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.