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100 NU 2006 ANNUAL REPORT
(Thousands of Dollars, except percentages and share information) 2006 2005 2004 2003 2002
Balance Sheet Data:
Property, Plant and Equipment, Net $ 6,242,186 $6,417,230 $ 5,864,161 $ 5,429,916 $ 5,049,369
Total Assets 11,303,236 12,567,875 11,638,396 11,216,487 10,764,880
Total Capitalization (a) 5,879,691 5,595,405 5,293,644 4,926,587 4,670,771
Obligations Under Capital Leases (a) 14,425 13,987 14,806 15,938 16,803
Income Data:
Operating Revenues $ 6,884,388 $7,397,743 $ 6,542,038 $ 5,943,358 $ 5,159,552
Income/(Loss) from Continuing Operations 126,150 (266,576) 69,776 77,266 116, 645
Income from Discontinued Operations 344,428 14,093 46,812 43,886 35,464
Income/(Loss) Before Cumulative Effects of Accounting
Changes, Net of Tax Benefits 470,578 (252,483) 116,588 121,152 152,109
Cumulative Effects of Accounting Changes,
Net of Tax Benefits —(1,005) — (4,741) —
Net Income/(Loss) $ 470,578 $(253,488) $ 116,588 $ 116,411 $ 152,109
Common Share Data:
Basic Earnings/(Loss) Per Common Share:
Income/(Loss) from Continuing Operations $ 0.82 $(2.03) $ 0.54 $ 0.61 $ 0.90
Income from Discontinued Operations 2.24 0.11 0.37 0.34 0.28
Cumulative Effects of Accounting Changes,
Net of Tax Benefits —(0.01) — (0.04) —
Net Income/(Loss) $ 3.06 $(1.93) $ 0.91 $ 0.91 $ 1.18
Fully Diluted Earnings/(Loss) Per Common Share:
Income/(Loss) from Continuing Operations $0.82 $ (2.03) $ 0.54 $ 0.61 $ 0.90
Income from Discontinued Operations 2.23 0.11 0.37 0.34 0.28
Cumulative Effects of Accounting Changes,
Net of Tax Benefits —(0.01) — (0.04) —
Net Income/(Loss) $ 3.05 $ (1.93) $ 0.91 $ 0.91 $ 1.18
Basic Common Shares Outstanding (Average) 153,767,527 131,638,953 128,245,860 127,114,743 129,150,549
Fully Diluted Common Shares Outstanding (Average) 154,146,669 131,638,953 128,396,076 127,240,724 129,341,360
Dividends Per Share $0.73 $0.68 $ 0.63 $ 0.58 $ 0.53
Market Price – Closing (high) (b) $ 28.81 $21.79 $ 20.10 $ 20.17 $ 20.57
Market Price – Closing (low) (b) $ 19.24 $ 17.61 $ 17.30 $ 13.38 $ 13.20
Market Price – Closing (end of year) (b) $ 28.16 $19.69 $ 18.85 $ 20.17 $ 15.17
Book Value Per Share (end of year) $ 18.14 $15.85 $ 17.80 $ 17.73 $ 17.33
Tangible Book Value Per Share (end of year) $ 16.28 $ 13.98 $ 15.17 $ 15.05 $ 14.62
Rate of Return Earned on Average Common Equity (%) 18.0 (10.7) 5.1 5.2 7.0
Market–to–Book Ratio (end of year) 1.6 1.2 1.1 1.1 0.9
Capitalization:
Common Shareholders’ Equity 48% 43% 44% 46% 47%
Preferred Stock (a) (c) 22223
Long-Term Debt (a) 50 55 54 52 50
100% 100% 100% 100% 100%
(a) Includes portions due within one year.
(b) Market price information reflects closing prices as reflected by the New York Stock Exchange.
(c) Excludes $100 million of MonthlyIncome Preferred Securities.
SELECTED CONSOLIDATED FINANCIAL DATA (UNAUDITED)