UIL HOLDINGS CORP - FORM 8-K - EX-99.4 - EXHIBIT 99.4

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EX-99.1 - EXHIBIT 99.1 - UIL HOLDINGS CORP	ex99_1.htm
EX-99.2 - EXHIBIT 99.2 - UIL HOLDINGS CORP	ex99_2.htm
EX-99.3 - EXHIBIT 99.3 - UIL HOLDINGS CORP	ex99_3.htm
8-K - UIL HOLDING CORP 8-K 8-22-2012 - UIL HOLDINGS CORP	form8-k.htm

EXHIBIT 99.4

FINANCIAL STATEMENTS

THE BERKSHIRE GAS COMPANY

AS OF JUNE 30, 2012 AND DECEMBER 31, 2011 AND

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011

(UNAUDITED)

THE BERKSHIRE GAS COMPANY

TABLE OF CONTENTS

	Page
	Number

Financial Statements:

Statement of Income for the three and six months ended June 30, 2012 and 2011	3

Balance Sheet as of June 30, 2012 and December 31, 2011	4

Statement of Cash Flows for the six months ended June 30, 2012 and 2011	6

Statement of Changes in Shareholder's Equity	7

THE BERKSHIRE GAS COMPANY

STATEMENT OF INCOME

(In Thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,

	2012			2011			2012		2011


Operating Revenues	$	9,415		$	12,892		$	35,001	$	43,419

Operating Expenses
Operation
Natural gas purchased		3,317			6,822			15,682		22,363
Operation and maintenance		3,594			3,222			7,260		7,187
Depreciation and amortization		1,666			1,914			3,312		3,627
Taxes - other than income taxes		631			595			1,324		1,265
Total Operating Expenses		9,208			12,553			27,578		34,442
Operating Income		207			339			7,423		8,977

Other Income and (Deductions), net		221			208			1,335		448

Interest Charges, net
Interest on long-term debt		726			768			1,454		1,559
Other interest, net		1			5			4		10
		727			773			1,458		1,569
Amortization of debt expense and redemption premiums		30			34			59		67
Total Interest Charges, net		757			807			1,517		1,636

Income Before Income Taxes		(329	)		(260	)		7,241		7,789

Income Taxes		(141	)		(114	)		2,719		3,032

Net Income (Loss)		(188	)		(146	)		4,522		4,757
Less:
Preferred Stock Dividends of
Subsidiary, Noncontrolling Interests		-			1			-		2

Net Income (Loss) attributable to The Berkshire Gas Company	$	(188	)	$	(147	)	$	4,522	$	4,755

THE BERKSHIRE GAS COMPANY

STATEMENT OF COMPREHENSIVE INCOME

(Thousands of Dollars)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012		2011

Net Income (Loss)	$	(188	)	$	(146	)	$	4,522	$	4,757
Other Comprehensive Income (Loss), net		2			(1	)		24		6
Less:
Preferred Stock Dividends of
Subsidiary, Noncontrolling Interests		-			1			-		2
Comprehensive Income (Loss)	$	(186	)	$	(148	)	$	4,546	$	4,761

THE BERKSHIRE GAS COMPANY

BALANCE SHEET

ASSETS

(In Thousands)

(Unaudited)

	June 30,		December 31,
	2012		2011
Current Assets
Unrestricted cash and temporary cash investments	$	8,122	$	2,474
Accounts receivable less allowance of $758 and $839, respectively		3,722		7,457
Unbilled revenues		298		1,556
Current regulatory assets		938		938
Deferred income taxes		909		909
Natural gas in storage, at average cost		3,430		4,799
Materials and supplies, at average cost		787		534
Prepayments		1,847		1,921
Current portion of derivative assets		1,000		-
Total Current Assets		21,053		20,588

Other investments		1,396		1,432

Net Property, Plant and Equipment		117,816		115,230

Regulatory Assets (future amounts owed from customers through the ratemaking process)		42,595		44,928

Deferred Charges and Other Assets
Unamortized debt issuance expenses		976		1,028
Goodwill		51,932		52,525
Other		21		-
Total Deferred Charges and Other Assets		52,929		53,553

Total Assets	$	235,789	$	235,731

THE BERKSHIRE GAS COMPANY

BALANCE SHEET

LIABILITIES AND CAPITALIZATION

(In Thousands)

(Unaudited)

	June 30,			December 31,
	2012			2011
Current Liabilities
Current portion of long-term debt	$	2,393		$	2,393
Accounts payable		1,805			4,757
Accrued liabilities		9,010			10,203
Current regulatory liabilities		1,563			685
Interest accrued		842			848
Taxes accrued		6,493			3,000
Total Current Liabilities		22,106			21,886

Noncurrent Liabilities
Pension accrued		2,802			2,823
Environmental remediation costs		5,095			5,095
Other		10,128			10,555
Total Noncurrent Liabilities		18,025			18,473

Deferred Income Taxes (future tax liabilities owed to taxing authorities)		15,872			16,480


Regulatory Liabilities (future amounts owed to customers through the ratemaking process)		34,556			32,740

Commitments and Contingencies

Capitalization
Long-term debt		37,404			37,872

Common Stock Equity
Paid-in capital		106,095			106,095
Retained earnings		1,735			2,213
Accumulated other comprehensive loss		(4	)		(28	)
Net Common Stock Equity		107,826			108,280

Total Capitalization		145,230			146,152

Total Liabilities and Capitalization	$	235,789		$	235,731

THE BERKSHIRE GAS COMPANY

STATEMENT OF CASH FLOWS

(In Thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2012			2011
Cash Flows From Operating Activities
Net income	$	4,522		$	4,755
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,371			3,694
Deferred income taxes		(1,709	)		(2,225	)
Pension expense (income)		552			(60	)
Other non-cash items, net		3,234			5,112
Changes in:
Accounts receivable, net		3,816			2,233
Unbilled revenues		1,258			1,291
Natural gas in storage		1,369			1,678
Accounts payable		(3,199	)		(1,572	)
Taxes accrued		3,493			2,723
Accrued liabilities		(1,193	)		(657	)
Other assets		(205	)		(192	)
Other liabilities		(1,006	)		(723	)
Total Adjustments		9,781			11,302
Net Cash provided by Operating Activities		14,303			16,057

Cash Flows from Investing Activities
Loan receivable		-			(10,000	)
Plant expenditures including AFUDC debt		(3,691	)		(3,463	)
Other		36			1,491
Net Cash used in Investing Activities		(3,655	)		(11,972	)

Cash Flows from Financing Activities
Payment of long-term debt		-			(3,000	)
Payment of common stock dividend		(5,000	)		(3,000	)
Net Cash used in Financing Activities		(5,000	)		(6,000	)

Unrestricted Cash and Temporary Cash Investments:
Net change for the period		5,648			(1,915	)
Balance at beginning of period		2,474			5,993
Balance at end of period	$	8,122		$	4,078

Non-cash investing activity:
Plant expenditures included in ending accounts payable	$	247		$	739

THE BERKSHIRE GAS COMPANY

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

June 30, 2012

(Thousands of Dollars)

(Unaudited)

										Accumulated
										Other
	Common Stock				Paid-in		Retained			Comprehensive
	Shares		Amount		Capital		Earnings			Income (Loss)			Total
Balance as of December 31, 2011		100	$	-	$	106,095	$	2,213		$	(28	)	$	108,280

Net income								4,522						4,522
Other comprehensive income, net of tax											24			24
Payment of common stock dividend								(5,000	)					(5,000	)
Balance as of June 30, 2012		100	$	-	$	106,095	$	1,735		$	(4	)	$	107,826

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