKA1`T3=,T32$$3=,TP8,T3=,@3]`T3?(L MD-9:>*NUU@A9XCW/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW M/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\S_,\ MS_,\S_,\S_,\S_,\#^2]]]Y[_^^]]]Y[S_,\S_,\S_,\S\,D3=,T3=,L3](T M3=,TD/16:ZTU)$)KK15,TS1-\B1-TP0"TC1-@SS"\SS/\SS/\T#>>^^]]]Y[ M[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/ M\SS/\SR0]]Y[[XG56FLM/4O3-$W3-`31-$W3-$S1-$W3,$73-,WR0%)K+;#2 M6FOHO?<\S_,\S_,\S_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/ M\SS/\_\\S_,\S_,\S_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/ M\SS/\SS/\SR0]]Y[[[WWWGOO/<_S/,_S/,_S/,_S/,+2-$T@($W3-$W30-9+ MK;76TDNMM18\2],TS?($3=,T1-$T#?(\S_,\S_,\SP-Y[[WWWGOOO??>\SS/ M\SS/\SS/\SS/\SS/\SS/\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S M/,_S/,_S/,_S/)#WWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-` MWGOOO??>>Z4U4C1-TS1-$S!%TS1-TQ1,TS1-LPA)TS3-`A'_H;76"&F!O/?> M\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S M/,_S/,_S/,_S/,_S/)#WWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\ MS_-`WGOOO??>>^^]]SS/\SS/\SS/\SS/\SS/\Q`%T31-TS1-`T$BM-9:"V*U MUEI3,$'3-`W"-$W3-`63,,]3(`CQ/,_S/`_DO??>>^^]]]Y[S_,\S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/\SS/ M\SS/\T#>>^^]]]Y[[[WW/,_S/,_S_SS/\SS/\SS/\SS/\SS/\SS/`WGOO??> M>^^]]UX1-$W3-$T@+$W3-$VS"$'3-$U#%$W3-`VDL-9::TB()]9"2%(\S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/ M\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^] M]]Y[[[WWWO,\S_,\S_,\S_,\S_,\S_,\S\,L3=,T#:20UEIKK;'26FM-P"!- MTS1-031-$R#"\SS%@BP+DC#/\SR0]]Y[[[WWWGOO/<_S/,_S/,_S/,_S/,_S M/,_S/,_S//_/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\# M>>^]]]Y[[[WWWO,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\#^2]]]Y[[[WWWGO/ M\SS$$C2)D#1-TS1-(B1-TS1-(B1-TS201DH+B+WWWEL$+4NQ%,_S/,_S/,_S M/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,\S_,\S_,\S_,\S_,\ MSP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SP/Y+WWWGOOO??> M>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_#(!""6FNMM59(:ZTUS2+_-$W3-`U! 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 june2011brokers.htm BROKER'S STATEMENT June 2011 Brokers


Exhibit 99.2

NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(Thousands of Dollars)

2011 

 

2010 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

$

 15,107 

 

$

 23,395 

 

Receivables, Net

 

 470,921 

 

 

 523,644 

 

Unbilled Revenues

 

 154,370 

 

 

 208,834 

 

Taxes Receivable

 

 49,130 

 

 

 89,638 

 

Fuel, Materials and Supplies

 

 230,754 

 

 

 244,043 

 

Regulatory Assets

 

 242,137 

 

 

 238,699 

 

Marketable Securities

 

 74,680 

 

 

 78,306 

 

Prepayments and Other Current Assets

 

 100,763 

 

 

 100,441 

Total Current Assets

 

 1,337,862 

 

 

 1,507,000 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 9,863,789 

 

 

 9,567,726 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 2,656,093 

 

 

 2,756,580 

 

Goodwill

 

 287,591 

 

 

 287,591 

 

Marketable Securities

 

 58,154 

 

 

 51,201 

 

Derivative Assets

 

 86,730 

 

 

 123,242 

 

Other Long-Term Assets

 

 152,127 

 

 

 179,261 

Total Deferred Debits and Other Assets

 

 3,240,695 

 

 

 3,397,875 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 14,442,346 

 

$

 14,472,601 

 

 

 

 

 

 

 


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)

2011 

 

2010 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

  Notes Payable to Banks

$

 137,000 

 

$

 267,000 

  Long-Term Debt - Current Portion

 

 336,991 

 

 

 66,286 

  Accounts Payable

 

 373,799 

 

 

 417,285 

  Obligations to Third Party Suppliers

 

 74,522 

 

 

 74,659 

  Accrued Taxes

 

 104,125 

 

 

 107,067 

  Accrued Interest

 

 69,582 

 

 

 74,740 

  Regulatory Liabilities

 

 152,956 

 

 

 99,403 

  Derivative Liabilities

 

 105,583 

 

 

 71,501 

  Other Current Liabilities

 

 121,469 

 

 

 167,206 

Total Current Liabilities

 

 1,476,027 

 

 

 1,345,147 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 147,252 

 

 

 181,572 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  Accumulated Deferred Income Taxes

 

 1,777,163 

 

 

 1,636,750 

  Regulatory Liabilities

 

 273,909 

 

 

 339,655 

  Derivative Liabilities

 

 884,283 

 

 

 909,668 

  Accrued Pension

 

 798,467 

 

 

 802,195 

  Other Long-Term Liabilities

 

 696,040 

 

 

 695,915 

Total Deferred Credits and Other Liabilities

 

 4,429,862 

 

 

 4,384,183 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

  Long-Term Debt

 

 4,356,052 

 

 

 4,632,866 

 

 

 

 

 

 

 

 

   Noncontrolling Interest in Consolidated Subsidiary:

 

 

 

 

 

 

Preferred Stock Not Subject to Mandatory Redemption

 

 116,200 

 

 

 116,200 

 

 

 

 

 

 

 

 

   Equity:

 

 

 

 

 

 

Common Shareholders' Equity:

 

 

 

 

 

 

  Common Shares

 

 979,884 

 

 

 978,909 

 

  Capital Surplus, Paid In

 

 1,785,907 

 

 

 1,777,592 

 

  Retained Earnings

 

 1,546,493 

 

 

 1,452,777 

 

  Accumulated Other Comprehensive Loss

 

 (45,791)

 

 

 (43,370)

 

  Treasury Stock

 

 (351,387)

 

 

 (354,732)

   Common Shareholders' Equity

 

 3,915,106 

 

 

 3,811,176 

   Noncontrolling Interests

 

 1,847 

 

 

 1,457 

  Total Equity

 

 3,916,953 

 

 

 3,812,633 

Total Capitalization

 

 8,389,205 

 

 

 8,561,699 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 14,442,346 

 

$

 14,472,601 

 

 

 

 

 

 

 

 


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

 

Six Months Ended

(Thousands of Dollars, Except Share Information)

June 30, 2011

 

June 30, 2010

 

June 30, 2011

 

June 30, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

$

 1,047,481 

 

$

 1,111,426 

 

$

 2,282,732 

 

$

 2,450,845 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Fuel, Purchased and Net Interchange Power

 

 340,300 

 

 

 442,230 

 

 

 814,409 

 

 

 1,045,578 

 

Other Operating Expenses

 

 262,818 

 

 

 206,664 

 

 

 514,796 

 

 

 454,937 

 

Maintenance

 

 78,825 

 

 

 66,817 

 

 

 146,589 

 

 

 112,454 

 

Depreciation

 

 73,637 

 

 

 79,075 

 

 

 147,588 

 

 

 157,731 

 

Amortization of Regulatory Assets, Net

 

 17,262 

 

 

 8,893 

 

 

 51,669 

 

 

 566 

 

Amortization of Rate Reduction Bonds

 

 17,086 

 

 

 54,997 

 

 

 34,367 

 

 

 114,567 

 

Taxes Other Than Income Taxes

 

 79,419 

 

 

 74,406 

 

 

 167,823 

 

 

 160,005 

 

 

Total Operating Expenses

 

 869,347 

 

 

 933,082 

 

 

 1,877,241 

 

 

 2,045,838 

Operating Income

 

 178,134 

 

 

 178,344 

 

 

 405,491 

 

 

 405,007 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-Term Debt

 

 57,044 

 

 

 58,522 

 

 

 114,444 

 

 

 115,791 

 

Interest on Rate Reduction Bonds

 

 2,293 

 

 

 5,633 

 

 

 4,871 

 

 

 12,324 

 

Other Interest

 

 2,897 

 

 

 3,042 

 

 

 1,468 

 

 

 6,343 

 

 

Interest Expense

 

 62,234 

 

 

 67,197 

 

 

 120,783 

 

 

 134,458 

Other Income, Net

 

 7,334 

 

 

 1,552 

 

 

 17,647 

 

 

 9,608 

Income Before Income Tax Expense

 

 123,234 

 

 

 112,699 

 

 

 302,355 

 

 

 280,157 

Income Tax Expense

 

 44,515 

 

 

 39,351 

 

 

 108,052 

 

 

 119,209 

Net Income

 

 78,719 

 

 

 73,348 

 

 

 194,303 

 

 

 160,948 

Net Income Attributable to Noncontrolling Interests

 

 1,441 

 

 

 1,402 

 

 

 2,870 

 

 

 2,792 

Net Income Attributable to Controlling Interests

$

 77,278 

 

$

 71,946 

 

$

 191,433 

 

$

 158,156 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

$

 0.44 

 

$

 0.41 

 

$

 1.08 

 

$

 0.90 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

 0.28 

 

$

 0.26 

 

$

 0.55 

 

$

 0.51 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 177,347,374 

 

 

 176,571,189 

 

 

 177,267,791 

 

 

 176,460,476 

 

Diluted

 

 177,626,992 

 

 

 176,736,532 

 

 

 177,553,995 

 

 

 176,637,003 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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)

2011 

 

2010 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 194,303 

 

$

 160,948 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Bad Debt Expense

 

 9,374 

 

 

 17,176 

 

 

 Depreciation

 

 147,588 

 

 

 157,731 

 

 

 Deferred Income Taxes

 

 95,293 

 

 

 37,850 

 

 

 Pension and PBOP Expense, Net of PBOP Contributions

 

 51,324 

 

 

 25,529 

 

 

 Pension Contribution

 

 (19,200)

 

 

 - 

 

 

 Regulatory Overrecoveries, Net

 

40,434 

 

 

 21,569 

 

 

 Amortization of Regulatory Assets, Net

 

 51,669 

 

 

 566 

 

 

 Amortization of Rate Reduction Bonds

 

 34,367 

 

 

 114,567 

 

 

 Derivative Assets and Liabilities

 

 (9,272)

 

 

 (5,640)

 

 

 Other

 

(7,192)

 

 

 (29,707)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 80,696 

 

 

 34,703 

 

 

 Fuel, Materials and Supplies

 

 12,992 

 

 

 52,024 

 

 

 Taxes Receivable/Accrued

 

 48,933 

 

 

 (3,856)

 

 

 Accounts Payable

 

 (23,981)

 

 

 (53,480)

 

 

 Other Current Assets and Liabilities

 

 (20,633)

 

 

 3,799 

Net Cash Flows Provided by Operating Activities

 

 686,695 

 

 

 533,779 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (468,526)

 

 

 (442,404)

 

Proceeds from Sales of Marketable Securities

 

 72,369 

 

 

 95,452 

 

Purchases of Marketable Securities

 

 (73,564)

 

 

 (96,546)

 

Proceeds from Sale of Assets

 

 46,841 

 

 

 - 

 

Other Investing Activities

 

 (4,828)

 

 

 (4,369)

Net Cash Flows Used in Investing Activities

 

 (427,708)

 

 

 (447,867)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

 (97,207)

 

 

 (90,194)

 

Cash Dividends on Preferred Stock

 

 (2,779)

 

 

 (2,779)

 

(Decrease)/Increase in Short-Term Debt

 

 (130,000)

 

 

 57,000 

 

Issuance of Long-Term Debt

 

 122,000 

 

 

 145,000 

 

Retirements of Long-Term Debt

 

 (124,086)

 

 

 (4,286)

 

Retirements of Rate Reduction Bonds

 

 (34,320)

 

 

 (128,600)

 

Other Financing Activities

 

 (883)

 

 

 (230)

Net Cash Flows Used in Financing Activities

 

 (267,275)

 

 

 (24,089)

Net (Decrease)/Increase in Cash and Cash Equivalents

 

 (8,288)

 

 

 61,823 

Cash and Cash Equivalents - Beginning of Period

 

 23,395 

 

 

 26,952 

Cash and Cash Equivalents - End of Period

$

 15,107 

 

$

 88,775 


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.