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): February 19, 2013 (February 19, 2013)
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 February 19, 2013, Northeast Utilities issued a news release announcing its unaudited results of operations for the three and twelve month periods ended December 31, 2012, and related financial information for certain of its subsidiaries as of and for the same periods. 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.
Section 9
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Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits.
Exhibit Number | Description |
Exhibit 99.1 | News Release of Northeast Utilities, dated February 19, 2013. |
Exhibit 99.2 | Unaudited Consolidated Balance Sheets as of December 31, 2012 and 2011; unaudited Consolidated Statements of Income for the years ended December 31, 2012, 2011 and 2010; unaudited Consolidated Statements of Income for the three months ended December 31, 2012 and 2011 and unaudited Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010. |
[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) |
February 19, 2013 | By: /S/ JAY S. BUTH Jay S. Buth Vice President, Controller and Chief Accounting Officer |
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EXHIBIT INDEX
Exhibit Number | Description |
Exhibit 99.1 | News Release of Northeast Utilities, dated February 19, 2013. |
Exhibit 99.2 | Unaudited Consolidated Balance Sheets as of December 31, 2012 and 2011; unaudited Consolidated Statements of Income for the years ended December 31, 2012, 2011 and 2010; unaudited Consolidated Statements of Income for the three months ended December 31, 2012 and 2011 and unaudited Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010. |
EXHIBIT 99.1
| 56 Prospect St., Hartford, Connecticut 06103-2818 800 Boylston St., Boston, Massachusetts 02199 |
News Release
NU Reports Year-End 2012 Results
(HARTFORD, Conn. and BOSTON, Mass. February 19, 2013) Northeast Utilities (NYSE: NU) today reported full-year 2012 earnings of $525.9 million, or $1.89 per share, compared with earnings of $394.7 million in 2011. Excluding costs related to the April 2012 merger of NU and NSTAR and related settlement costs, NU earned $633.5 million in 2012, or $2.28 per share1. Excluding merger-related costs and a storm fund reserve, NU earned $423.9 million in 2011. NSTARs earnings are included in NUs results of operations, effective as of April 2012.
In the fourth quarter of 2012, NU earned $174.7 million, or $0.55 per share, compared with earnings of $113.3 million in the fourth quarter of 2011. Results in the fourth quarter of 2012 include after-tax merger-related costs of $2.1 million, or $0.01 per share. Results in the fourth quarter of 2011 include $19.1 million of after-tax merger-related costs and a storm fund reserve.
Thomas J. May, NU president and chief executive officer, said, These full-year financial results are consistent with our previously announced 2012 recurring earnings guidance of between $2.25 and $2.30 per share1 and cap a very successful year for our newly merged company.
May said NUs efforts to build a premier New-England-based, highly customer-focused organization are well under way. We continue to identify and implement the best practices of our legacy companies, May said. Our 9,000 employees come to work each day, with a singular focus on delivering superior service to our 3.5 million electric and natural gas customers, which will allow us to continue to provide attractive returns and dividend growth for our shareholders.
2013 Earnings Guidance Affirmed
Also today, NU affirmed its 2013 earnings guidance of between $2.40 per share and $2.60 per share, as well as its longer term earnings per share growth rate of 6 percent to 9 percent, using the $2.28 per share earned in 2012 as the base year.
Electric Transmission
NUs transmission segment earned $249.7 million for the full year of 2012 and $68.6 million in the fourth quarter of 2012, compared with earnings of $199.6 million for the full year of 2011 and $71.2 million in the fourth quarter of 2011. The earnings improvement for the full year primarily represents continued investment in NUs 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. Lower fourth quarter results primarily reflect a higher effective tax rate in 2012 than in 2011.
1
(more)
Electric Distribution and Generation
NUs electric distribution and generation segment earned $343.4 million for the full year of 2012, excluding merger and related settlement costs, compared with $207 million for the full year of 2011, excluding a $17.9 million after-tax storm fund reserve at The Connecticut Light and Power Company (CL&P). In the fourth quarter of 2012, the electric distribution and generation segment earned $80.3 million, compared with earnings of $54.2 million in the fourth quarter of 2011. Fourth quarter 2011 results exclude the aforementioned CL&P storm reserve.
The distribution and generation segment results benefited in the fourth quarter and full-year 2012 from the addition of NSTAR Electric distribution results, effective in April 2012.
Earnings of Electric Utility Subsidiaries (net of preferred dividends)
CL&P earned $242.6 million for the full year of 2012, excluding $38.4 million of after-tax merger and related settlement costs, and $72.5 million in the fourth quarter of 2012. It earned $262.5 million for the full year of 2011 and $83.1 million in the fourth quarter of 2011, excluding the $17.9 million storm fund reserve. Lower results reflect a higher effective tax rate and higher pension, tree trimming and system maintenance costs, partially offset by a higher transmission rate base.
NSTAR Electric earned $195.7 million for the last three quarters of 2012 and $33.7 million in the fourth quarter of 2012. Results for the last three quarters of 2012 exclude $10.9 million of after-tax merger and related settlement costs.
Public Service Company of New Hampshire earned $96.9 million for the full year of 2012 and $27.2 million in the fourth quarter of 2012, compared with $100.3 million for the full year of 2011 and $25.5 million in the fourth quarter of 2011. Lower full-year 2012 results were due primarily to higher depreciation, property tax and income tax expense, while higher fourth quarter 2012 results were due in part to higher transmission investment levels and a change in distribution rates effective in the second half of 2012.
Western Massachusetts Electric Company (WMECO) earned $56.3 million for the full year of 2012 and $15.1 million in the fourth quarter of 2012, compared with earnings of $43.1 million for the full year of 2012 and $16.5 million in the fourth quarter of 2011. Full-year 2012 results exclude $1.8 million of after-tax merger and related settlement costs. WMECOs 2012 results 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 93 percent complete as of the end of 2012.
Natural Gas Distribution
NUs natural gas distribution segment, which now includes both Yankee Gas Services Company and NSTAR Gas Company, earned $32.9 million for the full year of 2012 and $22.5 million in the fourth quarter of 2012. In 2011, Yankee Gas earned $31.7 million for the full year and $11 million in the fourth quarter. NSTAR Gas results are reflected from the date of the merger. Improved fourth quarter results reflect the addition of NSTAR Gas, as well as colder weather in the fourth quarter of 2012, compared with the fourth quarter of 2011.
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2
NU parent and other companies
Excluding $54.4 million of after-tax merger and related settlement costs, NU parent and other companies earned $7.5 million for the full year of 2012, compared with net expenses of $14.4 million for the full year of 2011, excluding $11.3 million of merger-related costs. In the fourth quarter of 2012, NU parent and other companies earned $5.4 million, excluding $2 million of after-tax merger-related costs. In the fourth quarter of 2011, NU parent and other companies recorded net expenses of $4 million, excluding $1.2 million of after-tax merger-related costs. The improvements were driven by a number of factors, including the addition of earnings from NSTAR Communications, Inc. from the date of the merger, as well as lower interest expense.
The following table reconciles earnings per share for the fourth-quarter and year ended December 31, 2012 and 2011.
|
| Fourth Quarter | Full Year |
2011 | Reported EPS | $0.64 | $2.22 |
| 2011 merger-related charges | $0.00 | $0.06 |
| 2011 CL&P storm fund | $0.10 | $0.10 |
| 2011 EPS before merger and storm charges | $0.74 | $2.38 |
| Higher outstanding common shares | ($0.33) | ($0.87) |
| Higher/(lower) NU legacy transmission earnings in 2012 | ($0.10) | $0.03 |
| Higher/(lower) NU legacy electric sales in 2012 | $0.00 | ($0.03) |
| Higher/(lower) NU legacy firm natural gas sales in 2012 | $0.02 | ($0.01) |
| Higher legacy NU O&M, depreciation and property taxes | ($0.06) | ($0.15) |
| NSTAR earnings in 2012; higher NU Parent and Other in 2012 | $0.29 | $0.93 |
| 2012 EPS before merger-related settlements and other merger-related charges | $0.56 | $2.28 |
| 2012 merger and related settlement charges | ($0.01) | ($0.39) |
2012 | Reported EPS | $0.55 | $1.89 |
Financial results for the fourth quarter and full-year period ended December 31, 2012 and 2011 are noted below:
Three months ended:
(in millions, except EPS) | December 31, 2012 | December 31, 2011 | Increase/ (Decrease) | 2012 EPS1 |
Electric Distribution/Generation | $80.3 | $54.2 | $26.1 | $0.25 |
Natural Gas Distribution | $22.5 | $11.0 | $11.5 | $0.07 |
Electric Transmission | $68.6 | $71.2 | ($2.6) | $0.22 |
NU Parent and Other Companies, ex. merger expenses | $5.4 | ($4.0) | $9.4 | $0.02 |
Earnings, ex. merger impacts | $176.8 | $132.4 | $44.4 | $0.56 |
Merger impacts | ($2.1) | ($1.2) | ($0.9) | ($0.01) |
CL&P storm fund | --- | ($17.9) | $17.9 | --- |
Reported Earnings | $174.7 | $113.3 | $61.4 | $0.55 |
(more)
3
12 months ended:
(in millions, except EPS) | December 31, 2012 | December 31, 2011 | Increase/ (Decrease) | 2012 EPS1 |
Electric Distribution/Generation, ex. rate credits and storm costs write-down | $343.4 | $207.0 | $136.4 | $1.23 |
Natural Gas Distribution, ex. rate Credits | $32.9 |
$31.7 | $1.2 | $0.12 |
Electric Transmission | $249.7 | $199.6 | $50.1 | $0.90 |
NU Parent and Other Companies, ex. merger costs | $7.5 | ($14.4) | $21.9 | $0.03 |
Earnings, ex. merger impacts | $633.5 | $423.9 | $209.6 | $2.28 |
Merger impacts | ($107.6) | ($11.3) | ($96.3) | ($0.39) |
CL&P storm fund | --- | ($17.9) | $17.9 | --- |
Reported Earnings | $525.9 | $394.7 | $131.2 | $1.89 |
Retail sales data:
| December 31, 2012 | December 31, 2011 | % Change Actual | % Change Weather Norm. |
Electric distribution |
|
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|
Gwh for three months ended* | 13,111 | 12,958 | 1.2% | 0.0% |
Gwh for 12 months ended* | 54,808 | 55,314 | (0.9%) | (0.2%) |
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Natural Gas Distribution |
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Firm volumes in mmcf for three months ended** | 27,492 | 24,955 | 10.2% | 2.4% |
Firm volumes in mmcf for 12 months ended** | 87,527 | 92,363 | (5.2%) | 2.7% |
*
Pre-merger sales data for NSTAR Electric are included for illustrative purposes.
**
Pre-merger sales data for NSTAR Gas are included for illustrative purposes.
NU has approximately 314 million common shares outstanding. It operates New Englands largest energy delivery system, serving more than 3.5 million customers in Connecticut, Massachusetts and New Hampshire.
CONTACT:
Jeffrey R. Kotkin
(860) 728-4650
# # # #
Note: NU will webcast a conference call with senior management on February 20, 2013, beginning at 9 a.m. Eastern Time. The webcast can be accessed through NUs 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, fourth quarter and full year 2012 earnings and EPS excluding certain charges related to the April 10,
4
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 fourth quarter and full year 2012 and 2011 results 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 NUs 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 NUs operating performance.
This news release includes statements concerning NUs 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 NUs 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 NUs 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 NUs and NSTARs 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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EXHIBIT 99.2
NORTHEAST UTILITIES AND SUBSIDIARIES | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(Unaudited) | ||||||
| | | | | | |
| | As of December 31, | ||||
(Thousands of Dollars) | 2012 | | 2011 | |||
| |
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| | |
ASSETS |
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| | | |
| |
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| | |
Current Assets: |
|
|
| | | |
| Cash and Cash Equivalents | $ | 45,748 | | $ | 6,559 |
| Receivables, Net |
| 792,822 | |
| 488,002 |
| Unbilled Revenues |
| 216,040 | |
| 175,207 |
| Fuel, Materials and Supplies |
| 267,713 | |
| 248,958 |
| Regulatory Assets | | 705,025 | | | 255,144 |
| Marketable Securities |
| 91,975 | |
| 70,970 |
| Prepayments and Other Current Assets |
| 107,972 | |
| 112,632 |
Total Current Assets |
| 2,227,295 | |
| 1,357,472 | |
| |
| | | | |
Property, Plant and Equipment, Net |
| 16,605,010 | |
| 10,403,065 | |
| |
| | | | |
Deferred Debits and Other Assets: |
| | | | | |
| Regulatory Assets |
| 5,132,411 | |
| 3,267,710 |
| Goodwill |
| 3,519,401 | |
| 287,591 |
| Marketable Securities |
| 400,329 | |
| 60,311 |
| Derivative Assets |
| 90,612 | |
| 98,357 |
| Other Long-Term Assets |
| 327,766 | |
| 172,560 |
Total Deferred Debits and Other Assets |
| 9,470,519 | |
| 3,886,529 | |
| |
| | | | |
| |
| | | | |
| |
| | | | |
Total Assets | $ | 28,302,824 | | $ | 15,647,066 | |
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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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NORTHEAST UTILITIES AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
|
| | As of December 31, | ||||
(Thousands of Dollars) | 2012 | | 2011 | ||||
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LIABILITIES AND CAPITALIZATION |
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Current Liabilities: |
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| | | ||
Notes Payable | $ | 1,120,196 | | $ | 317,000 | ||
Long-Term Debt - Current Portion |
| 763,338 | |
| 331,582 | ||
Accounts Payable |
| 764,350 | |
| 633,282 | ||
Regulatory Liabilities | | 134,115 | | | 167,844 | ||
Derivative Liabilities |
| 117,194 | |
| 107,558 | ||
Other Current Liabilities |
| 744,497 | |
| 390,416 | ||
Total Current Liabilities |
| 3,643,690 | |
| 1,947,682 | ||
| | |
| | | | |
Rate Reduction Bonds |
| 82,139 | |
| 112,260 | ||
| | |
| | | | |
Deferred Credits and Other Liabilities: |
| | | | | ||
Accumulated Deferred Income Taxes |
| 3,463,347 | |
| 1,868,316 | ||
Regulatory Liabilities |
| 540,162 | |
| 266,145 | ||
Derivative Liabilities |
| 882,654 | |
| 959,876 | ||
Accrued Pension, SERP and PBOP |
| 2,130,497 | |
| 1,326,037 | ||
Other Long-Term Liabilities |
| 967,561 | |
| 420,011 | ||
Total Deferred Credits and Other Liabilities |
| 7,984,221 | |
| 4,840,385 | ||
| | |
| | | | |
Capitalization: |
| | | | | ||
Long-Term Debt |
| 7,200,156 | |
| 4,614,913 | ||
| | |
| | | | |
Noncontrolling Interest - Preferred Stock of Subsidiaries |
| 155,568 | |
| 116,200 | ||
| | |
| | | | |
Equity: |
| | | | | ||
| Common Shareholders' Equity: |
| | | | | |
| Common Shares |
| 1,662,547 | |
| 980,264 | |
| Capital Surplus, Paid In |
| 6,183,267 | |
| 1,797,884 | |
| Retained Earnings |
| 1,802,714 | |
| 1,651,875 | |
| Accumulated Other Comprehensive Loss |
| (72,854) | |
| (70,686) | |
| Treasury Stock |
| (338,624) | |
| (346,667) | |
Common Shareholders' Equity |
| 9,237,050 | |
| 4,012,670 | ||
Noncontrolling Interests |
| - | |
| 2,956 | ||
Total Equity |
| 9,237,050 | |
| 4,015,626 | ||
Total Capitalization |
| 16,592,774 | |
| 8,746,739 | ||
| | |
| | | | |
| | | | | |||
| | |
| | | | |
Total Liabilities and Capitalization | $ | 28,302,824 | | $ | 15,647,066 | ||
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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
(Unaudited)
| For the Three Months Ended December 31, | ||||
(Thousands of Dollars, Except Share Information) | | 2012 | | | 2011 |
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|
Operating Revenues | $ | 1,683,952 |
| $ | 1,068,033 |
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| |
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| |
Operating Expenses: |
| |
|
| |
Purchased Power, Fuel and Transmission |
| 544,254 |
|
| 372,431 |
Operations and Maintenance |
| 395,600 |
|
| 306,484 |
Depreciation |
| 149,212 |
|
| 79,408 |
Amortization of Regulatory Assets, Net |
| 4,910 |
|
| 4,427 |
Amortization of Rate Reduction Bonds |
| 39,875 |
|
| 17,865 |
Energy Efficiency Programs |
| 104,060 |
|
| 31,757 |
Taxes Other Than Income Taxes |
| 114,648 |
|
| 70,792 |
Total Operating Expenses |
| 1,352,559 |
|
| 883,164 |
Operating Income |
| 331,393 |
|
| 184,869 |
|
| |
|
| |
Interest Expense: |
| |
|
| |
Interest on Long-Term Debt |
| 83,636 |
|
| 59,725 |
Interest on Rate Reduction Bonds |
| 1,000 |
|
| 1,722 |
Other Interest |
| (547) |
|
| 4,262 |
Interest Expense |
| 84,089 |
|
| 65,709 |
Other Income, Net |
| 4,838 |
|
| 8,638 |
Income Before Income Tax Expense |
| 252,142 |
|
| 127,798 |
Income Tax Expense |
| 75,547 |
|
| 13,019 |
Net Income |
| 176,595 |
|
| 114,779 |
Net Income Attributable to Noncontrolling Interests |
| 1,879 |
|
| 1,480 |
Net Income Attributable to Controlling Interest | $ | 174,716 |
| $ | 113,299 |
|
| |
|
| |
Basic and Diluted Earnings Per Common Share | $ | 0.55 |
| $ | 0.64 |
|
| |
|
| |
Dividends Declared Per Common Share | $ | 0.34 |
| $ | 0.28 |
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| |
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| |
Weighted Average Common Shares Outstanding: |
| |
|
| |
Basic |
| 314,929,366 |
|
| 177,645,092 |
Diluted |
| 315,914,389 |
|
| 178,093,879 |
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|
|
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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NORTHEAST UTILITIES AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(Unaudited) | ||||||||||
| |
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| | | |
| |
| | | For the Years Ended December 31, | |||||||
(Thousands of Dollars, Except Share Information) | 2012 | | 2011 | | 2010 | |||||
| |
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|
|
| | | |
| |
Operating Revenues | $ | 6,273,787 | | $ | 4,465,657 | | $ | 4,898,167 | ||
| | |
| | |
| | |
| |
Operating Expenses: |
| | |
| | |
| | ||
| Purchased Power, Fuel and Transmission |
| 2,084,364 | |
| 1,657,914 | |
| 2,034,501 | |
| Operations and Maintenance |
| 1,583,070 | |
| 1,095,358 | |
| 1,001,349 | |
| Depreciation |
| 519,010 | |
| 302,192 | |
| 300,737 | |
| Amortization of Regulatory Assets, Net |
| 79,762 | |
| 91,080 | |
| 90,054 | |
| Amortization of Rate Reduction Bonds |
| 142,019 | |
| 69,912 | |
| 232,871 | |
| Energy Efficiency Programs |
| 313,149 | |
| 131,415 | |
| 124,023 | |
| Taxes Other Than Income Taxes |
| 434,207 | |
| 323,610 | |
| 314,741 | |
| | Total Operating Expenses |
| 5,155,581 | |
| 3,671,481 | |
| 4,098,276 |
Operating Income |
| 1,118,206 | |
| 794,176 | |
| 799,891 | ||
| | |
| | |
| | |
| |
Interest Expense: |
| | |
| | |
| | ||
| Interest on Long-Term Debt |
| 316,987 | |
| 231,630 | |
| 231,089 | |
| Interest on Rate Reduction Bonds |
| 6,168 | |
| 8,611 | |
| 20,573 | |
| Other Interest |
| 6,790 | |
| 10,184 | |
| (14,371) | |
| | Interest Expense |
| 329,945 | |
| 250,425 | |
| 237,291 |
Other Income, Net |
| 19,742 | |
| 27,715 | |
| 41,916 | ||
Income Before Income Tax Expense |
| 808,003 | |
| 571,466 | |
| 604,516 | ||
Income Tax Expense |
| 274,926 | |
| 170,953 | |
| 210,409 | ||
Net Income |
| 533,077 | |
| 400,513 | |
| 394,107 | ||
Net Income Attributable to Noncontrolling Interests |
| 7,132 | |
| 5,820 | |
| 6,158 | ||
Net Income Attributable to Controlling Interest | $ | 525,945 | | $ | 394,693 | | $ | 387,949 | ||
| | |
| | |
| | |
| |
Basic Earnings Per Common Share | $ | 1.90 | | $ | 2.22 | | $ | 2.20 | ||
| | |
| | |
| | |
| |
Diluted Earnings Per Common Share | $ | 1.89 | | $ | 2.22 | | $ | 2.19 | ||
| |
| | | | | | | | |
Weighted Average Common Shares Outstanding: | | | | | | | | | ||
| Basic | | 277,209,819 |
| | 177,410,167 | | | 176,636,086 | |
| Diluted | | 277,993,631 |
| | 177,804,568 | | | 176,885,387 | |
| |
|
|
|
| |
| |
| |
| | | | | | | | | | |
| | | | | | | | | | |
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 | ||||||||||
(Unaudited) | ||||||||||
| |
|
| | | | | | | |
| |
| For the Years Ended December 31, | |||||||
(Thousands of Dollars) | 2012 | | 2011 | | 2010 | |||||
| |
|
|
|
| | |
| | |
Operating Activities: |
|
|
| | |
| | | ||
| Net Income | $ | 533,077 | | $ | 400,513 | | $ | 394,107 | |
| Adjustments to Reconcile Net Income to Net Cash Flows |
| | |
| | |
| | |
| | Provided by Operating Activities: |
| | |
| | |
| |
| | Bad Debt Expense |
| 36,275 | |
| 16,420 | |
| 31,352 |
| | Depreciation |
| 519,010 | |
| 302,192 | |
| 300,737 |
| | Deferred Income Taxes |
| 292,000 | |
| 196,761 | |
| 210,939 |
| | Pension, SERP and PBOP Expense |
| 218,540 | |
| 133,000 | |
| 103,861 |
| | Pension and PBOP Contributions | | (295,028) | | | (191,101) | | | (90,633) |
| | Regulatory (Under)/Over Recoveries, Net |
| (259,853) | |
| (70,863) | |
| 26,289 |
| | Amortization of Regulatory Assets, Net |
| 79,762 | |
| 91,080 | |
| 90,054 |
| | Amortization of Rate Reduction Bonds |
| 142,019 | |
| 69,912 | |
| 232,871 |
| | Derivative Assets and Liabilities |
| (10,455) | |
| (35,441) | | | (11,812) |
| | Other |
| 17,032 | |
| (29,751) | |
| (72,151) |
| Changes in Current Assets and Liabilities: |
| | |
| | |
| | |
| | Receivables and Unbilled Revenues, Net |
| (20,214) | |
| 17,570 | |
| (51,285) |
| | Fuel, Materials and Supplies |
| 34,321 | |
| (11,033) | |
| 38,126 |
| | Taxes Receivable/Accrued, Net |
| (5,450) | |
| 49,642 | |
| (82,103) |
| | Accounts Payable |
| (128,339) | |
| 18,916 | |
| (44,355) |
| | Other Current Assets and Liabilities, Net |
| 8,532 | |
| 12,569 | |
| 17,466 |
Net Cash Flows Provided by Operating Activities |
| 1,161,229 | |
| 970,386 | |
| 1,093,463 | ||
| | |
|
| |
| | |
| |
Investing Activities: |
|
| |
| | |
| | ||
| Investments in Property, Plant and Equipment |
| (1,472,272) | |
| (1,076,730) | |
| (954,472) | |
| Proceeds from Sales of Marketable Securities |
| 317,294 | |
| 149,441 | |
| 174,865 | |
| Purchases of Marketable Securities |
| (348,629) | |
| (151,972) | |
| (177,204) | |
| Proceeds from Sale of Assets | | - | | | 46,841 | | | - | |
| Other Investing Activities |
| 35,683 | |
| 13,833 | |
| (1,157) | |
Net Cash Flows Used in Investing Activities |
| (1,467,924) | |
| (1,018,587) | |
| (957,968) | ||
| | |
|
| |
| | |
| |
Financing Activities: |
|
| |
| | |
| | ||
| Cash Dividends on Common Shares |
| (375,047) | |
| (194,555) | |
| (180,542) | |
| Cash Dividends on Preferred Stock |
| (7,029) | |
| (5,559) | |
| (5,559) | |
| Increase in Short-Term Debt |
| 825,000 | |
| 50,000 | |
| 166,687 | |
| Issuance of Long-Term Debt |
| 850,000 | |
| 627,500 | |
| 145,000 | |
| Retirements of Long-Term Debt | | (839,136) | | | (369,586) | | | (4,286) | |
| Retirements of Rate Reduction Bonds |
| (114,433) | |
| (69,312) | |
| (260,864) | |
| Other Financing Activities |
| 6,529 | |
| (7,123) | |
| 512 | |
Net Cash Flows Provided by/(Used in) Financing Activities |
| 345,884 | |
| 31,365 | |
| (139,052) | ||
Net Increase/(Decrease) in Cash and Cash Equivalents |
| 39,189 | |
| (16,836) | |
| (3,557) | ||
Cash and Cash Equivalents - Beginning of Year |
| 6,559 | |
| 23,395 | |
| 26,952 | ||
Cash and Cash Equivalents - End of Year | $ | 45,748 | | $ | 6,559 | | $ | 23,395 | ||
| | | | | | | | | | |
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.