Exhibit 99.2
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Three Months Ended
March 31,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 1,688,437 $ 1,284,461
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 1,069,295 726,615
Other 189,272 198,031
Maintenance 45,892 52,312
Depreciation 49,473 52,215
Amortization 57,299 20,244
Amortization of rate reduction bonds 39,200 46,160
Taxes other than income taxes 73,974 74,598
Gain on sale of utility plant - -
----------- -----------
Total operating expenses 1,524,405 1,170,175
----------- -----------
Operating Income 164,032 114,286
Interest Expense:
Interest on long-term debt 32,940 32,972
Interest on rate reduction bonds 27,861 29,562
Other interest 2,744 4,353
----------- -----------
Interest expense, net 63,545 66,887
----------- -----------
Other Income/(Loss), Net 576 (13,997)
----------- -----------
Income Before Income Tax Expense 101,063 33,402
Income Tax Expense 39,469 13,370
----------- -----------
Income Before Preferred Dividends of Subsidiaries 61,594 20,032
Preferred Dividends of Subsidiaries 1,390 1,390
----------- -----------
Net Income $ 60,204 $ 18,642
=========== ===========
Fully Diluted Earnings Per Common Share $ 0.47 $ 0.14
=========== ===========
Fully Diluted Common Shares Outstanding (average) 127,111,272 129,754,946
=========== ===========
</Table>
Northeast Utilities and Subsidiaries
------------------------------------
Consolidated Statements of Income
---------------------------------
<Table>
<Caption>
Twelve Months Ended
March 31,
-------------------
2003 2002
---- ----
(Thousands of Dollars,
Except Share Information)
Operating Revenues $ 5,620,297 $ 5,544,246
----------- -----------
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 3,368,782 3,323,620
Other 743,722 764,078
Maintenance 257,067 222,592
Depreciation 202,905 192,598
Amortization 350,009 199,013
Amortization of rate reduction bonds 141,629 144,573
Taxes other than income taxes 226,895 217,908
Gain on sale of utility plant (187,113) -
----------- -----------
Total operating expenses 5,103,896 5,064,382
----------- -----------
Operating Income 516,401 479,864
Interest Expense:
Interest on long-term debt 134,438 131,649
Interest on rate reduction bonds 114,091 117,177
Other interest 18,640 30,524
----------- -----------
Interest expense, net 267,169 279,350
----------- -----------
Other Income/(Loss), Net 58,401 30,432
----------- -----------
Income Before Income Tax Expense 307,633 230,946
Income Tax Expense 108,402 75,023
----------- -----------
Income Before Preferred Dividends of Subsidiaries 199,231 155,923
Preferred Dividends of Subsidiaries 5,559 5,935
----------- -----------
Net Income $ 193,672 $ 149,988
=========== ===========
Fully Diluted Earnings Per Common Share $ 1.51 $ 1.13
=========== ===========
Fully Diluted Common Shares Outstanding (average) 128,673,373 132,294,786
=========== ===========
</Table>
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 Balance Sheets
---------------------------
<Table>
<Caption>
March 31, December 31,
2003 2002
-------- -----------
(Thousands of Dollars)
ASSETS
- ------
Current Assets:
Cash and cash equivalents $ 98,959 $ 54,678
Investments in securitizable assets 155,759 178,908
Receivables, net 702,669 767,089
Unbilled revenues 116,092 126,236
Fuel, materials, and supplies, at average cost 111,230 119,853
Special deposits 84,038 43,261
Prepayments and other 293,525 241,190
----------- -----------
1,562,272 1,531,215
----------- -----------
Property, Plant and Equipment:
Electric utility 5,211,492 5,141,951
Gas utility 690,988 679,055
Competitive energy 864,661 866,294
Other 205,878 205,115
----------- -----------
6,973,019 6,892,415
Less: Accumulated provision for depreciation 2,516,514 2,484,613
----------- -----------
4,456,505 4,407,802
Construction work in progress 322,429 320,567
----------- -----------
4,778,934 4,728,369
----------- -----------
Deferred Debits and Other Assets:
Regulatory assets 2,833,150 2,909,923
Goodwill and other purchased intangible assets, net 344,965 345,867
Prepaid pension 336,540 328,890
Other 467,760 433,444
----------- -----------
3,982,415 4,018,124
----------- -----------
Total Assets $10,323,621 $10,277,708
=========== ===========
</Table>
<Table>
<Caption>
March 31, December 31,
2003 2002
-------- -----------
(Thousands of Dollars)
LIABILITIES AND CAPITALIZATION
- ------------------------------
Current Liabilities:
Notes payable to banks $ 95,000 $ 56,000
Long-term debt - current portion 55,749 56,906
Accounts payable 695,516 778,244
Accrued taxes 84,759 141,667
Accrued interest 75,120 40,597
Other 321,748 270,555
----------- -----------
1,327,892 1,343,969
----------- -----------
Rate Reduction Bonds 1,888,598 1,899,312
----------- -----------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,414,993 1,436,507
Accumulated deferred investment tax credits 105,517 106,471
Deferred contractual obligations 346,830 354,469
Other 569,595 523,115
----------- -----------
2,436,935 2,420,562
----------- -----------
Capitalization:
Long-Term Debt 2,324,432 2,287,144
----------- -----------
Preferered Stock - Nonredeemable 116,200 116,200
----------- -----------
Common Shareholders' Equity:
Common shares, $5 par value - authorized
225,000,000 shares; 149,884,644 shares issued and
126,591,916 shares outstanding in 2003 and
149,375,847 shares issued and 127,562,031 shares
outstanding in 2002 749,423 746,879
Capital surplus, paid in 1,105,386 1,108,338
Deferred contribution plan - employee stock
ownership plan (83,976) (87,746)
Retained earnings 808,352 765,611
Accumulated other comprehensive income 11,077 14,927
Treasury Stock (360,698) (337,488)
----------- -----------
Common Shareholders' Equity 2,229,564 2,210,521
----------- -----------
Total Capitalization 4,670,196 4,613,865
----------- -----------
Total Liabilities and Capitalization $10,323,621 $10,277,708
=========== ===========
</Table>
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.