-----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, CsAfbzAolBUFcMRcfHYsgSf1tSa0/cCiZW4bdRRHy0ny+koFrFMZcb8exvQeEfd5 HkKTFUAX8NUK8XILOLJFDA== 0000072741-03-000073.txt : 20030422 0000072741-03-000073.hdr.sgml : 20030422 20030422172817 ACCESSION NUMBER: 0000072741-03-000073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030422 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030422 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: 03658860 BUSINESS ADDRESS: STREET 1: 174 BRUSH HILL AVE CITY: WEST SPRINGFIELD STATE: MA ZIP: 01090-0010 BUSINESS PHONE: 4137855871 MAIL ADDRESS: STREET 1: 107 SELDEN ST CITY: BERLIN STATE: CT ZIP: 06037-1616 8-K 1 nu8kq12003042203.txt NU 8-K Q1 2003 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) April 22, 2003 ------------------- 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 incorporation or organization) 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 7. Financial Statements and Exhibits Exhibit 99.1 Northeast Utilities Press Release dated April 22, 2003. Exhibit 99.2 Financial Report for the three and twelve month periods ending March 31, 2003. ITEM 9. Regulation FD Disclosure On April 22, 2003, Northeast Utilities issued a press release relating to its first quarter 2003 results. A copy of the press release is attached as Exhibit 99.1. Exhibit 99.1 and 99.2, which are incorporated in this Item 9 by reference thereto, are 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: April 22, 2003 EX-99 3 nu8kexh991042203.txt NU PRESS RELEASE 042203 Exhibit 99.1 Contact: Jeffrey R. Kotkin Office: (860) 665-5154 NU REPORTS FIRST-QUARTER EARNINGS BERLIN, Connecticut, April 22, 2003 - Northeast Utilities (NU-NYSE) today reported first-quarter 2003 earnings of $60.2 million, or $0.47 per share, compared with earnings of $18.6 million, or $0.14 per share, in the first quarter of 2002. Results for the first quarter of 2002 included write-offs totaling $10 million, or $0.08 per share, primarily related to NU's investment in NEON Communications, Inc. First-quarter 2003 results included no similar write-offs. Michael G. Morris, NU chairman, president and chief executive officer, said the favorable comparison was driven primarily by dramatically improved results at NU's competitive energy businesses. Those businesses, which include Select Energy, Inc., NU's competitive wholesale and retail energy marketing subsidiary, earned $5.2 million in the first quarter of 2003, compared with a loss of $20.1 million in the first quarter of 2002. Select Energy's wholesale business, which includes 1,438 megawatts of generation and a smaller energy trading function, earned nearly $7 million in the first quarter of 2003, compared with a loss of approximately $6 million in the same period of 2002. The first-quarter 2002 results included approximately $10 million of after-tax energy trading losses. Morris said both the wholesale and retail groups benefited from improved management of Select's book of electric and natural gas purchase and sale obligations. First Quarter 2002 Reported EPS $0.14 Investment write-offs $0.08 2002 Adjusted EPS $0.22 Better regulated results $0.04 Reduced trading losses $0.08 Improved competitive results $0.12 Lower share count $0.01 2003 Reported EPS $0.47 "We are very pleased with the direction our competitive businesses are heading and expect to record profits in all quarters this year," Morris said. Overall, NU's regulated businesses had comparable performance in the first quarter of 2003 and the same period of 2002. Much colder weather resulted in an 8.9 percent increase in regulated retail electric sales and an 18.3 percent increase in total regulated firm natural gas sales in the first three months of 2003, compared with the same period of 2002. Those gains were largely offset by lower pension credits and the absence of earnings related to the Seabrook nuclear power plant. The NU system sold its 40-percent share of Seabrook on November 1, 2002. Earnings at The Connecticut Light and Power Company totaled $25.3 million in the first quarter of 2003, compared with $20.3 million in the same period of 2002. Earnings at Public Service Company of New Hampshire were $10.8 million in the first quarter of 2003, compared with $11.7 million in the first quarter of 2002. Yankee Energy System, Inc. earned $15.1 million in the first quarter of 2003, compared with $12.6 million in the first three months of 2002. Western Massachusetts Electric Company earned $6.1 million in the first quarter of 2003, compared with $6.9 million in the same period of 2002. Morris said earnings per share also benefited from its ongoing share repurchase program. NU repurchased approximately 1.6 million shares in the first quarter of 2003 and had approximately 126.6 million shares outstanding as of March 31, 2003. NU has board approval to repurchase up to 5.5 million additional shares before July 1, 2003. Morris said NU continues to project earnings of between $1.10 per share and $1.30 per share in 2003. Those figures assume earnings of between $1.05 per share and $1.15 per share at its regulated business and between $0.15 per share and $0.25 per share at its competitive businesses. NU also projects parent company debt and other expenses of approximately $0.10 per share. Northeast Utilities is a Fortune 500 diversified energy company located in Connecticut with operations throughout the Northeast. Through its competitive and regulated subsidiaries, NU provides Energy for a Changing World, with a full range of 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 weather patterns, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments, volatility in electric and natural gas commodity markets, 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 an investor call this afternoon at 4:00 p.m. Eastern Daylight Time. The call can be accessed through NU's website at www.nu.com. EX-99.3 OTHER FIN ST 4 nu8kexh992042203.txt FINANCIAL STATEMENTS 033103 Exhibit 99.2 Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Three Months Ended March 31, ------------------- 2003 2002 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,688,437 $ 1,284,461 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 1,069,295 726,615 Other 189,272 198,031 Maintenance 45,892 52,312 Depreciation 49,473 52,215 Amortization 57,299 20,244 Amortization of rate reduction bonds 39,200 46,160 Taxes other than income taxes 73,974 74,598 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 1,524,405 1,170,175 ----------- ----------- Operating Income 164,032 114,286 Interest Expense: Interest on long-term debt 32,940 32,972 Interest on rate reduction bonds 27,861 29,562 Other interest 2,744 4,353 ----------- ----------- Interest expense, net 63,545 66,887 ----------- ----------- Other Income/(Loss), Net 576 (13,997) ----------- ----------- Income Before Income Tax Expense 101,063 33,402 Income Tax Expense 39,469 13,370 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 61,594 20,032 Preferred Dividends of Subsidiaries 1,390 1,390 ----------- ----------- Net Income $ 60,204 $ 18,642 =========== =========== Fully Diluted Earnings Per Common Share $ 0.47 $ 0.14 =========== =========== Fully Diluted Common Shares Outstanding (average) 127,111,272 129,754,946 =========== ===========
Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Twelve Months Ended March 31, ------------------- 2003 2002 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 5,620,297 $ 5,544,246 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 3,368,782 3,323,620 Other 743,722 764,078 Maintenance 257,067 222,592 Depreciation 202,905 192,598 Amortization 350,009 199,013 Amortization of rate reduction bonds 141,629 144,573 Taxes other than income taxes 226,895 217,908 Gain on sale of utility plant (187,113) - ----------- ----------- Total operating expenses 5,103,896 5,064,382 ----------- ----------- Operating Income 516,401 479,864 Interest Expense: Interest on long-term debt 134,438 131,649 Interest on rate reduction bonds 114,091 117,177 Other interest 18,640 30,524 ----------- ----------- Interest expense, net 267,169 279,350 ----------- ----------- Other Income/(Loss), Net 58,401 30,432 ----------- ----------- Income Before Income Tax Expense 307,633 230,946 Income Tax Expense 108,402 75,023 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 199,231 155,923 Preferred Dividends of Subsidiaries 5,559 5,935 ----------- ----------- Net Income $ 193,672 $ 149,988 =========== =========== Fully Diluted Earnings Per Common Share $ 1.51 $ 1.13 =========== =========== Fully Diluted Common Shares Outstanding (average) 128,673,373 132,294,786 =========== ===========
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 ---------------------------
March 31, December 31, 2003 2002 -------- ----------- (Thousands of Dollars) ASSETS - ------ Current Assets: Cash and cash equivalents $ 98,959 $ 54,678 Investments in securitizable assets 155,759 178,908 Receivables, net 702,669 767,089 Unbilled revenues 116,092 126,236 Fuel, materials, and supplies, at average cost 111,230 119,853 Special deposits 84,038 43,261 Prepayments and other 293,525 241,190 ----------- ----------- 1,562,272 1,531,215 ----------- ----------- Property, Plant and Equipment: Electric utility 5,211,492 5,141,951 Gas utility 690,988 679,055 Competitive energy 864,661 866,294 Other 205,878 205,115 ----------- ----------- 6,973,019 6,892,415 Less: Accumulated provision for depreciation 2,516,514 2,484,613 ----------- ----------- 4,456,505 4,407,802 Construction work in progress 322,429 320,567 ----------- ----------- 4,778,934 4,728,369 ----------- ----------- Deferred Debits and Other Assets: Regulatory assets 2,833,150 2,909,923 Goodwill and other purchased intangible assets, net 344,965 345,867 Prepaid pension 336,540 328,890 Other 467,760 433,444 ----------- ----------- 3,982,415 4,018,124 ----------- ----------- Total Assets $10,323,621 $10,277,708 =========== ===========
March 31, December 31, 2003 2002 -------- ----------- (Thousands of Dollars) LIABILITIES AND CAPITALIZATION - ------------------------------ Current Liabilities: Notes payable to banks $ 95,000 $ 56,000 Long-term debt - current portion 55,749 56,906 Accounts payable 695,516 778,244 Accrued taxes 84,759 141,667 Accrued interest 75,120 40,597 Other 321,748 270,555 ----------- ----------- 1,327,892 1,343,969 ----------- ----------- Rate Reduction Bonds 1,888,598 1,899,312 ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,414,993 1,436,507 Accumulated deferred investment tax credits 105,517 106,471 Deferred contractual obligations 346,830 354,469 Other 569,595 523,115 ----------- ----------- 2,436,935 2,420,562 ----------- ----------- Capitalization: Long-Term Debt 2,324,432 2,287,144 ----------- ----------- Preferered Stock - Nonredeemable 116,200 116,200 ----------- ----------- Common Shareholders' Equity: Common shares, $5 par value - authorized 225,000,000 shares; 149,884,644 shares issued and 126,591,916 shares outstanding in 2003 and 149,375,847 shares issued and 127,562,031 shares outstanding in 2002 749,423 746,879 Capital surplus, paid in 1,105,386 1,108,338 Deferred contribution plan - employee stock ownership plan (83,976) (87,746) Retained earnings 808,352 765,611 Accumulated other comprehensive income 11,077 14,927 Treasury Stock (360,698) (337,488) ----------- ----------- Common Shareholders' Equity 2,229,564 2,210,521 ----------- ----------- Total Capitalization 4,670,196 4,613,865 ----------- ----------- Total Liabilities and Capitalization $10,323,621 $10,277,708 =========== ===========
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-----