Eversource 1999 Annual Report Download - page 33

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For the Years Ended December 31,
(Thousands of Dollars, except share information) 1999 1998 1997
Operating Revenues $4,471,251 $3,767,714 $ 3,834,806
Operating Expenses:
Operation —
Fuel, purchased and net interchange power 1,898,314 1,470,200 1,478,566
Other 855,917 803,419 919,431
Maintenance 340,419 399,165 501,693
Depreciation 302,305 332,807 354,329
Amortization of regulatory assets, net 596,437 203,132 123,718
Federal and state income taxes 180,883 82,332 12,650
Taxes other than income taxes 261,353 251,932 253,637
Gain on sale of utility plant (308,914) ——
Total operating expenses 4,126,714 3,542,987 3,644,024
Operating Income 344,537 224,727 190,782
Other Income/(Loss):
Equity in earnings of regional nuclear generating
and transmission companies 5,034 12,420 11,306
Nuclear unrecoverable costs (71,066) (143,239) —
Other, net (30,855) (12,225) (31,185)
Minority interest in loss of subsidiary (9,300) (9,300) (9,300)
Income taxes 82,272 76,393 10,702
Other loss, net (23,915) (75,951) (18,477)
Income before interest charges 320,622 148,776 172,305
Interest Charges:
Interest on long-term debt 258,093 273,824 282,095
Other interest 13,959 7,808 3,561
Deferred interest — nuclear plants (8,401) (12,543) (13,675)
Interest charges, net 263,651 269,089 271,981
Income/(loss) after interest charges 56,971 (120,313) (99,676)
Preferred Dividends of Subsidiaries 22,755 26,440 30,286
Net Income/(Loss) $ 34,216 $ (146,753) $ (129,962)
Earnings/(Loss) Per Common Share — Basic and Diluted $ 0.26 $ (1.12) $ (1.01)
Common Shares Outstanding (average) 131,415,126 130,549,760 129,567,708
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31,
(Thousands of Dollars) 1999 1998 1997
Net Income/(Loss) $34,216 $(146,753) $(129,962)
Other comprehensive income, net of tax:
Foreign currency translation adjustments 1— (499)
Unrealized gains on securities 118 2,019 —
Minimum pension liability adjustments —(613) —
Other comprehensive income/(loss), net of tax 119 1,406 (499)
Comprehensive Income/(Loss) $34,335 $(145,347) $(130,461)
The accompanying notes are an integral part of these financial statements.
31
CONSOLIDATED STATEMENTS OF INCOME