Eversource 2006 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2006 Eversource annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

54 NU 2006 ANNUAL REPORT
For the Years Ended December 31,
(Thousands of Dollars, except share information) 2006 2005 2004
Operating Revenues $6,884,388 $7,397,743 $6,542,038
Operating Expenses:
Operation –
Fuel, purchased and net interchange power 4,630,798 5,528,600 4,401,175
Other 1,129,557 1,058,620 938,791
Restructuring and impairment charges 10,300 44,143 —
Maintenance 193,975 178,521 163,626
Depreciation 240,715 225,278 215,063
Amortization 16,292 202,949 138,271
Amortization of rate reduction bonds 188,247 176,356 164,915
Taxes other than income taxes 250,580 247,555 230,793
Total operating expenses 6,660,464 7,662,022 6,252,634
Operating Income/(Loss) 223,924 (264,279) 289,404
Interest Expense:
Interest on long-term debt 141,579 131,870 107,365
Interest on rate reduction bonds 74,242 87,439 98,899
Other interest 22,217 19,755 8,762
Interest expense, net 238,038 239,064 215,026
Other Income, Net 64,394 54,530 22,722
Income/(Loss) from Continuing Operations Before Income Tax (Benefit)/Expense 50,280 (448,813) 97,100
Income Tax (Benefit)/Expense (81,429) (187,796) 21,765
Income/(Loss) from Continuing Operations Before Preferred Dividends of Subsidiary 131,709 (261,017) 75,335
Preferred Dividends of Subsidiary 5,559 5,559 5,559
Income/(Loss) from Continuing Operations 126,150 (266,576) 69,776
Discontinued Operations (Note 3):
Income from Discontinued Operations Before Income Taxes 44,871 24,327 76,803
Gain/(Loss) from Sale of Discontinued Operations 502,653 (1,123) —
Income Tax Expense (203,096) (9,111) (29,991)
Income from Discontinued Operations 344,428 14,093 46,812
Income/(Loss) Before Cumulative Effect of Accounting Change, Net of Tax Benefit 470,578 (252,483) 116,588
Cumulativeeffect of accounting change, net of tax benefit of $689 —(1,005) —
Net Income/(Loss) $ 470,578 $ (253,488) $ 116,588
Basic Earnings/(Loss) Per Common Share:
Income/(Loss) from Continuing Operations $0.82 $(2.03) $0.54
Income from Discontinued Operations 2.24 0.11 0.37
Cumulative Effect of Accounting Change, Net of Tax Benefit —(0.01) —
Basic Earnings/(Loss) Per Common Share $ 3.06 $ (1.93) $ 0.91
Fully Diluted Earnings/(Loss) Per Common Share:
Income/(Loss) from Continuing Operations $ 0.82 $ (2.03) $ 0.54
Income from Discontinued Operations 2.23 0.11 0.37
Cumulative Effect of Accounting Change, Net of Tax Benefit —(0.01) —
Fully Diluted Earnings/(Loss) Per Common Share $ 3.05 $ (1.93) $ 0.91
Basic Common Shares Outstanding (weighted average) 153,767,527 131,638,953 128,245,860
Fully Diluted Common Shares Outstanding (weighted average) 154,146,669 131,638,953 128,396,076
CONSOLIDATED STATEMENTS OF INCOME/(LOSS)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
For the Years Ended December 31,
(Thousands of Dollars) 2006 2005 2004
Net Income/(Loss) $470,578 $(253,488) $116,588
Other comprehensive (loss)/income, net of tax:
Qualified cash flow hedging instruments (12,340) 21,688 (28,246)
Unrealized gains/(losses) on securities 718 (899) 1,191
Minimum SERP liability 379 418 (156)
Other comprehensive (loss)/income, net of tax (11,243) 21,207 (27,211)
Comprehensive Income/(Loss) $ 459,335 $ (232,281) $ 89,377
The accompanying notes are an integral part of these consolidated financial statements.