-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H5ydYl6Anrd5Hq8byv6pUen9XaGzHzcNzP2kgBZr0dmxz7p140dL8OrXvVYLzfIm Sr8mrYEwORgG4LiRgzTjdQ== 0000072741-02-000092.txt : 20020723 0000072741-02-000092.hdr.sgml : 20020723 20020723152446 ACCESSION NUMBER: 0000072741-02-000092 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020723 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES SYSTEM 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: 02708556 BUSINESS ADDRESS: STREET 1: 174 BRUSH HILL AVE CITY: WEST SPRINGFIELD STATE: MA ZIP: 01090-0010 BUSINESS PHONE: 4137855871 MAIL ADDRESS: STREET 1: 107 SELDON ST CITY: BERLIN STATE: CT ZIP: 06037-1616 8-K 1 nu8k072302.txt NU 8-L Q2 2002 COVER 072302 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 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) July 23, 2002 ------------------- Commission File Number 1-5324 ------ NORTHEAST UTILITIES -------------------- (Exact name of registrant as specified in its charter) MASSACHUSETTS 04-2147929 ---------------------- ---------- (State or other jurisdiction of (I.R.S. Employer organization) incorporation or Identification No.) 174 BRUSH HILL AVENUE, WEST SPRINGFIELD, MASSACHUSETTS 01090-0010 ------------------------------------------------------------ (Address of principal executive offices) (Zip Code) (413) 785-5871 (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed since last report) Item 9. REGULATION AND DISCLOSURE The material attached hereto as Exhibit 99, which is incorporated in this Item 9 by reference thereto, is furnished pursuant to Regulation FD. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NORTHEAST UTILITIES (registrant) By: /s/ Randy A. Shoop Name: Randy A. Shoop Title: Assistant Treasurer - Finance Date: July 23, 2002 EX-99 3 nu8kexh99072302.txt NU PRESS RLS 072302 EXH 99 EXHIBIT 99 NU LOGO NEWS RELEASE CONTACT: Jeffrey R. Kotkin OFFICE: (860) 665-5154 NU REPORTS SECOND-QUARTER RESULTS BERLIN, Connecticut, July 23, 2002-Northeast Utilities (NU) today reported earnings of $28.9 million, or $0.22 per share fully diluted, in the second quarter of 2002, compared with earnings of $46.7 million, or $0.35 per share fully diluted, in the second quarter of 2001. For the first six months of 2002, NU reported earnings of $47.5 million, or $0.37 per share fully diluted, compared with earnings of $158.9 million, or $1.14 per share fully diluted, in the first half of 2001. NU recorded nonrecurring items in the first six months of both 2002 and 2001. In the first quarter of 2002, NU recorded after-tax charges of $10 million, or $0.08 per share, primarily associated with NU's investment in NEON Communications, Inc. (NEON), a Massachusetts-based provider of high-bandwidth fiber optic telecommunications services. Although NEON filed a reorganization plan in June 2002 in U.S. Bankruptcy Court in Delaware, NU believes its remaining investment in NEON is realizable since the plan calls for NU to retain a 7 percent share of NEON's post-bankruptcy equity. Excluding the first- quarter write-offs, NU earned $57.5 million, or $0.45 per share fully diluted, in the first half of 2002. In the first half of 2001, NU recorded several one-time earnings effects related to the sale of Millstone Station in March 2001, the adoption of certain accounting rules, and the forward repurchase of 10.1 million common shares. Absent those effects, NU earned $38.7 million, or $0.29 per share fully diluted, in the second quarter of 2001, and $91.9 million, or $0.67 per share fully diluted, in the first half of 2001. The following table reconciles 2001 and 2002 earnings on reported and adjusted bases:
Second Quarter First Half 2001 Reported EPS $0.35 $1.14 One-time items Forward Share Repurchase ($0.06) $0.24 Millstone Sale --- ($0.87) Adoption of SFAS 133 --- $0.16 2001 Adjusted EPS $0.29 $0.67 Improved 2002 Regulated Business Results $0.09 $0.08 Weaker 2002 Competitive Business Results ($0.18) ($0.31) Lower 2002 Share Count $0.01 $0.03 Other $0.01 ($0.02) 2002 Adjusted EPS $0.22 $0.45 One-time item Investment Write-Offs --- ($0.08) 2002 Reported EPS $0.22 $0.37
- more - Page 2 of 3 Michael G. Morris, NU chairman, president and chief executive officer, attributed the lower second quarter operating earnings primarily to weaker results at NU's competitive energy businesses. In the second quarter of 2002, those businesses lost $9.3 million, compared with earnings of $13.6 million in the second quarter of 2001. Morris said the weaker results were related primarily to April losses on natural gas trading and low early spring river flows, which curtailed production at conventional hydroelectric plants. Morris also noted revenues of NU's competitive energy businesses will be reduced as a result of recently released accounting guidance related to the classification of revenues and expenses associated with energy trading contracts. In June 2002, the Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board reached a consensus on Issue No. 02-3, "Accounting for Contracts Involved in Energy Trading and Risk Management Activities." The EITF required energy trading companies to record revenues and expenses associated with energy trading contracts on a net basis, rather than recording the gross revenues and expenses. This change is retroactive to all periods presented, but will have no effect on net income. NU will adopt the statement in the third quarter of 2002. As a result, NU now estimates that its competitive energy revenues for the first six months of 2002 will be reduced to $800 million from the $1.9 billion reflected in the financial statements released today. Morris said results from NU's regulated operating companies were mixed in the second quarter of 2002. Combined earnings at Public Service Company of New Hampshire (PSNH) and North Atlantic Energy Corporation totaled $18.1 million in the second quarter of 2002 and $30.8 million in the first half of 2002, compared with earnings of $18.9 million in the second quarter of 2001 and $53.0 million in the first half of 2001. Morris attributed the earnings decline to a nonrecurring after-tax gain of $15.5 million in the first quarter of 2001 associated with the sale of PSNH's share of the Millstone 3 unit and to a 10 percent rate reduction that took effect May 1, 2001 in connection with industry restructuring. Earnings at The Connecticut Light and Power Company (CL&P), NU's largest regulated subsidiary, totaled $10.0 million in the second quarter of 2002 and $30.3 million in the first half of 2002, compared with $17.4 million in the second quarter of 2001 and $54.3 million in the first half of 2001. Morris said the primary reason for the difference was CL&P's recording of a nonrecurring after-tax gain of $19.1 million in the first quarter of 2001 as a result of the Millstone sale. Yankee Energy System, Inc. lost $0.5 million in the second quarter of 2002 and earned $12.1 million in the first half of 2002, compared with a loss of $6.8 million in the second quarter of 2001 and a profit of $8.9 million in the first half of 2001. Western Massachusetts Electric Company (WMECO) earned $15.3 million in the second quarter of 2002 and $22.2 million in the first half of 2002, compared with a profit of $1.1 million in the second quarter of 2001 and a $3.8 million profit in the first half of 2001. Morris said WMECO results in the first half of 2001 were negatively impacted by a refueling outage at Millstone 3 and earnings in the first half of 2002 benefited from higher tax credits. Morris said NU results were hurt by lower regulated electric and natural gas sales, resulting from mild winter and early spring weather and lower industrial sales. Heating degree days at Bradley International Airport in Windsor Locks, Connecticut from January 1, 2002 though June 30, 2002 totaled 3,342, compared with 3,835 for the same period of 2001. Regulated industrial electric sales were down 10.8 percent in the first six months of 2002, compared with the same period of 2001, while residential sales were off 1.8 percent and commercial sales were up 0.9 percent. - more - Page 3 of 3 "Our regulated businesses continue to perform well and remain quite stable, despite some challenging economic conditions," Morris said. Partially offsetting weaker sales were lower financing costs and a lower share count. NU had approximately 129.8 million shares outstanding as of June 30, 2002, compared with 133.9 million shares outstanding as of June 30, 2001. NU has repurchased approximately 850,000 shares in 2002 and has authorization to repurchase approximately 10 million additional shares by June 30, 2003. Despite the weaker results at NU's competitive energy businesses, Morris said NU is maintaining its updated earnings guidance. On June 17, 2002, NU said that the upper end of its previous earnings range of $1.40 to $1.65 a share was unachievable, but Morris said the lower end remains achievable, excluding significant nonrecurring items such as the NEON write-off and expected gains of $25 million to $30 million associated the NU System's 40.04 percent share of the Seabrook nuclear plant. NU expects to sell that share to FPL Group later this year. To meet its earnings target, Morris said, NU needs to have a return to more seasonable weather patterns, which has occurred during the first three weeks of July, significantly better performance at its competitive businesses, and continued strong control of nonfuel operation and maintenance costs. Northeast Utilities (NYSE: NU) is a Fortune 500 diversified energy company located in Connecticut with operations throughout the Northeast. Through its competitive and regulated subsidiaries, NU provides a full range of energy products and services to millions of residential and business customers from Maine to Maryland. From delivering electricity and natural gas, to marketing energy commodities, to operating and maintaining power plant facilities, NU is committed to safety, reliability and expanding consumers' energy options. For more information on Northeast Utilities and its subsidiaries, visit the NU family of Web sites at www.nu.com. This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements of future expectations and not facts. Actual results or developments might differ materially from those included in the forward-looking statements because of factors such as competition and industry restructuring, changes in economic conditions, changes in historical weather patterns, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NU's reports to the Securities and Exchange Commission. # # # NOTE: NU will webcast a conference call with investors this afternoon at 4 p.m. Eastern Daylight Time. The call can be accessed through NU's website at www.nu.com. EX-99.15 OTH FIN ST 4 nu8kexh99a072302.txt NU FINANCIALS 072302 EXH 99.15 Exhibit 99.15 July 23, 2002 NORTHEAST UTILITIES AND SUBSIDIARIES ------------------------------------ FINANCIAL REPORT ----------------
Three Months Ended June 30, --------------------- 2002 2001 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,673,193 $ 1,583,294 =========== =========== Earnings for Common Shares: Before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 28,857 $ 46,732 Extraordinary loss, net of tax benefit of $169,562 - - Cumulative effect of accounting change, net of tax benefit of $14,908 - - ----------- ----------- Net Income $ 28,857 $ 46,732 =========== =========== Fully Diluted Earnings Per Common Share: Before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 0.22 $ 0.35 Extraordinary loss, net of tax benefit - - Cumulative effect of accounting change, net of tax benefit - - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.22 $ 0.35 =========== =========== Common Shares Outstanding (fully diluted) 129,993,412 134,149,873 =========== ===========
Six Months Ended June 30, ------------------- 2002 2001 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 3,583,876 $ 3,383,838 =========== =========== Earnings for Common Shares: Before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 47,499 $ 181,327 Extraordinary loss, net of tax benefit of $169,562 - - Cumulative effect of accounting change, net of tax benefit of $14,908 - (22,432) ----------- ----------- Net Income $ 47,499 $ 158,895 =========== =========== Fully Diluted Earnings Per Common Share: Before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 0.37 $ 1.30 Extraordinary loss, net of tax benefit - - Cumulative effect of accounting change, net of tax benefit - (0.16) ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.37 $ 1.14 =========== =========== Common Shares Outstanding (fully diluted) 129,871,495 139,256,968 =========== ===========
Twelve Months Ended June 30, ------------------- 2002 2001 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 7,073,865 $ 6,463,163 =========== =========== Earnings for Common Shares: Before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 132,114 $ 299,830 Extraordinary loss, net of tax benefit of $169,562 - (233,881) Cumulative effect of accounting change, net of tax benefit of $14,908 - (22,432) ----------- ----------- Net Income $ 132,114 $ 43,517 =========== =========== Fully Diluted Earnings Per Common Share: Before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 1.01 $ 2.12 Extraordinary loss, net of tax benefit - (1.65) Cumulative effect of accounting change, net of tax benefit - (0.16) ----------- ----------- Fully Diluted Earnings Per Common Share $ 1.01 $ 0.31 =========== =========== Common Shares Outstanding (fully diluted) 131,227,196 141,669,477 =========== ===========
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 ------------------------------------ Consolidated Statements of Income ---------------------------------
Three Months Ended June 30, ------------------- 2002 2001 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,673,193 $ 1,583,294 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 1,158,327 1,009,878 Other 198,724 189,014 Maintenance 73,449 59,738 Depreciation 50,744 49,891 Amortization 43,038 86,098 Taxes other than income taxes 54,860 55,204 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 1,579,142 1,449,823 ----------- ----------- Operating Income 94,051 133,471 Other Income/(Loss), Net 1,653 15,722 ----------- ----------- Income Before Interest Expense and Income Tax (Benefit)/Expense 95,704 149,193 ----------- ----------- Interest Expense: Interest on long-term debt 37,210 35,243 Interest on rate reduction bonds 29,226 26,820 Other interest 2,572 9,482 ----------- ----------- Interest expense, net 69,008 71,545 ----------- ----------- Income Before Income Tax (Benefit)/Expense 26,696 77,648 Income Tax (Benefit)/Expense (3,550) 28,479 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 30,246 49,169 Preferred Dividends of Subsidiaries 1,389 2,437 ----------- ----------- Income before extraordinary loss and cumulative effect of accounting change, net of tax benefits 28,857 46,732 Extraordinary loss, net of tax benefit of $169,562 - - Cumulative effect of accounting change, net of tax benefit of $14,908 - - ----------- ----------- Net Income $ 28,857 $ 46,732 =========== =========== Fully Diluted Earnings Per Common Share: Income before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 0.22 $ 0.35 Extraordinary loss, net of tax benefit - - Cumulative effect of accounting change, net of tax benefit - - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.22 $ 0.35 =========== =========== Common Shares Outstanding (fully diluted) 129,993,412 134,149,873 =========== ===========
Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Six Months Ended June 30, ------------------- 2002 2001 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 3,583,876 $ 3,383,838 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 2,511,164 2,140,717 Other 396,755 407,942 Maintenance 125,761 148,419 Depreciation 98,625 110,520 Amortization 113,776 805,954 Taxes other than income taxes 129,458 131,091 Gain on sale of utility plant - (653,872) ----------- ----------- Total operating expenses 3,375,539 3,090,771 ----------- ----------- Operating Income 208,337 293,067 Other Income/(Loss), Net (12,344) 172,920 ----------- ----------- Income Before Interest Expense and Income Tax (Benefit)/Expense 195,993 465,987 ----------- ----------- Interest Expense: Interest on long-term debt 71,758 78,911 Interest on rate reduction bonds 58,788 26,820 Other interest 5,349 33,009 ----------- ----------- Interest expense, net 135,895 138,740 ----------- ----------- Income Before Income Tax (Benefit)/Expense 60,098 327,247 Income Tax (Benefit)/Expense 9,820 140,779 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 50,278 186,468 Preferred Dividends of Subsidiaries 2,779 5,141 ----------- ----------- Income before extraordinary loss and cumulative effect of accounting change, net of tax benefits 47,499 181,327 Extraordinary loss, net of tax benefit of $169,562 - - Cumulative effect of accounting change, net of tax benefit of $14,908 - (22,432) ----------- ----------- Net Income $ 47,499 $ 158,895 =========== =========== Fully Diluted Earnings Per Common Share: Income before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 0.37 $ 1.30 Extraordinary loss, net of tax benefit - - Cumulative effect of accounting change, net of tax benefit - (0.16) ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.37 $ 1.14 =========== =========== Common Shares Outstanding (fully diluted) 129,871,495 139,256,968 =========== ===========
Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Twelve Months Ended June 30, ------------------- 2002 2001 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 7,073,865 $ 6,463,163 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 4,911,790 3,881,251 Other 773,788 859,293 Maintenance 236,302 282,812 Depreciation 189,118 230,980 Amortization 304,858 968,643 Taxes other than income taxes 217,564 249,991 Gain on sale of utility plant - (653,297) ----------- ----------- Total operating expenses 6,633,420 5,819,673 ----------- ----------- Operating Income 440,445 643,490 Other (Loss)/Income, Net 16,363 180,196 ----------- ----------- Income Before Interest Expense and Income Tax (Benefit)/Expense 456,808 823,686 ----------- ----------- Interest Expense: Interest on long-term debt 139,897 171,424 Interest on rate reduction bonds 119,583 26,820 Other interest 17,333 93,391 ----------- ----------- Interest expense, net 276,813 291,635 ----------- ----------- Income Before Income Tax (Benefit)/Expense 179,995 532,051 Income Tax (Benefit)/Expense 42,993 221,590 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 137,002 310,461 Preferred Dividends of Subsidiaries 4,888 10,631 ----------- ----------- Income before extraordinary loss and cumulative effect of accounting change, net of tax benefits 132,114 299,830 Extraordinary loss, net of tax benefit of $169,562 - (233,881) Cumulative effect of accounting change, net of tax benefit of $14,908 - (22,432) ----------- ----------- Net Income $ 132,114 $ 43,517 =========== =========== Fully Diluted Earnings Per Common Share: Income before extraordinary loss and cumulative effect of accounting change, net of tax benefits $ 1.01 $ 2.12 Extraordinary loss, net of tax benefit - (1.65) Cumulative effect of accounting change, net of tax benefit - (0.16) ----------- ----------- Fully Diluted Earnings Per Common Share $ 1.01 $ 0.31 =========== =========== Common Shares Outstanding (fully diluted) 131,227,196 141,669,477 =========== ===========
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 ------------------------------------ Consolidated Balance Sheets ---------------------------
June 30, ------------------- 2002 2001 ---- ---- (Thousands of Dollars) ASSETS - ------ Current Assets: Cash and cash equivalents $ 94,023 $ 197,646 Investments in securitizable assets 28,885 40,599 Receivables, net 844,219 784,053 Unbilled revenues 106,284 85,909 Fuel, materials, and supplies, at average cost 120,732 102,583 Special deposits 14,119 39,095 Prepayments and other 176,657 139,174 ----------- ----------- 1,384,919 1,389,059 ----------- ----------- Property, Plant and Equipment: Electric utility 5,909,275 5,621,856 Gas utility 657,194 618,684 Competitive energy 1,166,029 1,236,126 Other 28,355 39,100 ----------- ----------- 7,760,853 7,515,766 Less: Accumulated provision for depreciation 3,496,147 3,435,530 ----------- ----------- 4,264,706 4,080,236 Construction work in progress 290,578 222,884 Nuclear fuel, net 26,011 26,038 ----------- ----------- 4,581,295 4,329,158 ----------- ----------- Deferred Debits and Other Assets: Regulatory assets 3,160,295 3,414,873 Goodwill and other purchased intangible assets, net 332,312 324,519 Prepaid pension 267,448 190,145 Nuclear decommissioning trusts, at market 64,127 59,903 Other 524,263 453,051 ----------- ----------- 4,348,445 4,442,491 ----------- ----------- Total Assets $10,314,659 $10,160,708 =========== ===========
June 30, ------------------- 2002 2001 ---- ---- (Thousands of Dollars) LIABILITIES AND CAPITALIZATION - ------------------------------ Current Liabilities: Notes payable to banks $ 290,000 $ 455,400 Long-term debt - current portion 52,063 24,365 Accounts payable 654,575 685,485 Accrued taxes 30,910 83,032 Accrued interest 61,410 55,899 Other 195,779 121,340 ----------- ----------- 1,284,737 1,425,521 ----------- ----------- Rate Reduction Bonds 2,001,191 2,118,400 ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,483,138 1,447,536 Accumulated deferred investment tax credits 113,746 126,422 Deferred contractual obligations 198,353 228,701 Other 699,714 645,124 ----------- ----------- 2,494,951 2,447,783 ----------- ----------- Capitalization: Long-Term Debt 2,273,861 1,930,142 ----------- ----------- Preferered Stock 116,200 116,200 ----------- ----------- Common Shareholders' Equity: Common shares, $5 par value - authorized 225,000,000 shares; 149,271,168 shares issued and 129,773,079 shares outstanding in 2002 and 148,888,790 shares issued and 133,864,193 shares outstanding in 2001 746,356 744,444 Capital surplus, paid in 1,109,741 1,108,613 Deferred contribution plan - employee stock ownership plan (95,501) (108,122) Retained earnings 678,593 610,248 Accumulated other comprehensive income/(loss) 1,383 (26,470) Treasury stock (296,853) (206,051) ----------- ----------- Common Shareholders' Equity 2,143,719 2,122,662 ----------- ----------- Total Capitalization 4,533,780 4,169,004 ----------- ----------- Total Liabilities and Capitalization $10,314,659 $10,160,708 =========== ===========
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. -----END PRIVACY-ENHANCED MESSAGE-----