Eversource 2002 Annual Report Download - page 38

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36
Consolidated Statements of Income
For the Years Ended December 31,
(Thousands of Dollars, except share information) 2002 2001 2000
Operating Revenues $5,216,321 $5,968,220 $5,876,620
Operating Expenses:
Operation –
Fuel, purchased and net interchange power 3,026,102 3,635,736 3,303,995
Other 752,482 773,058 866,742
Maintenance 263,487 258,961 255,884
Depreciation 205,646 201,013 239,798
Amortization 461,544 983,037 276,821
Taxes other than income taxes 227,518 219,197 238,587
Gain on sale of utility plant (187,113) (641,956) —
Total operating expenses 4,749,666 5,429,046 5,181,827
Operating Income 466,655 539,174 694,793
Interest Expense:
Interest on long-term debt 134,471 140,497 194,406
Interest on rate reduction bonds 115,791 87,616 —
Other interest 20,249 51,545 104,896
Interest expense, net 270,511 279,658 299,302
Other Income/(Loss), Net 43,828 187,627 (14,309)
Income Before Income Tax Expense 239,972 447,143 381,182
Income Tax Expense 82,304 173,952 161,725
Income Before Preferred Dividends of Subsidiaries 157,668 273,191 219,457
Preferred Dividends of Subsidiaries 5,559 7,249 14,162
Income Before Cumulative Effect of Accounting Change
and Extraordinary Loss, Net of Tax Benefits 152,109 265,942 205,295
Cumulative effect of accounting change, net of tax benefit of $14,908 — (22,432) —
Extraordinary loss, net of tax benefit of $169,562 — — (233,881)
Net Income/(Loss) $152,109 $243,510 $ (28,586)
Basic Earnings/(Loss) Per Common Share:
Income before cumulative effect of
accounting change and extraordinary loss, net of tax benefits $ 1.18 $1.97 $ 1.45
Cumulative effect of accounting change, net of tax benefit —(0.17) —
Extraordinary loss, net of tax benefit — — (1.65)
Basic Earnings/(Loss) Per Common Share $ 1.18 $1.80 $ (0.20)
Fully Diluted Earnings/(Loss) Per Common Share:
Income before cumulative effect of
accounting change and extraordinary loss, net of tax benefits $ 1.18 $1.96 $ 1.45
Cumulative effect of accounting change, net of tax benefit — (0.17) —
Extraordinary loss, net of tax benefit — —(1.65)
Fully Diluted Earnings/(Loss) Per Common Share $ 1.18 $1.79 $ (0.20)
Basic Common Shares Outstanding (average) 129,150,549 135,632,126 141,549,860
Fully Diluted Common Shares Outstanding (average) 129,341,360 135,917,423 141,967,216
Consolidated Statements of Comprehensive Income
For the Years Ended December 31,
(Thousands of Dollars) 2002 2001 2000
Net Income/(Loss) $152,109 $243,510 $(28,586)
Other Comprehensive Income/(Loss), Net of Tax:
Qualified cash flow hedging instruments 52,360 (36,859) —
Unrealized (losses)/gains on securities (5,121) 2,620 245
Minimum pension liability adjustments 158 ——
Other comprehensive income/(loss), net of tax 47,397 (34,239) 245
Comprehensive Income/(Loss) $199,506 $209,271 $(28,341)
The accompanying notes are an integral part of these consolidated financial statements.