Eversource 2003 Annual Report Download - page 14

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1998 1999 2000 2001 2002
$ 5,237
$ 5,761
$ 5,877
$ 4,471
$ 3,768
2003
$ 6,069
1998 1999 2000 2001 2002
$ 0.53
$ 0.45
$ 0.40
$ 0.10
$ 0.00
2003
$ 0.58
1998 1999 2000 2001 2002
$ 1.18
$ 1.79
$ (0.20)
$ 0.26
$ (1.12)
2003
$ 0.91
Earnings per Common Share (Dollars)
Dividends per Share (Dollars)
Revenues (Dollars in Millions)
In order to achieve these successes, we worked collaboratively
with New England regulators and policymakers at the state and
federal level. We constantly balanced customer needs with the
challenges and opportunities of our new competitive energy
markets in New England. In this way, we managed the transition
towards a deregulated market without disruption to our customers.
Financial stability,
accountable performance
Today, NU enjoys a stronger financial position than at any time
in our nearly 40-year history. We are well positioned for growth
with solid earnings capacity. While many of our peer companies
have cut their capital programs to maintain their credit ratings,
we enjoy opportunities for significant investments in our
regulated companies with a balance sheet to support them.
Our competitive businesses achieved an impressive turnaround
in performance in 2003. NU Enterprises saw strengthened
margins on Select Energy’s energy supply contracts, improved
risk and portfolio management, and optimized operation of
NU’s competitive generation facilities. Excluding the costs of the
wholesale power dispute, our competitive businesses earned
$32.2 million in 2003, or $0.25 per share, compared with a
loss of $53.2 million in 2002.
Performance of our regulated operating companies was strong
in 2003, with retail electric sales up 3.6 percent from 2002.
NU’s earnings per share benefited modestly last year from the
company’s share repurchase program. In the first quarter of
2003, NU repurchased approximately 1.5 million of its shares
at an average price of $13.73. While we have not purchased
additional shares since, the Board of Trustees has authorized
the repurchase of up to 10 million shares through July 1, 2005.
We estimate our 2004 earnings range at $1.20 to $1.40 per
share. In order to achieve this outcome, we must complete key
regulated capital initiatives, recover a reasonable and timely
return on these projects, and continue to manage and grow
our competitive energy businesses for increasing profitability.
Expansion and growth
Upgrading and expanding our energy transmission and delivery
systems are crucial to commerce, communication and the
economic vitality of our communities. As the largest electric
delivery system in New England, we have a critical responsibility
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