EX-99 4 financials8k102301.txt FINANCIALS 3RD QUARTER October 23, 2001 NORTHEAST UTILITIES AND SUBSIDIARIES FINANCIAL REPORT
Three Months Ended September 30, ----------------------- 2001 2000 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,723,894 $ 1,581,947 ============ ============ Earnings for common shares: Before extraordinary (loss) and cumulative effect of accounting changes, net of taxes $ 34,631 $ 65,543 Extraordinary (loss), net of tax benefits of $169,562 - - Cumulative effect of accounting changes, net of tax benefits of $14,908 - - ------------ ------------ Total Net Income $ 34,631 $ 65,543 ============ ============ Fully Diluted Earnings Per Common Share: Before extraordinary (loss) and cumulative effect of accounting changes,net of taxes $ 0.26 $ 0.45 Extraordinary (loss), net of taxes - - Cumulative effect of accounting changes, net of taxes - - ------------ ------------ Total Fully Diluted Earnings Per Common Share $ 0.26 $ 0.45 ============ ============ Common Shares Outstanding (fully diluted) 133,869,227 144,189,458 ============ ============
Nine Months Ended September 30, ----------------------- 2001 2000 ---- ---- Operating Revenues $ 5,107,732 $ 4,379,241 ============ ============ Earnings for common shares: Before extraordinary (loss) and cumulative effect of accounting changes, net of taxes $ 215,958 $ 152,336 Extraordinary (loss), net of tax benefits of $169,562 - - Cumulative effect of accounting changes, net of tax benefits of $14,908 (22,432) - ------------ ------------ Total Net Income $ 193,526 $ 152,336 ============ ============ Fully Diluted Earnings Per Common Share: Before extraordinary (loss) and cumulative effect of accounting changes, net of taxes $ 1.57 $ 1.08 Extraordinary (loss), net of taxes - - Cumulative effect of accounting changes, net of taxes (0.16) - ------------ ------------ Total Fully Diluted Earnings Per Common Share $ 1.41 $ 1.08 ============ ============ Common Shares Outstanding (fully diluted) 137,457,694 141,449,402 ============ ============
Twelve Months Ended September 30, ----------------------- 2001 2000 ---- ---- Operating Revenues $ 6,605,111 $ 5,527,977 ============ ============ Earnings for common shares: Before extraordinary (loss) and cumulative effect of accounting changes, net of taxes $ 268,917 $ 136,662 Extraordinary (loss), net of tax benefits of $169,562 (233,881) - Cumulative effect of accounting changes, net of tax benefits of $14,908 (22,432) - ------------ ----------- Total Net Income $ 12,604 $ 136,662 ============ ============ Fully Diluted Earnings Per Common Share: Before extraordinary (loss) and cumulative effect of accounting changes, net of taxes $ 1.93 $ 0.98 Extraordinary (loss), net of taxes (1.68) - Cumulative effect of accounting changes, net of taxes (0.16) - ------------ ------------ Total Fully Diluted Earnings Per Common Share $ 0.09 $ 0.98 ============ ============ Common Shares Outstanding (fully diluted) 139,121,498 139,165,789 ============ ============ 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 the Northeast Utilities System and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
Northeast Utilities and Subsidiaries Consolidated Statements of Income
Three Months Ended September 30, ----------------------- 2001 2000 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,723,894 $ 1,581,947 ------------ ------------ Operating Expenses: Operation - Fuel, purchased and net interchange power 1,178,290 928,435 Other 184,815 223,137 Maintenance 59,733 59,847 Depreciation 43,562 58,153 Amortization of regulatory assets, net 104,468 75,010 Federal and state income taxes 26,853 61,582 Taxes other than income taxes 39,648 59,170 Loss (gain) on sale of utility plant - 852 ------------ ------------ Total operating expenses 1,637,369 1,466,186 ------------ ------------ Operating Income 86,525 115,761 ------------ ------------ Other Income: Gain on sale of utility plant - - Loss on share repurchase contracts - - Nuclear related costs - (971) Other, net 17,724 17,247 Minority interest in loss of subsidiary - (2,325) Income taxes 1,668 16,029 ------------ ------------ Other income, net 19,392 29,980 ------------ ------------ Income before interest charges 105,917 145,741 ------------ ------------ Interest Charges: Interest on long-term debt 30,995 47,953 Interest on rate reduction bonds 30,883 - Other interest, net 8,804 29,493 ------------ ------------ Interest charges, net 70,282 77,446 ------------ ------------ Income after interest charges 35,635 68,295 Preferred Dividends of Subsidiaries 1,004 2,752 ------------ ------------ Income before extraordinary loss and cumulative effect of accounting changes, net of taxes 34,631 65,543 Extraordinary (loss), net of tax benefits of $169,562 - - Cumulative effect of accounting changes, net of tax benefits of $14,908 - - ------------ ------------ Net Income $ 34,631 $ 65,543 ============ ============ Fully Diluted Earnings Per Common Share: Income before extraordinary loss and cumulative effect of accounting changes $ 0.26 $ 0.45 Extraordinary (loss), net of taxes - - Cumulative effect of accounting changes, net of taxes - - ------------ ------------ Total Fully Diluted Earnings Per Common Share $ 0.26 $ 0.45 ============ ============ Common Shares Outstanding (fully diluted) 133,869,227 144,189,458 ============ ============
Nine Months Ended September 30, ----------------------- 2001 2000 ---- ---- Operating Revenues $ 5,107,732 $ 4,379,241 ------------ ------------ Operating Expenses: Operation - Fuel, purchased and net interchange power 3,319,007 2,491,896 Other 592,757 638,634 Maintenance 208,152 181,337 Depreciation 154,082 177,491 Amortization of regulatory assets, net 900,459 188,460 Federal and state income taxes 118,035 171,452 Taxes other than income taxes 170,739 178,857 Gain on sale of utility plant (643,909) 852 ------------ ------------ Total operating expenses 4,819,322 4,028,979 ------------ ------------ Operating Income 288,410 350,262 ------------ ------------ Other Income: Gain on sale of utility plant 201,856 - Loss on share repurchase contracts (35,394) - Nuclear related costs - (19,344) Other, net 27,282 18,684 Minority interest in loss of subsidiary (3,100) (6,975) Income taxes (47,929) 44,984 ------------ ------------ Other income, net 142,715 37,349 ------------ ------------ Income before interest charges 431,125 387,611 ------------ ------------ Interest Charges: Interest on long-term debt 109,906 156,137 Interest on rate reduction bonds 57,703 - Other interest, net 41,413 67,715 ------------ ------------ Interest charges, net 209,022 223,852 ------------ ------------ Income after interest charges 222,103 163,759 Preferred Dividends of Subsidiaries 6,145 11,423 ------------ ------------ Income before extraordinary loss and cumulative effect of accounting changes, net of taxes 215,958 152,336 Extraordinary (loss), net of tax benefits of $169,562 - - Cumulative effect of accounting changes, net of tax benefits of $14,908 (22,432) - ------------ ------------ Net Income $ 193,526 $ 152,336 ============ ============ Fully Diluted Earnings Per Common Share: Income before extraordinary loss and cumulative effect of accounting changes $ 1.57 $ 1.08 Extraordinary (loss), net of taxes - - Cumulative effect of accounting changes, net of taxes (0.16) - ------------ ------------ Total Fully Diluted Earnings Per Common Share $ 1.41 $ 1.08 ============ ============ Common Shares Outstanding (fully diluted) 137,457,694 141,449,402 ============ ============
Twelve Months Ended September 30, ----------------------- 2001 2000 ---- ---- Operating Revenues $ 6,605,111 $ 5,527,977 ------------ ------------ Operating Expenses: Operation - Fuel, purchased and net interchange power 4,131,106 2,936,942 Other 820,865 910,618 Maintenance 282,698 248,593 Depreciation 216,389 235,088 Amortization of regulatory assets, net 988,138 566,975 Federal and state income taxes 176,614 240,379 Taxes other than income taxes 230,469 238,110 Gain on sale of utility plant (644,078) (286,853) ------------ ------------ Total operating expenses 6,202,201 5,089,852 ------------ ------------ Operating Income 402,910 438,125 ------------ ------------ Other Income: Gain on sale of utility plant 201,856 - Loss on share repurchase contracts (35,394) - Nuclear related costs - (69,354) Other, net 22,932 (5,280) Minority interest in loss of subsidiary (5,425) (9,300) Income taxes (24,607) 88,261 ------------ ------------ Other income, net 159,362 4,327 ------------ ------------ Income before interest charges 562,272 442,452 ------------ ------------ Interest Charges: Interest on long-term debt 154,466 218,661 Interest on rate reduction bonds 57,703 - Other interest, net 72,303 70,495 ------------ ------------ Interest charges, net 284,472 289,156 ------------ ------------ Income after interest charges 277,800 153,296 Preferred Dividends of Subsidiaries 8,883 16,634 ------------ ------------ Income before extraordinary loss and cumulative effect of accounting changes, net of taxes 268,917 136,662 Extraordinary (loss), net of tax benefits of $169,562 (233,881) - Cumulative effect of accounting changes, net of tax benefits of $14,908 (22,432) - ------------ ------------ Net Income $ 12,604 $ 136,662 ============ ============ Fully Diluted Earnings Per Common Share: Income before extraordinary loss and cumulative effect of accounting changes $ 1.93 $ 0.98 Extraordinary (loss), net of taxes (1.68) - Cumulative effect of accounting changes, net of taxes (0.16) - ------------ ------------ Total Fully Diluted Earnings Per Common Share $ 0.09 $ 0.98 ============ ============ Common Shares Outstanding (fully diluted) 139,121,498 139,165,789 ============ ============ 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 the Northeast Utilities System and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
Northeast Utilities and Subsidiaries Consolidated Balance Sheets
September 30, ----------------------- 2001 2000 (Thousands of Dollars) ASSETS Property, Plant and Equipment, at cost: Electric $ 6,036,587 $ 9,314,090 Gas and other 870,179 847,856 ------------ ------------ 6,906,766 10,161,946 Less: Accumulated provision for depreciation 3,466,409 6,493,571 ------------ ------------ 3,440,357 3,668,375 Unamortized PSNH acquisition costs - 303,123 Construction work in progress 259,024 206,513 Nuclear fuel, net 25,022 118,550 ------------ ------------ Total net property, plant and equipment 3,724,403 4,296,561 ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 59,971 762,686 Other, at cost 346,028 222,978 ------------ ------------ 405,999 985,664 ------------ ------------ Current Assets: Cash and cash equivalents 130,913 237,972 Investments in securitizable assets 35,592 62,635 Receivables, net 699,061 479,957 Unbilled revenues 78,959 72,003 Fuel, materials, and supplies, at average cost 103,566 171,253 Prepayments and other 217,652 260,821 ------------ ------------ 1,265,743 1,284,641 ------------ ------------ Deferred Charges: Regulatory assets 4,046,608 3,361,001 Goodwill and other purchased intangible assets 323,476 336,221 Prepaid pensions 206,803 116,711 Other 192,403 184,581 ------------ ------------ 4,796,290 3,998,514 ------------ ------------ Total Assets $ 10,165,435 $ 10,565,380 ============ ============
September 30, ----------------------- 2001 2000 ---- ---- (Thousands of Dollars) CAPITALIZATION AND LIABILITIES Capitalization: Common shareholders' equity: Common shares, $5.00 par value - authorized 225,000,000 shares; 148,890,460 shares issued and 132,971,030 shares outstanding in 2001 and 148,695,939 shares issued and 143,590,018 shares outstanding in 2000 $ 744,453 $ 743,480 Capital surplus, paid in 882,819 1,094,996 Deferred contribution plan - employee stock ownership plan (105,321) (118,554) Retained earnings 644,886 691,164 Accumulated other comprehensive income (32,986) 2,699 ------------ ------------ Total common shareholders' equity 2,133,851 2,413,785 Preferred stock not subject to mandatory redemption 116,200 136,200 Preferred stock subject to mandatory redemption - 15,000 Long-term debt 1,930,620 2,042,929 ------------ ------------ Total capitalization 4,180,671 4,607,914 ------------ ------------ Rate Reduction Bonds 2,118,400 - ------------ ------------ Minority Interest in Consolidated Subsidiaries - 100,000 ------------ ------------ Obligations Under Capital Leases 16,990 50,619 ------------ ------------ Current Liabilities: Notes payable to banks 436,500 1,127,338 Long-term debt and preferred stock - current portion 24,437 539,900 Obligations under capital leases - current portion 838 113,101 Accounts payable 634,824 481,411 Accrued taxes 112,659 144,282 Accrued interest 93,344 46,760 Other 143,548 121,259 ------------ ------------ 1,446,150 2,574,051 ------------ ------------ Deferred Credits: Accumulated deferred income taxes 1,409,294 1,674,587 Accumulated deferred investment tax credits 123,246 156,002 Decommissioning obligation - Millstone 1 - 683,234 Deferred contractual obligations 220,747 255,816 Other 649,937 463,157 ------------ ------------ 2,403,224 3,232,796 ------------ ------------ Total Capitalization and Liabilities $ 10,165,435 $ 10,565,380 ============ ============ 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 the Northeast Utilities System and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.