EX-99.15 OTH FIN ST 4 nu8kexh992102703.txt NU Q3 2003 FINANCIALS Exhibit 99.2 Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Three Months Ended September 30, ------------------- 2003 2002 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 2,054,274 $ 1,414,304 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 1,445,482 850,757 Other 224,606 184,110 Maintenance 55,687 68,271 Depreciation 50,879 50,946 Amortization 53,995 59,160 Amortization of rate reduction bonds 40,729 35,380 Taxes other than income taxes 53,169 47,585 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 1,924,547 1,296,209 ----------- ----------- Operating Income 129,727 118,095 Interest Expense: Interest on long-term debt 32,010 34,137 Interest on rate reduction bonds 26,863 28,751 Other interest 4,474 4,825 ----------- ----------- Interest expense, net 63,347 67,713 ----------- ----------- Other Income, Net 4,678 32,059 ----------- ----------- Income Before Income Tax Expense 71,058 82,441 Income Tax Expense 25,689 32,476 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 45,369 49,965 Preferred Dividends of Subsidiaries 1,390 1,390 ----------- ----------- Income Before Cumulative Effect of Accounting Change 43,979 48,575 Cumulative effect of accounting change, net of tax benefit of $2,553 (4,741) - ----------- ----------- Net Income $ 39,238 $ 48,575 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 0.35 $ 0.38 Cumulative effect of accounting change, net of tax benefit (0.04) - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.31 $ 0.38 =========== =========== Fully Diluted Common Shares Outstanding (average) 127,303,973 129,508,794 =========== ===========
Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Nine Months Ended September 30, ------------------- 2003 2002 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 5,200,252 $ 3,840,693 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 3,408,712 2,204,434 Other 645,156 580,865 Maintenance 169,859 194,032 Depreciation 151,044 156,757 Amortization 132,791 85,114 Amortization of rate reduction bonds 115,232 116,016 Taxes other than income taxes 178,603 177,043 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 4,801,397 3,514,261 ----------- ----------- Operating Income 398,855 326,432 Interest Expense: Interest on long-term debt 93,496 101,500 Interest on rate reduction bonds 82,088 87,539 Other interest 10,835 14,569 ----------- ----------- Interest expense, net 186,419 203,608 ----------- ----------- Other Income, Net 6,008 19,715 ----------- ----------- Income Before Income Tax Expense 218,444 142,539 Income Tax Expense 83,223 42,296 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 135,221 100,243 Preferred Dividends of Subsidiaries 4,169 4,169 ----------- ----------- Income Before Cumulative Effect of Accounting Change 131,052 96,074 Cumulative effect of accounting change, net of tax benefit of $2,553 (4,741) - ----------- ----------- Net Income $ 126,311 $ 96,074 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 1.03 $ 0.74 Cumulative effect of accounting change, net of tax benefit (0.04) - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.99 $ 0.74 =========== =========== Fully Diluted Common Shares Outstanding (average) 127,086,417 129,737,249 =========== ===========
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 September 30, ------------------- 2003 2002 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 6,575,881 $ 5,136,150 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 4,230,380 2,956,131 Other 816,773 763,120 Maintenance 239,315 244,840 Depreciation 199,933 203,688 Amortization 360,632 137,120 Amortization of rate reduction bonds 147,805 160,588 Taxes other than income taxes 229,078 225,502 Gain on sale of utility plant (187,113) - ----------- ----------- Total operating expenses 6,036,803 4,690,989 ----------- ----------- Operating Income 539,078 445,161 Interest Expense: Interest on long-term debt 126,467 137,105 Interest on rate reduction bonds 110,340 117,452 Other interest 16,515 19,687 ----------- ----------- Interest expense, net 253,322 274,244 ----------- ----------- Other Income, Net 30,121 30,698 ----------- ----------- Income Before Income Tax Expense 315,877 201,615 Income Tax Expense 123,231 50,284 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 192,646 151,331 Preferred Dividends of Subsidiaries 5,559 5,274 ----------- ----------- Income Before Cumulative Effect of Accounting Change 187,087 146,057 Cumulative effect of accounting change, net of tax benefit of $2,553 (4,741) - ----------- ----------- Net Income $ 182,346 $ 146,057 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 1.47 $ 1.12 Cumulative effect of accounting change, net of tax benefit (0.04) - ----------- ----------- Fully Diluted Earnings Per Common Share $ 1.43 $ 1.12 =========== =========== Fully Diluted Common Shares Outstanding (average) 127,359,186 130,148,887 =========== ===========
Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Balance Sheets ---------------------------
September 30, December 31, 2003 2002 ------------ ----------- (Thousands of Dollars) ASSETS ------ Current Assets: Cash and cash equivalents $ 118,138 $ 54,678 Restricted cash 45,760 - Special deposits 75,657 43,261 Investments in securitizable assets 215,592 178,908 Receivables, net 637,039 767,089 Unbilled revenues 95,498 126,236 Fuel, materials and supplies, at average cost 160,400 119,853 Derivative assets 103,768 130,929 Prepayments and other 81,556 110,261 ----------- ----------- 1,533,408 1,531,215 ----------- ----------- Property, Plant and Equipment: Electric utility 5,360,649 5,141,951 Gas utility 708,986 679,055 Competitive energy 886,478 866,294 Other 209,040 205,115 ----------- ----------- 7,165,153 6,892,415 Less: Accumulated depreciation 2,564,544 2,484,613 ----------- ----------- 4,600,609 4,407,802 Construction work in progress 374,691 320,567 ----------- ----------- 4,975,300 4,728,369 ----------- ----------- Deferred Debits and Other Assets: Regulatory assets 2,947,670 3,076,095 Goodwill and other purchased intangible assets, net 343,904 345,867 Prepaid pension 352,668 328,890 Other 445,418 433,444 ----------- ----------- 4,089,660 4,184,296 ----------- ----------- Total Assets $10,598,368 $10,443,880 =========== ===========
September 30, December 31, 2003 2002 ------------ ----------- (Thousands of Dollars) LIABILITIES AND CAPITALIZATION ------------------------------ Current Liabilities: Notes payable to banks $ 40,000 $ 56,000 Long-term debt - current portion 59,327 56,906 Accounts payable 787,024 776,219 Accrued taxes 68,816 141,667 Accrued interest 57,820 40,597 Derivative liabilities 65,866 63,900 Other 205,501 208,680 ----------- ----------- 1,284,354 1,343,969 ----------- ----------- Rate Reduction Bonds 1,772,637 1,899,312 ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,362,713 1,436,507 Accumulated deferred investment tax credits 103,607 106,471 Deferred contractual obligations 321,197 354,469 Other 878,146 689,287 ----------- ----------- 2,665,663 2,586,734 ----------- ----------- Capitalization: Long-Term Debt 2,505,222 2,287,144 ----------- ----------- Preferered Stock - Nonredeemable 116,200 116,200 ----------- ----------- Common Shareholders' Equity: Common shares, $5 par value - authorized 225,000,000 shares; 150,098,023 shares issued and 127,254,402 shares outstanding in 2003 and 149,375,847 shares issued and 127,562,031 shares outstanding in 2002 750,492 746,879 Capital surplus, paid in 1,106,466 1,108,338 Deferred contribution plan - employee stock ownership plan (76,970) (87,746) Retained earnings 837,963 765,611 Accumulated other comprehensive (loss)/income (2,862) 14,927 Treasury Stock (360,797) (337,488) ----------- ----------- Common Shareholders' Equity 2,254,292 2,210,521 ----------- ----------- Total Capitalization 4,875,714 4,613,865 ----------- ----------- Total Liabilities and Capitalization $10,598,368 $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.