0000072741-12-000071.txt : 20121101 0000072741-12-000071.hdr.sgml : 20121101 20121101163905 ACCESSION NUMBER: 0000072741-12-000071 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20121101 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121101 DATE AS OF CHANGE: 20121101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NSTAR ELECTRIC CO CENTRAL INDEX KEY: 0000013372 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041278810 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02301 FILM NUMBER: 121174027 BUSINESS ADDRESS: STREET 1: 800 BOYLSTON ST STREET 2: P1600 CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 6174242000 MAIL ADDRESS: STREET 1: 800 BOYLSTON ST STREET 2: P1600 CITY: BOSTON STATE: MA ZIP: 02199 FORMER COMPANY: FORMER CONFORMED NAME: BOSTON EDISON CO DATE OF NAME CHANGE: 19920703 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: 121174030 BUSINESS ADDRESS: STREET 1: SELDEN STREET CITY: BERLIN STATE: CT ZIP: 06037-1616 BUSINESS PHONE: (860)665-5000 MAIL ADDRESS: STREET 1: 107 SELDEN STREET CITY: BERLIN STATE: CT ZIP: 06037 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: 121174026 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: 121174028 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: 121174029 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 form8k3qearnings.htm FORM 8-K Converted by EDGARwiz

Commission

File Number

Registrant; State of Incorporation

Address; and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

1-5324

NORTHEAST UTILITIES

(a Massachusetts voluntary association)

One Federal Street, Building 111-4

Springfield, Massachusetts 01105

Telephone number:  (413) 785-5871

04-2147929

0-00404

THE CONNECTICUT LIGHT AND POWER COMPANY

(a Connecticut corporation)

107 Selden Street

Berlin, Connecticut  06037-1616

Telephone:  (860) 665-5000

06-0303850

1-2301

NSTAR ELECTRIC COMPANY

(a Massachusetts corporation)

800 Boylston Street

Boston, Massachusetts 02199

Telephone number:  (617) 424-2000

04-1278810

1-6392

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

(a New Hampshire corporation)

Energy Park

780 North Commercial Street

Manchester, New Hampshire 03101-1134

Telephone:  (603) 669-4000

02-0181050

0-7624

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(a Massachusetts corporation)

One Federal Street, Building 111-4

Springfield, Massachusetts 01105

Telephone number:  (413) 785-5871

04-1961130

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):

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o

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 Conditions.


On November 1, 2012, Northeast Utilities issued a news release announcing its unaudited results of operations for the third quarter and first nine months ended September 30, 2012, and related financial information for certain of its subsidiaries as of and for the same period.  A copy of the news release and related unaudited 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 or any subsidiary thereof under the Securities Act of 1933, as amended, unless specified otherwise.


Item 9.01

Financial Statements and Exhibits.


(d)

Exhibits.  


Exhibit Number

Description

99.1

News Release of Northeast Utilities dated November 1, 2012.

99.2

Financial Report for the three and nine months ended September 30, 2012.



[The remainder of this page left blank intentionally.]




2




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

NSTAR ELECTRIC COMPANY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

WESTERN MASSACHUSETTS ELECTRIC COMPANY

(Registrants)




November 1, 2012




By:

/s/ JAY S. BUTH

Jay S. Buth

Vice President, Controller and Chief Accounting Officer

















3




EXHIBIT INDEX



Exhibit

Number

Description of Exhibit

99.1

News Release of Northeast Utilities dated November 1, 2012.

99.2

Financial Report for the three and nine months ended September 30, 2012.






4


 EX-99 2 pressrelease3qearnings.htm PRESS RELEASE Converted by EDGARwiz

Exhibit 99.1


 

[pressrelease3qearnings002.gif]

P. O. Box 270

Hartford, CT  06141-0270

56 Prospect Street

Hartford, CT  06103

(860)-665-5000

www.nu.com


News Release



CONTACT:

Jeffrey R. Kotkin

OFFICE:

(860) 728-4650



NU REPORTS THIRD QUARTER RESULTS


BOSTON, Massachusetts and HARTFORD, Connecticut, November 1, 2012 – Northeast Utilities (NYSE: NU) today reported earnings of $207.6 million, or $0.66 per share, in the third quarter of 2012, compared with earnings of $90 million, or $0.51 per share, in the same period of 2011.  Third quarter 2012 results included approximately $12.9 million, or $0.04 per share, of after-tax charges related to the April 2012 closing of the merger between NU and NSTAR.  Excluding merger and related settlement costs, NU earned $220.5 million1, or $0.70 per share1, in the third quarter of 2012, compared with earnings of $90.6 million1, or $0.51 per share1, in the third quarter of 2011.  


For the nine-month period ended September 30, 2012, NU earned $351.2 million, or $1.32 per share, compared with earnings of $281.4 million, or $1.58 per share, for the same period of 2011.  Excluding merger and related settlement costs of $105.5 million, or $0.40 per share, NU earned $456.7 million1, or $1.72 per share1, in the nine-month period ended September 30, 2012, compared with earnings of $291.5 million1, or $1.64 per share1, in the same period of 2011.  NSTAR’s results are included in NU’s results, effective as of April 2012.


Thomas J. May, NU president and chief executive officer, said, “These financial results are in-line with our recently announced 2012 recurring earnings guidance of between $2.25 and $2.30 per share1  and speak well of our efforts to create a high performing, successful, customer-focused company.”


May said he was extremely proud with the company’s response to Hurricane Sandy.  “Our 9,000 employees, supported by thousands of additional contract employees from throughout the country, continue to perform heroically, working around the clock to restore power to customers in three states who depend on us for a critical service.  We deeply appreciate the patience and support our customers have shown this week, and, with what we’ve seen this week, we are even more confident that our merger will provide them and their communities with significant long-term benefits.  This storm recovery illustrates one of the most visible benefits of the merger.  As we complete work in some of the less impacted areas, we are able to redeploy hundreds of line and tree workers to the most damaged areas with the greatest number of power outages.”


Dividend Declaration


NU also announced today that its Board of Trustees has declared a regular common dividend of $0.343 per share, payable December 31, 2012, to shareholders of record as of November 30, 2012.



1



 


Electric Transmission


NU’s transmission segment earned $71.1 million in the third quarter of 2012 and $181.1 million for the nine-month period ended September 30, 2012, compared with $41.5 million for the third quarter of 2011 and $128.4 million in the nine-month period ended September 30, 2011.  The earnings improvement primarily reflects continued investment in NU’s transmission system, including the $718 million Greater Springfield Reliability Project (GSRP), as well as the addition of NSTAR Electric Company transmission results as of April 2012.  


Electric Distribution and Generation


NU’s electric distribution and generation segment earned $150.7 million in the third quarter of 2012 and $263.1 million for the nine-month period ended September 30, 2012, compared with $58 million for the third quarter of 2011 and $152.8 million for the nine-month period ended September 30, 2011.  The 2012 results exclude $0.2 million of third-quarter and $51 million of year-to-date after-tax merger and related settlement costs.   


The distribution and generation segment results benefited in the third quarter and the nine-month period ended September 30, 2012 from the addition of NSTAR Electric distribution results effective in April 2012, as well as higher retail sales.  These impacts were partially offset by higher costs related to pension and health care benefits and higher depreciation and property taxes.


Earnings of Electric Utility Subsidiaries


The Connecticut Light and Power Company (CL&P) earned $73.5 million for the third quarter of 2012.  It earned $170.1 million for the nine-month period ended September 30, 2012, excluding $38.4 million of year-to-date merger and related settlement costs.  That compares with earnings of $65.1 million in the third quarter of 2011 and $179.4 million for the nine-month period ended September 30, 2011.  The improved third quarter results were due primarily to higher transmission earnings.  For the year-to-date period, results were lower due primarily to higher pension, tree trimming and system maintenance costs.


NSTAR Electric earned $106.5 million in the third quarter of 2012.  It earned a total of $162 million in the second and third quarters of 2012, excluding $10.8 million of after-tax merger and settlement related charges.


CL&P and NSTAR Electric’s earnings are net of preferred dividends.


Public Service Company of New Hampshire earned $27.2 million for the third quarter of 2012 and $69.8 million for the nine-month period ended September 30, 2012, compared with earnings of $25.7 million in the third quarter of 2011 and $74.7 million for the nine-month period ended September 30, 2011.  The improved third quarter results were due primarily to higher transmission earnings, while year-to-date results for 2012 were lower due primarily to higher depreciation, property tax and income tax expense.


Western Massachusetts Electric Company (WMECO) earned $14.1 million in the third quarter of 2012.  It earned $41.2 million for the nine-month period ended September 30, 2012, excluding $1.8 million of year-to-date merger and related settlement costs, compared with earnings of $8.4 million in the third quarter of 2011 and $26.6 million for the nine-month period ended September 30, 2011.  WMECO’s results in 2012 improved largely as a result of higher transmission earnings, which were primarily related to GSRP.  The project is being built primarily in the WMECO service territory and was approximately 85 percent complete as of September 30, 2012.


Natural Gas Distribution



2


NU’s natural gas distribution segment, which now includes both Yankee Gas Services Company and NSTAR Gas Company, lost $4.4 million in the third quarter of 2012, compared with a loss of $3 million in the third quarter of 2011 when it included only Yankee Gas.  For the nine-month period ended September 30, 2012, NU’s natural gas distribution segment earned $10.4 million, excluding $2.1 million of merger and related settlement costs at NSTAR Gas, compared with earnings of $20.7 million in the nine-month period ended September 30, 2011.  The lower year-to-date results in 2012 largely reflect the impact of mild temperatures in the first quarter of 2012, which significantly reduced the heating demand of Yankee Gas customers, compared with the first quarter of 2011 when temperatures were colder than normal.


NU parent and other businesses


Excluding $12.7 million of after-tax merger and related settlement costs in the third quarter of 2012 and $0.6 million in the third quarter of 2011, NU parent and other businesses had net earnings of $3.1 million in the third quarter of 2012, compared with net expenses of $5.9 million in the third quarter of 2011.  Excluding $52.4 million of merger and related settlement costs in the nine-month period ended September 30, 2012 and $10.1 million in the nine-month period ended September 30, 2011, NU parent and other businesses had net earnings of $2.1 million in 2012, compared with net expenses of $10.4 million in the first nine months of 2011.  The improvement was driven by a number of factors, including the addition of earnings from NSTAR Communications, Inc., and lower interest expense.  The following table reconciles earnings per share for the third-quarter and the nine-month period ended September 30, 2012 and 2011.



 

 

Third Quarter

   First Nine Months

2011

Reported EPS

$0.51

$1.58

 

2011 merger-related charges

$0.00

$0.06

 

2011 EPS before merger-related charges

$0.51

$1.64

 

NSTAR earnings contribution in 2012

$0.33

$0.61

 

Higher transmission earnings in 2012

$0.08

$0.13

 

Higher/(lower) electric sales in 2012

$0.03

($0.03)

 

Higher/(lower) firm natural gas sales in 2012

$0.01

($0.03)

 

Higher O&M, including untracked pension and health care costs in 2012


($0.03)


($0.04)

 

Other, primarily lower income tax expense

$0.05

($0.01)

 

Higher outstanding common shares

($0.28)

($0.55)

 

2012 EPS before merger-related settlements

and other merger-related charges


$0.70


$1.72

 

2012 merger and related settlement charges

($0.04)

($0.40)

2012

Reported EPS

$0.66

$1.32

Financial results for the third quarter and nine-month period ended September 30, 2012 and 2011 are noted below:


Three months ended:

(in millions, except EPS)

September 30,

        2012

  September 30,

         2011

Increase/

(Decrease)


2012 EPS1

Electric Distribution/Generation

$150.7

$58.0

$92.7

$0.48

Natural Gas Distribution

($4.4)

($3.0)

($1.4)

($0.02)

Electric Transmission

$71.1

$41.5

$29.6

$0.23

NU Parent and Other Companies,

ex. merger expenses


$3.1


($5.9)


$9.0


$0.01

Earnings, ex. merger impacts

$220.5

$90.6

$129.9

$0.70

Merger impacts

($12.9)

($0.6)

($12.3)

($0.04)

   Reported Earnings

$207.6

$90.0

$117.6

$0.66


3



Nine months ended:

(in millions, except EPS)

  September 30,

         2012

  September 30,

          2011

   Increase/

   (Decrease)


2012 EPS1

Electric Distribution/Generation,

ex. rate credits, storm cost

write-down



$263.1



     $152.8



$110.3



$0.99

Natural Gas Distribution, ex. rate

Credits


$10.4

       

       $20.7


($10.3)


$0.04

Electric Transmission

$181.1

     $128.4

$52.7

$0.68

NU Parent and Other Companies,

ex. merger settlement, expenses


$2.1


        ($10.4)


$12.5


$0.01

Earnings, ex. merger impacts

$456.7

         $291.5

$165.2

$1.72

Merger impacts

($105.5)

         ($10.1)

($95.4)

($0.40)

  Reported Earnings

$351.2

      $281.4

$69.8

$1.32



Retail sales data:

 

September 30,

       2012

September 30,

       2011

% Change

   Actual

   % Change

Weather Norm.

Electric distribution

 

 

 

 

Gwh for three months ended*

15,502

   15,302

1.3

1.1

Gwh for nine months ended*

41,697

   42,356

(1.6)

(0.3)

 

 

 

 

 

Natural Gas Distribution

 

 

 

 

Firm volumes in mmcf for three

months ended**


          10,696


   10,688


0.1


0.0

Firm volumes in mmcf for nine

months ended**


          60,035


   67,408

 

        (10.9)


               2.9


*

Prior year sales data for NSTAR Electric are included for illustrative purposes.

**

Prior year sales data for NSTAR Gas are included for illustrative purposes.


NU has approximately 314 million common shares outstanding.  It operates New England’s largest energy delivery system, serving approximately 3.5 million customers in Connecticut, Massachusetts and New Hampshire.


# # # #


Note:  NU will webcast a presentation from the 2012 EEI Financial Conference on Tuesday, November 13, 2012, beginning at 9:45 a.m. Mountain Time and 11:45 a.m. Eastern Time.  The webcast can be accessed through NU’s website at www.nu.com.


1 All per share amounts in this news release are reported on a 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 diluted NU parent common shares outstanding for the period.  In addition, the third quarter and first nine month 2012 earnings and EPS excluding certain charges related to the April 10, 2012 closing of the merger between NU and NSTAR are non-GAAP financial measures.  Management uses these non-GAAP financial measures to evaluate earnings results and to provide details of earnings results by business and to more fully compare and explain our third quarter and first nine month 2012 and 2011 results

 

4


 

without including the impact of the non-recurring merger and related settlement costs.  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.


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; fluctuations in the value of our remaining competitive contracts; actions of rating agencies; the possibility that expected merger synergies will not be realized or will not be realized within the expected time period; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NU’s and NSTAR’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.




5



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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 september2012brokers.htm BROKER'S STATEMENT Converted by EDGARwiz


Exhibit 99.2

NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

$

 73,449 

 

$

 6,559 

 

Receivables, Net

 

 773,415 

 

 

 488,002 

 

Unbilled Revenues

 

 182,643 

 

 

 175,207 

 

Fuel, Materials and Supplies

 

 267,281 

 

 

 248,958 

 

Regulatory Assets

 

 647,615 

 

 

 255,144 

 

Marketable Securities

 

 81,618 

 

 

 70,970 

 

Prepayments and Other Current Assets

 

 112,965 

 

 

 112,632 

Total Current Assets

 

 2,138,986 

 

 

 1,357,472 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 16,303,805 

 

 

 10,403,065 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 5,008,034 

 

 

 3,267,710 

 

Goodwill

 

 3,518,454 

 

 

 287,591 

 

Marketable Securities

 

 394,207 

 

 

 60,311 

 

Derivative Assets

 

 93,256 

 

 

 98,357 

 

Other Long-Term Assets

 

 300,820 

 

 

 172,560 

Total Deferred Debits and Other Assets

 

 9,314,771 

 

 

 3,886,529 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 27,757,562 

 

$

 15,647,066 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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)

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

  Notes Payable

$

 1,359,250 

 

$

 317,000 

  Long-Term Debt - Current Portion

 

 879,746 

 

 

 331,582 

  Accounts Payable

 

 542,691 

 

 

 633,282 

  Regulatory Liabilities

 

 226,606 

 

 

 167,844 

  Derivative Liabilities

 

 113,907 

 

 

 107,558 

  Other Current Liabilities

 

 678,523 

 

 

 390,416 

Total Current Liabilities

 

 3,800,723 

 

 

 1,947,682 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 101,347 

 

 

 112,260 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  Accumulated Deferred Income Taxes

 

 3,429,538 

 

 

 1,868,316 

  Regulatory Liabilities

 

 561,555 

 

 

 266,145 

  Derivative Liabilities

 

 912,352 

 

 

 959,876 

  Accrued Pension, SERP and PBOP

 

 2,015,649 

 

 

 1,326,037 

  Other Long-Term Liabilities

 

 871,428 

 

 

 420,011 

Total Deferred Credits and Other Liabilities

 

 7,790,522 

 

 

 4,840,385 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

  Long-Term Debt

 

 6,732,536 

 

 

 4,614,913 

 

 

 

 

 

 

 

 

   Noncontrolling Interest - Preferred Stock of Subsidiaries

 

 155,568 

 

 

 116,200 

 

 

 

 

 

 

   Equity:

 

 

 

 

 

 

Common Shareholders' Equity:

 

 

 

 

 

 

  Common Shares

 

 1,662,358 

 

 

 980,264 

 

  Capital Surplus, Paid In

 

 6,183,715 

 

 

 1,797,884 

 

  Retained Earnings

 

 1,735,690 

 

 

 1,651,875 

 

  Accumulated Other Comprehensive Loss

 

 (64,209)

 

 

 (70,686)

 

  Treasury Stock

 

 (340,688)

 

 

 (346,667)

   Common Shareholders' Equity

 

 9,176,866 

 

 

 4,012,670 

   Noncontrolling Interests

 

 - 

 

 

 2,956 

  Total Equity

 

 9,176,866 

 

 

 4,015,626 

Total Capitalization

 

 16,064,970 

 

 

 8,746,739 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 27,757,562 

 

$

 15,647,066 

 

 

 

 

 

 

 

 

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 September 30,

 

Nine Months Ended September 30,

(Thousands of Dollars, Except Share Information)

2012 

 

2011 

 

2012 

 

2011 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

$

 1,861,529 

 

$

 1,114,892 

 

$

 4,589,835 

 

$

 3,397,624 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Power, Fuel and Transmission

 

 602,751 

 

 

 406,237 

 

 

 1,540,110 

 

 

 1,285,483 

 

Operations and Maintenance

 

 395,531 

 

 

 255,551 

 

 

 1,187,471 

 

 

 788,875 

 

Depreciation

 

 144,475 

 

 

 75,196 

 

 

 369,798 

 

 

 222,784 

 

Amortization of Regulatory Assets, Net

 

 43,835 

 

 

 36,163 

 

 

 74,851 

 

 

 86,653 

 

Amortization of Rate Reduction Bonds

 

 43,044 

 

 

 17,680 

 

 

 102,144 

 

 

 52,047 

 

Energy Efficiency Programs

 

 98,326 

 

 

 35,255 

 

 

 209,089 

 

 

 99,658 

 

Taxes Other Than Income Taxes

 

 120,662 

 

 

 84,994 

 

 

 319,559 

 

 

 252,817 

 

 

Total Operating Expenses

 

 1,448,624 

 

 

 911,076 

 

 

 3,803,022 

 

 

 2,788,317 

Operating Income

 

 412,905 

 

 

 203,816 

 

 

 786,813 

 

 

 609,307 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-Term Debt

 

 86,459 

 

 

 57,461 

 

 

 233,352 

 

 

 171,905 

 

Interest on Rate Reduction Bonds

 

 1,681 

 

 

 2,018 

 

 

 5,168 

 

 

 6,889 

 

Other Interest

 

 2,221 

 

 

 4,453 

 

 

 7,336 

 

 

 5,922 

 

 

Interest Expense

 

 90,361 

 

 

 63,932 

 

 

 245,856 

 

 

 184,716 

Other Income, Net

 

 4,324 

 

 

 1,430 

 

 

 14,904 

 

 

 19,077 

Income Before Income Tax Expense

 

 326,868 

 

 

 141,314 

 

 

 555,861 

 

 

 443,668 

Income Tax Expense

 

 117,360 

 

 

 49,883 

 

 

 199,379 

 

 

 157,934 

Net Income

 

 209,508 

 

 

 91,431 

 

 

 356,482 

 

 

 285,734 

Net Income Attributable to Noncontrolling Interests

 

 1,880 

 

 

 1,470 

 

 

 5,253 

 

 

 4,340 

Net Income Attributable to Controlling Interest

$

 207,628 

 

$

 89,961 

 

$

 351,229 

 

$

 281,394 

Basic Earnings Per Common Share

$

 0.66 

 

$

 0.51 

 

$

 1.33 

 

$

 1.59 

Diluted Earnings Per Common Share

$

 0.66 

 

$

 0.51 

 

$

 1.32 

 

$

 1.58 

Dividends Declared Per Common Share

$

 0.34 

 

$

 0.28 

 

$

 0.97 

 

$

 0.83 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 314,806,441 

 

 

 177,497,862 

 

 

 264,636,636 

 

 

 177,344,481 

 

Diluted

 

 315,805,796 

 

 

 177,835,348 

 

 

 265,353,377 

 

 

 177,647,694 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 356,482 

 

$

 285,734 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Bad Debt Expense

 

 24,249 

 

 

 12,435 

 

 

 Depreciation

 

 369,798 

 

 

 222,784 

 

 

 Deferred Income Taxes

 

 186,181 

 

 

 133,528 

 

 

 Pension, SERP and PBOP Expense

 

 160,209 

 

 

 103,106 

 

 

 Pension and PBOP Contributions

 

 (237,123)

 

 

 (159,220)

 

 

 Regulatory Underrecoveries, Net

 

 (26,236)

 

 

 (24,245)

 

 

 Amortization of Regulatory Assets, Net

 

 74,851 

 

 

 86,653 

 

 

 Amortization of Rate Reduction Bonds

 

 102,144 

 

 

 52,047 

 

 

 Derivative Assets and Liabilities

 

 (7,907)

 

 

 (33,767)

 

 

 Other

 

 (9,702)

 

 

 (14,802)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 (27,677)

 

 

 61,657 

 

 

 Fuel, Materials and Supplies

 

 32,887 

 

 

 (4,072)

 

 

 Taxes Receivable/Accrued, Net

 

 26,302 

 

 

 109,410 

 

 

 Accounts Payable

 

 (208,308)

 

 

 66,618 

 

 

 Other Current Assets and Liabilities, Net

 

 (20,145)

 

 

 (9,419)

Net Cash Flows Provided by Operating Activities

 

 796,005 

 

 

 888,447 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (1,081,750)

 

 

 (749,060)

 

Proceeds from Sales of Marketable Securities

 

 232,911 

 

 

 116,463 

 

Purchases of Marketable Securities

 

 (252,762)

 

 

 (118,251)

 

Proceeds from Sale of Assets

 

 - 

 

 

 46,841 

 

Other Investing Activities

 

 40,265 

 

 

 (5,849)

Net Cash Flows Used in Investing Activities

 

 (1,061,336)

 

 

 (709,856)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

 (267,356)

 

 

 (145,865)

 

Cash Dividends on Preferred Stock

 

 (5,149)

 

 

 (4,169)

 

Increase/(Decrease) in Short-Term Debt

 

 654,250 

 

 

 (237,000)

 

Issuance of Long-Term Debt

 

 300,000 

 

 

 382,000 

 

Retirements of Long-Term Debt

 

 (267,561)

 

 

 (124,086)

 

Retirements of Rate Reduction Bonds

 

 (95,225)

 

 

 (51,198)

 

Other Financing Activities

 

 13,262 

 

 

 (4,947)

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

 

 332,221 

 

 

 (185,265)

Net Increase/(Decrease) in Cash and Cash Equivalents

 

 66,890 

 

 

 (6,674)

Cash and Cash Equivalents - Beginning of Period

 

 6,559 

 

 

 23,395 

Cash and Cash Equivalents - End of Period

$

 73,449 

 

$

 16,721 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





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.