National Grid 2008 Annual Report Download - page 338

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 16987
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 132
Description: EXH 2(B).6.1
0/3736.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/736/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 16987
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 132 Description: EXH 2(B).6.1
0/3736.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/736/3*
NOTE M – DISCONTINUED OPERATIONS
National Grid Wireless (Wireless), a subsidiary of the Company, owns, operates and mana
g
es towers and other
communications structures. Wireless also manages a fibre optic telecommunications system in the Northeastern United States.
As part of the Company’s strate
g
y of focusin
g
on ener
g
y markets, it committed durin
g
fiscal year 2007 to exit our wireless
infrastructure operations. Subsequent to the end of fiscal year 2007, in April 2007, the Company a
g
reed to the sale of the
wireless infrastructure operations with completion expected in the summer of 2007 for proceeds of approximately $290 million.
Our wireless infrastructure operations were expanded during fiscal year 2007 with acquisitions at a cost of $160 million.
Following the guidance of SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” the Company has
reported Wireless as a discontinued operation for all periods presented. Below is financial information for Wireless (in
thousands of dollars): The amounts disclosed above include balances and activity with National Grid USA subsidiaries that are
eliminated in the consolidated financial statements.
Income Statement Data
Balance Sheet Data
F-47
For the
y
ear ended
March 31
2007 2006
Total o
p
eratin
g
revenues $74,008 $ 51,358
Total operating expenses 62,074 46,217
Operating income 11,934 5,141
Total other expense (109,780) (97)
Income before income taxes (97,846) 5,044
Income tax provision 10,641 2,668
Net Income $
(
108,487
)
$ 2,376
For the
y
ears ended
March 31,
2007 2006
ASSETS
Total current assets $ 23,090 $ 17,297
Total assets 309,205 253,451
LIABILITIES AND STOCKHOLDER’S EQUITY
Total current liabilities 288,323 119,286
Total liabilities 305,650 136,451
Total stockholder’s equity 3,555 117,000
Total liabilities and stockholder’s equity 309,205 253,451