EX-99 3 nu8kexh992.txt EXHIBIT 99.2 Q1 2004 FINANCIALS Exhibit 99.2 Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Three Months Ended March 31, ------------------- 2004 2003 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,838,287 $ 1,584,183 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 1,176,215 965,041 Other 227,621 189,272 Maintenance 57,211 45,892 Depreciation 54,573 49,473 Amortization 29,291 57,299 Amortization of rate reduction bonds 42,999 39,200 Taxes other than income taxes 77,589 73,974 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 1,665,499 1,420,151 ----------- ----------- Operating Income 172,788 164,032 Interest Expense: Interest on long-term debt 32,738 32,940 Interest on rate reduction bonds 25,695 27,861 Other interest 4,347 2,744 ----------- ----------- Interest expense, net 62,780 63,545 ----------- ----------- Other Income, Net 1,687 576 ----------- ----------- Income Before Income Tax Expense 111,695 101,063 Income Tax Expense 42,863 39,469 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 68,832 61,594 Preferred Dividends of Subsidiaries 1,390 1,390 ----------- ----------- Income Before Cumulative Effect of Accounting Change 67,442 60,204 Cumulative effect of accounting change, net of tax benefit of $2,553 - - ----------- ----------- Net Income $ 67,442 $ 60,204 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 0.53 $ 0.47 Cumulative effect of accounting change, net of tax benefit - - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.53 $ 0.47 =========== =========== Fully Diluted Common Shares Outstanding (average) 128,061,086 127,111,272 =========== ===========
Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Twelve Months Ended March 31, ------------------- 2004 2003 ---- ---- (Thousands of Dollars, Except Share Information) Operating Revenues $ 6,323,261 $ 5,541,954 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 3,941,591 3,290,439 Other 938,786 743,722 Maintenance 243,349 257,067 Depreciation 209,489 202,905 Amortization 154,667 350,009 Amortization of rate reduction bonds 156,970 141,629 Taxes other than income taxes 236,287 226,895 Gain on sale of utility plant - (187,113) ----------- ----------- Total operating expenses 5,881,139 5,025,553 ----------- ----------- Operating Income 442,122 516,401 Interest Expense: Interest on long-term debt 126,057 134,438 Interest on rate reduction bonds 106,193 114,091 Other interest 13,342 18,640 ----------- ----------- Interest expense, net 245,592 267,169 ----------- ----------- Other Income, Net 675 58,401 ----------- ----------- Income Before Income Tax Expense 197,205 307,633 Income Tax Expense 63,256 108,402 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 133,949 199,231 Preferred Dividends of Subsidiaries 5,559 5,559 ----------- ----------- Income Before Cumulative Effect of Accounting Change 128,390 193,672 Cumulative effect of accounting change, net of tax benefit of $2,553 (4,741) - ----------- ----------- Net Income $ 123,649 $ 193,672 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 1.01 $ 1.51 Cumulative effect of accounting change, net of tax benefit 0.04 - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.97 $ 1.51 =========== =========== Fully Diluted Common Shares Outstanding (average) 127,486,189 128,673,373 =========== ===========
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, 2004 2003 ------------ ----------- (Thousands of Dollars) ASSETS ------ Current Assets: Cash and cash equivalents $ 76,050 $ 37,196 Unrestricted cash from counterparties 70,905 46,496 Restricted cash - LMP costs 123,681 93,630 Special deposits 35,477 79,120 Investments in securitizable assets 186,821 166,465 Receivables, net 727,378 704,893 Unbilled revenues 117,121 125,881 Fuel, materials and supplies, at average cost 122,487 154,076 Derivative assets 426,660 301,194 Prepayments and other 57,413 63,780 ----------- ----------- 1,943,993 1,772,731 ----------- ----------- Property, Plant and Equipment: Electric utility 5,556,220 5,465,854 Gas utility 757,869 743,990 Competitive energy 888,700 885,953 Other 224,972 221,986 ----------- ----------- 7,427,761 7,317,783 Less: Accumulated depreciation 2,283,625 2,244,263 ----------- ----------- 5,144,136 5,073,520 Construction work in progress 375,262 356,396 ----------- ----------- 5,519,398 5,429,916 ----------- ----------- Deferred Debits and Other Assets: Regulatory assets 2,904,249 2,974,022 Goodwill 319,986 319,986 Purchased intangible assets, net 22,054 22,956 Prepaid pension 359,982 360,706 Other 451,364 428,567 ----------- ----------- 4,057,635 4,106,237 ----------- ----------- Total Assets $11,521,026 $11,308,884 =========== ===========
March 31, December 31, 2004 2003 ------------ ----------- (Thousands of Dollars) LIABILITIES AND CAPITALIZATION ------------------------------ Current Liabilities: Notes payable to banks $ 10,000 $ 105,000 Long-term debt - current portion 67,676 64,936 Accounts payable 839,865 768,783 Accrued taxes 66,192 51,598 Accrued interest 58,123 41,653 Derivative liabilities 228,510 164,689 Other 238,975 249,576 ----------- ----------- 1,509,341 1,446,235 ----------- ----------- Rate Reduction Bonds 1,682,500 1,729,960 ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,313,425 1,287,354 Accumulated deferred investment tax credits 101,713 102,652 Deferred contractual obligations 455,995 469,218 Regulatory liabilities 1,200,520 1,164,288 Other 243,239 247,526 ----------- ----------- 3,314,892 3,271,038 ----------- ----------- Capitalization: Long-Term Debt 2,564,737 2,481,331 ----------- ----------- Preferered Stock of Subsidiaries - Non-Redeemable 116,200 116,200 ----------- ----------- Common Shareholders' Equity: Common shares, $5 par value - authorized 225,000,000 shares; 150,562,489 shares issued and 127,942,036 shares outstanding in 2004 and 150,398,403 shares issued and 127,695,999 shares outstanding in 2003 752,812 751,992 Capital surplus, paid in 1,110,094 1,108,924 Deferred contribution plan - employee stock ownership plan (70,665) (73,694) Retained earnings 857,197 808,932 Accumulated other comprehensive income 42,857 25,991 Treasury stock (358,939) (358,025) ----------- ----------- Common Shareholders' Equity 2,333,356 2,264,120 ----------- ----------- Total Capitalization 5,014,293 4,861,651 ----------- ----------- Total Liabilities and Capitalization $11,521,026 $11,308,884 =========== ===========
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 Cash Flows -------------------------------------
Three Months Ended March 31, ------------------------ 2004 2003 --------- -------- (Thousands of Dollars) Operating Activities: Income before preferred dividends of subsidiaries $ 68,832 $ 61,594 Adjustments to reconcile to net cash flows provided by operating activities: Depreciation 54,573 49,473 Deferred income taxes and investment tax credits, net 20,028 (22,468) Amortization 29,291 57,299 Amortization of rate reduction bonds 42,999 39,200 Amortization of recoverable energy costs 10,189 6,269 Increase/(decrease) in prepaid pension 724 (7,650) Regulatory (refunds)/overrecoveries (7,330) 46,702 Other sources of cash 9,884 9,737 Other uses of cash (61,176) (38,766) Changes in current assets and liabilities: Restricted cash - LMP costs (30,051) - Unrestricted cash from counterparties (24,409) (17,936) Receivables and unbilled revenues, net (13,725) 74,564 Fuel, materials and supplies 31,589 8,622 Investments in securitizable assets (20,356) 23,149 Other current assets (excludes cash) (37,389) (87,989) Accounts payable 71,082 (88,484) Accrued taxes 14,594 (56,908) Other current liabilities 87,245 69,338 --------- --------- Net cash flows provided by operating activities 246,594 125,746 --------- --------- Investing Activities: Investments in plant: Electric, gas and other utility plant (122,969) (91,808) Competitive energy assets (5,697) (4,984) --------- --------- Cash flows used for investments in plant (128,666) (96,792) Other investment activities 6,551 6,571 --------- --------- Net cash flows used in investing activities (122,115) (90,221) --------- --------- Financing Activities: Issuance of common shares 2,522 6,979 Repurchase of common shares (915) (23,209) Issuance of long-term debt 82,438 44,338 Retirement of rate reduction bonds (47,460) (42,901) (Decrease)/increase in short-term debt (95,000) 39,000 Reacquisitions and retirements of long-term debt (6,405) (14,324) Cash dividends on preferred stock of subsidiaries (1,390) (1,390) Cash dividends on common shares (19,177) (17,469) Other financing activities (238) (204) --------- --------- Net cash flows used in financing activities (85,625) (9,180) --------- --------- Net increase in cash and cash equivalents 38,854 26,345 Cash and cash equivalents - beginning of period 37,196 54,678 --------- --------- Cash and cash equivalents - end of period $ 76,050 $ 81,023 ========= =========
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.