Attached files
| file | filename |
|---|---|
| 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-99.1 - EXHIBIT 99.1 - UIL HOLDINGS CORP | ex99_1.htm |
| EX-99.2 - EXHIBIT 99.2 - UIL HOLDINGS CORP | ex99_2.htm |
EXHIBIT 99.3
FINANCIAL STATEMENTS
OF
THE SOUTHERN CONNECTICUT GAS COMPANY
AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010 AND
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
(UNAUDITED)
THE SOUTHERN CONNECTICUT GAS COMPANY
TABLE OF CONTENTS
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Page Number
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Financial Statements:
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Statement of Income for the three and nine months ended September 30, 2011 and 2010
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3
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Balance Sheet as of September 30, 2011 and December 31, 2010
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4
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Statement of Cash Flows for the nine months ended September 30, 2011 and 2010
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6
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Statement of Changes in Shareholder's Equity
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7
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THE SOUTHERN CONNECTICUT GAS COMPANY
STATEMENT OF INCOME
(In Thousands)
(Unaudited)
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||
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2011
|
2010
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2011
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2010
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|||||||||||||
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Operating Revenues
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$ | 50,114 | $ | 51,698 | $ | 276,815 | $ | 258,580 | ||||||||
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Operating Expenses
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Operation
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||||||||||||||||
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Natural gas purchased
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24,111 | 25,815 | 158,098 | 140,922 | ||||||||||||
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Operation and maintenance
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17,498 | 19,654 | 56,207 | 52,751 | ||||||||||||
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Depreciation and amortization
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4,296 | 4,410 | 12,807 | 13,176 | ||||||||||||
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Goodwill impairment charge
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- | - | - | 178,885 | ||||||||||||
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Taxes - other than income taxes
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3,360 | 3,315 | 15,232 | 15,472 | ||||||||||||
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Total Operating Expenses
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49,265 | 53,194 | 242,344 | 401,206 | ||||||||||||
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Operating Income
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849 | (1,496 | ) | 34,471 | (142,626 | ) | ||||||||||
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Other Income and (Deductions), net
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1,979 | 34 | 1,899 | 194 | ||||||||||||
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Interest Charges, net
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||||||||||||||||
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Interest on long-term debt
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3,262 | 3,978 | 9,778 | 12,092 | ||||||||||||
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Other interest, net
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245 | 244 | 1,045 | 675 | ||||||||||||
| 3,507 | 4,222 | 10,823 | 12,767 | |||||||||||||
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Amortization of debt expense and redemption premiums
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80 | 88 | 239 | 265 | ||||||||||||
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Total Interest Charges, net
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3,587 | 4,310 | 11,062 | 13,032 | ||||||||||||
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Income Before Income Taxes, Equity Earnings
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(759 | ) | (5,772 | ) | 25,308 | (155,464 | ) | |||||||||
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Income Taxes
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983 | (4,180 | ) | 11,829 | 8,071 | |||||||||||
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Net Income
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$ | (1,742 | ) | $ | (1,592 | ) | $ | 13,479 | $ | (163,535 | ) | |||||
THE SOUTHERN CONNECTICUT GAS COMPANY
STATEMENT OF COMPREHENSIVE INCOME
For the Three and Nine Months Ended September 30, 2011 and 2010
(Thousands of Dollars)
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
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September 30,
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September 30,
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|||||||||||||||
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2011
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2010
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2011
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2010
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Net Income
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$ | (1,742 | ) | $ | (1,592 | ) | $ | 13,479 | $ | (163,535 | ) | |||||
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Other Comprehensive Loss
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(979 | ) | - | (834 | ) | - | ||||||||||
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Comprehensive Income
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$ | (2,721 | ) | $ | (1,592 | ) | $ | 12,645 | $ | (163,535 | ) | |||||
3
THE SOUTHERN CONNECTICUT GAS COMPANY
BALANCE SHEET
ASSETS
(In Thousands)
(Unaudited)
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September 30,
2011 |
December 31,
2010 |
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Current Assets
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Unrestricted cash and temporary cash investments
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$ | 5,675 | $ | 11,542 | ||||
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Accounts receivable less allowance of $3,100 and $2,102, respectively
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39,267 | 52,718 | ||||||
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Unbilled revenues
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4,651 | 18,222 | ||||||
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Inter-company receivable
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9,973 | - | ||||||
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Current regulatory assets
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25,204 | 34,195 | ||||||
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Deferred income taxes
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1,442 | 1,919 | ||||||
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Natural gas in storage, at average cost
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47,803 | 48,578 | ||||||
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Materials and supplies
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1,583 | 883 | ||||||
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Prepayments
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4,415 | 4,418 | ||||||
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Derivative assets
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- | 4 | ||||||
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Total Current Assets
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140,013 | 172,479 | ||||||
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Other investments
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7,243 | 7,854 | ||||||
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Net Property, Plant and Equipment
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472,170 | 465,128 | ||||||
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Regulatory Assets (future amounts due from customers through the ratemaking process)
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131,812 | 160,505 | ||||||
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Deferred Charges and Other Assets
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Unamortized debt issuance expenses
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4,672 | 5,085 | ||||||
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Goodwill
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133,892 | 132,473 | ||||||
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Other
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2,720 | 1,025 | ||||||
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Total Deferred Charges and Other Assets
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141,284 | 138,583 | ||||||
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Total Assets
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$ | 892,522 | $ | 944,549 | ||||
4
THE SOUTHERN CONNECTICUT GAS COMPANY
BALANCE SHEET
LIABILITIES AND CAPITALIZATION
(In Thousands)
(Unaudited)
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September 30,
2011 |
December 31,
2010 |
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Current Liabilities
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Line of credit borrowings
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$ | - | $ | 7,000 | ||||
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Current portion of long-term debt
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2,517 | 33,713 | ||||||
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Accounts payable
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26,515 | 44,486 | ||||||
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Accrued liabilities
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8,557 | 11,863 | ||||||
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Current regulatory liabilities
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6,047 | 8,401 | ||||||
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Interest accrued
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1,808 | 1,788 | ||||||
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Taxes accrued
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2,902 | 6,337 | ||||||
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Total Current Liabilities
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48,346 | 113,588 | ||||||
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Noncurrent Liabilities
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Pension accrued
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33,360 | 41,048 | ||||||
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Other post-retirement benefits accrued
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20,891 | 20,284 | ||||||
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Other
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24,319 | 23,750 | ||||||
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Total Noncurrent Liabilities
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78,570 | 85,082 | ||||||
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Deferred Income Taxes (future tax liabilities owed to taxing authorities)
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16,635 | 5,664 | ||||||
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Regulatory Liabilities (future amounts owed to customers through the ratemaking process)
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109,806 | 128,670 | ||||||
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Commitments and Contingencies
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Capitalization
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Long-term debt
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238,860 | 190,751 | ||||||
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Common Stock Equity
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Common stock
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18,761 | 18,761 | ||||||
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Paid-in capital
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396,937 | 396,071 | ||||||
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Retained earnings
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(14,715 | ) | 5,806 | |||||
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Accumulated other comprehensive income
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(678 | ) | 156 | |||||
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Net Common Stock Equity
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400,305 | 420,794 | ||||||
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Total Capitalization
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639,165 | 611,545 | ||||||
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Total Liabilities and Capitalization
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$ | 892,522 | $ | 944,549 | ||||
5
THE SOUTHERN CONNECTICUT GAS COMPANY
STATEMENT OF CASH FLOWS
(In Thousands)
(Unaudited)
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Nine Months Ended
September 30, |
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2011
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2010
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Cash Flows From Operating Activities
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Net income
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$ | 13,479 | $ | (163,535 | ) | |||
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Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation and amortization
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13,046 | 13,176 | ||||||
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Deferred income taxes
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6,971 | (2,214 | ) | |||||
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Pension expense
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4,267 | 3,090 | ||||||
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Goodwill impairment charge
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- | 178,885 | ||||||
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Deferred purchased gas
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18,268 | 14,728 | ||||||
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Other non-cash items, net
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(1,004 | ) | (2,738 | ) | ||||
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Changes in:
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Accounts receivable, net
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12,859 | 7,611 | ||||||
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Unbilled revenues
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13,571 | 10,448 | ||||||
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Prepayments
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3 | 5,796 | ||||||
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Natural gas in storage
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775 | 6,242 | ||||||
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Accounts payable
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(19,932 | ) | (14,130 | ) | ||||
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Interest accrued
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20 | (886 | ) | |||||
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Taxes accrued
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(2,526 | ) | 3,878 | |||||
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Accrued liabilities
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(3,306 | ) | (799 | ) | ||||
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Accrued pension
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(10,697 | ) | 288 | |||||
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Other assets
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(1,097 | ) | 2,476 | |||||
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Other liabilities
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(4,496 | ) | (4,744 | ) | ||||
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Total Adjustments
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26,722 | 221,107 | ||||||
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Net Cash provided by Operating Activities
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40,201 | 57,572 | ||||||
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Cash Flows from Investing Activities
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Inter-company receivable
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(9,973 | ) | - | |||||
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Plant expenditures including AFUDC debt
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(14,442 | ) | (16,154 | ) | ||||
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Other
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(317 | ) | 419 | |||||
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Net Cash (used in) Investing Activities
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(24,732 | ) | (15,735 | ) | ||||
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Cash Flows from Financing Activities
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Issuances of long-term debt
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50,000 | - | ||||||
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Payments on long-term debt
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(30,000 | ) | - | |||||
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Line of credit borrowings (repayments)
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(7,000 | ) | (40,000 | ) | ||||
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Payment of common stock dividend
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(34,000 | ) | (14,000 | ) | ||||
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Other
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(336 | ) | - | |||||
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Net Cash provided by Financing Activities
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(21,336 | ) | (54,000 | ) | ||||
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Unrestricted Cash and Temporary Cash Investments:
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||||||||
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Net change for the period
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(5,867 | ) | (12,163 | ) | ||||
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Balance at beginning of period
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11,542 | 17,065 | ||||||
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Balance at end of period
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$ | 5,675 | $ | 4,902 | ||||
6
THE SOUTHERN CONNECTICUT GAS COMPANY
STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
September 30, 2011
(In Thousands)
(Unaudited)
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Accumulated
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Other
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Common Stock
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Paid-in
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Retained
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Comprehensive
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Shares
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Amount
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Capital
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Earnings
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Income
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Total
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Balance as of December 31, 2010
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1,407,072 | $ | 18,761 | $ | 396,071 | $ | 5,806 | $ | 156 | $ | 420,794 | |||||||||||||
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Net income
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13,479 | 13,479 | ||||||||||||||||||||||
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Adjustment to goodwill
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866 | 866 | ||||||||||||||||||||||
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Other comprehensive income, net of tax
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(834 | ) | (834 | ) | ||||||||||||||||||||
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Payment of common stock dividend
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(34,000 | ) | (34,000 | ) | ||||||||||||||||||||
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Balance as of September 30, 2011
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$ | 1,407,072 | $ | 18,761 | $ | 396,937 | $ | (14,715 | ) | $ | (678 | ) | $ | 400,305 | ||||||||||
7