EX-99.3 OTHER FIN ST 4 nu8kexh992072203.txt FINANCIAL STATEMENTS 063003 Exhibit 99.2 Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Three Months Ended June 30, ------------------- 2003 2002 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,457,541 $ 1,141,928 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 893,935 627,062 Other 231,278 198,724 Maintenance 68,280 73,449 Depreciation 50,692 53,596 Amortization 21,497 5,710 Amortization of rate reduction bonds 35,303 34,476 Taxes other than income taxes 51,460 54,860 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 1,352,445 1,047,877 ----------- ----------- Operating Income 105,096 94,051 Interest Expense: Interest on long-term debt 28,546 34,391 Interest on rate reduction bonds 27,364 29,226 Other interest 3,617 5,391 ----------- ----------- Interest expense, net 59,527 69,008 ----------- ----------- Other Income/(Loss), Net 754 1,653 ----------- ----------- Income Before Income Tax Expense/(Benefit) 46,323 26,696 Income Tax Expense/(Benefit) 18,065 (3,550) ----------- ----------- Income Before Preferred Dividends of Subsidiaries 28,258 30,246 Preferred Dividends of Subsidiaries 1,389 1,389 ----------- ----------- Net Income $ 26,869 $ 28,857 =========== =========== Fully Diluted Earnings Per Common Share $ 0.21 $ 0.22 =========== =========== Fully Diluted Common Shares Outstanding (average) 126,860,208 129,993,412 =========== ===========
Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Six Months Ended June 30, ------------------- 2003 2002 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 3,145,978 $ 2,426,389 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 1,963,230 1,353,677 Other 420,550 396,755 Maintenance 114,172 125,761 Depreciation 100,165 105,811 Amortization 78,796 25,954 Amortization of rate reduction bonds 74,503 80,636 Taxes other than income taxes 125,434 129,458 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 2,876,850 2,218,052 ----------- ----------- Operating Income 269,128 208,337 Interest Expense: Interest on long-term debt 61,486 67,363 Interest on rate reduction bonds 55,225 58,788 Other interest 6,361 9,744 ----------- ----------- Interest expense, net 123,072 135,895 ----------- ----------- Other Income/(Loss), Net 1,330 (12,344) ----------- ----------- Income Before Income Tax Expense/(Benefit) 147,386 60,098 Income Tax Expense/(Benefit) 57,534 9,820 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 89,852 50,278 Preferred Dividends of Subsidiaries 2,779 2,779 ----------- ----------- Net Income $ 87,073 $ 47,499 =========== =========== Fully Diluted Earnings Per Common Share $ 0.69 $ 0.37 =========== =========== Fully Diluted Common Shares Outstanding (average) 126,982,903 129,871,495 =========== ===========
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 ---------------------------------
Twelve Months Ended June 30, ------------------- 2003 2002 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 5,935,910 $ 5,253,315 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 3,635,655 3,091,240 Other 776,278 773,788 Maintenance 251,899 236,302 Depreciation 200,000 196,304 Amortization 365,797 143,633 Amortization of rate reduction bonds 142,455 154,039 Taxes other than income taxes 223,494 217,564 Gain on sale of utility plant (187,113) - ----------- ----------- Total operating expenses 5,408,465 4,812,870 ----------- ----------- Operating Income 527,445 440,445 Interest Expense: Interest on long-term debt 128,593 132,480 Interest on rate reduction bonds 112,228 119,583 Other interest 16,866 24,750 ----------- ----------- Interest expense, net 257,687 276,813 ----------- ----------- Other Income/(Loss), Net 57,502 16,363 ----------- ----------- Income Before Income Tax Expense/(Benefit) 327,260 179,995 Income Tax Expense/(Benefit) 130,018 42,993 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 197,242 137,002 Preferred Dividends of Subsidiaries 5,559 4,888 ----------- ----------- Net Income $ 191,683 $ 132,114 =========== =========== Fully Diluted Earnings Per Common Share $ 1.50 $ 1.01 =========== =========== Fully Diluted Common Shares Outstanding (average) 127,910,798 131,227,196 =========== ===========
Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Balance Sheets ---------------------------
June 30, December 31, 2003 2002 -------- ----------- (Thousands of Dollars) ASSETS ------ Current Assets: Cash and cash equivalents $ 57,028 $ 54,678 Investments in securitizable assets 146,532 178,908 Receivables, net 626,435 767,089 Unbilled revenues 93,294 126,236 Fuel, materials, and supplies, at average cost 124,060 119,853 Special deposits 87,982 43,261 Prepayments and other 292,344 241,190 ----------- ----------- 1,427,675 1,531,215 ----------- ----------- Property, Plant and Equipment: Electric utility 5,305,546 5,141,951 Gas utility 697,130 679,055 Competitive energy 877,396 866,294 Other 209,993 205,115 ----------- ----------- 7,090,065 6,892,415 Less: Accumulated depreciation 2,542,716 2,484,613 ----------- ----------- 4,547,349 4,407,802 Construction work in progress 323,995 320,567 ----------- ----------- 4,871,344 4,728,369 ----------- ----------- Deferred Debits and Other Assets: Regulatory assets 2,993,305 3,076,095 Goodwill and other purchased intangible assets, net 344,063 345,867 Prepaid pension 344,496 328,890 Other 438,833 433,444 ----------- ----------- 4,120,697 4,184,296 ----------- ----------- Total Assets $10,419,716 $10,443,880 =========== ===========
June 30, December 31, 2003 2002 -------- ----------- (Thousands of Dollars) LIABILITIES AND CAPITALIZATION ------------------------------ Current Liabilities: Notes payable to banks $ 63,000 $ 56,000 Long-term debt - current portion 58,345 56,906 Accounts payable 652,984 776,219 Accrued taxes 31,680 141,667 Accrued interest 41,153 40,597 Other 335,737 272,580 ----------- ----------- 1,182,899 1,343,969 ----------- ----------- Rate Reduction Bonds 1,816,998 1,899,312 ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,407,194 1,436,507 Accumulated deferred investment tax credits 104,562 106,471 Deferred contractual obligations 334,883 354,469 Other 777,003 689,287 ----------- ----------- 2,623,642 2,586,734 ----------- ----------- Capitalization: Long-Term Debt 2,465,483 2,287,144 ----------- ----------- Preferered Stock - Nonredeemable 116,200 116,200 ----------- ----------- Common Shareholders' Equity: Common shares, $5 par value - authorized 225,000,000 shares; 149,916,375 shares issued and 126,934,753 shares outstanding in 2003 and 149,375,847 shares issued and 127,562,031 shares outstanding in 2002 749,582 746,879 Capital surplus, paid in 1,105,241 1,108,338 Deferred contribution plan - employee stock ownership plan (80,170) (87,746) Retained earnings 798,796 765,611 Accumulated other comprehensive income 1,789 14,927 Treasury Stock (360,744) (337,488) ----------- ----------- Common Shareholders' Equity 2,214,494 2,210,521 ----------- ----------- Total Capitalization 4,796,177 4,613,865 ----------- ----------- Total Liabilities and Capitalization $10,419,716 $10,443,880 =========== ===========
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.