EX-99.2 4 ex992.txt FINANCIALS UNITIL CORPORATION CONSOLIDATED BALANCE SHEETS (000's) (A)
ASSETS: (Unaudited) June 30, 2003 Adjustments Pro Forma --------------- --------------- ----------------- Utility Plant Electric $200,919 $200,919 Gas 45,599 45,599 Common 28,860 28,860 Construction Work in Progress 6,295 6,295 --------------- --------------- ----------------- Utility Plant 281,673 281,673 Less: Accumulated Depreciation 88,315 88,315 --------------- --------------- ----------------- Net Utility Plant 193,358 193,358 --------------- --------------- ----------------- Current Assets: Cash 2,767 2,767 Accounts Receivable 18,214 18,214 Refundable Taxes 1,160 (56)(B) 1,104 Materials and Supplies 2,856 2,856 Prepayments 3,533 3,533 Accrued Revenue 10,619 10,619 --------------- --------------- ----------------- Total Current Assets 39,149 (56) 39,093 Noncurrent Assets: Regulatory Assets 249,372 249,372 Debt Issuance Costs, net 1,715 1,715 Other Noncurrent Assets 4,536 4,536 --------------- --------------- ----------------- Total Noncurrent Assets 255,623 255,623 --------------- --------------- ----------------- TOTAL $488,130 ($56) $488,074 =============== =============== =================
(The accompanying Notes are an integral part of these statements.) UNITIL CORPORATION CONSOLIDATED BALANCE SHEETS (000's) (A)
CAPITALIZATION AND LIABILITIES: (Unaudited) June 30, 2003 Adjustments Pro Forma --------------- --------------- ----------------- Capitalization: Common Stock Equity $ 73,318 $ 16,489 (C) $ 89,807 Preferred Stock, Non-Redeemable 225 225 Preferred Stock, Redeemable 3,044 3,044 Long-term Debt, Less Current Portion 101,096 101,096 --------------- --------------- ----------------- Total Capitalization 177,683 16,489 194,172 Current Liabilities: Long-term Debt, Current Portion 3,252 3,252 Capitalized Lease, Current Portion 668 668 Accounts Payable 15,397 15,397 Short-Term Debt 42,490 (16,391)(D) 26,099 Dividends Declared and Payable 1,706 1,706 Refundable Customer Deposits 1,385 1,385 Interest Payable 1,251 (154)(E) 1,097 Other Current Liabilities 4,602 4,602 --------------- --------------- ----------------- Total Current Liabilities 70,751 (16,545) 54,206 Deferred Income Taxes 47,555 47,555 --------------- --------------- ----------------- Noncurrent Liabilities Power Supply Contract Obligations 182,446 182,446 Capitalized Leases, Less Current Portion 2,265 2,265 Other Deferred Credits 7,430 7,430 --------------- --------------- ----------------- Total Noncurrent Liabilities 192,141 192,141 --------------- --------------- ----------------- TOTAL $ 488,130 $ (56) $ 488,074 =============== =============== =================
(The accompanying Notes are an integral part of these statements.) UNITIL CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (000's) (A)
(Unaudited) Year Ended June 30, 2003 Adjustments Pro Forma --------------- --------------- ----------------- Operating Revenues: Electric $ 184,746 $ 184,746 Gas 27,287 27,287 Other 978 978 --------------- --------------- ----------------- Total Operating Revenues 213,011 213,011 --------------- --------------- ----------------- Operating Expenses: Fuel and Purchased Power 129,014 129,014 Gas Purchased for Resale 15,566 15,566 Operating and Maintenance 27,807 27,807 Restructuring Charge 1,598 1,598 Depreciation and Amortization 17,019 17,019 Provisions for Taxes: Local Property and Other 4,925 4,925 Federal and State Income 2,637 56 (B) 2,693 --------------- --------------- ----------------- Total Operating Expenses 198,566 56 198,622 --------------- --------------- ----------------- Operating Income 14,445 (56) 14,389 Non-Operating Expenses: 196 196 --------------- --------------- ----------------- Income Before Interest Expense 14,249 (56) 14,193 Interest Expense, Net 7,258 (154)(E) 7,104 --------------- --------------- ----------------- Net Income 6,991 98 (C) 7,089 Less Dividends on Preferred Stock 244 244 --------------- --------------- ----------------- Earnings Applicable to Common Shareholders $ 6,747 $ 98 $ 6,845 =============== =============== ================= Average Common Shares Outstanding-Basic 4,744,927 717,600 (F) 5,462,527 Average Common Shares Outstanding-Diluted 4,765,706 717,600 (F) 5,483,306 Earnings Per Common Share $ 1.42 $ 1.25 (F)
(The accompanying Notes are an integral part of these statements.) UNITIL CORPORATION Notes to Pro Forma Consolidated Financial Statements (A) These statements have been pro formed to reflect the issuance of an additional 717,600 shares of Unitil Common Stock at the beginning of the period, with net proceeds of $17,381,000. The pro forma assumes dividends were declared and paid for the full twelve month period. It is further assumed that the net proceeds were fully utilized to repay Short-Term Debt. The Statement of Earnings reflects the corresponding impact on Interest Expense and Federal and State Income Taxes. Earnings Per Share reflects the dilutive effect of the additional shares of Common Stock for the twelve month period and the resulting change in Earnings Applicable to Common Shareholders. (B) The reduction in Refundable Taxes reflects the decrease in Interest Expense and the corresponding rise in income taxes. (C) Common Stock Equity reflects the following factors: the net issuance of the 717,600 shares of Common Stock; declaration of common dividends on the new shares during the twelve-month period (e.g. Retained Earnings); and rise in earnings from net lower interest expense (e.g.Retained Earnings). (D) Refects the utilization of the net proceeds from the financing to repay Short-Term Debt. (E) Refects the incremental decrease in Short-Term Debt, described above, and the resulting reduction in Interest Expense. (F) The Pro forma Average Common Shares outstanding and Earnings Per Share assume the 717,600 additional shares of Common Stock are issued at the beginning of the twelve month period.