UIL HOLDINGS CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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8-K - UIL HOLDINGS CORPORATION 8-K 12-1-2011 - UIL HOLDINGS CORP	form8k.htm
EX-99.4 - EXHIBIT 99.4 - UIL HOLDINGS CORP	ex99_4.htm
EX-99.3 - EXHIBIT 99.3 - UIL HOLDINGS CORP	ex99_3.htm
EX-99.1 - EXHIBIT 99.1 - UIL HOLDINGS CORP	ex99_1.htm

EXHIBIT 99.2

FINANCIAL STATEMENTS

CONNECTICUT NATURAL GAS CORPORATION

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010 AND

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

(UNAUDITED)

CONNECTICUT NATURAL GAS CORPORATION

TABLE OF CONTENTS

	Page Number

Financial Statements:

Statement of Income for the three and nine months ended September 30, 2011 and 2010	3

Balance Sheet as of September, 2011 and December 31, 2010	4

Statement of Cash Flows for the nine months ended September 30, 2011 and 2010	6

Statement of Changes in Shareholder's Equity	7

CONNECTICUT NATURAL GAS CORPORATION

STATEMENT OF INCOME

(In Thousands)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,

	2011			2010			2011		2010


Operating Revenues	$	44,747		$	52,671		$	267,672	$	258,254

Operating Expenses
Operation
Natural gas purchased		22,500			31,049			159,030		156,943
Operation and maintenance		15,839			15,169			49,363		46,892
Depreciation and amortization		6,275			5,773			18,010		17,155
Goodwill impairment charge		-			-			-		90,923
Taxes - other than income taxes		3,316			3,521			15,763		15,725
Total Operating Expenses		47,930			55,512			242,166		327,638
Operating Income		(3,183	)		(2,841	)		25,506		(69,384	)

Other Income and (Deductions), net		948			440			130		4,291

Interest Charges, net
Interest on long-term debt		2,631			2,631			7,892		7,909
Other interest, net		191			313			876		1,025
		2,822			2,944			8,768		8,934
Amortization of debt expense and redemption premiums		44			44			132		132
Total Interest Charges, net		2,866			2,988			8,900		9,066


Income Before Income Taxes, Equity Earnings		(5,101	)		(5,389	)		16,736		(74,159	)

Income Taxes		(1,959	)		(3,620	)		5,257		5,037

Net Income		(3,142	)		(1,769	)		11,479		(79,196	)
Less:
Preferred Stock Dividends of Subsidiary, Noncontrolling Interests		13			13			39		39

Net Income attributable to Connecticut Natural Gas Corporation	$	(3,155	)	$	(1,782	)	$	11,440	$	(79,235	)

CONNECTICUT NATURAL GAS CORPORATION

STATEMENT OF COMPREHENSIVE INCOME

For the Three and Nine Months Ended September 30, 2011 and 2010

(Thousands of Dollars)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010

Net Income	$	(3,142	)	$	(1,769	)	$	11,479		$	(79,196	)
Other Comprehensive Loss		(12	)		-			(17	)		-
Less:
Preferred Stock Dividends of Subsidiary, Noncontrolling Interests		13			13			39			39
Comprehensive Income	$	(3,167	)	$	(1,782	)	$	11,423		$	(79,235	)

CONNECTICUT NATURAL GAS CORPORATION

BALANCE SHEET

ASSETS

(In Thousands)

(Unaudited)

	September 30, 2011		December 31, 2010
Current Assets
Unrestricted cash and temporary cash investments	$	938	$	49,521
Accounts receivable less allowance of $4,400 and $3,609, respectively		41,415		53,310
Unbilled revenues		6,120		18,534
Inter-company receivable		8,000		-
Current regulatory assets		17,956		19,192
Deferred income taxes		2,020		1,625
Natural gas in storage, at average cost		54,744		54,630
Materials and supplies		1,283		745
Prepayments		5,310		5,366
Derivative assets		-		353
Total Current Assets		137,786		203,276

Other investments		1,922		1,920

Net Property, Plant and Equipment		425,090		418,023

Regulatory Assets (future amounts owed from customers through the ratemaking process)		121,548		135,300

Deferred Charges and Other Assets
Unamortized debt issuance expenses		1,253		1,868
Goodwill		115,767		115,068
Other		1,408		882
Total Deferred Charges and Other Assets		118,428		117,818

Total Assets	$	804,774	$	876,337

CONNECTICUT NATURAL GAS CORPORATION

BALANCE SHEET

LIABILITIES AND CAPITALIZATION

(In Thousands)

(Unaudited)

	September 30, 2011			December 31, 2010
Current Liabilities
Current portion of long-term debt	$	8,892		$	3,915
Accounts payable		26,340			40,036
Accrued liabilities		17,144			12,781
Current regulatory liabilities		2,709			10,073
Interest accrued		3,571			2,738
Taxes accrued		1,486			9,462
Total Current Liabilities		60,142			79,005

Noncurrent Liabilities
Pension accrued		52,318			60,371
Other post-retirement benefits accrued		18,347			17,515
Other		10,566			11,631
Total Noncurrent Liabilities		81,231			89,517

Deferred Income Taxes (future tax liabilities owed to taxing authorities)		17,472			13,863


Regulatory Liabilities (future amounts owed to customers through the ratemaking process)		147,199			139,452

Commitments and Contingencies

Capitalization
Long-term debt		155,894			163,805

Preferred Stock of Subsidiary
Redeemable preferred stock, noncontrolling interests		750			750

Common Stock Equity
Common stock		33,233			33,233
Paid-in capital		351,545			350,827
Retained earnings		(42,692	)		5,868
Accumulated other comprehensive income		-			17
Net Common Stock Equity		342,086			389,945

Total Capitalization		498,730			554,500

Total Liabilities and Capitalization	$	804,774		$	876,337

CONNECTICUT NATURAL GAS CORPORATION

STATEMENT OF CASH FLOWS

(In Thousands)

(Unaudited)

	Nine Months Ended September 30,
	2011			2010
Cash Flows From Operating Activities
Net income	$	11,479		$	(79,196	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		18,142			17,287
Deferred income taxes		7,959			(1,483	)
Pension expense		5,293			4,907
Goodwill impairment charge		-			90,923
Deferred purchased gas		9,085			12,137
Other non-cash items, net		(4,005	)		(6,266	)
Changes in:
Accounts receivable, net		11,405			10,427
Unbilled revenues		12,414			12,129
Prepayments		56			21,769
Natural gas in storage		(114	)		5,797
Accounts payable		(15,850	)		(13,812	)
Interest accrued		832			939
Taxes accrued		(7,303	)		(1,393	)
Accrued liabilities		4,364			(1,726	)
Accrued pension		(12,258	)		998
Other assets		(102	)		1,151
Other liabilities		(4,058	)		(3,833	)
Total Adjustments		25,860			149,951
Net Cash provided by Operating Activities		37,339			70,755

Cash Flows from Investing Activities
Inter-company receivable		(8,000	)		-
Plant expenditures including AFUDC debt		(17,853	)		(14,431	)
Other		(2	)		4,191
Net Cash (used in) Investing Activities		(25,855	)		(10,240	)

Cash Flows from Financing Activities
Payment of common stock dividend		(60,000	)		(11,000	)
Other		(67	)		(39	)
Net Cash provided by Financing Activities		(60,067	)		(11,039	)

Unrestricted Cash and Temporary Cash Investments:
Net change for the period		(48,583	)		49,476
Balance at beginning of period		49,521			1,747
Balance at end of period	$	938		$	51,223

CONNECTICUT NATURAL GAS CORPORATION

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

September 30, 2011

(Thousands of Dollars)

(Unaudited)

										Accumulated
										Other
	Common Stock				Paid-in		Retained			Comprehensive
	Shares		Amount		Capital		Earnings			Income			Total
Balance as of December 31, 2010		10,634,436	$	33,233	$	350,827	$	5,868		$	17		$	389,945

Net income								11,479						11,479
Adjustment to goodwill						718								718
Other comprehensive income, net of tax											(17	)		(17	)
Payment of common stock dividend								(60,000	)					(60,000	)
Payment of preferred stock dividend								(39	)					(39	)
Balance as of September 30, 2011		10,634,436	$	33,233	$	351,545	$	(42,692	)	$	-		$	342,086

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