Eversource 2005 Annual Report Download - page 52

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50
CONSOLIDATED STATEMENTS OF (LOSS)/INCOME
For the Years Ended December 31,
(Thousands of Dollars, except share information) 2005 2004 2003
Operating Revenues $7,397,390 $6,542,120 $5,943,514
Operating Expenses:
Operation –
Fuel, purchased and net interchange power 4,933,080 4,231,192 3,735,154
Other 1,061,159 951,877 848,163
Wholesale contract market changes, net 440,946 — —
Restructuring and impairment charges 44,143 — —
Maintenance 200,263 188,092 174,594
Depreciation 234,652 224,132 203,469
Amortization 202,949 138,271 191,805
Amortization of rate reduction bonds 176,356 164,915 153,172
Taxes other than income taxes 257,707 241,424 231,062
Total operating expenses 7,551,255 6,139,903 5,537,419
Operating (Loss)/Income (153,865) 402,217 406,095
Interest Expense:
Interest on long-term debt 163,012 139,988 121,887
Interest on rate reduction bonds 87,439 98,899 108,359
Other interest 19,350 8,610 10,333
Interest expense, net 269,801 247,497 240,579
Other Income, Net 37,237 14,562 4,105
(Loss)/Income from Continuing Operations Before Income Tax (Benefit)/Expense (386,429) 169,282 169,621
Income Tax (Benefit)/Expense (162,765) 50,728 47,628
(Loss)/Income from Continuing Operations Before Preferred Dividends of Subsidiary (223,664) 118,554 121,993
Preferred Dividends of Subsidiary5,559 5,559 5,559
(Loss)/Income from Continuing Operations (229,223) 112,995 116,434
Discontinued Operations (Note 4):
(Loss)/Income from Discontinued Operations Before Income Taxes (38,057) 4,621 7,822
Loss from Sale of Discontinued Operations (1,123) — —
Income Tax (Benefit)/Expense (15,920) 1,028 3,104
(Loss)/Income from Discontinued Operations (23,260) 3,593 4,718
(Loss)/Income Before Cumulative Effects of Accounting Changes, Net of Tax Benefits (252,483) 116,588 121,152
Cumulative effects of accounting changes,
net of tax benefits of $689 in 2005 and $2,553 in 2003 (1,005) —(4,741)
Net (Loss)/Income $ (253,488) $ 116,588 $ 116,411
Basic and Fully Diluted (Loss)/Earnings Per Common Share:
(Loss)/Income from Continuing Operations $ (1.74) $ 0.88 $ 0.91
(Loss)/Income from Discontinued Operations (0.18) 0.03 0.04
Cumulative Effects of Accounting Changes, Net of Tax Benefits (0.01) —(0.04)
Basic and Fully Diluted (Loss)/Earnings Per Common Share
$
(1.93) $0.91 $ 0.91
Basic Common Shares Outstanding (weighted average) 131,638,953 128,245,860 127,114,743
Fully Diluted Common Shares Outstanding (weighted average) 131,638,953 128,396,076 127,240,724
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
For the Years Ended December 31,
(Thousands of Dollars) 2005 2004 2003
Net (Loss)/Income $(253,488) $116,588 $116,411
Other comprehensive income/(loss), net of tax:
Qualified cash flow hedging instruments 21,688 (28,246) 9,274
Unrealized (losses)/gains on securities (899) 1,191 2,093
Minimum supplemental executive retirement pension liability adjustments 418 (156) (303)
Other comprehensive income/(loss), net of tax 21,207 (27,211) 11,064
Comprehensive (Loss)/Income $(232,281) $89,377 $127,475
The accompanying notes are an integral part of these consolidated financial statements.