8-KEarnings & ResultsExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Financial Results (Nov 22, 2005)

Filed November 22, 2005For Securities:ES

Summary

Eversource Energy (formerly Northeast Utilities or NU) is filing this Form 8-K to retroactively present certain financial information. Specifically, the company is conforming its prior period financial statements (2004 10-K and Q1/Q2 2005 10-Qs) to reflect the classification of specific businesses as discontinued operations, as initially reported in its Q3 2005 10-Q. The businesses reclassified include Select Energy Services and its subsidiaries, Select Energy Contracting, Inc. - New Hampshire (which was sold), Woods Network Services, Inc., and Woods Electrical Co., Inc. It is important for investors to note that this filing is primarily a reclassification and does not impact NU's previously reported net income. The changes are intended to provide a consistent presentation of discontinued operations across all reporting periods. Additionally, restructuring and impairment charges from Q1 2005 have been reclassified to align with the presentation in subsequent quarters, separating them from wholesale contract market changes.

Key Highlights

  • 1Eversource Energy (NU) is filing an 8-K to conform prior period financial reporting.
  • 2Specific subsidiaries and divisions (Select Energy Services, Select Energy Contracting - NH, Woods Network Services, Woods Electrical Co.) are now classified as discontinued operations.
  • 3This reclassification aligns with the Q3 2005 10-Q filing.
  • 4The sale of Select Energy Contracting, Inc. - New Hampshire for $2.4 million is noted.
  • 5The reclassification of discontinued operations has no impact on NU's previously reported net income.
  • 6Restructuring and impairment charges from Q1 2005 have been reclassified for consistency.

Frequently Asked Questions

The primary purpose of this 8-K filing is to present conforming financial information for prior periods (2004 10-K and Q1/Q2 2005 10-Qs) to reflect certain businesses as discontinued operations, aligning with the presentation in the Q3 2005 10-Q.

No, the filing explicitly states that the changes made to reflect discontinued operations have no effect on Eversource Energy's (NU's) net income originally reported in those prior financial statements.

The businesses classified as discontinued operations include Select Energy Services, Inc. and its subsidiaries, Select Energy Contracting, Inc. - New Hampshire (which was sold), Woods Network Services, Inc., and Woods Electrical Co., Inc.

Yes, restructuring and impairment charges originally presented in the Q1 2005 report have been reclassified to conform with the separate presentation of wholesale contract market changes, net, as seen in the second and third quarter reports.