Attached files
| file | filename |
|---|---|
| 8-K - UIL HOLDINGS CORP 8-K 11-14-2012 - UIL HOLDINGS CORP | form8k.htm |
| EX-99.3 - EXHIBIT 99.3 - UIL HOLDINGS CORP | ex99_3.htm |
| EX-99.2 - EXHIBIT 99.2 - UIL HOLDINGS CORP | ex99_2.htm |
| EX-99.1 - EXHIBIT 99.1 - UIL HOLDINGS CORP | ex99_1.htm |
Exhibit 99.4
FINANCIAL STATEMENTS
OF
THE BERKSHIRE GAS COMPANY
AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011 AND
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
(UNAUDITED)
THE BERKSHIRE GAS COMPANY
TABLE OF CONTENTS
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Page
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Number
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Financial Statements:
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Statement of Income for the three and nine months ended September 30, 2012 and 2011
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3
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Balance Sheet as of September 30, 2012 and December 31, 2011
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4
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Statement of Cash Flows for the nine months ended September 30, 2012 and 2011
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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 BERKSHIRE GAS COMPANY
STATEMENT OF INCOME
(In Thousands)
(Unaudited)
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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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2012
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2011
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2012
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2011
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Operating Revenues
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$ | 5,946 | $ | 5,719 | $ | 40,947 | $ | 49,138 | ||||||||
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Operating Expenses
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Operation
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Natural gas purchased
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1,179 | 2,103 | 16,861 | 24,466 | ||||||||||||
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Operation and maintenance
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3,555 | 3,553 | 10,815 | 10,740 | ||||||||||||
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Depreciation and amortization
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1,668 | 1,220 | 4,980 | 4,847 | ||||||||||||
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Taxes - other than income taxes
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607 | 590 | 1,931 | 1,855 | ||||||||||||
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Total Operating Expenses
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7,009 | 7,466 | 34,587 | 41,908 | ||||||||||||
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Operating Income (Loss)
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(1,063 | ) | (1,747 | ) | 6,360 | 7,230 | ||||||||||
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Other Income and (Deductions), net
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347 | 308 | 1,682 | 756 | ||||||||||||
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Interest Charges, net
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Interest on long-term debt
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727 | 756 | 2,181 | 2,315 | ||||||||||||
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Other interest, net
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1 | 7 | 5 | 51 | ||||||||||||
| 728 | 763 | 2,186 | 2,366 | |||||||||||||
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Amortization of debt expense and redemption premiums
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29 | 35 | 88 | 68 | ||||||||||||
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Total Interest Charges, net
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757 | 798 | 2,274 | 2,434 | ||||||||||||
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Income Before Income Taxes, Equity Earnings
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(1,473 | ) | (2,237 | ) | 5,768 | 5,552 | ||||||||||
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Income Taxes
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(589 | ) | (889 | ) | 2,130 | 2,143 | ||||||||||
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Net Income (Loss)
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(884 | ) | (1,348 | ) | 3,638 | 3,409 | ||||||||||
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Less:
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Preferred Stock Dividends of Subsidiary, Noncontrolling Interests
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- | - | - | 2 | ||||||||||||
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Net Income (Loss) attributable to The Berkshire Gas Company
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$ | (884 | ) | $ | (1,348 | ) | $ | 3,638 | $ | 3,407 | ||||||
THE BERKSHIRE GAS COMPANY
STATEMENT OF COMPREHENSIVE INCOME
(Thousands of Dollars)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2012
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2011
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2012
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2011
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Net Income (Loss)
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$ | (884 | ) | $ | (1,348 | ) | $ | 3,638 | $ | 3,409 | ||||||
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Other Comprehensive Income (Loss), net
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21 | (22 | ) | 45 | (16 | ) | ||||||||||
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Less:
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Preferred Stock Dividends of Subsidiary, Noncontrolling Interests
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- | - | - | 2 | ||||||||||||
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Comprehensive Income (Loss)
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$ | (863 | ) | $ | (1,370 | ) | $ | 3,683 | $ | 3,391 | ||||||
3
THE BERKSHIRE GAS COMPANY
BALANCE SHEET
ASSETS
(In Thousands)
(Unaudited)
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September 30,
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December 31,
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2012
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2011
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Current Assets
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Unrestricted cash and temporary cash investments
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$ | 978 | $ | 2,474 | ||||
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Accounts receivable less allowance of $692 and $839, respectively
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3,067 | 7,457 | ||||||
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Unbilled revenues
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984 | 1,556 | ||||||
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Current regulatory assets
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938 | 938 | ||||||
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Deferred income taxes
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909 | 909 | ||||||
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Natural gas in storage, at average cost
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3,947 | 4,799 | ||||||
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Materials and supplies, at average cost
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825 | 534 | ||||||
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Prepayments
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2,006 | 1,921 | ||||||
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Current portion of derivative assets
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1,000 | - | ||||||
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Total Current Assets
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14,654 | 20,588 | ||||||
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Other investments
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1,391 | 1,432 | ||||||
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Net Property, Plant and Equipment
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121,023 | 115,230 | ||||||
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Regulatory Assets (future amounts owed from customers through the ratemaking process)
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43,605 | 44,928 | ||||||
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Deferred Charges and Other Assets
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Unamortized debt issuance expenses
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976 | 1,028 | ||||||
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Goodwill
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51,933 | 52,525 | ||||||
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Total Deferred Charges and Other Assets
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52,909 | 53,553 | ||||||
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Total Assets
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$ | 233,582 | $ | 235,731 | ||||
4
THE BERKSHIRE GAS COMPANY
BALANCE SHEET
LIABILITIES AND CAPITALIZATION
(In Thousands)
(Unaudited)
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September 30,
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December 31,
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2012
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2011
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Current Liabilities
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Current portion of long-term debt
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$ | 2,393 | $ | 2,393 | ||||
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Accounts payable
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2,291 | 4,757 | ||||||
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Accrued liabilities
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9,489 | 10,203 | ||||||
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Current regulatory liabilities
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- | 685 | ||||||
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Interest accrued
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399 | 848 | ||||||
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Taxes accrued
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4,619 | 3,000 | ||||||
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Total Current Liabilities
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19,191 | 21,886 | ||||||
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Noncurrent Liabilities
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Pension accrued
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2,792 | 2,823 | ||||||
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Environmental remediation costs
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5,095 | 5,095 | ||||||
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Other
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10,468 | 10,555 | ||||||
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Total Noncurrent Liabilities
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18,355 | 18,473 | ||||||
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Deferred Income Taxes (future tax liabilities owed to taxing authorities)
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17,180 | 16,480 | ||||||
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Regulatory Liabilities (future amounts owed to customers through the ratemaking process)
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34,723 | 32,740 | ||||||
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Commitments and Contingencies
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Capitalization
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Long-term debt
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37,170 | 37,872 | ||||||
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Common Stock Equity
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Paid-in capital
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106,095 | 106,095 | ||||||
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Retained earnings
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851 | 2,213 | ||||||
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Accumulated other comprehensive loss
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17 | (28 | ) | |||||
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Net Common Stock Equity
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106,963 | 108,280 | ||||||
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Total Capitalization
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144,133 | 146,152 | ||||||
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Total Liabilities and Capitalization
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$ | 233,582 | $ | 235,731 | ||||
5
THE BERKSHIRE GAS COMPANY
STATEMENT OF CASH FLOWS
(In Thousands)
(Unaudited)
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Nine Months Ended
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September 30,
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2012
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2011
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Cash Flows From Operating Activities
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Net income
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$ | 3,638 | $ | 3,409 | ||||
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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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5,058 | 4,915 | ||||||
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Deferred income taxes
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(410 | ) | (1,594 | ) | ||||
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Pension expense (income)
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827 | (81 | ) | |||||
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Other non-cash items, net
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82 | 3,672 | ||||||
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Changes in:
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Accounts receivable, net
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4,536 | 4,418 | ||||||
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Unbilled revenues
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573 | 1,291 | ||||||
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Natural gas in storage
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852 | 320 | ||||||
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Accounts payable
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(2,705 | ) | (1,855 | ) | ||||
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Interest accrued
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(449 | ) | (461 | ) | ||||
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Taxes accrued
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1,620 | 1,429 | ||||||
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Accrued pension
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(859 | ) | (19 | ) | ||||
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Accrued liabilities
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(714 | ) | 367 | |||||
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Other assets
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(113 | ) | 240 | |||||
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Other liabilities
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(359 | ) | (605 | ) | ||||
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Total Adjustments
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7,939 | 12,037 | ||||||
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Net Cash provided by Operating Activities
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11,577 | 15,446 | ||||||
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Cash Flows from Investing Activities
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Plant expenditures including AFUDC debt
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(8,114 | ) | (5,969 | ) | ||||
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Other
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41 | 122 | ||||||
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Net Cash (used in) Investing Activities
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(8,073 | ) | (5,847 | ) | ||||
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Cash Flows from Financing Activities
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Payment of long-term debt
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- | (3,000 | ) | |||||
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Payment of common stock dividend
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(5,000 | ) | (3,000 | ) | ||||
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Other
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- | (76 | ) | |||||
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Net Cash (used in) Financing Activities
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(5,000 | ) | (6,076 | ) | ||||
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Unrestricted Cash and Temporary Cash Investments:
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Net change for the period
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(1,496 | ) | 3,523 | |||||
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Balance at beginning of period
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2,474 | 5,993 | ||||||
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Balance at end of period
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$ | 978 | $ | 9,516 | ||||
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Non-cash investing activity:
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Plant expenditures included in ending accounts payable
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$ | 238 | $ | 3 | ||||
6
THE BERKSHIRE GAS COMPANY
STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
September 30, 2012
(Thousands of Dollars)
(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 (Loss)
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Total
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Balance as of December 31, 2011
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100 | $ | - | $ | 106,095 | $ | 2,213 | $ | (28 | ) | $ | 108,280 | ||||||||||||
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Net income
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3,638 | 3,638 | ||||||||||||||||||||||
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Other comprehensive income, net of tax
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45 | 45 | ||||||||||||||||||||||
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Payment of common stock dividend
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(5,000 | ) | (5,000 | ) | ||||||||||||||||||||
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Balance as of September 30, 2012
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100 | $ | - | $ | 106,095 | $ | 851 | $ | 17 | $ | 106,963 | |||||||||||||
7