UIL Holdings Corporation Reports Third Quarter 2003 Earnings, Declares January 1, 2004 Dividend and Revises 2003 Annual Earnings Guidance.Business Editors NEW HAVEN New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn.--(BUSINESS WIRE)--Oct. 24, 2003 UIL UIL - User Interface Language Holdings Corporation (NYSE NYSE See: New York Stock Exchange : UIL) today reported earnings for the third quarter of 2003 of $17.0 million, or $1.19 per share, a decrease of $4.8 million, or $0.34 per share compared to the third quarter of 2002. Net income for the first nine months of 2003, was $26.5 million, or $1.86 per share, a decrease of $14.0 million, or $0.99 per share compared to the same period in 2002. Today, UIL also declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly dividend of $0.72 per share on its Common Stock payable January January: see month. 1, 2004 to shareowners of record at the close of business on December December: see month. 9, 2003. "A number of factors contributed to the decline in earnings including the sale of nuclear generation in 2002, along with regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and economic issues," commented Nathaniel D. Woodson Woodson may refer to: People
The United Illuminating The United Illuminating Holdings Corporation (UI) is an electricity distributor for southern Connecticut. It currently serves roughly 320,000 customers in 17 municipalities in the Greater Bridgeport, New Haven, and Lower Naugatuck Valley regions. Company (UI) Net income at UI totaled $17.8 million, or $1.25 per share in the third quarter of 2003, compared to net income of $21.1 million, or $1.48 per share, for the third quarter of 2002. For the first nine months of 2003, net income for UI was $34.4 million, or $2.41 per share, compared to net income of $47.5 million, or $3.34 per share, for the same period in 2002, a reduction of $0.93 per share. Both the quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings were affected by the sale of Seabrook Seabrook may refer to: Australian locations
Since September September: see month. 2002, earnings at UI have been affected by the Department of Public Utility Control's (DPUC DPUC Department of Public Utility Control (Connecticut) ) 2002 Rate Case decision, which reduced allowed return on utility common stock equity from 11.50% to 10.45%, reduced overall rates by 3%, and increased stranded strand 1 n. The land bordering a body of water; a beach. v. strand·ed, strand·ing, strands v.tr. 1. To drive or run ashore or aground. 2. cost amortization. UI is also experiencing increased pension and post-retirement benefits expenses that have not to date been included for recovery in rates. On March 26, 2003, the DPUC reopened the 2002 Rate Case for the limited purpose of examining these increased pension and post-retirement costs. On June June: see month. 25, 2003, the DPUC denied the request for recovery but noted that "the Company may request regulatory treatment for this specific expense in the future by filing a motion to reopen re·o·pen tr. & intr.v. re·o·pened, re·o·pen·ing, re·o·pens 1. To open or be opened again: Officials reopened the airport after the snow was cleared. Schools reopen in September. ." On July July: see month. 29, 2003, the Company filed a motion to reopen the June 25, 2003 Decision, and on September 10, 2003, the DPUC agreed to reopen the Rate Case. A technical meeting has been scheduled by the DPUC for November 6, 2003. The additional pension and post-retirement costs have been recorded by UI during 2003, and the Company has taken short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. actions to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. their effects.United Resources, Inc. United Resources, Inc. (URI Uri, in the Bible Uri (y  `rī), in the Bible.1 Father of Bezaleel (1.) 2 Father of Geber (2.) 3 Porter. ) is the parent company for UIL's non-utility businesses, including the operating business units, Xcelecom, Inc. (Xcelecom), and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Payment Systems, Inc. (APS), and two minority ownership interest investments, United Bridgeport Bridgeport, city (1990 pop. 141,686), Fairfield co., SW Conn., on Long Island Sound; inc. 1836. Long a chief industrial city in Connecticut, it makes electrical appliances, transportation equipment, clothing, ammunition, metal products, wiring devices, machinery, Energy, Inc. (UBE Ube ( `bā), city (1990 pop. 175,053), Yamaguchi prefecture, SW Honshu, Japan, on the Inland Sea. It has a modern harbor and an important chemical industry. ) and United Capital Investments, Inc. (UCI UCI University of California, IrvineUCI Union Cycliste Internationale (International Cycling Union) UCI Unidad de Cuidados Intensivos UCI United Cinemas International (UK) ). For the third quarter of 2003, URI, including unallocated costs at URI Headquarters, reported a net loss of $0.8 million, or $0.06 per share, compared to net income of $0.7 million, or $0.05 per share in 2002. Although APS was profitable in the third quarter, the positive earnings were offset by losses at Xcelecom and in minority ownership interest investments when compared to last year. For the first nine months of 2003, URI, including unallocated costs at URI Headquarters, had a loss of $7.9 million, or $0.55 per share, compared to a loss of $7.0 million, or $0.49 per share, for the same period in 2002. Xcelecom, Inc. Xcelecom, a specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. electrical contracting and voice-data-video systems integration business, reported a net loss of $0.1 million, or $0.01 per share for the third quarter of 2003, compared to net income of $1.1 million, or $0.08 per share for the same period in 2002. For the first nine months of 2003, Xcelecom reported a loss of $1.5 million, or $0.10 per share, compared to earnings of $0.5 million, or $0.03 per share for the first nine months of 2002. Slow economic recovery in the east coast region, contract postponements and cancellations, decreasing project margins, and increased competition for fewer jobs have affected performance at Xcelecom in 2003. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite these factors and the fact that the Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. region continues to be weak, Xcelecom's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. is up 13 percent compared to the same time last year. Earlier this week, UIL announced the appointment of a new President of Xcelecom, John Conroy Sir John Conroy, 1st Baronet (21 October 1786 – 2 March 1854) was an Irish soldier and adventurer who served as Comptroller of the Household of Victoria of Saxe-Coburg-Saalfeld, the Duchess of Kent, the mother of the future Queen Victoria of the United Kingdom and widow of , Xcelecom's former Senior Vice President and Chief Financial Officer. "I know John's experience and strong financial background will lead Xcelecom forward through this turbulent economic time," stated Woodson. American Payment Systems, Inc. American Payment Systems, Inc., a walk-in walk-in A new brokerage customer who simply walks into the office. Although walk-ins are generally assigned to brokers, they have the right to specify a preferred broker. bill payment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, reported earnings of $0.4 million, or $0.02 per share for the third quarter of 2003, compared to a net loss of $0.2 million, or $0.01 per share during the same period in 2002. The improvement was due to growth in revenue and margin in the core bill payment business. For the first nine months of 2003, APS reported a loss of $0.6 million, or $0.04 per share, compared to a loss of $0.5 million, or $0.03 per share for the same period in 2002. The decrease was due to increased administrative expenses, which were partially offset by reduced payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. costs. URI Investments United Bridgeport Energy, Inc. United Bridgeport Energy, Inc. holds a 33 1/3% ownership interest in Bridgeport Energy, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (BE). UBE earned $0.6 million, or $0.04 per share during the third quarter of 2003, compared to $1.1 million, or $0.07 per share during the same quarter of 2002. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.05 per share of the variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality was due to lower installed capability (ICAP (1) (Internet Content Adaptation Protocol) A high-level protocol for requesting services from an Internet-based server. iCAP provides a common format for requesting services using standard HTTP messaging. ) revenues, and $0.05 per share of the variance was due to lower energy prices and increased gas prices. These were partially offset by reduced expenses of $0.07 per share, mostly due to overhaul costs incurred in 2002. For the first nine months of 2003, UBE lost $1.6 million, or $0.11 per share, compared to a net loss of $0.3 million, or $0.02 per share during the same period in 2002. The increased loss was due to lower energy and ICAP revenues, and the absence of a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. insurance benefit received by BE in 2002. These were partially offset by decreased expenses, due to reduced overhaul costs in 2003. Lower energy prices and high gas prices continue to affect the plant, both in reduction of energy margins and decreased plant generation. United Capital Investments, Inc. During the third quarter of 2003, United Capital Investments, Inc. lost $0.4 million, or $0.03 per share, compared to a net loss of $0.2 million, or $0.02 per share, in the third quarter of 2002. The negative variance in the third quarter was due to a higher valuation loss in a minority owned investment. For the first nine months of 2003, UCI reported a loss of $0.6 million, or $0.05 per share compared to a loss of $3.2 million, or $0.23 per share for the same period in 2002. The positive year-to-date variance is due to the absence of an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. loss recorded in the second quarter of 2002, lower valuation losses in minority owned investments and reduced administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . UCI, which has a 25% ownership interest in the Cross Sound Cable The Cross Sound Cable is a 40 kilometer (about 25 miles) long bipolar High-voltage direct current (HVDC) submarine power cable between New Haven, Connecticut, USA and Shoreham, Long Island New York , USA. , has recorded no income for the project in 2003. The cable became operational and energized in August 2003 under an emergency order from the Department of Energy and continues to be used as needed as needed prn. See prn order. . The Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. will have to approve any of the amounts that will be paid for the operation of the cable during this period. URI Headquarters For the third quarter of 2003, unallocated costs at URI Headquarters resulted in a net loss of $1.3 million, or $0.10 per share, compared to a net loss of $1.0 million, or $0.07 per share, in the third quarter of 2002. URI Headquarters reported a loss of $3.6 million, or $0.25 per share for the first nine months of 2003, compared to a loss of $3.4 million, or $0.24 per share for the same period in 2002. The higher loss was due to higher administrative costs in both the third quarter and year-to-date 2003. Revised 2003 Earnings Guidance UIL Revised earnings guidance for UIL is $1.90 - $2.00 per share, reduced from the previous estimate of $2.20 - $2.35 per share. The estimated decline is a result of lower than expected earnings from the non-utility businesses, particularly at Xcelecom. The United Illuminating Company UI is expected to earn $2.55 - $2.65 per share in 2003, as compared to the previously reported estimate of $2.50 - $2.60 per share. The increase in the earnings guidance is due to a warmer August than had been expected by the Company when it last issued earnings guidance. United Resources, Inc. UIL Holdings' non-utility businesses, under the wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. URI, are expected to lose $0.65 - $0.75 per share in 2003, compared to a previously reported estimated loss of $0.30 - $0.45 per share. The details of URI's earnings guidance is as follows; Xcelecom, Inc. Xcelecom, Inc. is expected to lose $0.05 - $0.15 per share in 2003, compared to the previous earnings estimate of $0.10 - $0.20 per share. The reduction is due to a continuation continuation - continuation passing style of weakness in Xcelecom's construction market, particularly in the Northeast region and to the projected recording of executive severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs in the fourth quarter of 2003. As with other companies in the construction and systems integration industries, Xcelecom is experiencing customer postponements and cancellations of projects, a reduction in new project orders, a continuing slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in spending for technology by its customers, and increased competition for fewer jobs. Xcelecom has taken action to offset the negative impact of these items by working to reduce operation and overhead related costs. American Payment Systems, Inc. American Payment Systems, Inc. is expected to earn $0.00 - $0.10 per share in 2003, unchanged from the previous earnings estimate. URI Minority Ownership Interest Investments and URI Headquarters Losses from URI's minority ownership interest investments, including UBE, UCI and URI Headquarters' costs, which include unallocated interest and administrative costs, are expected to be $0.55 - $0.65 per share, compared to the previous estimated losses of $0.45 - $0.55 per share. United Bridgeport Energy, Inc. For 2003, UBE is expected to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a loss of $0.15 - $0.20 per share, unchanged from the previous earnings estimate. United Capital Investments, Inc. UCI is expected to lose up to $0.10 per share, unchanged from the previous earnings estimate. UIL Holdings Corporation is the holding company for The United Illuminating Company and United Resources, Inc. UI is a New Haven-based regional distribution utility that provides electricity and energy-related services to more than 320,000 customers in municipalities in the Greater New Haven Greater New Haven is the metropolitan area whose extent includes those towns in the U.S. state of Connecticut that share an economic, social, political, and historical focus on the city of New Haven. It occupies the south-central portion of the state in a radius around New Haven. and Greater Bridgeport Greater Bridgeport is the metropolitan area centered on the city of Bridgeport in the U.S. state of Connecticut. The area is located in Southwestern Connecticut and consists of the city of Bridgeport and five other adjacent towns – Easton, Fairfield, Monroe, Stratford, and areas. URI is the umbrella umbrella, a small canopy used as a protection against the sun in China, Egypt, and elsewhere in remote antiquity. It was often an emblem of rank. During the Middle Ages the umbrella became almost extinct in Europe; its usefulness was not rediscovered until the late for UIL Holdings' non-utility business units, including Xcelecom, Inc., American Payment Systems, Inc., United Capital Investments, Inc. and United Bridgeport Energy, Inc. UIL Holdings World Wide Web address is http://www.uil.com/ and the company is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol UIL. Certain statements contained herein, regarding matters that are not historical facts, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Such forward-looking statements include risks and uncertainties; consequently, actual results may differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. thereby, including, but not limited to, general economic conditions, legislative and regulatory changes, demand for electricity and other products and services, changes in accounting principles, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , and other economic, competitive, governmental, and technological factors affecting the operations, markets, products, services and prices of the company's subsidiaries. Forward-looking statements included herein speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and the company undertakes no obligation to revise or update such statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect the occurrence of unanticipated events or circumstances. The following are summaries of UIL Holdings' unaudited consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: and segmented financial information for the third quarter and first nine months of 2003:
UIL HOLDINGS CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Thousands except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
---------- ---------- ---------- ----------
Operating Revenues
Utility $ 194,948 $ 219,655 $ 516,323 $ 560,151
Non-utility businesses 97,160 101,428 301,566 303,556
---------- ---------- ---------- ----------
Total Operating Revenues 292,108 321,083 817,889 863,707
---------- ---------- ---------- ----------
Operating Expenses
Operation
Fuel and energy 77,394 78,164 206,242 204,139
Operation and maintenance 144,124 152,270 434,723 446,386
Depreciation and
amortization 22,681 30,613 73,208 70,259
Taxes - other than income
taxes 11,144 13,030 32,970 36,456
---------- ---------- ---------- ----------
Total Operating Expenses 255,343 274,077 747,143 757,240
---------- ---------- ---------- ----------
Operating Income 36,765 47,006 70,746 106,467
---------- ---------- ---------- ----------
Other Income (Deductions),
net 2,098 2,525 2,674 (1,430)
---------- ---------- ---------- ----------
Income Before Interest
Charges and Income Taxes 38,863 49,531 73,420 105,037
---------- ---------- ---------- ----------
Interest Charges, net
Interest on long-term debt 6,611 10,843 19,755 32,486
Interest on Seabrook Lease
Obligation Bonds owned by
UI - (1,542) - (4,625)
Other interest, net 950 699 1,573 1,681
---------- ---------- ---------- ----------
7,561 10,000 21,328 29,542
Amortization of debt
expense and redemption
premiums 316 484 941 1,547
---------- ---------- ---------- ----------
Interest Charges, net 7,877 10,484 22,269 31,089
---------- ---------- ---------- ----------
Income Before Income Taxes 30,986 39,047 51,151 73,948
---------- ---------- ---------- ----------
Income Taxes 14,033 17,240 24,631 33,432
---------- ---------- ---------- ----------
Net Income and Income
Available to Common Stock $ 16,953 $ 21,807 $ 26,520 $ 40,516
========== ========== ========== ==========
Average Number of Common
Shares Outstanding - Basic 14,295 14,265 14,287 14,228
Average Number of Common
Shares Outstanding -
Diluted 14,303 14,274 14,295 14,309
Earnings Per Share of
Common Stock - Basic $ 1.19 $ 1.53 $ 1.86 $ 2.85
Earnings Per Share of
Common Stock - Diluted $ 1.19 $ 1.53 $ 1.86 $ 2.83
Cash Dividends Declared per
share of Common Stock $ 0.72 $ 0.72 $ 2.16 $ 2.16
UIL HOLDINGS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
September December
30, 31,
(thousands of dollars) 2003 2002
----------------------------------------------------------------------
ASSETS
Current assets $ 351,374 $ 312,159
Property, plant and equipment, net 538,461 517,082
Regulatory assets 679,043 719,314
Other long-term assets 240,802 232,256
------------ ------------
Total Assets $ 1,809,680 $ 1,780,811
============ ============
LIABILITIES AND CAPITALIZATION
Current liabilities $ 412,589 $ 396,776
Noncurrent liabilities 200,528 216,234
Deferred income taxes 255,251 225,904
Regulatory liabilities 66,627 64,113
------------ ------------
Total Liabilities 934,995 903,027
Net long-term debt 395,454 395,432
Net common stock equity 479,231 482,352
------------ ------------
Total Capitalization 874,685 877,784
------------ ------------
Total Liabilities and
Capitalization $ 1,809,680 $ 1,780,811
============ ============
UIL HOLDINGS CORPORATION
SEGMENTED CONSOLIDATED INCOME STATEMENT
Quarter Quarter Year to Year to
Ended Ended Date Date
Sept Sept Sept Sept
30, 30, 30, 30,
(In Millions - Unaudited) 2003 2002 2003 2002
------------------------- -------- -------- -------- --------
Operating Revenues
UI from operations, before
sharing $194.9 $212.0 $516.3 $529.0
UI sharing from operations 0.0 ($6.6) 0.0 (6.6)
Nuclear 0.0 14.3 0.0 37.8
Xcelecom 74.8 78.7 218.2 235.5
APS 22.5 22.7 83.5 68.2
Minority Ownership Interest
Investment and Other (0.1) 0.0 (0.1) (0.2)
-------- -------- -------- --------
Total operating revenues 292.1 321.1 817.9 863.7
======== ======== ======== ========
Fuel and energy expenses
UI 77.4 76.2 206.2 198.9
Nuclear 0.0 2.0 0.0 5.2
-------- -------- -------- --------
Total fuel and energy expenses 77.4 78.2 206.2 204.1
======== ======== ======== ========
Operation and maintenance expenses
UI 48.5 49.7 135.8 131.1
Nuclear 0.0 4.9 0.0 16.8
Xcelecom 73.3 75.4 215.6 229.8
APS 21.5 21.8 80.9 66.2
Minority Ownership Interest
Investment and Other 0.8 0.5 2.4 2.5
-------- -------- -------- --------
Total operation and maintenance
expenses 144.1 152.3 434.7 446.4
======== ======== ======== ========
Depreciation and amortization
expenses
UI 7.3 7.3 21.1 21.7
Nuclear 0.0 0.3 0.0 1.1
Xcelecom 0.9 0.8 2.6 2.2
APS 0.9 0.8 2.7 2.1
Minority Ownership Interest
Investment and Other 0.0 0.0 0.0 0.0
-------- -------- -------- --------
Subtotal depreciation 9.1 9.2 26.4 27.1
Amortization of regulatory assets
(UI) 13.6 21.0 45.5 41.8
Amortization Xcelecom 0.3 0.3 1.0 1.0
Amortization APS (0.3) 0.1 0.3 0.4
-------- -------- -------- --------
Total depreciation and
amortization expenses 22.7 30.6 73.2 70.3
======== ======== ======== ========
Taxes - other than income taxes
UI - State gross earnings tax 7.8 8.5 20.3 21.5
UI - other 3.1 3.7 10.5 12.4
Nuclear - other 0.0 0.2 0.0 0.9
Xcelecom 0.4 0.3 1.4 1.2
APS (0.2) 0.3 0.8 0.5
Minority Ownership Interest
Investment and Other 0.0 0.0 0.0 0.0
-------- -------- -------- --------
Total taxes - other than income
taxes 11.1 13.0 33.0 36.5
======== ======== ======== ========
UIL HOLDINGS CORPORATION
SEGMENTED CONSOLIDATED INCOME STATEMENT
Quarter Quarter Year to Year to
Ended Ended Date Date
Sept Sept Sept Sept
30, 30, 30, 30,
(In Millions - Unaudited) 2003 2002 2003 2002
------------------------- -------- -------- -------- --------
Other Income (Deductions)
UI 1.1 0.5 4.2 2.2
Nuclear 0.0 0.0 0.0 0.0
Xcelecom 0.1 0.1 0.5 0.5
APS 0.0 (0.1) 0.4 0.3
Minority Ownership Interest
Investment and Other 0.9 2.0 (2.5) (4.4)
-------- -------- -------- --------
Total Other Income (Deductions) 2.1 2.5 2.6 (1.4)
======== ======== ======== ========
Earnings Before Interest and Taxes
(EBIT)
UI 38.3 39.5 81.1 97.2
Nuclear 0.0 6.9 0.0 13.8
Xcelecom (0.0) 2.0 (1.9) 1.8
APS 0.6 (0.4) (0.8) (0.7)
Minority Ownership Interest
Investment and Other 0.0 1.5 (5.0) (7.1)
-------- -------- -------- --------
Total Earnings Before Interest
and Taxes (EBIT) 38.9 49.5 73.4 105.0
======== ======== ======== ========
Interest Charges
UI 5.6 9.1 16.4 27.2
UI - Interest on Seabrook
obligation bonds owned by UI 0.0 (1.5) 0.0 (4.6)
UI - Amortization: debt expense,
redemption premiums 0.3 0.5 0.6 1.5
Nuclear 0.0 0.5 0.0 1.3
Xcelecom 0.1 0.2 0.4 1.0
APS 0.0 (0.1) 0.1 0.1
Minority Ownership Interest
Investment and Other 1.9 1.8 4.8 4.6
-------- -------- -------- --------
Total Interest Charges 7.9 10.5 22.3 31.1
======== ======== ======== ========
Income Taxes
UI 14.6 14.1 29.7 33.0
Nuclear 0.0 2.6 0.0 5.1
Xcelecom 0.0 0.7 (0.8) 0.3
APS 0.2 (0.1) (0.3) (0.3)
Minority Ownership Interest
Investment and Other (0.8) (0.1) (4.0) (4.7)
-------- -------- -------- --------
Total Income Taxes 14.0 17.2 24.6 33.4
======== ======== ======== ========
Net Income
UI 17.8 17.3 34.4 40.1
Nuclear 0.0 3.8 0.0 7.4
Xcelecom (0.1) 1.1 (1.5) 0.5
APS 0.4 (0.2) (0.6) (0.5)
Minority Ownership Interest
Investment and Other (1.1) (0.2) (5.8) (7.0)
-------- -------- -------- --------
Total Net Income $17.0 $21.8 $26.5 $40.5
======== ======== ======== ========
BUSINESS SEGMENT SUMMARY INFORMATION
(In Millions, except per share amounts)
----------------------------------------------------------------------
UIL HOLDINGS CORPORATION
----------------------------------------------------------------------
Quarter Quarter Year Year
Ended Ended Ended Ended
Sept. Sept. Sept. Sept.
30, 30, 30, 30,
2003 2002 2003 2002
-------- -------- -------- --------
Earnings Before Interest and Taxes
(EBIT) $ 38.9 $ 49.5 $ 73.4 $ 105.0
Net Income $ 17.0 $ 21.8 $ 26.5 $ 40.5
Earnings per Share - basis $ 1.19 $ 1.53 $ 1.86 $ 2.85
----------------------------------------------------------------------
----------------------------------------------------------------------
THE UNITED ILLUMINATING COMPANY
----------------------------------------------------------------------
Quarter Quarter Year Year
Ended Ended Ended Ended
Sept. Sept. Sept. Sept.
30, 30, 30, 30,
2003 2002 2003 2002
-------- -------- -------- --------
Earnings Before Interest and Taxes
(EBIT) $ 38.3 $ 46.4 $ 81.1 $ 111.0
Net Income $ 17.8 $ 21.1 $ 34.4 $ 47.5
Earnings per Share - basis $ 1.25 $ 1.48 $ 2.41 $ 3.34
----------------------------------------------------------------------
----------------------------------------------------------------------
UNITED RESOURCES, INC.
----------------------------------------------------------------------
Quarter Quarter Year Year
Ended Ended Ended Ended
XCELECOM Sept. Sept. Sept. Sept.
-------- 30, 30, 30, 30,
2003 2002 2003 2002
-------- -------- -------- --------
Earnings Before Interest and Taxes
(EBIT) $ - $ 2.0 $ (1.9) $ 1.8
Net Income $ (0.1) $ 1.1 $ (1.5) $ 0.5
Earnings per Share - basis $ (0.01) $ 0.08 $ (0.10) $ 0.03
AMERICAN PAYMENT SYSTEMS
------------------------
Earnings Before Interest and Taxes
(EBIT) $ 0.7 $ (0.4) $ (0.8) $ (0.7)
Net Income $ 0.4 $ (0.2) $ (0.6) $ (0.5)
Earnings per Share - basis $ 0.02 $ (0.01) $ (0.04) $ (0.03)
MINORITY OWNERSHIP INTEREST
INVESTMENT AND OTHER
---------------------------
Earnings Before Interest and Taxes
(EBIT) $ (0.1) $ 1.5 $ (5.0) $ (7.1)
Net Income $ (1.1) $ (0.2) $ (5.8) $ (7.0)
Earnings per Share - basis $ (0.07) $ (0.02) $ (0.41) $ (0.49)
TOTAL UNITED RESOURCES
----------------------
Earnings Before Interest and Taxes
(EBIT) $ 0.6 $ 3.1 $ (7.7) $ (6.0)
Net Income $ (0.8) $ 0.7 $ (7.9) $ (7.0)
Earnings per Share - basis $ (0.06) $ 0.05 $ (0.55) $ (0.49)
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