NU Reports Fourth Quarter, Year-End 2009 Results, Affirms 2010 Earnings Guidance
HARTFORD, Conn., Feb. 23 /PRNewswire-FirstCall/ -- Northeast Utilities (NYSE: NU) today reported earnings for the fourth quarter of 2009 of $84.7 million, or $0.48 per share, compared with $71.9 million, or $0.46 per share, in the fourth quarter of 2008. NU earned $330 million, or $1.91 per share, in 2009, compared with $260.8 million, or $1.67 per share, in 2008.
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Full year results for 2008 included an after-tax charge of $29.8 million, or $0.19 per share(1), associated with the settlement of litigation in the first quarter of 2008. Excluding that charge, NU earned $290.6 million, or $1.86 per share(1), in 2008.
NU’s earnings per share rose by approximately 2.7 percent for the full year of 2009, compared with the same period of 2008, excluding the impact of the 2008 litigation charge. Both fourth quarter and full year 2009 earnings per share levels reflect the issuance of nearly 19 million additional NU common shares in March 2009.
“We are pleased with our overall performance in a difficult economy in 2009,” said Charles W. Shivery, NU’s chairman, president and chief executive officer. “However, while the other segments of our company performed well, the financial results of our four distribution businesses continued to be disappointing. Those businesses were clearly weakened by economic factors, even though we maintained tight control of our operating costs and continued to invest in the energy infrastructure needed to serve our customers and our region.”
NU’s retail electric sales declined 3.5 percent in 2009, compared with 2008. They were down 2.1 percent on a weather-adjusted basis. Fourth quarter retail electric sales were down 2 percent in 2009, compared with 2008. They were down 1.7 percent on a weather-adjusted basis. Yankee Gas Services Company firm natural gas sales were up 3.8 percent in the fourth quarter of 2009, compared with the same period of 2008. They were up 5.8 percent on a weather-adjusted basis. For all of 2009, Yankee Gas firm sales were up 6.9 percent compared with the full year of 2008, and up 5 percent on a weather-adjusted basis.
2010 earnings guidance
Today NU affirmed its 2010 earnings guidance of between $1.80 per share and $2.00 per share. The guidance reflects projected 2010 distribution and generation segment earnings of between $0.95 per share and $1.05 per share(1); transmission segment earnings of between $0.90 per share and $0.95 per share(1); competitive business earnings of between $0.00 per share and $0.05 per share(1); and NU parent and other expenses of approximately $0.05 per share(1).
2009 Results - Transmission
NU’s transmission segment earned $44.4 million in the fourth quarter of 2009, compared with $34.7 million in the fourth quarter of 2008, and $164.3 million for the full year of 2009, compared with $138.3 million for the full year of 2008. The increases in fourth quarter and full year net income in 2009, compared with the same periods of 2008, primarily reflect NU’s increased investment in transmission infrastructure.
2009 Results - Distribution and Generation
NU’s distribution and generation segment earned $39.2 million in the fourth quarter of 2009, compared with $36 million in the fourth quarter of 2008, and $159.2 million for the full year of 2009, compared with $150.8 million for the full year of 2008.
The Connecticut Light and Power Company’s (CL&P) distribution segment earned $19 million in the fourth quarter of 2009, compared with $12.8 million in the fourth quarter of 2008 and $74 million for the full year of 2009, compared with $70 million for the full year of 2008. Improved fourth quarter results were due in part to the absence of a $3.5 million after-tax charge that CL&P recorded in the fourth quarter of 2008 related to a regulatory decision concerning 2004 power procurement. Full year 2009 results reflect the benefit of a distribution rate increase that took effect in February 2009 and lower operating and storm costs largely offset by a 3.8 percent decline in retail sales, higher depreciation, pension and tax expense, and the impact of higher uncollectible customer accounts. CL&P’s distribution regulatory return on equity (ROE) for 2009 was 7.3 percent, well below its current authorized level of 9.4 percent.
Public Service Company of New Hampshire’s (PSNH) distribution and generation segment earned $11.3 million in the fourth quarter of 2009 and $47.5 million for the full year of 2009, compared with $9.1 million in the fourth quarter of 2008 and $41.4 million for the full year of 2008. Higher generation-related earnings and a temporary distribution rate increase effective August 1, 2009, were partially offset by higher operation, depreciation, pension and tax expense. PSNH’s distribution regulatory ROE for 2009, excluding earnings on PSNH generating facilities, was approximately 3.6 percent, compared with its current authorized level of 9.67 percent.
Both CL&P and PSNH have filed with their respective state regulators for increases in distribution rates, and decisions are expected in mid-2010. “These cases are critical in our efforts to achieve reasonable returns on the significant investments NU shareholders have made in the electric distribution infrastructure of Connecticut and New Hampshire,” Shivery said.
Western Massachusetts Electric Company’s (WMECO) distribution segment earned $3.2 million in the fourth quarter of 2009 and $16.7 million for the full year of 2009, compared with $2.2 million in the fourth quarter of 2008 and $12.3 million for the full year of 2008. Improved full year 2009 results were largely due to the absence of charges WMECO recorded in 2008. WMECO’s distribution regulatory ROE was 8.4 percent in 2009.
Yankee Gas earned $5.7 million in the fourth quarter of 2009, compared with $11.9 million in the fourth quarter of 2008. Yankee Gas earned $21 million for the full year of 2009, compared with $27.1 million for the full year of 2008. Lower fourth quarter and full year 2009 results were primarily due to higher expense related to uncollectible customer accounts. That expense was $4.4 million higher on an after-tax basis in the fourth quarter of 2009 and $6.9 million higher on an after-tax basis for the full year of 2009, compared with the same periods of 2008. Yankee Gas’ regulatory ROE was 6.6 percent in 2009.
2009 Results - Competitive businesses
NU Enterprises, Inc. (NUEI), the holding company for NU’s competitive businesses, earned $4.2 million in the fourth quarter of 2009, compared with earnings of $4.3 million in the fourth quarter of 2008. NUEI earned $15.8 million for all of 2009, compared with earnings of $13.1 million for all of 2008. The improved results reflect stronger operating margins and the absence of a $3.2 million net charge in 2008 relating to the adoption of accounting guidance for fair value measurements, which affected the valuation of NUEI’s wholesale obligations that are marked to market.
2009 Results - NU Parent and other companies
NU parent and other companies had net expenses of $3.1 million in the fourth quarters of both 2009 and 2008. For the full year of 2009, NU parent and other companies had net expenses of $9.3 million, compared with net expenses of $41.4 million for the full year of 2008, including the aforementioned $29.8 million litigation charge.
The following table reconciles 2009 and 2008 fourth-quarter and full year
results.
Fourth Full
Quarter(1) Year(1)
2008 Reported EPS $0.46 $1.67
2008 EPS excluding impact of $0.19
per share 2008 litigation settlement
charge $0.46 $1.86
Improved transmission earnings in
2009 $0.03 $0.06
Lower distribution/generation
results in 2009 --- ($0.04)
Parent/Other results in 2009,
excluding litigation settlement
impact --- $0.02
Improved/lower competitive business
results in 2009 ($0.01) $0.01
2009 Reported EPS $0.48 $1.91
Financial results for the fourth quarter and full year 2008 and 2009 are noted below.
Three months ended:
December 31, December 31, Increase 2009
(in millions, except EPS) 2009 2008 (Decrease) EPS(1)
CL&P Distribution $19.0 $12.8 $6.2 $0.11
PSNH Distribution/
Generation $11.3 $9.1 $2.2 $0.07
WMECO Distribution $3.2 $2.2 $1.0 $0.02
Yankee Gas $5.7 $11.9 ($6.2) $0.03
Total-Distribution/
Generation $39.2 $36.0 $3.2 $0.23
CL&P Transmission $37.9 $29.1 $8.8 $0.22
PSNH Transmission $4.0 $4.3 ($0.3) $0.02
WMECO Transmission $2.5 $1.3 $1.2 $0.01
Total-Transmission $44.4 $34.7 $9.7 $0.25
NU parent and other
companies ($3.1) ($3.1) --- ($0.02)
Competitive $4.2 $4.3 ($0.1) $0.02
Reported Earnings $84.7 $71.9 $12.8 $0.48
12 months ended:
(in millions, December 31, December 31, Increase 2009
except EPS) 2009(1) 2008(1) (Decrease) EPS(1)
CL&P Distribution $74.0 $70.0 $4.0 $0.42
PSNH Distribution/
Generation $47.5 $41.4 $6.1 $0.28
WMECO Distribution $16.7 $12.3 $4.4 $0.10
Yankee Gas $21.0 $27.1 ($6.1) $0.12
Total-Distribution/
Generation $159.2 $150.8 $8.4 $0.92
CL&P Transmission $136.8 $115.6 $21.2 $0.80
PSNH Transmission $18.0 $16.7 $1.3 $0.10
WMECO Transmission $9.5 $6.0 $3.5 $0.05
Total-Transmission $164.3 $138.3 $26.0 $0.95
NU parent and other
companies, excluding
litigation charge ($9.3) ($11.6) $2.3 ($0.05)
Competitive $15.8 $13.1 $2.7 $0.09
Total before litigation
settlement impact $330.0 $290.6 $39.4 $1.91
Litigation charge --- ($29.8) $29.8 ---
Reported Earnings $330.0 $260.8 $69.2 $1.91
Retail sales data:
Gwh for three months
ended December 31, December 31, % Change % Change
2009 2008 Actual Weather Norm.
CL&P 5,452 5,644 (3.4) (3.1)
PSNH 1,927 1,875 2.8 2.9
WMECO 895 926 (3.3) (2.9)
Total NU 8,270 8,441 (2.0) (1.7)
Gwh for 12 months
ended
CL&P 22,266 23,145 (3.8) (2.1)
PSNH 7,750 7,926 (2.2) (1.4)
WMECO 3,644 3,829 (4.8) (3.4)
Total NU 33,645 34,883 (3.5) (2.1)
Yankee Gas firm
volumes in mmcf for
three months ended 12,688 12,218 3.8 5.8
Yankee Gas firm
volumes in mmcf for
12 months ended 42,450 39,722 6.9 5.0
NU has approximately 176 million common shares outstanding. It operates New England’s largest energy delivery system, serving more than 2 million customers in Connecticut, New Hampshire and Massachusetts.
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 involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, actions or inaction of local, state and federal regulatory and taxing bodies; changes in business and economic conditions, including their impact on interest rates, bad debt expense and demand for NU’s products and services; changes in weather patterns; changes in laws, regulations or regulatory policy; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make NU’s 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 NUEI’s 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 NU’s reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and NU undertakes 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 parent. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocated to such business, but rather represent a direct interest in NU's assets and liabilities as a whole. EPS by business 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 business by the weighted average fully diluted NU parent common shares outstanding for the period. Management uses this non-GAAP financial measure to evaluate earnings results and to provide details of earnings results and guidance by business. Management believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NU’s businesses. This release references NU’s 2008 earnings and EPS excluding a significant charge associated with a litigation settlement payment, 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 NU’s performance and provides additional and useful information to readers of this news release in analyzing historical and future performance. These non-GAAP financial measures should not be considered as alternatives to NU consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of NU’s operating performance.
Note: NU will webcast a conference call with investors on Wednesday, February 24, 2010, at 1 p.m. Eastern Standard Time. The webcast can be accessed through NU’s website at www.nu.com.
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Thousands of Dollars, except For the Years Ended December 31,
share information) 2009 2008 2007
----------------------------- ---- ---- ----
Operating Revenues $5,439,430 $5,800,095 $5,822,226
---------- ---------- ----------
Operating Expenses:
Operation -
Fuel, purchased and net
interchange power 2,629,619 2,996,180 3,350,673
Other 1,001,190 1,021,704 961,285
Maintenance 234,173 254,038 211,589
Depreciation 309,618 278,588 265,297
Amortization of regulatory
assets, net 13,315 186,396 40,674
Amortization of rate reduction
bonds 217,941 204,859 201,039
Taxes other than income taxes 282,199 267,565 252,188
------- ------- -------
Total operating expenses 4,688,055 5,209,330 5,282,745
--------- --------- ---------
Operating Income 751,375 590,765 539,481
Interest Expense:
Interest on long-term debt 224,712 193,883 162,841
Interest on rate reduction bonds 36,524 50,231 61,580
Other interest 12,401 25,031 15,824
------ ------ ------
Interest expense, net 273,637 269,145 240,245
Other Income, Net 37,801 50,428 61,639
------ ------ ------
Income from Continuing Operations
Before Income Tax Expense 515,539 372,048 360,875
Income Tax Expense 179,947 105,661 109,420
------- ------- -------
Income from Continuing Operations 335,592 266,387 251,455
Discontinued Operations:
Income from discontinued
operations - - 435
Gains from sale/disposition
of discontinued operations - - 2,054
Income tax expense - - 1,902
-- -- -----
Income from Discontinued
Operations - - 587
-- -- ---
Net Income 335,592 266,387 252,042
Net Income Attributable to
Noncontrolling Interest:
Preferred dividends of
subsidiary 5,559 5,559 5,559
----- ----- -----
Net Income Attributable to
Controlling Interest $330,033 $260,828 $246,483
======== ======== ========
Basic Earnings Per Common Share:
Income from Continuing Operations
Attributable to Controlling
Interest $1.91 $1.68 $1.59
Income from Discontinued
Operations Attributable to
Controlling Interest - - -
-- -- --
Basic Earnings Per Common Share $1.91 $1.68 $1.59
===== ===== =====
Fully Diluted Earnings Per Common Share:
Income from Continuing Operations
Attributable to Controlling
Interest $1.91 $1.67 $1.59
Income from Discontinued Operations
Attributable to Controlling
Interest - - -
-- -- --
Fully Diluted Earnings Per Common
Share $1.91 $1.67 $1.59
===== ===== =====
Weighted Average Common Shares
Outstanding:
Basic 172,567,928 155,531,846 154,759,727
=========== =========== ===========
Fully Diluted 172,717,246 155,999,240 155,304,361
=========== =========== ===========
Amounts Attributable to Controlling
Interest:
Income from Continuing Operations $330,033 $260,828 $245,896
Income from Discontinued Operations - - 587
-- -- ---
Net Income Attributable to
Controlling Interest $330,033 $260,828 $246,483
======== ======== ========
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
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months
(Thousands of Dollars, except Ended December 31,
share information) 2009 2008
----------------------------- ---- ----
Operating Revenues $1,315,343 $1,447,886
---------- ----------
Operating Expenses:
Operation -
Fuel, purchased and net
interchange power 595,468 710,114
Other 268,628 266,398
Maintenance 67,361 55,146
Depreciation 77,793 72,796
Amortization of regulatory assets,
net (5,879) 54,210
Amortization of rate reduction
bonds 54,070 50,493
Taxes other than income taxes 65,548 67,432
------ ------
Total operating expenses 1,122,989 1,276,589
--------- ---------
Operating Income 192,354 171,297
Interest Expense:
Interest on long-term debt 56,521 51,550
Interest on rate reduction bonds 7,635 11,321
Other interest 3,911 6,676
----- -----
Interest expense, net 68,067 69,547
------ ------
Other Income, Net 11,720 8,818
------ -----
Income Before Income Tax Expense 136,007 110,568
Income Tax Expense 49,900 37,280
------ ------
Net Income 86,107 73,288
Net Income Attributable to
Noncontrolling Interest:
Preferred dividends of subsidiary 1,390 1,390
----- -----
Net Income Attributable to
Controlling Interest $84,717 $71,898
======= =======
Basic Earnings Per Common Share $0.48 $0.46
===== =====
Fully Diluted Earnings Per Common
Share $0.48 $0.46
===== =====
Dividends Declared Per Common Share $0.24 $0.21
===== =====
Weighted Average Common Shares Outstanding:
Basic 175,979,567 155,757,560
=========== ===========
Fully Diluted 176,270,244 156,282,835
=========== ===========
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
CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of December 31,
(Thousands of Dollars) 2009 2008
---------------------- ---- ----
ASSETS
------
Current Assets:
Cash and cash equivalents $26,952 $89,816
Receivables, net 512,770 698,755
Unbilled revenues 229,326 218,440
Fuel, materials and supplies -
current 277,085 300,049
Marketable securities - current 66,236 78,452
Derivative assets - current 31,785 31,373
Prepayments and other 123,700 88,679
------- ------
Total Current Assets 1,267,854 1,505,564
--------- ---------
Property, Plant and Equipment, Net 8,839,965 8,207,876
--------- ---------
Deferred Debits and Other Assets:
Regulatory assets 3,244,931 3,502,606
Goodwill 287,591 287,591
Marketable securities - long-term 54,905 30,757
Derivative assets - long-term 189,751 241,814
Other 172,682 212,272
------- -------
Total Deferred Debits and Other
Assets 3,949,860 4,275,040
--------- ---------
Total Assets $14,057,679 $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
CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of December 31,
(Thousands of Dollars) 2009 2008
---------------------- ---- ----
LIABILITIES AND CAPITALIZATION
------------------------------
Current Liabilities:
Notes payable to banks $100,313 $618,897
Long-term debt - current portion 66,286 54,286
Accounts payable 457,582 678,614
Accrued taxes 50,246 12,527
Accrued interest 83,763 69,818
Derivative liabilities - current 37,617 100,919
Other 183,605 168,401
------- -------
Total Current Liabilities 979,412 1,703,462
------- ---------
Rate Reduction Bonds 442,436 686,511
------- -------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,380,143 1,223,461
Accumulated deferred investment tax credits 22,145 25,371
Regulatory liabilities 485,706 592,540
Derivative liabilities - long-term 955,646 912,426
Accrued pension 781,431 740,930
Other 823,723 864,105
------- -------
Total Deferred Credits and Other Liabilities 4,448,794 4,358,833
--------- ---------
Capitalization:
Long-Term Debt 4,492,935 4,103,162
--------- ---------
Noncontrolling Interest in Consolidated Subsidiary:
Preferred stock not subject to mandatory
redemption 116,200 116,200
------- -------
Common Shareholders' Equity:
Common shares 977,276 881,061
Capital surplus, paid in 1,762,097 1,475,006
Deferred contribution plan - employee stock
ownership plan (2,944) (15,481)
Retained earnings 1,246,543 1,078,594
Accumulated other comprehensive loss (43,467) (37,265)
Treasury stock (361,603) (361,603)
-------- --------
Common Shareholders' Equity 3,577,902 3,020,312
--------- ---------
Total Capitalization 8,187,037 7,239,674
--------- ---------
Total Liabilities and Capitalization $14,057,679 $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
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Years Ended December 31,
(Thousands of Dollars) 2009 2008 2007
---------------------- ---- ---- ----
Operating Activities:
Net income $335,592 $266,387 $252,042
Adjustments to reconcile net
income to net cash flows provided
by operating activities:
Bad debt expense 53,947 28,573 29,140
Depreciation 309,618 278,588 265,297
Deferred income taxes 125,890 86,810 6,933
Pension and PBOP expense/
(income), net of capitalized
portion and PBOP contributions 21,572 (3,839) 10,865
Allowance for equity funds used
during construction (9,397) (29,028) (17,417)
Regulatory overrecoveries/
(refunds and underrecoveries),
net 37,868 (185,252) 48,725
Amortization of regulatory assets,
net 13,315 186,396 40,674
Amortization of rate reduction
bonds 217,941 204,859 201,039
Deferred contractual obligations (29,155) (32,326) (41,950)
Derivative assets and liabilities (18,798) (37,052) (43,808)
Other 12,549 9,567 (7,517)
Changes in current assets and
liabilities:
Receivables and unbilled revenues,
net 91,081 (141,879) (65,381)
Investments in securitizable assets - (25,787) 33,531
Fuel, materials and supplies 25,957 (74,531) (33,727)
Taxes receivable/accrued 16,194 63,251 (392,611)
Accounts payable (208,180) 72,791 (49,554)
Other current assets and
liabilities (6,876) (12,551) 17,713
------ ------- ------
Net cash flows provided by operating
activities 989,118 654,977 253,994
------- ------- -------
Investing Activities:
Investments in property and plant (908,146) (1,255,407) (1,114,824)
Proceeds from sales of marketable
securities 208,947 259,361 254,832
Purchases of marketable securities (211,243) (262,357) (261,777)
Rate reduction bond escrow and other
deposits 594 1,686 63,722
Other investing activities 7,369 3,360 (9,419)
----- ----- ------
Net cash flows used in investing
activities (902,479) (1,253,357) (1,067,466)
-------- ---------- ----------
Financing Activities:
Issuance of common shares 389,717 5,524 9,056
Cash dividends on common shares (162,381) (129,077) (120,988)
Cash dividends on preferred stock
of subsidiary (5,559) (5,559) (5,559)
(Decrease)/increase in short-term
debt (518,584) 539,897 79,000
Issuance of long-term debt 462,000 760,000 655,000
Retirements of long-term debt (54,286) (261,286) (4,877)
Retirements of rate reduction bonds (244,075) (230,925) (259,722)
Financing fees (17,262) (7,003) (8,620)
Other financing activities 927 1,521 3,375
--- ----- -----
Net cash flows (used in)/provided by
financing activities (149,503) 673,092 346,665
-------- ------- -------
Net (decrease)/increase in cash and
cash equivalents (62,864) 74,712 (466,807)
Cash and cash equivalents - beginning
of year 89,816 15,104 481,911
------ ------ -------
Cash and cash equivalents - end of year $26,952 $89,816 $15,104
======= ======= =======
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
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