Eversource 2003 Annual Report Download - page 47

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45
Consolidated Statements of Income
For the Years Ended December 31,
(Thousands of Dollars, except share information) 2003 2002 2001
Operating Revenues $6,069,156 $5,237,000 $5,760,949
Operating Expenses:
Operation —
Fuel, purchased and net interchange power 3,730,416 3,046,781 3,428,465
Other 900,437 752,482 773,058
Maintenance 232,030 263,487 258,961
Depreciation 204,388 205,646 201,013
Amortization 182,675 312,955 884,624
Amortization of rate reduction bonds 153,172 148,589 98,413
Taxes other than income taxes 232,672 227,518 219,197
Gain on sale of utility plant —(187,113) (641,956)
Total operating expenses 5,635,790 4,770,345 5,221,775
Operating Income 433,366 466,655 539,174
Interest Expense:
Interest on long-term debt 126,259 134,471 140,497
Interest on rate reduction bonds 108,359 115,791 87,616
Other interest 11,740 20,249 51,545
Interest expense, net 246,358 270,511 279,658
Other (Loss)/Income, Net (435) 43,828 187,627
Income Before Income Tax Expense 186,573 239,972 447,143
Income Tax Expense 59,862 82,304 173,952
Income Before Preferred Dividends of Subsidiaries 126,711 157,668 273,191
Preferred Dividends of Subsidiaries 5,559 5,559 7,249
Income Before Cumulative Effect of Accounting Changes, Net of Tax Benefits 121,152 152,109 265,942
Cumulative effect of accounting changes, net of tax benefits of $2,553 in 2003 and $14,908 in 2001 (4,741) — (22,432)
Net Income $ 116,411 $ 152,109 $ 243,510
Basic Earnings/(Loss) Per Common Share:
Income before cumulative effect of accounting changes, net of tax benefits $ 0.95 $ 1.18 $ 1.97
Cumulative effect of accounting changes, net of tax benefits (0.04) — (0.17)
Basic Earnings Per Common Share $ 0.91 $ 1.18 $ 1.80
Fully Diluted Earnings/(Loss) Per Common Share:
Income before cumulative effect of accounting changes, net of tax benefits $ 0.95 $ 1.18 $ 1.96
Cumulative effect of accounting changes, net of tax benefits (0.04) — (0.17)
Fully Diluted Earnings Per Common Share $ 0.91 $ 1.18 $ 1.79
Basic Common Shares Outstanding (average) 127,114,743 129,150,549 135,632,126
Fully Diluted Common Shares Outstanding (average) 127,240,724 129,341,360 135,917,423
Consolidated Statements of comprehensive Income
For the Years Ended December 31,
(Thousands of Dollars) 2003 2002 2001
Net Income $116,411 $152,109 $243,510
Other comprehensive income/(loss), net of tax:
Qualified cash flow hedging instruments 9,274 52,360 (36,859)
Unrealized gains/(losses) on securities 2,093 (5,121) 2,620
Minimum supplemental executive retirement pension liability adjustments (303) 158 —
Other comprehensive income/(loss), net of tax 11,064 47,397 (34,239)
Comprehensive Income $127,475 $199,506 $209,271
The accompanying notes are an integral part of these consolidated financial statements.