UIL HOLDINGS CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - UIL HOLDINGS CORPORATION 8-K 5-14-2015 - UIL HOLDINGS CORP	form8k.htm
EX-99.1 - EXHIBIT 99.1 - UIL HOLDINGS CORP	ex99_1.htm
EX-99.3 - EXHIBIT 99.3 - UIL HOLDINGS CORP	ex99_3.htm
EX-99.4 - EXHIBIT 99.4 - UIL HOLDINGS CORP	ex99_4.htm

Exhibit 99.2

FINANCIAL STATEMENTS

CONNECTICUT NATURAL GAS CORPORATION

AS OF MARCH 31, 2015 AND DECEMBER 31, 2014 AND

FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014

(UNAUDITED)

TABLE OF CONTENTS

	Page Number
Financial Statements:

Statement of Income for the three months ended March 31, 2015 and 2014	3

Balance Sheet as of March 31, 2015 and December 31, 2014	4

Statement of Cash Flows for the three months ended March 31, 2015 and 2014	6

Statement of Changes in Shareholder’s Equity	7

CONNECTICUT NATURAL GAS CORPORATION

STATEMENT OF INCOME

(In Thousands)

(Unaudited)

	Three Months Ended March 31,
	2015		2014


Operating Revenues	$	149,508	$	162,915

Operating Expenses
Operation
Natural gas purchased		84,441		98,321
Operation and maintenance		20,933		15,226
Depreciation and amortization		7,857		7,648
Taxes - other than income taxes		8,180		8,366
Total Operating Expenses		121,411		129,561
Operating Income		28,097		33,354

Other Income and (Deductions), net		300		205

Interest Charges, net
Interest on long-term debt		2,185		2,393
Other interest, net		125		30
		2,310		2,423
Amortization of debt expense and redemption premiums		23		21
Total Interest Charges, net		2,333		2,444

Income Before Income Taxes		26,064		31,115

Income Taxes		9,281		12,135

Net Income		16,783		18,980
Less:
Preferred Stock Dividends of Subsidiary, Noncontrolling Interests		7		13

Net Income attributable to Connecticut Natural Gas Corporation	$	16,776	$	18,967

CONNECTICUT NATURAL GAS CORPORATION

STATEMENT OF COMPREHENSIVE INCOME

(In Thousands)

(Unaudited)

	Three Months Ended March 31,
	2015		2014

Net Income	$	16,783	$	18,980
Other Comprehensive Income (Loss), net of income taxes
Changes in unrealized gains(losses) related to pension and other post-retirement benefit plans		128		-
Total Other Comprehensive Income (Loss), net of income taxes		128		-
Comprehensive Income		16,911		18,980
Less:
Preferred Stock Dividends of Subsidiary, Noncontrolling Interests		7		13
Comprehensive Income	$	16,904	$	18,967

CONNECTICUT NATURAL GAS CORPORATION

BALANCE SHEET

ASSETS

(In Thousands)

(Unaudited)

	March 31, 2015		December 31, 2014
Current Assets
Unrestricted cash and temporary cash investments	$	23,042	$	7,074
Accounts receivable less allowance of $3,500 and $3,300, respectively		79,814		64,266
Unbilled revenues		21,399		21,402
Current regulatory assets		13,058		13,761
Deferred income taxes		3,654		2,267
Natural gas in storage, at average cost		12,464		39,627
Materials and supplies, at average cost		1,503		1,252
Refundable taxes		-		1,510
Prepayments		2,140		1,021
Intercompany receivable		5,000		-
Other		175		175
Total Current Assets		162,249		152,355

Other investments		556		556

Net Property, Plant and Equipment		502,513		501,297

Regulatory Assets		113,507		115,930

Deferred Charges and Other Assets
Unamortized debt issuance expenses		702		725
Goodwill		79,341		79,341
Other		1,170		-
Total Deferred Charges and Other Assets		81,213		80,066

Total Assets	$	860,038	$	850,204

CONNECTICUT NATURAL GAS CORPORATION

BALANCE SHEET

LIABILITIES AND CAPITALIZATION

(In Thousands)

(Unaudited)

	March 31, 2015		December 31, 2014
Current Liabilities
Current portion of long-term debt	$	1,617	$	1,616
Accounts payable		39,714		59,515
Accrued liabilities		8,152		11,621
Current regulatory liabilities		12,833		4,346
Interest accrued		2,961		2,098
Taxes accrued		15,078		3,615
Total Current Liabilities		80,355		82,811

Deferred Income Taxes		18,619		18,589

Regulatory Liabilities		179,602		171,596

Other Noncurrent Liabilities
Pension accrued		60,143		61,024
Other post-retirement benefits accrued		13,005		13,390
Other		7,359		7,338
Total Other Noncurrent Liabilities		80,507		81,752

Commitments and Contingencies

Capitalization
Long-term debt, net of unamortized premium		141,368		141,773

Preferred Stock, not subject to mandatory redemption		340		340

Common Stock Equity
Common stock		33,233		33,233
Paid-in capital		315,304		315,304
Retained earnings		10,609		4,833
Accumulated other comprehensive income		101		(27	)
Net Common Stock Equity		359,247		353,343

Total Capitalization		500,955		495,456

Total Liabilities and Capitalization	$	860,038	$	850,204

CONNECTICUT NATURAL GAS CORPORATION

STATEMENT OF CASH FLOWS

(In Thousands)

(Unaudited)

	Three Months Ended March 31,
	2015			2014
Cash Flows From Operating Activities
Net Income	$	16,783		$	18,980
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,880			7,669
Deferred income taxes		(1,536	)		2
Pension expense		1,842			1,649
Regulatory activity, net		16,060			18,445
Other non-cash items, net		144			(786	)
Changes in:
Accounts receivable, net		(15,748	)		(24,968	)
Unbilled revenues		3			(2,851	)
Natural gas in storage		27,163			24,233
Prepayments		(1,119	)		497
Accounts payable		(16,980	)		10,816
Interest accrued		863			1,066
Taxes accrued/refundable, net		12,973			9,229
Accrued pension		(2,558	)		(2,388	)
Accrued other post-employment benefits		(550	)		2,240
Accrued liabilities		(3,469	)		3,130
Other assets		(1,421	)		610
Other liabilities		47			215
Total Adjustments		23,594			48,808
Net Cash provided by Operating Activities		40,377			67,788

Cash Flows from Investing Activities
Plant expenditures including AFUDC debt		(8,402	)		(8,911	)
Intercompany receivable		(5,000	)		4,000
Net Cash (used in) Investing Activities		(13,402	)		(4,911	)

Cash Flows from Financing Activities
Payment of common stock dividend		(11,000	)		(12,400	)
Payments of preferred stock dividend		(7	)		(13	)
Net Cash (used in) Financing Activities		(11,007	)		(12,413	)

Unrestricted Cash and Temporary Cash Investments:
Net change for the period		15,968			50,464
Balance at beginning of period		7,074			8,620
Balance at end of period	$	23,042		$	59,084

Non-cash investing activity:
Plant expenditures included in ending accounts payable	$	1,759		$	846

CONNECTICUT NATURAL GAS CORPORATION

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

March 31, 2015

(Thousands of Dollars)

	Common Stock				Paid-in		Retained Earnings (Accumulated			Accumulated Other Comprehensive
	Shares		Amount		Capital		Deficit)			Income (Loss)			Total
Balance as of December 31, 2014		10,634,436	$	33,233	$	315,304	$	4,833		$	(27	)	$	353,343

Net income								16,783						16,783
Other comprehensive income, net of income taxes											128			128
Payment of commom stock dividend								(11,000	)					(11,000	)
Payment of preferred stock dividend								(7	)					(7	)
Balance as of March 31, 2015		10,634,436	$	33,233	$	315,304	$	10,609		$	101		$	359,247

Attached files

Stock widget

Investing forum

UIL HOLDINGS CORP Reports