| | | | | | |
| NORTHEAST UTILITIES AND SUBSIDIARIES | | | | | |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | | | | | |
| (Unaudited) | | | | | |
| | | | | | |
| | Three Months Ended March 31, |
| (Thousands of Dollars, Except Share Information) | | 2011 | | | 2010 |
| | | | | | |
| Operating Revenues | $ | 1,235,251 | | $ | 1,339,420 |
| | | | | | |
| Operating Expenses: | | | | | |
| Fuel, Purchased and Net Interchange Power | | 474,109 | | | 603,349 |
| Other Operating Expenses | | 251,978 | | | 248,273 |
| Maintenance | | 67,764 | | | 45,637 |
| Depreciation | | 73,951 | | | 78,656 |
| Amortization of Regulatory Assets/(Liabilities), Net | | 34,407 | | | (8,327) |
| Amortization of Rate Reduction Bonds | | 17,282 | | | 59,570 |
| Taxes Other Than Income Taxes | | 88,403 | | | 85,599 |
| Total Operating Expenses | | 1,007,894 | | | 1,112,757 |
| Operating Income | | 227,357 | | | 226,663 |
| | | | | | |
| Interest Expense: | | | | | |
| Interest on Long-Term Debt | | 57,399 | | | 57,270 |
| Interest on Rate Reduction Bonds | | 2,578 | | | 6,690 |
| Other Interest | | (1,428) | | | 3,302 |
| Interest Expense | | 58,549 | | | 67,262 |
| Other Income, Net | | 10,313 | | | 8,057 |
| Income Before Income Tax Expense | | 179,121 | | | 167,458 |
| Income Tax Expense | | 63,537 | | | 79,857 |
| Net Income | | 115,584 | | | 87,601 |
| Net Income Attributable to Noncontrolling Interests | | 1,429 | | | 1,390 |
| Net Income Attributable to Controlling Interests | $ | 114,155 | | $ | 86,211 |
| | | | | | |
| Basic and Diluted Earnings Per Common Share | $ | 0.64 | | $ | 0.49 |
| | | | | | |
| Dividends Declared Per Common Share | $ | 0.28 | | $ | 0.26 |
| | | | | | |
| Weighted Average Common Shares Outstanding: | | | | | |
| Basic | | 177,188,207 | | | 176,349,762 |
| Diluted | | 177,480,996 | | | 176,537,472 |
| | | | | | |
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 | | | | | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | | | |
| (Unaudited) | | | | | |
| | | |
| | | |
| | | Three Months Ended March 31, |
| (Thousands of Dollars) | | 2011 | | | 2010 |
| | | | | | |
| Operating Activities: | | | | | |
| Net Income | $ | 115,584 | | $ | 87,601 |
| Adjustments to Reconcile Net Income to Net Cash Flows | | | | | |
| Provided by Operating Activities: | | | | | |
| Bad Debt Expense | | 4,947 | | | 9,556 |
| Depreciation | | 73,951 | | | 78,656 |
| Deferred Income Taxes | | 52,429 | | | 33,248 |
| Pension and PBOP Expense, Net of PBOP Contributions | | 28,231 | | | 23,331 |
| Regulatory Overrecoveries, Net | | 44,420 | | | 6,066 |
| Amortization of Regulatory Assets/(Liabilities), Net | | 34,407 | | | (8,327) |
| Amortization of Rate Reduction Bonds | | 17,282 | | | 59,570 |
| Derivative Assets and Liabilities | | (3,651) | | | (2,594) |
| Other | | (1,776) | | | (41,434) |
| Changes in Current Assets and Liabilities: | | | | | |
| Receivables and Unbilled Revenues, Net | | 8,199 | | | (7,258) |
| Fuel, Materials and Supplies | | 42,990 | | | 48,431 |
| Taxes Receivable/Accrued | | 18,312 | | | 4,639 |
| Accounts Payable | | (29,278) | | | (46,188) |
| Other Current Assets and Liabilities | | (33,281) | | | (19,594) |
| Net Cash Flows Provided by Operating Activities | | 372,766 | | | 225,703 |
| | | | | | |
| Investing Activities: | | | | | |
| Investments in Property, Plant and Equipment | | (236,689) | | | (202,487) |
| Proceeds from Sales of Marketable Securities | | 38,646 | | | 21,331 |
| Purchases of Marketable Securities | | (39,230) | | | (21,825) |
| Other Investing Activities | | 328 | | | (478) |
| Net Cash Flows Used in Investing Activities | | (236,945) | | | (203,459) |
| | | | | | |
| Financing Activities: | | | | | |
| Cash Dividends on Common Shares | | (48,588) | | | (45,088) |
| Cash Dividends on Preferred Stock | | (1,390) | | | (1,390) |
| Decrease in Short-Term Debt | | (78,000) | | | - |
| Issuance of Long-Term Debt | | - | | | 95,000 |
| Retirements of Rate Reduction Bonds | | (16,868) | | | (66,569) |
| Other Financing Activities | | 989 | | | (1,137) |
| Net Cash Flows Used in Financing Activities | | (143,857) | | | (19,184) |
| Net (Decrease)/Increase in Cash and Cash Equivalents | | (8,036) | | | 3,060 |
| Cash and Cash Equivalents - Beginning of Period | | 23,395 | | | 26,952 |
| Cash and Cash Equivalents - End of Period | $ | 15,359 | | $ | 30,012 |
| | | | | | |
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. |
