UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition period from to
Commission File Number: 000-26091
TC PipeLines, LP
(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 Number) |
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or organization) |
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110 Turnpike Road, Suite 203 |
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Westborough, Massachusetts |
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01581 |
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(Address of principal executive offices) |
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(Zip code) |
508-871-7046
(Registrant’s telephone number, including area code)
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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
As of May 9, 2005, there were 17,500,000 of the registrant’s common units outstanding.
TC PIPELINES, LP
TABLE OF CONTENTS
All amounts are stated in United States dollars unless otherwise indicated.
2
TC PipeLines, LP
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Three months ended |
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(unaudited) |
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March 31 |
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(millions of dollars except per unit amounts) |
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2005 |
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2004 |
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Equity income from investment in Northern Border Pipeline |
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12.2 |
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12.5 |
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Equity income from investment in Tuscarora |
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2.0 |
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1.8 |
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General and administrative expenses |
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(0.5 |
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(0.5 |
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Financial charges and other |
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(0.3 |
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(0.1 |
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Net income |
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13.4 |
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13.7 |
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Net income allocation |
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Common units |
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12.7 |
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12.4 |
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Subordinated units |
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— |
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0.7 |
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General partner |
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0.7 |
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0.6 |
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13.4 |
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13.7 |
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Net income per unit |
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$ |
0.72 |
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$ |
0.75 |
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Units outstanding (millions) |
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17.5 |
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17.5 |
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Statement of Comprehensive Income
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Three months ended |
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(unaudited) |
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March 31 |
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(millions of dollars) |
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2005 |
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2004 |
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Net income |
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13.4 |
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13.7 |
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Other comprehensive income |
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Change associated with current period hedging transactions of investees |
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(0.1 |
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(0.1 |
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Total comprehensive income |
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13.3 |
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13.6 |
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See accompanying notes to the condensed financial statements.
3
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March 31, |
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December 31, |
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(millions of dollars) |
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2005 |
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2004 |
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(unaudited) |
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(audited) |
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Assets |
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Current assets |
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Cash |
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2.6 |
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2.5 |
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Investment in Northern Border Pipeline |
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286.0 |
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290.1 |
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Investment in Tuscarora |
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39.4 |
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39.5 |
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328.0 |
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332.1 |
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Liabilities and Partners’ Equity |
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Current liabilities |
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Accrued liabilities |
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0.5 |
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0.7 |
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Current portion of long-term debt |
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30.0 |
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6.5 |
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30.5 |
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7.2 |
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Long-term debt |
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— |
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30.0 |
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Partners’ equity |
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Common units |
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290.0 |
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287.4 |
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General partner |
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6.4 |
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6.3 |
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Other comprehensive income |
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1.1 |
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1.2 |
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297.5 |
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294.9 |
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328.0 |
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332.1 |
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(unaudited) |
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Three months ended March 31, |
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(millions of dollars) |
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2005 |
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2004 |
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Cash Generated From Operations |
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Net income |
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13.4 |
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13.7 |
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Add/(deduct): |
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Distributions received in excess of equity income |
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— |
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(0.4 |
) |
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Decrease / (increase) in operating working capital |
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(0.2 |
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0.1 |
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13.2 |
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13.4 |
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Investing Activities |
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Return of capital from Northern Border Pipeline |
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4.0 |
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2.0 |
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Return of capital from Tuscarora |
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0.1 |
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— |
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