NORTHEAST UTILITIES AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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| March 31, |
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| December 31, |
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| 2007 |
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| 2006 |
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| (Thousands of Dollars) | |||
ASSETS |
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Current Assets: |
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Cash and cash equivalents |
| $ 214,730 |
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| $ 481,911 |
Special deposits |
| 29,850 |
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| 48,524 |
Investments in securitizable assets |
| 397,168 |
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| 375,655 |
Receivables, less provision for uncollectible |
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accounts of $20,689 in 2007 and $22,369 in 2006 |
| 362,721 |
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| 361,201 |
Unbilled revenues |
| 80,728 |
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| 88,170 |
Taxes receivable |
| 5,494 |
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| - |
Fuel, materials and supplies |
| 139,317 |
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| 173,882 |
Marketable securities - current |
| 64,464 |
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| 67,546 |
Derivative assets - current |
| 117,716 |
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| 88,857 |
Prepayments and other |
| 45,955 |
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| 45,305 |
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| 1,458,143 |
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| 1,731,051 |
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Property, Plant and Equipment: |
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Electric utility |
| 7,162,936 |
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| 7,129,526 |
Gas utility |
| 859,649 |
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| 858,961 |
Other |
| 310,555 |
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| 299,389 |
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| 8,333,140 |
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| 8,287,876 |
Less: Accumulated depreciation: $2,469,757 for electric |
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and gas utility and $172,761 for other in 2007; |
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$2,440,544 for electric and gas utility and |
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$174,562 for other in 2006 |
| 2,642,518 |
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| 2,615,106 |
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| 5,690,622 |
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| 5,672,770 |
Construction work in progress |
| 705,984 |
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| 569,416 |
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| 6,396,606 |
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| 6,242,186 |
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Deferred Debits and Other Assets: |
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Regulatory assets |
| 2,344,353 |
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| 2,449,132 |
Goodwill |
| 287,591 |
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| 287,591 |
Prepaid pension |
| 23,584 |
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| 21,647 |
Marketable securities - long-term |
| 55,544 |
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| 50,843 |
Derivative assets - long-term |
| 288,140 |
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| 271,755 |
Other |
| 182,127 |
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| 249,031 |
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| 3,181,339 |
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| 3,329,999 |
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Total Assets |
| $ 11,036,088 |
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| $ 11,303,236 |
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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 |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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| March 31, |
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| December 31, |
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| 2007 |
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| 2006 |
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| (Thousands of Dollars) | |||
LIABILITIES AND CAPITALIZATION |
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Current Liabilities: |
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Long-term debt - current portion |
| $ 4,435 |
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| $ 4,877 |
Accounts payable |
| 503,887 |
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| 569,940 |
Accrued taxes |
| 1,136 |
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| 364,659 |
Accrued interest |
| 49,338 |
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| 53,782 |
Derivative liabilities - current |
| 101,792 |
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| 125,843 |
Counterparty deposits |
| 1,400 |
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| 148 |
Other |
| 147,102 |
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| 244,586 |
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| 809,090 |
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| 1,363,835 |
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Rate Reduction Bonds |
| 1,083,768 |
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| 1,177,158 |
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Deferred Credits and Other Liabilities: |
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Accumulated deferred income taxes |
| 1,109,483 |
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| 1,099,433 |
Accumulated deferred investment tax credits |
| 31,336 |
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| 32,427 |
Deferred contractual obligations |
| 259,420 |
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| 271,528 |
Regulatory liabilities |
| 827,428 |
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| 809,324 |
Derivative liabilities - long-term |
| 120,683 |
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| 148,557 |
Accrued postretirement benefits |
| 198,544 |
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| 203,320 |
Other |
| 398,961 |
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| 322,840 |
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| 2,945,855 |
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| 2,887,429 |
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Capitalization: |
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Long-Term Debt |
| 3,263,933 |
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| 2,960,435 |
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Preferred Stock of Subsidiary - Non-Redeemable |
| 116,200 |
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| 116,200 |
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Common Shareholders' Equity: |
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Common shares, $5 par value - authorized |
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225,000,000 shares; 175,653,482 shares issued |
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and 154,529,376 shares outstanding in 2007 and |
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175,420,239 shares issued and 154,233,141 shares |
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outstanding in 2006 |
| 878,267 |
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| 877,101 |
Capital surplus, paid in |
| 1,453,591 |
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| 1,449,586 |
Deferred contribution plan - employee stock |
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ownership plan |
| (32,820) |
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| (34,766) |
Retained earnings |
| 876,214 |
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| 862,660 |
Accumulated other comprehensive income |
| 3,516 |
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| 4,498 |
Treasury stock, 19,705,353 shares in 2007 |
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and 19,684,249 shares in 2006 |
| (361,526) |
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| (360,900) |
Common Shareholders' Equity |
| 2,817,242 |
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| 2,798,179 |
Total Capitalization |
| 6,197,375 |
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| 5,874,814 |
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Total Liabilities and Capitalization |
| $ 11,036,088 |
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| $ 11,303,236 |
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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 |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS) |
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(Unaudited) |
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| Three Months Ended | |||
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| March 31, | |||
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| 2007 |
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| 2006 |
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| (Thousands of Dollars, | |||
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| except share information) | |||
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Operating Revenues |
| $ 1,704,293 |
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| $ 2,147,388 |
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Operating Expenses: |
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Operation - |
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Fuel, purchased and net interchange power |
| 1,070,486 |
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| 1,544,030 |
Other |
| 238,135 |
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| 309,732 |
Restructuring charges |
| 193 |
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| 5,143 |
Maintenance |
| 45,997 |
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| 38,421 |
Depreciation |
| 63,469 |
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| 58,830 |
Amortization |
| 6,223 |
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| 58,471 |
Amortization of rate reduction bonds |
| 51,799 |
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| 48,678 |
Taxes other than income taxes |
| 72,590 |
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| 76,425 |
Total operating expenses |
| 1,548,892 |
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| 2,139,730 |
Operating Income |
| 155,401 |
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| 7,658 |
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Interest Expense: |
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Interest on long-term debt |
| 36,213 |
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| 33,571 |
Interest on rate reduction bonds |
| 16,350 |
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| 19,881 |
Other interest |
| 6,703 |
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| 6,000 |
Interest expense, net |
| 59,266 |
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| 59,452 |
Other Income |
| 14,069 |
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| 14,204 |
Income/(Loss) from Continuing Operations Before |
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Income Tax Expense/(Benefit) |
| 110,204 |
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| (37,590) |
Income Tax Expense/(Benefit) |
| 32,578 |
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| (18,305) |
Income/(Loss) from Continuing Operations Before |
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Preferred Dividends of Subsidiary |
| 77,626 |
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| (19,285) |
Preferred Dividends of Subsidiary |
| 1,390 |
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| 1,390 |
Income/(Loss) from Continuing Operations |
| 76,236 |
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| (20,675) |
Discontinued Operations: |
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Income from Discontinued Operations |
| - |
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| 17,583 |
Loss from Sale of Discontinued Operations |
| (1,908) |
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| - |
Income Tax Benefit/(Expense) |
| 766 |
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| (7,014) |
(Loss)/Income from Discontinued Operations |
| (1,142) |
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| 10,569 |
Net Income/(Loss) |
| $ 75,094 |
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| $ (10,106) |
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Basic and Fully Diluted Earnings/(Loss) Per Common Share: |
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Income/(Loss) from Continuing Operations |
| $ 0.50 |
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| $ (0.13) |
(Loss)/Income from Discontinued Operations |
| (0.01) |
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| 0.06 |
Basic and Fully Diluted Earnings/(Loss) Per Common Share |
| $ 0.49 |
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| $ (0.07) |
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Basic Common Shares Outstanding (weighted average) |
| 154,393,358 |
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| 153,442,640 |
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Fully Diluted Common Shares Outstanding (weighted average) |
| 154,804,716 |
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| 153,442,640 |
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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. |