Eversource 2003 Annual Report Download - page 13

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We at Northeast Utilities are mindful each day that our energy
supports millions of lives and thousands of businesses. The
responsibility for providing such a critical service requires NU
to maintain an unwavering devotion to the highest ethical
and business standards while we seek to earn a solid return
for our shareholders.
Highlights of 2003 achievements
•Earnings of $116.4 million, or $0.91 per share on a fully
diluted basis, in 2003, compared with $152.1 million, or $1.18
per share, in 2002. Results from 2003 include a $37 million
after-tax cost to resolve a dispute over a wholesale power
contract signed in 1999. Were it not for the wholesale power
contract settlement and an accounting change at R.M. Services,
NU earned $158.0 million, or $1.24 per share, in 2003, in
line with our projections.
•Safe and reliable delivery of energy to our customers, with
signal leadership for the entire northeast in returning the grid
to operation after the August regional blackout.
•Share price increase of 33 percent, delivering a 37 percent total
return, well ahead of most broad market and utility indices.
•A quarterly dividend of 15 cents per share since September,
up 9 percent.
•Strong cash flow, financial profile and balance sheet,
ensuring low-cost access to capital markets and continued
financial stability.
•Conclusion of major regulatory decisions for CL&P and
Yankee Gas.
•Approval of the Bethel/Norwalk transmission line upgrades,
needed to begin to alleviate the critical southwest Connecticut
electric supply bottleneck.
•And, strong recovery of our competitive businesses, which,
excluding the wholesale contract settlement noted above,
achieved an $85 million improvement in net income.
Strengthening our position
11
To our shareholders, employees, customers and business partners:
NU Unsecured Debt Rating
S&P
BBB+
BBB
BBB-
BB+
BB
BB-
B+
Moody’s
Baa1
Baa2
Baa3
Ba1
Ba2
Ba3
B1
1998 1999 2000 2001 2002 2003