8-KEarnings & Results

EVERSOURCE ENERGY 8-K Report, Financial Results (Jun 9, 2006)

Filed June 9, 2006For Securities:ES

Summary

This 8-K filing from Northeast Utilities (NU), the predecessor to Eversource Energy, primarily addresses a retrospective change in financial reporting. The company is restating certain financial information from its 2005 Annual Report (Form 10-K) to align with how it presented discontinued operations in its first quarter 2006 Quarterly Report (Form 10-Q). This restatement specifically impacts the presentation of entities like Select Energy Services, Northeast Generation Company (NGC), and the Mt. Tom generating plant, which are now classified as discontinued operations. For investors, the key takeaway is that these changes are purely presentational and do not alter NU's previously reported net income for the affected periods. The company is providing updated financial data (Exhibit 99.1) to ensure consistency between its 2005 annual filing and its more recent quarterly report. Investors should read this filing in conjunction with NU's original 2005 10-K and its first quarter 2006 10-Q to understand the full financial picture.

Key Highlights

  • 1Northeast Utilities (NU) is filing an 8-K to conform financial information regarding discontinued operations.
  • 2The restatement aligns the 2005 Form 10-K presentation with the first quarter 2006 Form 10-Q presentation of discontinued operations.
  • 3Key entities classified as discontinued operations include Select Energy Services and Northeast Generation Company (NGC).
  • 4The changes are purely presentational and do not impact NU's previously reported net income.
  • 5Exhibit 99.1 provides revised selected financial data, MD&A, and financial statements for the year ended December 31, 2005.
  • 6Investors are advised to read this filing in conjunction with the original 2005 10-K and the Q1 2006 10-Q.
  • 7The filing date of the earliest event reported is June 7, 2006.

Frequently Asked Questions

The main purpose is to update and conform the financial information presented in Northeast Utilities' (NU) 2005 annual report (10-K) to reflect how the company presented discontinued operations in its first quarter 2006 quarterly report (10-Q). This ensures consistency in financial reporting.

No, this filing explicitly states that the changes to the prior period financial statements have no effect on NU's net income originally reflected in those statements. It's a change in presentation, not a change in overall profitability.

The filing lists several entities and assets being treated as discontinued operations, including Select Energy Services, Inc. and its subsidiaries, Northeast Generation Company (NGC), and the Mt. Tom generating plant owned by Holyoke Water Power Company.

The updated financial information, including selected financial data, Management's Discussion and Analysis (MD&A), and financial statements for the year ended December 31, 2005, is provided as Exhibit 99.1 to this Form 8-K filing.