EX-99 3 nu8kexh992072804.txt NU Q2 2004 RESULTS Exhibit 99.2 Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Balance Sheets ---------------------------
June 30, December 31, 2004 2003 ------------ ----------- (Thousands of Dollars) ASSETS ------ Current Assets: Cash and cash equivalents $ 75,265 $ 37,196 Unrestricted cash from counterparties 104,976 46,496 Restricted cash - LMP costs 123,887 93,630 Special deposits 28,147 79,120 Investments in securitizable assets 190,388 166,465 Receivables, net 648,659 704,893 Unbilled revenues 102,597 125,881 Fuel, materials and supplies, at average cost 154,459 154,076 Derivative assets 365,991 249,117 69,106 63,780 ----------- ----------- Prepayments and other 1,863,475 1,720,654 ----------- ----------- Property, Plant and Equipment: Electric utility 5,702,856 5,465,854 Gas utility 763,605 743,990 Competitive energy 902,871 885,953 Other 238,402 221,986 ----------- ----------- 7,607,734 7,317,783 Less: Accumulated depreciation 2,320,807 2,244,263 ----------- ----------- 5,286,927 5,073,520 Construction work in progress 354,823 356,396 ----------- ----------- 5,641,750 5,429,916 ----------- ----------- Deferred Debits and Other Assets: Regulatory assets 2,854,344 2,974,022 Goodwill 319,986 319,986 Purchased intangible assets, net 21,153 22,956 Prepaid pension 358,250 360,706 Other 454,831 428,567 ------------ ----------- 4,008,564 4,106,237 ------------ ----------- Total Assets $11,513,789 $11,256,807 =========== ===========
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 ---------------------------
June 30, December 31, 2004 2003 ------------ ----------- (Thousands of Dollars) LIABILITIES AND CAPITALIZATION ------------------------------ Current Liabilities: Notes payable to banks $ 5,807 $ 105,000 Long-term debt - current portion 89,114 64,936 Accounts payable 903,122 768,783 Accrued taxes 27,148 51,598 Accrued interest 43,310 41,653 Derivative liabilities 163,050 112,612 Counterparty deposits 104,976 46,496 Other 214,378 203,080 ----------- ----------- 1,550,905 1,394,158 ----------- ----------- Rate Reduction Bonds 1,639,344 1,729,960 ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,346,602 1,287,354 Accumulated deferred investment tax credits 101,000 102,652 Deferred contractual obligations 436,837 469,218 Regulatory liabilities 1,239,698 1,164,288 Other 248,818 247,526 ----------- ----------- 3,372,955 3,271,038 ----------- ----------- Capitalization: Long-Term Debt 2,510,927 2,481,331 ----------- ----------- Preferred Stock of Subsidiaries - Non-Redeemable 116,200 116,200 ----------- ----------- Common Shareholders' Equity: Common shares, $5 par value - authorized 225,000,000 shares; 150,578,806 shares issued and 128,098,320 shares outstanding in 2004 and 150,398,403 shares issued and 127,695,999 shares outstanding in 2003 752,894 751,992 Capital surplus, paid in 1,110,135 1,108,924 Deferred contribution plan - employee stock ownership plan (67,274) (73,694) Retained earnings 840,082 808,932 Accumulated other comprehensive income 46,645 25,991 Treasury stock, 19,573,433 shares in 2004 and 19,518,023 shares in 2003 (359,024) (358,025) ----------- ----------- Common Shareholders' Equity 2,323,458 2,264,120 ----------- ----------- Total Capitalization 4,950,585 4,861,651 ----------- ----------- Total Liabilities and Capitalization $11,513,789 $11,256,807 =========== ===========
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 ---------------------------------
Three Months Ended June 30, ---------------------------- 2004 2003 ----------- ------------- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,524,666 $ 1,330,038 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 914,200 767,002 Other 270,737 230,708 Maintenance 67,673 68,280 Depreciation 55,561 50,692 Amortization 28,087 22,890 Amortization of rate reduction bonds 38,294 35,303 Taxes other than income taxes 55,695 51,460 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 1,430,247 1,226,335 ----------- ----------- Operating Income 94,419 103,703 Interest Expense: Interest on long-term debt 33,998 28,546 Interest on rate reduction bonds 25,043 27,364 Other interest 4,097 3,617 ----------- ----------- Interest expense, net 63,138 59,527 ----------- ----------- Other Income, Net 2,862 754 ----------- ----------- Income Before Income Tax Expense 34,143 44,930 Income Tax Expense 9,871 16,672 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 24,272 28,258 Preferred Dividends of Subsidiaries 1,389 1,389 ----------- ----------- Income Before Cumulative Effect of Accounting Change 22,883 26,869 Cumulative effect of accounting change, net of tax benefit of $2,553 - - ----------- ----------- Net Income $ 22,883 $ 26,869 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 0.18 $ 0.21 Cumulative effect of accounting change, net of tax benefit - - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.18 $ 0.21 =========== =========== Fully Diluted Common Shares Outstanding (average) 128,182,645 126,860,208 =========== ===========
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.
Six Months Ended June 30, ---------------------------- 2004 2003 ----------- ------------- (Thousands of Dollars, Except Share Information) Operating Revenues $ 3,362,953 $ 2,914,221 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 2,091,511 1,732,605 Other 497,262 419,418 Maintenance 124,884 114,172 Depreciation 110,134 100,165 Amortization 57,378 83,303 Amortization of rate reduction bonds 81,293 74,503 Taxes other than income taxes 133,284 125,434 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 3,095,746 2,649,600 ----------- ----------- Operating Income 267,207 264,621 Interest Expense: Interest on long-term debt 66,736 61,486 Interest on rate reduction bonds 50,738 55,225 Other interest 8,444 6,361 ----------- ----------- Interest expense, net 125,918 123,072 ----------- ----------- Other Income, Net 4,549 1,330 ----------- ----------- Income Before Income Tax Expense 145,838 142,879 Income Tax Expense 52,734 53,027 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 93,104 89,852 Preferred Dividends of Subsidiaries 2,779 2,779 ----------- ----------- Income Before Cumulative Effect of Accounting Change 90,325 87,073 Cumulative effect of accounting change, net of tax benefit of $2,553 - - ----------- ----------- Net Income $ 90,325 $ 87,073 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 0.71 $ 0.69 Cumulative effect of accounting change, net of tax benefit - - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.71 $ 0.69 =========== =========== Fully Diluted Common Shares Outstanding (average) 128,121,751 126,982,903 =========== ===========
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.
Twelve Months Ended June 30, ---------------------------- 2004 2003 ----------- ------------- (Thousands of Dollars, Except Share Information) Operating Revenues $ 6,517,889 $ 5,707,787 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 4,094,060 3,409,996 Other 973,543 773,813 Maintenance 242,742 251,899 Depreciation 214,357 200,000 Amortization 165,880 374,438 Amortization of rate reduction bonds 159,961 142,455 Taxes other than income taxes 240,523 223,494 Gain on sale of utility plant - (187,113) ----------- ----------- Total operating expenses 6,091,066 5,188,982 ----------- ----------- Operating Income 426,823 518,805 Interest Expense: Interest on long-term debt 131,509 128,593 Interest on rate reduction bonds 103,873 112,228 Other interest 13,822 16,866 ----------- ----------- Interest expense, net 249,204 257,687 ----------- ----------- Other Income, Net 2,783 57,502 ----------- ----------- Income Before Income Tax Expense 180,402 318,620 Income Tax Expense 50,438 121,378 ----------- ----------- Income Before Preferred Dividends of Subsidiaries 129,964 197,242 Preferred Dividends of Subsidiaries 5,559 5,559 ----------- ----------- Income Before Cumulative Effect of Accounting Change 124,405 191,683 Cumulative effect of accounting change, net of tax benefit of $2,553 (4,741) - ----------- ----------- Net Income $ 119,664 $ 191,683 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 0.98 $ 1.50 Cumulative effect of accounting change, net of tax benefit (0.04) - ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.94 $ 1.50 =========== =========== Fully Diluted Common Shares Outstanding (average) 127,824,381 127,910,798 =========== ===========
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 -------------------------------------
Six Months Ended June 30, ----------------------- 2004 2003 ---- ---- (Thousands of Dollars) Operating Activities: Income before preferred dividends of subsidiaries $ 93,104 $ 89,852 Adjustments to reconcile to net cash flows provided by operating activities: Depreciation 110,134 100,165 Deferred income taxes and investment tax credits, net 34,478 (10,383) Amortization 57,378 83,303 Amortization of rate reduction bonds 81,293 74,503 Amortization/(deferral) of recoverable energy costs 24,193 (9,441) Increase/(decrease) in prepaid pension 2,456 (15,606) Regulatory overrecoveries 8,753 49,183 Other sources of cash 19,270 15,256 Other uses of cash (66,519) (70,895) Changes in current assets and liabilities: Restricted cash - LMP costs (30,257) - Unrestricted cash from counterparties (58,480) (20,458) Receivables and unbilled revenues, net 79,518 173,596 Fuel, materials and supplies 51 (4,208) Investments in securitizable assets (23,923) 32,376 Other current assets (23,720) (63,608) Accounts payable 134,339 (123,235) Accrued taxes (24,450) (109,987) Other current liabilities 90,428 21,244 ---------- ---------- Net cash flows provided by operating activities 508,046 211,657 ---------- ---------- Investing Activities: Investments in plant: Electric, gas and other utility plant (300,248) (226,515) Competitive energy assets (11,329) (7,534) ---------- ---------- Cash flows used for investments in plant (311,577) (234,049) Buyout/buydown of IPP contracts - (20,437) Other investment activities 11,450 12,084 ---------- ---------- Net cash flows used in investing activities (300,127) (242,402) ---------- ---------- Financing Activities: Issuance of common shares 2,786 7,463 Repurchase of common shares - (23,209) Issuance of long-term debt 82,438 194,851 Retirement of rate reduction bonds (90,616) (82,314) (Decrease)/increase in short-term debt (99,193) 7,000 Reacquisitions and retirements of long-term debt (23,621) (28,688) Cash dividends on preferred stock of subsidiaries (2,779) (2,779) Cash dividends on common shares (38,379) (34,886) Other financing activities (486) (4,343) ---------- ---------- Net cash flows (used in)/provided by financing activities (169,850) 33,095 ---------- ---------- Net increase in cash and cash equivalents 38,069 2,350 Cash and cash equivalents - beginning of period 37,196 54,678 ---------- ---------- Cash and cash equivalents - end of period $ 75,265 $ 57,028 ========== ==========
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.