Connecticut Natural Gas Corporation. Financial Statements (Unaudited) June 2007

Transcription

1 Financial Statements (Unaudited) June 2007

2 Statements of Income (Unaudited) Three Months Six Months Periods ended June Operating Revenues Sales and services $58,882 $61,057 $248,468 $249,654 Operating Expenses Natural gas purchased 31,975 38, , ,672 Other operating expenses 13,059 16,624 22,034 27,583 Maintenance 1, ,767 2,027 Depreciation and amortization 5,360 5,640 11,219 11,357 Other taxes 3,831 4,150 14,477 14,062 Total Operating Expenses 55,707 65, , ,701 Operating Income 3,175 (4,719) 38,489 22,953 Other (Income) (463) (316) (638) (1,553) Other Deductions 232 (93) 2, Interest Charges, Net 2,984 2,935 5,797 6,097 Income Before Income Taxes 422 (7,245) 31,014 18,039 Income Taxes 34 (3,099) 13,091 6,437 Net Income 388 (4,146) 17,923 11,602 Preferred Stock Dividends Earnings Available for Common Stock $375 ($4,159) $17,897 $11,576

3 Balance Sheets (Unaudited) Assets Current Assets June 30, December 31, Cash and cash equivalents $20,999 $8,328 Accounts receivable and unbilled revenues, net 52,521 68,807 Affiliated accounts receivable 1,832 3,552 Natural gas in storage, at average cost 57,054 74,031 Materials and supplies, at average cost Derivative assets 5 2,786 Deferred income taxes 4,321 7,825 Prepayments and other current assets 935 3,451 Total Current Assets 138, ,455 Utility Plant, at Original Cost Natural gas 591, ,233 Less accumulated depreciation 199, ,057 Net Utility Plant in Service 391, ,176 Construction work in progress Total Utility Plant 392, ,298 Other Property and Investments 15,095 15,146 Regulatory and Other Assets Regulatory assets Unfunded future income taxes 4, Deferred income taxes 18,454 13,508 Deferred purchase gas costs 3,637 10,396 Pension and other postretirement benefits 46,413 51,460 Other 27,673 26,142 Total regulatory assets 101, ,259 Other assets Goodwill, net 218, ,630 Other 6,661 11,756 Total other assets 225, ,386 Total Regulatory and Other Assets 326, ,645 Total Assets $872,846 $921,544

4 Balance Sheets (Unaudited) Liabilities Current Liabilities June 30, December 31, Current portion of long-term debt $19,000 $19,000 Notes payable - 20,000 Accounts payable and accrued liabilities 1,786 7,397 Accounts payable, purchased gas 24,119 44,039 Accounts payable to affiliates 3,093 3,505 Interest accrued 3,439 3,458 Taxes accrued 8,151 10,129 Other 4,335 7,797 Total Current Liabilities 63, ,325 Regulatory and Other Liabilities Regulatory liabilities Pension benefits 17,156 18,685 Accrued removal obligation 88,720 95,919 Other 21,246 15,028 Total regulatory liabilities 127, ,632 Other liabilities Deferred income taxes 87,292 83,052 Pension and other postretirement benefits 35,769 41,835 Asset retirement obligation 7,275 7,083 Other 13,231 16,727 Total other liabilities 143, ,697 Total Regulatory and Other Liabilities 270, ,329 Long-term debt 130, ,000 Total Liabilities 464, ,654 Commitments Preferred Stock Preferred stock Common Stock Equity Common stock 33,233 33,233 Capital in excess of par value 335, ,286 Retained earnings 39,284 29,387 Accumulated other comprehensive loss (453) (766) Total Common Stock Equity 407, ,140 Total Liabilities and Stockholders' Equity $872,846 $921,544

5 Statements of Cash Flows (Unaudited) Six months ended June Operating Activities Net income $17,923 $11,602 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 369 9,288 Federal income taxes and investment tax credits deferred, net (1,629) (8,904) Pension expense 1,476 2,222 Changes in current operating assets and liabilities Accounts receivable and unbilled revenues 17,904 42,802 Inventory 16,978 9,108 Prepayments and other current assets 5,630 3,575 Accounts payable and accrued liabilities (25,943) (43,843) Interest accrued (18) 147 Taxes accrued (1,979) 10,208 Other current liabilities (3,512) (250) Other assets 19,952 32,362 Other liabilities 2,085 (1,806) Net Cash Provided by Operating Activities 49,236 66,511 Investing Activities Utility plant additions (8,814) (8,918) Investments Net Cash Used in Investing Activities (8,539) (8,663) Financing Activities Notes payable borrowings, net (20,000) (41,000) Dividends on common & preferred stock (8,026) (8,026) Net Cash Used in Financing Activities (28,026) (49,026) Net Increase in Cash and Cash Equivalents 12,671 8,822 Cash and Cash Equivalents, Beginning of Period 8,328 1,719 Cash and Cash Equivalents, End of Period $20,999 $10,541

6 Statements of Changes in Common Stock Equity (Unaudited) ($ in thousands) Common Stock Outstanding $3.125 Par Value Accumulated Other Capital in Retained Comprehensive Shares Amount Excess of Par Earnings (Loss) Total Balance, December 31, ,634,436 $33,233 $335,286 $29,387 ($766) $397,140 Net income 17,923 17,923 Other comprehensive income, net of tax Comprehensive income 18,236 Dividends preferred stock (26) (26) Dividends common stock (8,000) (8,000) Equity contributions from parent Balance, June 30, ,634,436 $33,233 $335,420 $39,284 ($453) $407,484