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.