UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2002 |
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Commission File Number: 000-26091 |
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TC PipeLines, LP |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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52-2135448 |
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(State or other jurisdiction of incorporation |
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(I.R.S. Employer Identification |
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110 Turnpike Road, Suite 203 |
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01581 |
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(Address of principal executive offices) |
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(Zip code) |
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508-871-7046 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
As of November 8, 2002 there were 15,627,129 of the registrant’s common units outstanding.
TC PipeLines, LP
Table of Contents
2
TC PipeLines, LP
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(unaudited) |
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Three months |
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Nine months |
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2002 |
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2001 |
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2002 |
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2001 |
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Equity Income from Investment in Northern Border Pipeline Company |
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11,759 |
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10,662 |
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34,612 |
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30,918 |
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Equity Income from Investment in Tuscarora Gas Transmission Company |
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1,192 |
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841 |
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3,305 |
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2,620 |
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General and Administrative Expenses |
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(403 |
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(326 |
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(1,084 |
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(982 |
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Financial Charges |
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(100 |
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(205 |
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(249 |
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(828 |
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Net Income |
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12,448 |
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10,972 |
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36,584 |
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31,728 |
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Net Income Allocation |
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Common units |
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10,445 |
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8,891 |
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29,938 |
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25,773 |
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Subordinated units |
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1,494 |
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1,700 |
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5,222 |
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4,928 |
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General partner |
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509 |
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381 |
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1,424 |
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1,027 |
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12,448 |
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10,972 |
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36,584 |
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31,728 |
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Net Income per Unit |
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$ |
0.68 |
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$ |
0.60 |
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$ |
2.01 |
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$ |
1.75 |
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Units Outstanding (thousands) |
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17,500 |
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17,500 |
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17,500 |
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17,500 |
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Statement of Comprehensive Income
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(unaudited) |
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Three months |
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Nine months |
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2002 |
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2001 |
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2002 |
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2001 |
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Net Income |
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12,448 |
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10,972 |
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36,584 |
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31,728 |
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Other Comprehensive Income |
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Transition adjustment from adoption of SFAS No. 133 |
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— |
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— |
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— |
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3,104 |
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Change associated with current period hedging transactions |
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(118 |
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(3,614 |
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(816 |
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(1,332 |
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Total Comprehensive Income |
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12,330 |
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7,358 |
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35,768 |
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33,500 |
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See accompanying Notes to Condensed Financial Statements.
3
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(thousands of dollars) |
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September
30, |
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December
31, |
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(unaudited) |
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Assets |
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Current Assets |
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Cash |
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5,499 |
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9,194 |
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Investment in Northern Border Pipeline Company |
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247,408 |
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250,078 |
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Investment in Tuscarora Gas Transmission Company |
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33,656 |
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29,297 |
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Deferred Amounts |
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188 |
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119 |
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286,751 |
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288,688 |
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Liabilities and Partners’ Equity |
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Current Liabilities |
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Accounts payable |
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496 |
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426 |
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Accrued interest |
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28 |
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58 |
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524 |
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484 |
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Long-Term Debt |
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11,500 |
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21,500 |
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Partners’ Equity |
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Common units |
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226,435 |
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218,935 |
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Subordinated units |
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40,166 |
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39,229 |
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General partner |
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5,934 |
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5,532 |
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Accumulated other comprehensive income |
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2,192 |
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3,008 |
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274,727 |
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266,704 |
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