-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AOXo41y5NcJbpAHFcdbakUe6U/SqJPPG1uvMcN9Xo8H6SxHJLsEVuovyUT412TGq RNs5u8Nx7JfZs38DXFRdSw== 0000072741-04-000151.txt : 20041025 0000072741-04-000151.hdr.sgml : 20041025 20041025094620 ACCESSION NUMBER: 0000072741-04-000151 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041025 DATE AS OF CHANGE: 20041025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES SYSTEM CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 042147929 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05324 FILM NUMBER: 041093050 BUSINESS ADDRESS: STREET 1: 174 BRUSH HILL AVE CITY: WEST SPRINGFIELD STATE: MA ZIP: 01090-0010 BUSINESS PHONE: 4137855871 MAIL ADDRESS: STREET 1: 107 SELDEN ST CITY: BERLIN STATE: CT ZIP: 06037-1616 8-K 1 nu8kq32004results102504.txt NU 8-K Q3 2004102504 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 25, 2004 ------------------- Commission File Number 1-5324 ------ NORTHEAST UTILITIES -------------------- (Exact name of registrant as specified in its charter) MASSACHUSETTS 1-5324 04-2147929 --------------------- --------- --------------- (State or other jurisdiction (Commission (I.R.S. Employer of organization) File Number) incorporation or Identification No.) ONE FEDERAL STREET, BUILDING 111-4, SPRINGFIELD MASSACHUSETTS 01105 ----------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (413) 785-5871 (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d- 2(b) under the Exchange Act (17 CFR 240.14d- 2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c)) Section 2 - Financial Information Item 2.02 Results of Operation and Financial Condition On October 25, 2004, Northeast Utilities issued a news release announcing its financial results for the third quarter and year to date 2004. A copy of the news release and related financial reports are attached as Exhibits 99.1 and 99.2, and are incorporated herein by reference thereto. The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by Northeast Utilities under the Securities Act of 1933, as amended, unless specified otherwise. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Description ------- ----------- Exhibit 99.1 Northeast Utilities News Release dated October 25, 2004 Exhibit 99.2 Financial Report for the three, nine and twelve month periods ending September 30, 2004. [SIGNATURE PAGE TO FOLLOW] SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NORTHEAST UTILITIES (Registrant) By: /s/ Randy A. Shoop Name: Randy A. Shoop Title: Assistant Treasurer - Finance Date: October 25, 2004 EX-99 2 nu8kexh991q3release.txt EXHIBIT 99.1 NU NEWS RELEASE 102504 Exhibit 99.1 P. O. Box 270 NU LOGO Northeast Hartford, CT 06141-0270 Utilities System 107 Selden Street Berlin, CT 06037 (860)-665-5000 www.nu.com News Release CONTACTS: Jeffrey R. Kotkin Barbara Nieman OFFICE: (860) 665-5154 (860) 665-3249 NU REPORTS THIRD QUARTER EARNINGS BERLIN, Connecticut, October 25, 2004-Northeast Utilities (NU- NYSE) today reported third quarter 2004 earnings of $39.1 million, or $0.30 per share, compared with earnings of $39.2 million, or $0.31 per share, in the third quarter of 2003. Results for 2003 included a charge of $4.7 million, or $0.04 per share, associated with NU's former investment in a bill collection company. For the first nine months of 2004, NU earned $129.4 million, or $1.01 per share, compared with $126.3 million, or $0.99 per share, after the $4.7 million charge, in the first nine months of 2003. Charles W. Shivery, NU chairman, president, and chief executive officer, said regulated company earnings rose modestly to $37.8 million in the third quarter of 2004 from $37.2 million in the same period of 2003. That increase was more than offset by lower earnings at NU's competitive businesses. Shivery said the regulated companies benefited from continued economic growth, lower income tax expense at Public Service Company of New Hampshire (PSNH), and a positive regulatory decision affecting The Connecticut Light and Power Company (CL&P). Those factors were largely offset by cooler summer weather in 2004 than in 2003 and the absence of revenue adjustments which added $5.7 million to earnings in the third quarter of 2003. Retail electric sales, excluding the effect of a positive adjustment to revenues in 2003, were virtually unchanged in the third quarter of 2004, compared with 2003, but on a weather-adjusted basis they were up 2.8 percent as a result of improved economic conditions. The following table reconciles third quarter and year-to-date earnings on a reported and adjusted basis: Third Year-to-Date Quarter 2003 Reported EPS $0.31 $0.99 Cumulative effect $0.04 $0.04 of accounting change 2003 Adjusted EPS $0.35 $1.03 Regulated results --- $0.06 Competitive ($0.02) $0.01 results Other ($0.03) ($0.06) 2004 Adjusted EPS $0.30 $1.04 Investment --- ($0.03) write-downs 2004 Reported EPS $0.30 $1.01 - more - Page 2 of 3 NU's competitive energy businesses earned $4.0 million in the third quarter of 2004, compared with $6.9 million in the same period of 2003. Over the first nine months of 2004, those businesses earned $25.7 million, compared with $24.0 million in the first nine months of 2003. Shivery said lower third-quarter 2004 merchant energy results were due to lower volumes and margins on wholesale electric contracts, compared with the same period of 2003 and the first quarter of 2004. Shivery said NU expected lower margins in the latter quarters of 2004 due to the seasonal pricing of wholesale contracts. Lower wholesale volumes were due to cooler summer weather. The following tables provide financial results for NU's utility group and competitive business lines during the third quarter and first nine months of 2004 and 2003: Three months ended September 30, 2004 Third Third Increase (in millions of Quarter Quarter 2003 (Decrease) dollars) 2004 Merchant energy $3.3 $6.9 ($3.6) Services and other $0.7 --- $0.7 NU Enterprises total $4.0 $6.9 ($2.9) CL&P $21.7 $29.0 ($7.3) PSNH $18.2 $12.6 $5.6 WMECO $1.5 $5.2 ($3.7) Yankee Gas ($3.6) ($9.6) $6.0 Utility Group total $37.8 $37.2 $0.6 Cumulative effect of --- ($4.7) $4.7 accounting change Parent and other ($2.7) ($0.2) ($2.5) Reported Earnings $39.1 $39.2 ($0.1) Nine Months Ended September 30, 2004 Nine Months Nine Months Increase (in millions of 2004 2003 (Decrease) dollars) Merchant energy $27.0 $22.3 $4.7 Services and other ($ 1.3) $1.7 ($3.0) NU Enterprises total $25.7 $24.0 $1.7 CL&P $65.1 $59.0 $6.1 PSNH $36.0 $34.5 $1.5 WMECO $8.7 $13.9 ($5.2) Yankee Gas $8.5 $3.4 $5.1 Utility Group total $118.3 $110.8 $7.5 Investment write-downs ($3.9) --- ($3.9) Cumulative effect of --- ($4.7) $4.7 accounting change Parent and other ($10.7) ($3.8) ($6.9) Reported Earnings $129.4 $126.3 $3.1 CL&P earnings declined in the third quarter of 2004, compared with the same period of 2003. The absence of the positive 2003 adjustment to unbilled revenue and milder summer weather in 2004 more than offset a $6 million after-tax benefit from an August 2004 regulatory decision modifying a December 2003 CL&P rate order. For the year, CL&P earnings are higher due to retail rate increases that took effect on January 1, 2004, as a result of the December 2003 order. - more - Page 3 of 3 PSNH earnings were higher in the third quarter of 2004, compared with the same period of 2003, primarily because of a lower effective tax rate. The lower effective tax rate is due to adjustments to tax reserves as a result of the filing of the 2003 tax return in September and the allocation of certain parent company tax benefits to PSNH in accordance with the NU tax allocation agreement. Under the allocation agreement, more tax benefits were allocated from NU parent to utility companies in 2004 than in 2003 resulting in a higher NU parent company loss in 2004. For the year, PSNH's lower effective tax rate was offset by higher operational costs, including higher pension costs. Western Massachusetts Electric Company earnings were lower in the third quarter and year-to-date due in part to higher interest expense and lower pension income. Yankee Gas Services Company's 2004 third-quarter losses were reduced, in comparison with the same period of 2003, by the absence of a $5.1 million after-tax unbilled revenue adjustment in 2004. Shivery said NU has narrowed its forecasted earnings in 2004 from a range of $1.20 per share to $1.40 per share to a range of $1.25 per share to $1.35 per share. That includes earnings of between $0.91 per share and $0.95 per share at NU's regulated distribution and generation businesses; between $0.22 per share and $0.24 per share at NU's regulated transmission business; and between $0.23 per share and $0.25 per share at NU's competitive businesses. NU also anticipates parent and other expenses of between $0.09 per share and $0.11 per share. NU also has established an earnings range of between $1.35 per share and $1.45 per share for 2005. That range reflects earnings of between $0.96 and $1.00 per share at NU's regulated distribution and generation businesses; between $0.26 and $0.30 per share at NU's regulated transmission business; and between $0.26 per share and $0.30 per share at NU's competitive businesses. The 2005 earnings range also reflects between $0.13 per share and $0.15 per share of parent company expenses, primarily related to interest expense. NU has approximately 128 million common shares outstanding. NU's regulated companies provide electric service to more than 1.8 million retail electric customers in Connecticut, New Hampshire, and Massachusetts and natural gas service to 195,000 customers in Connecticut. Northeast Utilities is a Fortune 500 diversified energy company located in Connecticut with operations throughout the Northeast. Through its competitive and regulated subsidiaries, NU provides Energy for a Changing World, with a full range of products and services to millions of residential and business customers from Maine to Maryland. From delivering electricity and natural gas, to marketing energy commodities, to operating and maintaining power plant facilities, NU is committed to safety, reliability and expanding consumers' energy options. For more information on Northeast Utilities and its subsidiaries, visit the NU family of websites at www.nu.com. This news release includes statements concerning the Company's expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements are "forward looking statements" within the meaning of the Private Litigation Reform Act of 1995. In some cases the reader can identify these forward looking statements by words such as "estimate", "expect", "anticipate", "intend", "plan", "believe" "forecast", "should", "could", and similar expressions. Forward looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward looking statements. Factors that may cause actual results to differ materially from those included in the forward looking statements include, but are not limited to, actions by state and federal regulatory bodies, competition and industry restructuring, changes in economic conditions, changes in weather patterns, changes in laws, expiration or initiation of significant energy supply contracts, regulations or regulatory policy, levels of capital expenditures, developments in legal or public policy doctrines, technological developments, volatility in electric and natural gas commodity markets, and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in our reports to the Securities and Exchange Commission. We undertake no obligation to update the information contained in any forward looking statements to reflect developments or circumstances occurring after the statement is made. # # # NOTE: NU will webcast an investor meeting this morning at 10:30 a.m. Eastern Daylight Time. The call can be accessed through NU's website at www.nu.com. EX-99 3 nu8kexh992q32004financials.txt EXHIBIT 99.2 Q3 2004 BROKERS STATEMENT Exhibit 99.2 Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Balance Sheets ---------------------------
September 30, December 31, 2004 2003 ------------- ------------- (Thousands of Dollars) ASSETS - ------ Current Assets: Cash and cash equivalents $ 97,852 $ 36,721 Restricted cash - LMP costs - 93,630 Special deposits 101,688 86,636 Investments in securitizable assets 212,521 166,465 Receivables, net 656,384 704,893 Unbilled revenues 99,408 125,881 Fuel, materials and supplies, at average cost 202,760 154,076 Derivative assets 368,470 249,117 Prepayments and other 80,838 63,780 ----------- ----------- 1,819,921 1,681,199 ----------- ----------- Property, Plant and Equipment: Electric utility 5,792,149 5,465,854 Gas utility 776,391 743,990 Competitive energy 911,940 885,953 Other 239,663 221,986 ----------- ----------- 7,720,143 7,317,783 Less: Accumulated depreciation 2,357,086 2,244,263 ----------- ----------- 5,363,057 5,073,520 Construction work in progress 376,428 356,396 ----------- ----------- 5,739,485 5,429,916 ----------- ----------- Deferred Debits and Other Assets: Regulatory assets 2,802,912 2,974,022 Goodwill 319,986 319,986 Purchased intangible assets, net 20,251 22,956 Prepaid pension 356,540 360,706 Prior spent nuclear fuel trust 49,110 - Other 448,043 428,567 ------------ ----------- 3,996,842 4,106,237 ------------ ----------- Total Assets $11,556,248 $11,217,352 =========== ===========
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 ---------------------------
September 30, December 31, 2004 2003 ------------- ------------ (Thousands of Dollars) LIABILITIES AND CAPITALIZATION - ------------------------------ Current Liabilities: Notes payable to banks $ 1,043 $ 105,000 Long-term debt - current portion 88,963 64,936 Accounts payable 704,559 729,328 Accrued taxes 17,907 51,598 Accrued interest 58,560 41,653 Derivative liabilities 212,805 112,612 Counterparty deposits 67,356 46,496 Other 207,878 203,080 ----------- ----------- 1,359,071 1,354,703 ----------- ----------- Rate Reduction Bonds 1,591,944 1,729,960 ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,401,756 1,287,354 Accumulated deferred investment tax credits 100,062 102,652 Deferred contractual obligations 423,236 469,218 Regulatory liabilities 1,163,773 1,164,288 Other 244,692 247,526 ----------- ----------- 3,333,519 3,271,038 ----------- ----------- Capitalization: Long-Term Debt 2,839,694 2,481,331 ----------- ----------- Preferred Stock of Subsidiary - Non-Redeemable 116,200 116,200 ----------- ----------- Common Shareholders' Equity: Common shares, $5 par value - authorized 225,000,000 shares; 150,683,698 shares issued and 128,349,411 shares outstanding in 2004 and 150,398,403 shares issued and 127,695,999 shares outstanding in 2003 753,418 751,992 Capital surplus, paid in 1,111,152 1,108,924 Deferred contribution plan - employee stock ownership plan (63,831) (73,694) Retained earnings 879,153 808,932 Accumulated other comprehensive (loss)/income (5,012) 25,991 Treasury stock, 19,575,940 shares in 2004 and 19,518,023 shares in 2003 (359,060) (358,025) ----------- ----------- Common Shareholders' Equity 2,315,820 2,264,120 ----------- ----------- Total Capitalization 5,271,714 4,861,651 ----------- ----------- Total Liabilities and Capitalization $11,556,248 $11,217,352 =========== ===========
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 September 30, ---------------------------- 2004 2003 ----------- ------------- (Thousands of Dollars, Except Share Information) Operating Revenues $ 1,667,985 $ 1,640,117 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 1,031,540 1,033,663 Other 257,563 222,268 Maintenance 69,194 55,687 Depreciation 57,232 50,879 Amortization 42,679 56,407 Amortization of rate reduction bonds 43,286 40,729 Taxes other than income taxes 55,360 53,169 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 1,556,854 1,512,802 ----------- ----------- Operating Income 111,131 127,315 Interest Expense: Interest on long-term debt 34,940 32,010 Interest on rate reduction bonds 24,446 26,863 Other interest 4,086 4,474 ----------- ----------- Interest expense, net 63,472 63,347 ----------- ----------- Other Income, Net 8,168 4,678 ----------- ----------- Income Before Income Tax Expense 55,827 68,646 Income Tax Expense 15,320 23,277 ----------- ----------- Income Before Preferred Dividends of Subsidiary 40,507 45,369 Preferred Dividends of Subsidiary 1,390 1,390 ----------- ----------- Income Before Cumulative Effect of Accounting Change 39,117 43,979 Cumulative effect of accounting change, net of tax benefit of $2,553 - (4,741) ----------- ----------- Net Income $ 39,117 $ 39,238 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 0.30 $ 0.35 Cumulative effect of accounting change, net of tax benefit - (0.04) ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.30 $ 0.31 =========== =========== Fully Diluted Common Shares Outstanding (average) 128,442,701 127,303,973 =========== ===========
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.
Nine Months Ended September 30, ---------------------------- 2004 2003 ----------- ------------- (Thousands of Dollars, Except Share Information) Operating Revenues $ 5,030,938 $ 4,554,338 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 3,123,051 2,766,268 Other 754,825 641,686 Maintenance 194,078 169,859 Depreciation 167,366 151,044 Amortization 100,057 139,710 Amortization of rate reduction bonds 124,579 115,232 Taxes other than income taxes 188,644 178,603 Gain on sale of utility plant - - ----------- ----------- Total operating expenses 4,652,600 4,162,402 ----------- ----------- Operating Income 378,338 391,936 Interest Expense: Interest on long-term debt 101,676 93,496 Interest on rate reduction bonds 75,184 82,088 Other interest 12,530 10,835 ----------- ----------- Interest expense, net 189,390 186,419 ----------- ----------- Other Income, Net 12,717 6,008 ----------- ----------- Income Before Income Tax Expense 201,665 211,525 Income Tax Expense 68,054 76,304 ----------- ----------- Income Before Preferred Dividends of Subsidiary 133,611 135,221 Preferred Dividends of Subsidiary 4,169 4,169 ----------- ----------- Income Before Cumulative Effect of Accounting Change 129,442 131,052 Cumulative effect of accounting change, net of tax benefit of $2,553 - (4,741) ----------- ----------- Net Income $ 129,442 $ 126,311 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 1.01 $ 1.03 Cumulative effect of accounting change, net of tax benefit - (0.04) ----------- ----------- Fully Diluted Earnings Per Common Share $ 1.01 $ 0.99 =========== =========== Fully Diluted Common Shares Outstanding (average) 128,231,267 127,086,414 =========== ===========
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 Septembr 30, ---------------------------- 2004 2003 ----------- ------------- (Thousands of Dollars, Except Share Information) Operating Revenues $ 6,545,757 $ 5,958,539 ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 4,091,937 3,617,177 Other 1,008,839 812,634 Maintenance 256,249 239,315 Depreciation 220,711 199,933 Amortization 152,152 369,522 Amortization of rate reduction bonds 162,518 147,805 Taxes other than income taxes 242,712 229,078 Gain on sale of utility plant - (187,113) ----------- ----------- Total operating expenses 6,135,118 5,428,351 ----------- ----------- Operating Income 410,639 530,188 Interest Expense: Interest on long-term debt 134,439 126,467 Interest on rate reduction bonds 101,455 110,340 Other interest 13,435 16,515 ----------- ----------- Interest expense, net 249,329 253,322 ----------- ----------- Other Income, Net 6,273 30,121 ----------- ----------- Income Before Income Tax Expense 167,583 306,987 Income Tax Expense 42,482 114,341 ----------- ----------- Income Before Preferred Dividends of Subsidiary 125,101 192,646 Preferred Dividends of Subsidiary 5,559 5,559 ----------- ----------- Income Before Cumulative Effect of Accounting Change 119,542 187,087 Cumulative effect of accounting change, net of tax benefit of $2,553 - (4,741) ----------- ----------- Net Income $ 119,542 $ 182,346 =========== =========== Fully Diluted Earnings Per Common Share: Income Before Cumulative Effect of Accounting Change $ 0.93 $ 1.47 Cumulative effect of accounting change, net of tax benefit - (0.04) ----------- ----------- Fully Diluted Earnings Per Common Share $ 0.93 $ 1.43 =========== =========== Fully Diluted Common Shares Outstanding (average) 128,104,660 127,359,186 =========== ===========
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 -------------------------------------
Nine Months Ended September 30, ---------------------------- 2004 2003 ----------- ------------- (Thousands of Dollars) Operating Activities: Income before preferred dividends of subsidiaries $ 133,611 $ 135,221 Adjustments to reconcile to net cash flows provided by operating activities: Depreciation 167,366 151,044 Deferred income taxes and investment tax credits, net 65,133 (55,734) Amortization 100,057 139,710 Amortization of rate reduction bonds 124,579 115,232 Deferral of recoverable energy costs (13,147) (5,480) Decrease/(increase) in prepaid pension 4,166 (23,778) Cumulative effect of accounting change - (4,741) Regulatory (refunds)/overrecoveries (95,912) 115,846 Other sources of cash 114,312 14,911 Other uses of cash (62,648) (116,431) Changes in current assets and liabilities: Restricted cash - LMP costs 93,630 (45,760) Receivables and unbilled revenues, net 74,982 160,789 Fuel, materials and supplies (48,684) (40,548) Investments in securitizable assets (46,056) (36,684) Other current assets (96,206) (5,703) Accounts payable (24,769) 10,805 Accrued taxes (33,691) (72,851) Other current liabilities 75,943 24,906 ---------- --------- Net cash flows provided by operating activities 532,666 460,754 ---------- --------- Investing Activities: Investments in plant: Electric, gas and other utility plant (450,277) (369,660) Competitive energy assets (13,954) (12,221) ---------- ---------1 Cash flows used for investments in plant (464,231) (381,881) Buyout/buydown of IPP contracts - (20,437) Investment in prior spent nuclear fuel trust (49,110) - Other investment activities (32,843) 6,582 ---------- --------- Net cash flows used in investing activities (546,184) (395,736) ---------- --------- Financing Activities: Issuance of common shares 4,470 9,940 Repurchase of common shares - (23,209) Issuance of long-term debt 463,113 250,384 Retirement of rate reduction bonds (138,016) (126,374) Decrease in short-term debt (103,957) (16,000) Reacquisitions and retirements of long-term debt (86,628) (33,607) Cash dividends on preferred stock of subsidiaries (4,169) (4,169) Cash dividends on common shares (59,221) (53,959) Other financing activities (943) (4,564) ---------- --------- Net cash flows provided by/(used in) financing activities 74,649 (1,558) ---------- --------- Net increase in cash and cash equivalents 61,131 63,460 Cash and cash equivalents - beginning of period 36,721 54,678 ---------- --------- Cash and cash equivalents - end of period $ 97,852 $ 118,138 ========== =========
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. -----END PRIVACY-ENHANCED MESSAGE-----