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NU Reports First Quarter Results
(Logo: http://www.newscom.com/cgi-bin/prnh/20060728/NORTHEASTUTILOGO )
Charles W. Shivery, NU chairman, president and chief executive officer, attributed the improved operating results to the company's continued investment in its regulated transmission and distribution infrastructure. Shivery also said NU completed a number of significant financings since the beginning of 2009. On
"These financings, which were completed successfully in a difficult market, will help provide us with the capital that is required as we continue to upgrade the energy infrastructure of New England," Shivery said.
In the first three months of 2009, NU's capital expenditures totaled
2009 earnings guidance
NU today affirmed its 2009 consolidated earnings guidance of between
Regulated company results
NU's transmission earnings were
CL&P's distribution earnings were
Public Service Company of New Hampshire's distribution and generation earnings were
Western Massachusetts Electric Company's distribution earnings were
Yankee Gas Services Company earned
Overall electric sales were down 1.5 percent in the first quarter of 2009, compared with the same three months of 2008, and were 3.0 percent lower on a weather adjusted basis. However, residential sales, which accounted for nearly 50 percent of total retail sales, increased in the first quarter of 2009 by 4.1 percent over the same period of last year.
Competitive businesses
NU's remaining competitive energy businesses earned
Parent and other companies
NU parent and other companies recorded net expenses of
The following table reconciles 2009 and 2008 first-quarter results:
First Quarter
2008 Reported EPS $0.38
Litigation settlement charge in 2008 $0.19
Reported EPS before litigation charge in 2008 $0.57
Higher transmission earnings in 2009 $0.01
Higher regulated distribution and generation
earnings in 2009 $0.01
Lower Parent results in 2009, ex. impact of
2008 litigation charge ($0.02)
Higher competitive business earnings in 2009 $0.03
2009 Reported EPS $0.60
Financial results for the first quarter of 2009 and 2008 for NU's regulated and competitive segments and parent and other companies are noted below:
Three months ended:
(in millions, except EPS)
March 31, March 31, Increase 2009
2009 2008 (Decrease) EPS(1)
CL&P Distribution $21.6 $18.9 $2.7 $0.13
PSNH Distribution/Generation $13.5 $11.5 $2.0 $0.08
WMECO Distribution $4.8 $4.8 --- $0.03
Yankee Gas $19.3 $18.6 $0.7 $0.12
Total--Distribution/Generation $59.2 $53.8 $5.4 $0.36
CL&P Transmission $30.1 $25.8 $4.3 $0.19
PSNH Transmission $4.0 $5.2 ($1.2) $0.02
WMECO Transmission $1.3 $1.5 ($0.2) $0.01
Total-Transmission $35.4 $32.5 $2.9 $0.22
Total-Competitive $5.8 $1.9 $3.9 $0.04
NU Parent and Other Companies,
ex. litigation charge ($2.7) -- ($2.7) ($0.02)
Total-ex. litigation charge $97.7 $88.2 $9.5 $0.60
Litigation charge --- ($29.8) $29.8 N/A
Reported Earnings $97.7 $58.4 $39.3 $0.60
Retail sales data:
% Change
Gwh for three months ended March 31, March 31, % Change Weather
2009 2008 Actual Norm.
CL&P 5,880 5,972 (1.5%) (3.2%)
PSNH 2,040 2,055 (0.7%) (1.8%)
WMECO 972 1,004 (3.2%) (4.4%)
Total NU 8,888 9,026 (1.5%) (3.0%)
Yankee Gas firm volumes in mmcf
for three months ended 17,034 15,101 12.8% 7.2%
Including the
This news release includes statements concerning NU's expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, readers can identify these forward-looking statements through the use of words or phrases such as "estimate", "expect", "anticipate", "intend", "plan", "project," "believe", "forecast", "should", "could", and other similar expressions. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that could cause our actual results to differ materially from those contained in our forward-looking statements, including, but not limited to, actions or inaction by local, state and federal regulatory bodies; changes in business and economic conditions, including their impact on interest rates, bad debt expense and demand for our products and services; changes in weather patterns; changes in laws, regulations or regulatory policy; changes in levels and timing of capital expenditures; disruptions of the capital markets or other events that make our access to necessary capital more difficult or costly; developments in legal or public policy doctrines; technological developments; changes in accounting standards and financial reporting regulations; fluctuations in the value of our remaining competitive electricity positions; actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in our reports to the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events.
(1) All per share amounts in this news release are reported on a fully diluted basis. The only common equity securities that are publicly traded are common shares of NU. The earnings and EPS of each segment do not represent a direct legal interest in the assets and liabilities allocated to any one segment but rather represent a direct interest in NU's assets and liabilities as a whole. EPS by segment is a non-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to controlling interests of each segment by the average fully diluted NU common shares outstanding for the period. Management uses this measure to provide actual and projected earnings by segment and believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NU's business segments. This release also references our 2008 earnings and EPS excluding a significant charge associated with a litigation settlement payment made to Consolidated Edison, which are non-GAAP measures. Due to the nature and significance of the litigation charge, management believes that this non-GAAP presentation is more representative of our performance and provides additional and useful information to investors in analyzing historical and future performance. These non-GAAP measures should not be considered alternatives to NU consolidated net income attributable to controlling interests and EPS determined in accordance with GAAP as an indicator of NU's operating performance.
Note: NU will webcast a discussion concerning its first quarter 2009
results tomorrow,
The webcast can be accessed through NU's website at www.nu.com.
NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
(Thousands of Dollars) 2009 2008
------------------------ ---- ----
ASSETS
------
Current Assets:
Cash and cash equivalents $416,828 $89,816
Receivables, less provision for
uncollectible accounts of $51,054
in 2009 and $43,275 in 2008 695,599 698,755
Unbilled revenues 198,109 218,440
Fuel, materials and supplies 235,717 300,049
Marketable securities - current 76,789 78,452
Derivative assets - current 8,734 31,373
Prepayments and other 115,392 88,679
------- ------
1,747,168 1,505,564
--------- ---------
Property, Plant and Equipment:
Electric utility 9,324,237 9,219,351
Gas utility 1,051,271 1,043,687
Other 294,296 290,156
------- -------
10,669,804 10,553,194
Less: Accumulated depreciation:
$2,652,256 for electric And
gas utility and $158,977 for
other in 2009; $2,610,479 for
electric and gas utility and
$159,639 for other in 2008 2,811,233 2,770,118
--------- ---------
7,858,571 7,783,076
Construction work in progress 454,965 424,800
------- -------
8,313,536 8,207,876
--------- ---------
Deferred Debits and Other Assets:
Regulatory assets 3,437,996 3,502,606
Goodwill 287,591 287,591
Marketable securities - long-term 29,841 30,757
Derivative assets - long-term 229,265 241,814
Other 228,189 212,272
------- -------
4,212,882 4,275,040
--------- ---------
Total Assets $14,273,586 $13,988,480
=========== ===========
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 BALANCE SHEETS
(Unaudited)
March 31, December 31,
(Thousands of Dollars) 2009 2008
------------------------ ---- ----
LIABILITIES AND CAPITALIZATION
------------------------------
Current Liabilities:
Notes payable to banks $493,988 $618,897
Long-term debt - current portion 54,286 54,286
Accounts payable 466,286 678,614
Accrued taxes 51,405 12,527
Accrued interest 74,682 69,818
Derivative liabilities - current 107,147 100,919
Other 133,452 168,401
------- -------
1,381,246 1,703,462
--------- ---------
Rate Reduction Bonds 624,060 686,511
------- -------
Deferred Credits and Other
Liabilities:
Accumulated deferred income taxes 1,257,974 1,223,461
Accumulated deferred
investment tax credits 24,658 25,371
Deferred contractual obligations 185,601 193,016
Regulatory liabilities 555,519 592,540
Derivative liabilities - long-term 897,939 912,426
Accrued pension 743,298 740,930
Accrued postretirement benefits 236,031 240,371
Other 441,808 430,718
------- -------
4,342,828 4,358,833
--------- ---------
Capitalization:
Long-Term Debt 4,353,180 4,103,162
--------- ---------
Noncontrolling interest in
consolidated subsidiary -
Preferred stock - non-redeemable 116,200 116,200
------- -------
Common Shareholders' Equity:
Common shares, $5 par value -
authorized 225,000,000 shares;
195,344,140 shares issued
and 175,098,530 shares outstanding
in 2009 and 176,212,275 shares
issued and 155,834,361 shares
outstanding in 2008 976,721 881,061
Capital surplus, paid in 1,751,499 1,475,006
Deferred contribution plan -
employee stock ownership plan (12,418) (15,481)
Retained earnings 1,138,969 1,078,594
Accumulated other
comprehensive loss (37,096) (37,265)
Treasury stock, 19,708,136 shares
in 2009 and 2008 (361,603) (361,603)
-------- --------
Common Shareholders' Equity 3,456,072 3,020,312
--------- ---------
Total Capitalization 7,925,452 7,239,674
--------- ---------
Total Liabilities and Capitalization $14,273,586 $13,988,480
=========== ===========
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 INCOME
(Unaudited)
Three Months Ended
(Thousands of Dollars, except March 31,
share information) 2009 2008
----------------------------- ---- ----
Operating Revenues $1,593,483 $1,519,967
---------- ----------
Operating Expenses:
Operation -
Fuel, purchased and net
interchange power 838,920 823,317
Other 247,445 285,881
Maintenance 48,836 56,709
Depreciation 76,983 67,754
Amortization of regulatory assets, net 21,691 28,855
Amortization of rate reduction bonds 55,897 53,350
Taxes other than income taxes 86,429 71,829
------ ------
Total operating expenses 1,376,201 1,387,695
--------- ---------
Operating Income 217,282 132,272
Interest Expense:
Interest on long-term debt 55,684 42,773
Interest on rate reduction bonds 10,625 13,716
Other interest 4,668 6,152
----- -----
Interest expense, net 70,977 62,641
------ ------
Other Income, Net 4,182 13,558
----- ------
Income Before Income Tax Expense 150,487 83,189
Income Tax Expense 51,423 23,406
------ ------
Net Income 99,064 59,783
Net Income Attributable to
Noncontrolling Interests 1,390 1,390
----- -----
Net Income Attributable to
Controlling Interests $97,674 $58,393
======= =======
Basic and Fully Diluted Earnings
Per Common Share $0.60 $0.38
===== =====
Basic Common Shares Outstanding
(weighted average) 162,340,475 155,286,111
=========== ===========
Fully Diluted Common Shares Outstanding
(weighted average) 162,925,167 155,721,610
=========== ===========
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) 2009 2008
----------------------- ---- ----
Operating Activities:
Net income $99,064 $59,783
Adjustments to reconcile to net
cash flows provided by operating activities:
Bad debt expense 9,507 6,542
Depreciation 76,983 67,754
Deferred income taxes 17,178 29,009
Pension and PBOP expense/
(income), net of capitalized
portion, and contributions 6,703 (2,401)
Other-than-temporary impairments of
marketable securities 3,462 3,186
Regulatory refunds and underrecoveries (29,939) (84,348)
Amortization/(deferral) of recoverable
energy costs 15,245 (2,772)
Amortization of regulatory assets, net 21,691 28,855
Amortization of rate reduction bonds 55,897 53,350
Deferred contractual obligations (8,666) (8,620)
Derivative assets and liabilities (14,769) (17,208)
Other (6,912) (5,948)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net 10,483 (32,510)
Investments in securitizable assets - 33,316
Fuel, materials and supplies 51,171 55,163
Other current assets (1,541) (4,646)
Accounts payable (174,497) (17,912)
Margin special deposits (10,582) 7,157
Taxes receivable/accrued 43,270 (28,122)
Other current liabilities (23,795) (41,902)
------- -------
Net cash flows provided by operating
activities 139,953 97,726
------- ------
Investing Activities:
Investments in property and plant (208,896) (288,135)
Proceeds from sales of marketable
securities 52,933 67,509
Purchases of marketable securities (54,557) (68,564)
Rate reduction bond escrow and other
deposits (1,480) 9,394
Other investing activities 2,853 1,840
----- -----
Net cash flows used in investing
activities (209,147) (277,956)
-------- --------
Financing Activities:
Issuance of common shares 387,350 4,041
Cash dividends on common shares (37,207) (31,283)
Cash dividends on preferred stock of
subsidiary (1,390) (1,390)
(Decrease)/increase in short-term debt (124,909) 279,000
Issuance of long-term debt 250,000 -
Retirements of rate reduction bonds (62,451) (61,136)
Financing fees (15,205) -
Other financing activities 18 868
-- ---
Net cash flows provided by financing
activities 396,206 190,100
------- -------
Net increase in cash and cash
equivalents 327,012 9,870
Cash and cash equivalents - beginning
of period 89,816 15,104
------ ------
Cash and cash equivalents - end
of period $416,828 $24,974
======== =======
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.
SOURCE Northeast Utilities