-----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, QN5hMncC3gKlCGimRwazQIEXv8bW/g4iErmpmKLdoUVkKBxrnnCQimA7f37xw2WX T+iEpq3TBdPL0hfD+lzS4Q== 0000072741-10-000146.txt : 20100803 0000072741-10-000146.hdr.sgml : 20100803 20100803171904 ACCESSION NUMBER: 0000072741-10-000146 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20100803 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100803 DATE AS OF CHANGE: 20100803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNECTICUT LIGHT & POWER CO CENTRAL INDEX KEY: 0000023426 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 060303850 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00404 FILM NUMBER: 10988514 BUSINESS ADDRESS: STREET 1: SELDEN STREET CITY: BERLIN STATE: CT ZIP: 06037-1616 BUSINESS PHONE: 8606655000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES 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: 10988511 BUSINESS ADDRESS: STREET 1: ONE FEDERAL STREET STREET 2: BUILDING 111-4 CITY: SPRINGFIELD STATE: MA ZIP: 01105 BUSINESS PHONE: 8606655000 MAIL ADDRESS: STREET 1: 107 SELDEN ST CITY: BERLIN STATE: CT ZIP: 06037-1616 FORMER COMPANY: FORMER CONFORMED NAME: NORTHEAST UTILITIES SYSTEM DATE OF NAME CHANGE: 19961121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN MASSACHUSETTS ELECTRIC CO CENTRAL INDEX KEY: 0000106170 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041961130 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07624 FILM NUMBER: 10988512 BUSINESS ADDRESS: STREET 1: ONE FEDERAL STREET STREET 2: BUILDING 111-4 CITY: SPRINGFIELD STATE: MA ZIP: 01105 BUSINESS PHONE: 4137855871 MAIL ADDRESS: STREET 1: 107 SELDEN ST CITY: BERLIN STATE: CT ZIP: 06037-1616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF NEW HAMPSHIRE CENTRAL INDEX KEY: 0000315256 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 020181050 STATE OF INCORPORATION: NH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06392 FILM NUMBER: 10988513 BUSINESS ADDRESS: STREET 1: 780 N. COMMERCIAL STREET CITY: MANCHESTER STATE: NH ZIP: 03105-0330 BUSINESS PHONE: 6036694000 MAIL ADDRESS: STREET 1: 780 N. COMMERCIAL STREET CITY: MANCHESTER STATE: NH ZIP: 03105-0330 8-K 1 f8k080320102ndqearnings.htm NU 2ND QUARTER EARNINGS - YEAR 2010 UNITED STATES



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


                                


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):  August 3, 2010


 

 

 

Commission

Registrant; State of Incorporation

I.R.S. Employer

File Number

Address; and Telephone Number

Identification No.

-----------

-----------------------------------

--------------------

 

 

 

1-5324

NORTHEAST UTILITIES

04-2147929

 

---------------------------------------

 

 

(a Massachusetts voluntary association)

 

 

One Federal Street, Building 111-4

 

 

Springfield, Massachusetts 01105

 

 

Telephone:  (413) 785-5871

 

 

 

 

0-00404

THE CONNECTICUT LIGHT AND POWER COMPANY

06-0303850

 

---------------------------------------

 

 

(a Connecticut corporation)

 

 

107 Selden Street

 

 

Berlin, Connecticut  06037-1616

 

 

Telephone:  (860) 665-5000

 

 

 

 

1-6392

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

02-0181050

 

---------------------------------------

 

 

(a New Hampshire corporation)

 

 

Energy Park

 

 

780 North Commercial Street

 

 

Manchester, New Hampshire 03101-1134

 

 

Telephone:  (603) 669-4000

 

 

 

 

0-7624

WESTERN MASSACHUSETTS ELECTRIC COMPANY

04-1961130

 

--------------------------------------

 

 

(a Massachusetts corporation)

 

 

One Federal Street, Building 111-4

 

 

Springfield, Massachusetts 01105

 

 

Telephone:  (413) 785-5871

 


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:


[  ]  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 Operations and Financial Condition.


On August 3, 2010, Northeast Utilities issued a news release announcing the unaudited results of operations for the second quarter and first six months of 2010 and related financial information for certain of its subsidiaries for the same periods.  A copy of the news release and the related financial reports are attached as Exhibit 99.1 and 99.2, respectively, and are incorporated herein by reference thereto.


The information contained in this Item 2.02, 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, The Connecticut Light and Power Company, Public Service Company of New Hampshire or Western Massachusetts Electric Company under the Securities Act of 1933, as amended unless specified otherwise.


Section 9 – Financial Statements and Exhibits


Item 9.01 – Financial Statements and Exhibits


(d) Exhibits.


 

 

Exhibit

Number

Description

Exhibit 99.1

News Release issued by Northeast Utilities on August 3, 2010

Exhibit 99.2

Financial Reports for the three and six month periods ended June 30, 2010


[SIGNATURE PAGE TO FOLLOW]



SIGNATURE


Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.



 

 

 

NORTHEAST UTILITIES

THE CONNECTICUT LIGHT AND POWER COMPANY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(Registrants)

 




By:  

/s/ Jay S. Buth

Name:  Jay S. Buth

Title:    Vice President-Accounting and Controller




Date:  August 3, 2010


 EX-99 2 f8kpress080310.htm PRESS RELEASE Converted by EDGARwiz




[f8kpress080310002.gif]



P.O. Box 270

Hartford, CT 06141-0270

56 Prospect Street

Hartford, CT 06103



News Release

 



CONTACT:

Jeffrey R. Kotkin

OFFICE:

(860) 728-4650


NU REPORTS SECOND QUARTER RESULTS


HARTFORD, Connecticut, August 3, 2010 — Northeast Utilities (NYSE: NU) today reported earnings of $71.9 million, or $0.41 per share, in the second quarter of 2010, compared with earnings of $82.9 million, or $0.47 per share, in the second quarter of 2009.  In the first six months of 2010, NU earned $158.2 million, or $0.90 per share, compared with earnings of $180.5 million, or $1.07 per share, in the first six months of 2009.  


Charles W. Shivery, NU’s chairman, president and chief executive officer, attributed NU’s lower operating results in the second quarter of 2010 primarily to the absence of $11.1 million, or $0.06 per share1, of tax-related benefits the company recorded in the second quarter of 2009 as a result of resolving various routine tax issues.


“We see the end of the second quarter as an inflection point in our earnings trajectory,” Shivery said.  “Economic factors, higher operating costs, and an elevated level of storm activity have been pressuring our distribution segment returns for the past 12 months.  However, the constructive resolution of two important distribution rate cases at the end of June, as well as the impacts of strong cost management and prospects for improving sales will provide us with improving results over the next several quarters.”


Earnings guidance


NU today revised its projected 2010 consolidated earnings guidance to between $1.95 per share and $2.05 per share.  This range includes projected earnings of between $1.00 per share and $1.10 per share1 for NU’s distribution and generation segment, earnings of approximately $0.95 per share1 for NU’s transmission segment, earnings at NU’s competitive businesses of approximately $0.05 per share1, and parent and other company after-tax expenses of $0.05 per share1.  Previously, NU had projected consolidated earnings of between $1.80 per share and $2.00 per share.  Shivery said the revised guidance represents strong performance by the transmission segment and competitive businesses through the first six months of the year, the impact of hot summer weather on electric distribution sales, and the resolution of the two rate cases, partially offset b y a much higher level of storm activity in 2010, compared with 2009.


Transmission


NU’s transmission segment earned $41.9 million in the second quarter of 2010 and $82.1 million in the first half of 2010, compared with $41.8 million in the second quarter of 2009 and $77.2 million in the first six months of 2009.  The higher year-to-date earnings primarily reflect continued investment in NU’s transmission system.  


Distribution and Generation


NU’s distribution and generation segment earned $27.1 million in the second quarter of 2010 and $75 million in the first half of 2010, compared with $38.2 million in the second quarter of 2009 and $97.4 million in the first six months of 2009.  NU’s second-quarter and first half 2010 distribution and generation results were negatively affected by lower tax-related benefits, higher pension and health care costs, and increased storm restoration activity.  NU’s electric distribution segment incurred approximately $8 million of storm restoration costs in the second quarter of 2010, compared with approximately $700,000 in the same quarter of 2009.  These impacts were partially offset by much warmer weather in May and June which resulted in increased retail electric sales.  Overall, NU’s kilowatt-hour sales were up 5.9 percent in the second quarter of 2010, co mpared with the same period of 2009.  They were up 1 percent on a weather-adjusted basis.  Over the first six months of 2010, NU’s retail electric sales were essentially flat compared with the same period of 2009, but were down 0.8 percent on a weather-adjusted basis.


The Connecticut Light and Power Company’s (CL&P) distribution segment earned $8.4 million in the second quarter of 2010 and $22.7 million in the first six months of 2010, compared with $21.9 million in the second quarter of 2009 and $43.6 million in the first six months of 2009.  The lower first half 2010 results were due in part to the resolution of various tax issues last year, which added $5.1 million to second quarter 2009 results and $8.4 million to first half 2009 results.  CL&P results were also lower due to costs related to higher pension and storm restoration costs.


Public Service Company of New Hampshire’s (PSNH) distribution and generation segment earned $16.9 million in the second quarter of 2010 and $28.1 million in the first half of 2010, compared with $11.9 million in the second quarter of 2009 and $25.4 million in the first six months of 2009.  The improved second-quarter results were primarily due to a 4.6 percent increase in retail electric sales over the same quarter of 2009 and the impact of the temporary distribution rate increase that took effect August 1, 2009, partially offset by higher pension and interest costs.  


Western Massachusetts Electric Company’s (WMECO) distribution segment earned $2.3 million in the second quarter of 2010 and $5.2 million in the first half of 2010, compared with $3.8 million in the second quarter of 2009 and $8.6 million in the first six months of 2009.  Lower second quarter results were due in part to higher employee-related costs, interest expense, and municipal property taxes, partially offset by a 7.1 percent increase in retail electric sales.  On a weather-adjusted basis, second quarter sales were up 3 percent in 2010.


Yankee Gas Services Company lost $0.5 million in the second quarter of 2010 and earned $19.0 million in the first six months of 2010, compared with earnings of $0.6 million in the second quarter of 2009 and $19.8 million in the first six months of 2009.  Yankee Gas’ second quarter 2010 results reflect a 4.3 percent decline in second-quarter firm natural gas sales, compared with the second quarter of 2009.  Lower sales were due primarily to mild spring weather, which reduced heating requirements.  On a weather-adjusted basis, Yankee Gas’ firm natural gas sales in 2010 were up 2.2 percent in the second quarter and 5.1 percent in the first half, compared with the same periods of 2009.


Competitive businesses


NU Enterprises, Inc. (NUEI), the holding company for NU’s competitive businesses, earned $5.3 million in the second quarter of 2010 and $7.6 million in the first half of 2010, compared with earnings of $5.5 million in the second quarter of 2009 and $11.3 million in the first six months of 2009.  Marking to market NUEI’s remaining wholesale obligations reduced earnings by $0.1 million in the first half of 2010, compared with an after-tax benefit of $4.6 million in the first half of 2009.




NU parent and other companies


NU parent and other companies had net after-tax expenses of $2.4 million in the second quarter of 2010 and $6.5 million in the first half of 2010, compared with net expenses of $2.6 million in the second quarter of 2009 and $5.4 million in the first six months of 2009.  


NU has approximately 176 million common shares outstanding.  It operates New England’s largest energy delivery system, serving more than 2 million customers in Connecticut, New Hampshire and Massachusetts.


The following table reconciles 2010 and 2009 second-quarter and first-half results.


 

 

Second Quarter

   First Half

2009

Reported EPS

$0.47

$1.07

 

Change in transmission earnings in 2010, net of dilution


$0.00


$0.00

 

Change in distribution and generation earnings in

2010, net of dilution


($0.07)


($0.14)

 

Change in Parent/Other results in 2010, net of dilution


$0.01


$0.00

 

Change in competitive business earnings in 2010,

net of dilution


$0.00


($0.03)

2010

Reported EPS

$0.41

$0.90


Financial results for the second quarter and first half of 2010 and 2009 are noted below:


Three months ended:


(in millions, except EPS)


  June 30, 2010


  June 30, 2009

Increase/

(Decrease)


2010 EPS1

CL&P Distribution

$8.4

$21.9

($13.5)

$0.04

PSNH Distribution/Generation

$16.9

$11.9

$5.0

$0.10

WMECO Distribution

$2.3

$3.8

($1.5)

$0.01

Yankee Gas

($0.5)

$0.6

($1.1)

$0.00

Total—Distribution/Generation

$27.1

$38.2

($11.1)

$0.15

CL&P Transmission

$34.3

$35.1

($0.8)

$0.19

PSNH Transmission

$4.6

$4.7

($0.1)

$0.03

WMECO Transmission

$3.0

$2.0

$1.0

$0.02

Total—Transmission

$41.9

$41.8

$0.1

$0.24

Total—Regulated

$69.0

$80.0

($11.0)

$0.39

NU Parent and Other Companies

($2.4)

($2.6)

$0.2

($0.01)

Competitive

$5.3

$5.5

($0.2)

$0.03

   Reported Earnings

$71.9

$82.9

($11.0)

$0.41



Six months ended:


(in millions, except EPS)


  June 30, 2010


  June 30, 2009

Increase/

(Decrease)


2010 EPS1

CL&P Distribution

$22.7

       $43.6

($20.9)

$0.13

PSNH Distribution/Generation

$28.1

       $25.4

$2.7

$0.16

WMECO Distribution

$5.2

         $8.6

($3.4)

$0.03

Yankee Gas

$19.0

       $19.8

($0.8)

$0.11

Total—Distribution/Generation

$75.0

       $97.4

($22.4)

$0.43

CL&P Transmission

$67.1

       $65.2

$1.9

$0.38

PSNH Transmission

$9.3

         $8.6

$0.7

$0.05

WMECO Transmission

$5.7

         $3.4

$2.3

$0.03

Total—Transmission

$82.1

       $77.2

$4.9

$0.46

Total—Regulated

$157.1

       $174.6

($17.5)

$0.89

NU Parent and Other Companies

($6.5)

          ($5.4)

($1.1)

($0.03)

Competitive

$7.6

          $11.3

($3.7)

$0.04

  Reported Earnings

$158.2

     $180.5

($22.3)

$0.90


Retail sales data:

 

Gwh for three months ended


June 30, 2010


June 30, 2009

% Change

   Actual

   % Change

Weather Norm.

CL&P

5,337

        5,032

6.1%

0.7%

PSNH

1,855

        1,773

4.6%

0.7%

WMECO

  879

820

7.1%

3.0%

Total NU

8,068

        7,622

5.9%

1.0%

 

 

 

 

 

Gwh for six months ended

 

 

 

 

CL&P

 10,929

      10,911

0.2%

(0.9%)

PSNH

  3,787

3,814

(0.7%)

(1.3%)

WMECO

  1,808

1,792

0.9%

0.1%

Total NU

16,516

16,510

0.0%

(0.8%)

 

 

 

 

 

Yankee Gas firm volumes in mmcf

for three months ended

  6,932

       7,242   

(4.3%)

2.2%

Yankee Gas firm volumes in mmcf

for six months ended

23,375

     24,276

(3.7%)

5.1%

This news release includes statements concerning NU’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts.  These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  In some cases, readers can identify these forward-looking statements through the use of words or phrases such as “estimate”, “expect”, “anticipate”, “intend”, “plan”, “project,” “believe”, “forecast”, “should”, “could”, and other 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 or inaction of local, state and federal regulatory and taxing bodies; changes in business and economic conditions, including their impact on interest rates, bad debt expense and demand for NU’s products and services; changes in weather patterns; changes in laws, regulations or regulatory policy; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make NU’s access to necessary capital more difficult or costly; developments in legal or public policy doctrines; technological developments; changes in accounting standards and financial reporting regulations;  actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NU’s reports filed with the Securities and Exchange Commission.  Any forward-looking statement speaks only as of the date on which such statement is made, and NU undertakes no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events.

1 All per share amounts in this news release are reported on a fully diluted basis.  The only common equity securities that are publicly traded are common shares of NU parent.  The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocated to such business, but rather represent a direct interest in NU's assets and liabilities as a whole.  EPS by business is a non-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to controlling interests of each business by the weighted average fully diluted NU parent common shares outstanding for the period.  Management uses this non-GAAP financial measure to evaluate earnings results and to provide details of earnings results and guidance by business.  Management believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NU’s businesses.  Non-GAAP financial measures should not be considered as alternatives to NU consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of NU’s operating performance.

# # # #


Note:  NU will webcast an investor presentation Wednesday (8/4/10) at 1 p.m. Eastern Daylight Time.  
The webcast can be accessed through NU’s website at www.nu.com.




1



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M%,+S/,_S/`N!)(FP%,_S0-Y[[[WWWGOOO?<\S_,\S_,\S_,\S_,\S_,\S_,\ MS_,\SP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SP/Y+WWWGOO MO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#WWGOOO??>>^\]S_,\S_,\ M#X$D0=,TC;`T3=,T34$T31-`4A'OO??>>^^5A3#%DC#/\SS/\SS/\SS/\SS/ M\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/`_DO??> M>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\_\_S/,_S/)#WWGOOO??>>^\]S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOO"8(6$BFTU@0!4RP((3S/\SS/\SS/ M\SP/LB!(0CS/`WGOO??>>^^]]][S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/`_D MO??>>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[[SW/ M\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S/(_` M$(2`+$F2+(C`$(P`>>^]]]Y[[[WW'K$L"R(\S_,\S_,\S_,\S_,\S_,\S_,\ M#^2]]]Y[[[WWWO][S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_,\D/?>>^^]]]Y[ M[SW/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[[[WW/,_S/,_S/,_S M/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\S_,\S_,\S_,\S_,\S_,\ MS_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[[[WW MWGOO/<_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\S_,\ MS_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS_S_,\ MS_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\SR0]]Y[ M[[WWWGOO/<_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S0-Y[[[WWWGOOO?<\S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\SP-Y[[WWWGOOO??>\SS/\SS/\SS/\SS/\SS/ M\SS/\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S/)#W MWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??>>^^]]SS/ M\SS/\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>_WOOO??>\SS/\SS/\SS/\SS/ M\SS/\SS/\SS/\SP/Y+WWWGOOO??>>\_S/,_S/,_S/,_S/,_S/,_S/,_S/,_S M/)#WWGOOO??>>^\]S_,\S_,\S_,\S_,\S_,\S_,\S_,\S_-`WGOOO??>>^^] M]SS/\SS/\SS/\SS/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S/,_S M/,_S/,_S/,_S/,_S/`_DO??>>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\S_,\ MS_,\D/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^]]]Y[ M[[WW/,_S/,_S/,_S/.O/\SS/\SS/\SS/\SS/`WGOO??>>^^]]][S/,_S/,_S M/,_S/,_S/,_S/,_S/,_S/`_DO??>>^^]]]Y[S_,\S_,\S_,\S_,\S_,\S_,\ MS_,\S_,\D/?>>^^]]]Y[[SW/\SS/\SS/\SS/\SS/\SS/\SS/\SS/\T#>>^^] M]]Y[[[WW/,_S/,_S/,_S/,_S/,_S/,_S/,_S/,\#>>^]]]Y[[[WWWO,\S_,\ MS_,\S_,\S_,\S_,\S_,\S_,\#^2]]]Y[[[WWWGO/\SS/\SS/\SS/\SS/\SS/ :\SS/\SS/\SR0]]Y[[[WWWGOO/<_S/$\$`#L_ ` end EX-99 4 june2010brokers.htm FINANCIAL STATEMENTS Converted by EDGARwiz




NORTHEAST UTILITIES AND SUBSIDIARIES

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

   Cash and Cash Equivalents

$

88,775

 

$

26,952

   Receivables, Net

 

495,640

 

 

512,770

   Unbilled Revenues

 

178,838

 

 

229,326

   Fuel, Materials and Supplies

 

226,200

 

 

277,085

   Marketable Securities

 

72,684

 

 

66,236

   Derivative Assets

 

28,887

 

 

31,785

   Prepayments and Other Current Assets

 

121,835

 

 

123,700

Total Current Assets

 

1,212,859

 

 

1,267,854

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

9,142,320

 

 

8,839,965

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

   Regulatory Assets

 

3,183,982

 

 

3,244,931

   Goodwill

 

287,591

 

 

287,591

   Marketable Securities

 

47,995

 

 

54,905

   Derivative Assets

 

160,380

 

 

189,751

   Other Long-Term Assets

 

194,596

 

 

172,682

Total Deferred Debits and Other Assets

 

3,874,544

 

 

3,949,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

14,229,723

 

$

14,057,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

   Notes Payable to Banks

$

157,313 

 

$

100,313 

   Long-Term Debt - Current Portion

 

66,286 

 

 

66,286 

   Accounts Payable

 

390,046 

 

 

457,582 

   Accrued Taxes

 

55,071 

 

 

50,246 

   Accrued Interest

 

87,784 

 

 

83,763 

   Derivative Liabilities

 

41,176 

 

 

37,617 

   Other Current Liabilities

 

167,948 

 

 

183,605 

Total Current Liabilities

 

965,624 

 

 

979,412 

 

 

 

 

 

 

Rate Reduction Bonds

 

313,835 

 

 

442,436 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

   Accumulated Deferred Income Taxes

 

1,456,537 

 

 

1,380,143 

   Accumulated Deferred Investment Tax Credits

 

20,666 

 

 

22,145 

   Regulatory Liabilities

 

444,957 

 

 

485,706 

   Derivative Liabilities

 

1,009,849 

 

 

955,646 

   Accrued Pension

 

799,762 

 

 

781,431 

   Other Long-Term Liabilities

 

806,393 

 

 

823,723 

Total Deferred Credits and Other Liabilities

 

4,538,164 

 

 

4,448,794 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

   Long-Term Debt

 

4,635,851 

 

 

4,492,935 

 

 

 

 

 

 

   Noncontrolling Interest in Consolidated Subsidiary:

 

 

 

 

 

     Preferred Stock Not Subject to Mandatory Redemption

 

116,200 

 

 

116,200 

 

 

 

 

 

 

   Equity:

 

 

 

 

 

     Common Shareholders' Equity:

 

 

 

 

 

       Common Shares

 

978,429 

 

 

977,276 

       Capital Surplus, Paid In

 

1,767,904 

 

 

1,762,097 

       Deferred Contribution Plan

 

- 

 

 

(2,944)

       Retained Earnings

 

1,313,848 

 

 

1,246,543 

       Accumulated Other Comprehensive Loss

 

(41,805)

 

 

(43,467)

       Treasury Stock

 

(359,392)

 

 

(361,603)

     Common Shareholders' Equity

 

3,658,984 

 

 

3,577,902 

     Noncontrolling Interest

 

1,065 

 

 

- 

   Total Equity

 

3,660,049 

 

 

3,577,902 

Total Capitalization

 

8,412,100 

 

 

8,187,037 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

14,229,723 

 

$

14,057,679 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Thousands of Dollars, Except Share Information)

 

2010

 

2009

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

1,111,426

 

$

1,224,431 

 

$

2,450,845

 

$

2,817,914

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

   Fuel, Purchased and Net Interchange Power

 

442,230

 

 

583,599 

 

 

1,045,578

 

 

1,422,519

   Other Operating Expenses

 

 

206,664

 

 

234,821 

 

 

454,937

 

 

482,266

   Maintenance

 

 

66,817

 

 

56,367 

 

 

112,454

 

 

105,203

   Depreciation

 

 

79,075

 

 

77,768 

 

 

157,731

 

 

154,751

   Amortization of Regulatory Assets/(Liabilities), Net

8,893

 

 

(13,039)

 

 

566

 

 

8,652

   Amortization of Rate Reduction Bonds

 

54,997

 

 

51,305 

 

 

114,567

 

 

107,202

   Taxes Other Than Income Taxes

 

 

74,406

 

 

54,424 

 

 

160,005

 

 

140,853

      Total Operating Expenses

 

 

933,082

 

 

1,045,245 

 

 

2,045,838

 

 

2,421,446

Operating Income

 

 

178,344

 

 

179,186 

 

 

405,007

 

 

396,468

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on Long-Term Debt

 

 

58,522

 

 

56,774 

 

 

115,791

 

 

112,458

   Interest on Rate Reduction Bonds

 

 

5,633

 

 

9,607 

 

 

12,324

 

 

20,232

   Other Interest

 

 

3,042

 

 

(1,423)

 

 

6,343

 

 

3,245

      Interest Expense

 

 

67,197

 

 

64,958 

 

 

134,458

 

 

135,935

Other Income, Net

 

 

1,552

 

 

12,409 

 

 

9,608

 

 

16,591

Income Before Income Tax Expense

 

 

112,699

 

 

126,637 

 

 

280,157

 

 

277,124

Income Tax Expense

 

 

39,351

 

 

42,394 

 

 

119,209

 

 

93,817

Net Income

 

 

73,348

 

 

84,243 

 

 

160,948

 

 

183,307

Net Income Attributable to Noncontrolling Interests

 

1,402

 

 

1,389 

 

 

2,792

 

 

2,779

Net Income Attributable to Controlling Interests

$

71,946

 

$

82,854 

 

$

158,156

 

$

180,528

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Fully Diluted Earnings Per Common Share

$

0.41

 

$

0.47 

 

$

0.90

 

$

1.07

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

0.26

 

$

0.24 

 

$

0.51

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

   Basic

 

 

176,571,189

 

 

175,175,936 

 

 

176,460,476

 

 

168,758,206

   Fully Diluted

 

 

176,736,532

 

 

175,675,388 

 

 

176,637,003

 

 

169,300,277

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

Six Months Ended June 30,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

Net Income

$

160,948 

 

$

183,307 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

Bad Debt Expense

 

17,176 

 

 

17,986 

Depreciation

 

157,731 

 

 

154,751 

Deferred Income Taxes

 

37,850 

 

 

73,202 

Pension and PBOP Expense, Net of PBOP Contributions

 

25,529 

 

 

13,052 

Regulatory Overrecoveries, Net

 

21,569 

 

 

20,732 

Amortization of Regulatory Assets/(Liabilities), Net

 

566 

 

 

8,652 

Amortization of Rate Reduction Bonds

 

114,567 

 

 

107,202 

Allowance for Equity Funds Used During Construction

 

(6,934)

 

 

(3,366)

Derivative Assets and Liabilities

 

(5,640)

 

 

(19,243)

Other

 

(22,773)

 

 

1,164 

Changes in Current Assets and Liabilities:

 

 

 

 

 

Receivables and Unbilled Revenues, Net

 

34,703 

 

 

158,175 

Fuel, Materials and Supplies

 

52,024 

 

 

35,582 

Taxes Receivable/(Accrued)

 

(3,856)

 

 

(8,244)

Other Current Assets

 

14,682 

 

 

7,139 

Accounts Payable

 

(53,480)

 

 

(211,445)

Other Current Liabilities

 

(10,883)

 

 

(30,309)

Net Cash Flows Provided by Operating Activities

 

533,779 

 

 

508,337 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

Investments in Property and Plant

 

(442,404)

 

 

(420,894)

Proceeds from Sales of Marketable Securities

 

95,452 

 

 

147,702 

Purchases of Marketable Securities

 

(96,546)

 

 

(149,482)

Other Investing Activities

 

(4,369)

 

 

2,939 

Net Cash Flows Used in Investing Activities

 

(447,867)

 

 

(419,735)

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

Issuance of Common Shares

 

- 

 

 

387,411 

Cash Dividends on Common Shares

 

(90,194)

 

 

(78,921)

Cash Dividends on Preferred Stock

 

(2,779)

 

 

(2,779)

Increase/(Decrease) in Short-Term Debt

 

57,000 

 

 

(124,908)

Issuance of Long-Term Debt

 

145,000 

 

 

312,000 

Retirements of Long-Term Debt

 

(4,286)

 

 

(54,286)

Retirements of Rate Reduction Bonds

 

(128,600)

 

 

(120,326)

Financing Fees

 

(1,482)

 

 

(15,456)

Other Financing Activities

 

1,252 

 

 

(5)

Net Cash Flows (Used in)/Provided by Financing Activities

 

(24,089)

 

 

302,730 

Net Increase in Cash and Cash Equivalents

 

61,823 

 

 

391,332 

Cash and Cash Equivalents - Beginning of Period

 

26,952 

 

 

89,816 

Cash and Cash Equivalents - End of Period

$

88,775 

 

$

481,148 

 

 

 

 

 

 

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. 





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