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

Attached files

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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-99.2 - EXHIBIT 99.2 - UIL HOLDINGS CORP	ex99_2.htm

Exhibit 99.4

FINANCIAL STATEMENTS

THE BERKSHIRE GAS COMPANY

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

THE BERKSHIRE GAS COMPANY

STATEMENT OF INCOME

(In Thousands)

(Unaudited)

	Three Months Ended March 31,
	2015		2014


Operating Revenues	$	41,099	$	43,108

Operating Expenses
Operation
Natural gas purchased		19,354		23,504
Operation and maintenance		6,952		6,828
Depreciation and amortization		2,628		2,452
Taxes - other than income taxes		837		742
Total Operating Expenses		29,771		33,526
Operating Income		11,328		9,582

Other Income and (Deductions), net		254		(53	)

Interest Charges, net
Interest on long-term debt		842		871
Other interest, net		-		2
		842		873
Amortization of debt expense and redemption premiums		30		29
Total Interest Charges, net		872		902

Income Before Income Taxes		10,710		8,627

Income Taxes		4,496		3,399

Net Income	$	6,214	$	5,228

THE BERKSHIRE GAS COMPANY

STATEMENT OF COMPREHENSIVE INCOME

(In Thousands)

(Unaudited)

	Three Months Ended March 31,
	2015		2014

Net Income	$	6,214	$	5,228
Other Comprehensive Income (Loss)		8		4
Comprehensive Income	$	6,222	$	5,232

THE BERKSHIRE GAS COMPANY

BALANCE SHEET

ASSETS

(In Thousands)

(Unaudited)

	March 31, 2015		December 31, 2014
Current Assets
Unrestricted cash and temporary cash investments	$	11,742	$	6,734
Accounts receivable less allowance of $1,617 and $1,381, respectively		16,832		12,217
Unbilled revenues		5,687		5,516
Current regulatory assets		4,425		6,496
Natural gas in storage, at average cost		1,108		3,935
Materials and supplies, at average cost		882		968
Other		1,661		1,720
Total Current Assets		42,337		37,586

Other investments		998		1,027

Net Property, Plant and Equipment		131,755		131,321

Regulatory Assets		36,957		37,823

Deferred Charges and Other Assets
Unamortized debt issuance expenses		826		857
Goodwill		51,933		51,933
Other		832		54
Total Deferred Charges and Other Assets		53,591		52,844

Total Assets	$	265,638	$	260,601

THE BERKSHIRE GAS COMPANY

BALANCE SHEET

LIABILITIES AND CAPITALIZATION

(In Thousands)

(Unaudited)

	March 31, 2015			December 31, 2014
Current Liabilities
Current portion of long-term debt	$	2,393		$	2,393
Accounts payable		7,692			10,466
Accrued liabilities		2,332			3,509
Current regulatory liabilities		205			-
Deferred income taxes		672			1,439
Interest accrued		618			862
Taxes accrued		14,361			8,898
Total Current Liabilities		28,273			27,567

Deferred Income Taxes		25,359			25,942

Regulatory Liabilities		29,516			28,910

Other Noncurrent Liabilities
Pension accrued		9,059			9,036
Environmental remediation costs		4,105			4,105
Other		7,059			7,062
Total Other Noncurrent Liabilities		20,223			20,203

Commitments and Contingencies

Capitalization
Long-term debt		45,464			45,698

Common Stock Equity
Paid-in capital		106,095			106,095
Retained earnings		10,710			6,196
Accumulated other comprehensive income (loss)		(2	)		(10	)
Net Common Stock Equity		116,803			112,281

Total Capitalization		162,267			157,979

Total Liabilities and Capitalization	$	265,638		$	260,601

THE BERKSHIRE GAS COMPANY

STATEMENT OF CASH FLOWS

(In Thousands)

(Unaudited)

	Three Months Ended March 31,
	2015			2014
Cash Flows From Operating Activities
Net income	$	6,214		$	5,228
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,658			2,481
Deferred income taxes		(1,358	)		-
Pension expense		327			275
Regulatory activity, net		2,214			(306	)
Other non-cash items, net		213			364
Changes in:
Accounts receivable, net		(4,811	)		(8,583	)
Unbilled revenues		(171	)		891
Natural gas in storage		2,827			2,321
Accounts payable		(2,830	)		5,633
Taxes accrued/refundable, net		5,463			2,796
Accrued liabilities		(1,177	)		(4,564	)
Accrued pension		(304	)		2,181
Other assets		(633	)		(108	)
Other liabilities		(247	)		965
Total Adjustments		2,171			4,346
Net Cash provided by Operating Activities		8,385			9,574

Cash Flows from Investing Activities
Plant expenditures including AFUDC debt		(1,677	)		(1,682	)
Net Cash (used in) Investing Activities		(1,677	)		(1,682	)

Cash Flows from Financing Activities
Payment of common stock dividend		(1,700	)		(2,600	)
Other		-			4
Net Cash provided by Financing Activities		(1,700	)		(2,596	)

Unrestricted Cash and Temporary Cash Investments:
Net change for the period		5,008			5,296
Balance at beginning of period		6,734			6,890
Balance at end of period	$	11,742		$	12,186

Non-cash investing activity:
Plant expenditures included in ending accounts payable	$	229		$	23

THE BERKSHIRE GAS COMPANY

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

March 31, 2015

(Thousands of Dollars)

	Common Stock				Paid-in		Retained			Accumulated Other Comprehensive
	Shares		Amount		Capital		Earnings			Income (Loss)			Total
Balance as of December 31, 2014		100	$	-	$	106,095	$	6,196		$	(10	)	$	112,281

Net income								6,214						6,214
Other comprehensive income, net of income taxes											8			8
Payment of common stock dividend								(1,700	)					(1,700	)
Balance as of March 31, 2015		100	$	-	$	106,095	$	10,710		$	(2	)	$	116,803

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