Eversource 2001 Annual Report Download - page 29

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Consolidated Statements of Income
Consolidated Statements of Comprehensive Income
For the Years Ended December 31,
(Thousands of Dollars, except share information) 2001 2000 1999
Operating Revenues $ 6,873,826 $ 5,876,620 $ 4,471,251
Operating Expenses:
Operation –
Fuel, purchased and net interchange power 4,541,342 3,303,995 1,898,314
Other 773,058 866,742 855,917
Maintenance 258,961 255,884 340,419
Depreciation 201,013 239,798 302,305
Amortization of regulatory assets, net 983,037 276,821 596,437
Taxes other than income taxes 219,197 238,587 261,353
Gain on sale of utility plant (641,956) — (308,914)
Total operating expenses 6,334,652 5,181,827 3,945,831
Operating Income 539,174 694,793 525,420
Other Income/(Loss), Net 187,627 (14,309) (106,187)
Income Before Interest and Income Tax Expense 726,801 680,484 419,233
Interest Expense:
Interest on long-term debt 147,049 200,697 258,093
Interest on rate reduction bonds 87,616 ——
Other interest 44,993 98,605 5,558
Interest expense, net 279,658 299,302 263,651
Income Before Income Tax Expense 447,143 381,182 155,582
Income Tax Expense 173,952 161,725 98,611
Income Before Preferred Dividends of Subsidiaries 273,191 219,457 56,971
Preferred Dividends of Subsidiaries 7,249 14,162 22,755
Income before extraordinary loss and cumulative effect of accounting
change, net of tax benefits 265,942 205,295 34,216
Extraordinary loss, net of tax benefit of $169,562 —(233,881) —
Cumulative effect of accounting change, net of tax benefit of $14,908 (22,432) ——
Net Income/(Loss) $243,510 $ (28,586) $ 34,216
Basic Earnings/(Loss) Per Common Share:
Income before extraordinary loss and cumulative effect of accounting
change, net of tax benefits $ 1.97 $ 1.45 $ 0.26
Extraordinary loss, net of tax benefit —(1.65) —
Cumulative effect of accounting change, net of tax benefit (0.17) ——
Basic Earnings/(Loss) Per Common Share $ 1.80 $ (0.20) $ 0.26
Fully Diluted Earnings/(Loss) Per Common Share:
Income before extraordinary loss and cumulative effect of accounting
change, net of tax benefits $ 1.96 $ 1.45 $ 0.26
Extraordinary loss, net of tax benefit —(1.65) —
Cumulative effect of accounting change, net of tax benefit (0.17) ——
Fully Diluted Earnings/(Loss) Per Common Share $ 1.79 $ (0.20) $ 0.26
Basic Common Shares Outstanding (average) 135,632,126 141,549,860 131,415,126
Fully Diluted Common Shares Outstanding (average) 135,917,423 141,967,216 132,031,573
For the Years Ended December 31,
(Thousands of Dollars) 2001 2000 1999
Net Income/(Loss) $ 243,510 $ (28,586) $ 34,216
Other comprehensive (loss)/income, net of tax:
Qualified cash flow hedging instruments (36,859) ——
Unrealized gains on securities 2,620 245 118
Foreign currency translation adjustments ——1
Other comprehensive (loss)/income, net of tax (34,239) 245 119
Comprehensive Income/(Loss) $ 209,271 $ (28,341) $ 34,335
The accompanying notes are an integral part of these financial statements.
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