Eversource 2004 Annual Report Download - page 52

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50
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31,
(Thousands of Dollars, except share information) 2004 2003 2002
Operating Revenues $6,686,699 $6,069,156 $5,237,000
Operating Expenses:
Operation —
Fuel, purchased and net interchange power 4,231,192 3,735,154 3,048,813
Other 1,084,235 953,026 815,212
Maintenance 188,111 174,703 198,725
Depreciation 224,855 204,388 205,646
Amortization 138,271 191,805 320,409
Amortization of rate reduction bonds 164,915 153,172 148,589
Taxes other than income taxes 242,168 232,672 227,518
Gain on sale of utility plant —— (187,113)
Total operating expenses 6,273,747 5,644,920 4,777,799
Operating Income 412,952 424,236 459,201
Interest Expense:
Interest on long-term debt 139,853 126,259 134,471
Interest on rate reduction bonds 98,899 108,359 115,791
Other interest 14,762 11,740 20,249
Interest expense, net 253,514 246,358 270,511
Other Income/(Loss), Net 14,465 (435) 43,828
Income Before Income Tax Expense 173,903 177,443 232,518
Income Tax Expense 51,756 50,732 74,850
Income Before Preferred Dividends of Subsidiary 122,147 126,711 157,668
Preferred Dividends of Subsidiary 5,559 5,559 5,559
Income Before Cumulative Effect of Accounting Change, Net of Tax Benefit 116,588 121,152 152,109
Cumulative effect of accounting change, net of tax benefit of $2,553 in 2003 —(4,741) —
Net Income $ 116,588 $ 116,411 $ 152,109
Basic and Fully Diluted Earnings/(Loss) Per Common Share:
Income before cumulative effect of accounting change, net of tax benefit $ 0.91 $ 0.95 $ 1.18
Cumulative effect of accounting change, net of tax benefit —(0.04) —
Basic and Fully Diluted Earnings Per Common Share $ 0.91 $ 0.91 $ 1.18
Basic Common Shares Outstanding (weighted average) 128,245,860 127,114,743 129,150,549
Fully Diluted Common Shares Outstanding (weighted average) 128,396,076 127,240,724 129,341,360
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31,
(Thousands of Dollars) 2004 2003 2002
Net Income $116,588 $116,411 $152,109
Other comprehensive (loss)/income, net of tax:
Qualified cash flow hedging instruments (28,246) 9,274 52,360
Unrealized gains/(losses) on securities 1,191 2,093 (5,121)
Minimum supplemental executive retirement pension liability adjustments (156) (303) 158
Other comprehensive (loss)/income, net of tax (27,211) 11,064 47,397
Comprehensive Income $ 89,377 $127,475 $199,506
The accompanying notes are an integral part of these consolidated financial statements.