Exhibit 99.1
Comparative unaudited results for the third quarter and twelve-month periods were as follows:
Financial Data (in thousands, except per share data)
Three months ended September 30: |
|
| % | ||||||
Operating revenues | $ | 817,791 |
| $ | 743,284 | 10.0 | % | ||
Net income | $ | 64,152 | $ | 73,717 | (13.0 | )% | |||
Preferred dividends | $ | 490 | $ | 490 | - | ||||
Earnings per share | |||||||||
Basic | $ | 1.20 | $ | 1.38 | (13.0 | )% | |||
Diluted | $ | 1.19 | $ | 1.37 | (13.1 | )% | |||
Weighted average number of shares: | |||||||||
Basic | 53,033 | 53,033 | - | ||||||
Diluted | 53,436 | 53,310 | 0.2 | % | |||||
Dividends declared per common share | $ | 0.54 | $ | 0.53 | 1.9 | % |
Twelve months ended September 30: |
| |
| % | |||||
Operating revenues | $ | 2,879,047 |
| $ | 2,746,639 | 4.8 | % | ||
Net income | $ | 196,090 | $ | 143,312 | 36.8 | % | |||
Preferred dividends | $ | 1,960 | $ | 2,627 | (25.4 | )% | |||
Earnings per share: | |||||||||
Basic | $ | 3.66 | $ | 2.65 | 38.1 | % | |||
Diluted | $ | 3.64 | $ | 2.64 | 37.9 | % | |||
Weighted average number of shares: | |||||||||
Basic | 53,033 | 53,033 | - | ||||||
Diluted | 53,335 | 53,261 | 0.1 | % | |||||
Dividends declared per common share | $ | 2.16 | $ | 2.12 | 1.9 | % |
(a) Results for the twelve-month period ended September 30, 2002 include a non-cash after-tax impairment charge of $27.6 million, or $0.52 per share, related to NSTAR’s investment in RCN Corporation (RCN).
(b) Results for the twelve-month period ended September 30, 2003 include a net tax benefit of $9.9 million, or $0.19 per basic share, that reflects the recognition of tax benefits of $19.6 million, or $0.37 per basic share, recorded in the fourth quarter of 2002, related to NSTAR’s investment in RCN offset, in part, by an impairment charge of $9.7 million, or $0.18 per share, associated with the RCN investment.
