July 28, 2016 - 6:30 AM EDT
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ITC Reports Second Quarter and Year-to-Date 2016 Results

NOVI, Mich., July 28, 2016 /PRNewswire/ --  

Highlights

  • Second quarter 2016 reported earnings of $0.46 per diluted common share; second quarter 2016 operating earnings of $0.58 per diluted common share
  • Reported earnings for the six months ended June 30, 2016 of $0.88 per diluted common share; operating earnings for the six months ended June 30, 2016 of $1.13 per diluted common share
  • Capital investments of $374.5 million for the six months ended June 30, 2016
  • Rate base and construction work in progress of $5.7 billion for the six months ended June 30, 2016

Three months ended


Six months ended

(in thousands, except per share data)

June 30,


June 30,


2016


2015


2016


2015

REPORTED OPERATING REVENUES (GAAP)

$

298,044



$

275,058



$

578,177



$

547,545


REPORTED NET INCOME (GAAP)

$

70,726



$

72,336



$

134,963



$

139,468


OPERATING EARNINGS (Non-GAAP)

$

88,653



$

80,823



$

173,104



$

153,880


REPORTED DILUTED EPS (GAAP)

$

0.46



$

0.46



$

0.88



$

0.89


OPERATING DILUTED EPS (Non-GAAP)

$

0.58



$

0.52



$

1.13



$

0.98


 

ITC Holdings Corp. (NYSE: ITC) announced today its results for the quarter ended June 30, 2016. 

Reported net income for the second quarter, measured in accordance with Generally Accepted Accounting Principles (GAAP), was $70.7 million, or $0.46 per diluted common share, compared to $72.3 million or $0.46 per diluted common share for the second quarter of 2015. For the six months ended June 30, 2016, reported net income was $135.0 million, or $0.88 per diluted common share, compared to $139.5 million, or $0.89 per diluted common share for the same period last year.

Operating earnings for the second quarter were $88.7 million, or $0.58 per diluted common share, compared to operating earnings of $80.8 million, or $0.52 per diluted common share for the second quarter of 2015. For the six months ended June 30, 2016, operating earnings were $173.1 million, or $1.13 per diluted common share, compared to operating earnings of $153.9 million, or $0.98 per diluted common share for the same period last year.

ITC invested $374.5 million in capital projects during the six month period ended June 30, 2016, including $85.2 million at ITCTransmission, $104.9 million at METC, $154.3 million at ITC Midwest, $21.5 million at ITC Great Plains and $8.6 million of Development.

"We are pleased to have delivered another strong quarter, both financially and operationally," said Joseph L. Welch, chairman, president and CEO of ITC. "We are also making good progress on the Fortis acquisition of ITC with ITC's shareholders approving the transaction in June. We continue to expect the transaction to close in 2016."

Operating Earnings

Operating earnings are non-GAAP measures that exclude the impact of after-tax expenses associated with the following items:

  1. Regulatory charges of approximately $0.1 million pre-tax and after-tax for the second quarter and the six months ended June 30, 2016. These expenses totaled $1.1 million, or $0.01 per diluted common share for the six months ended June 30, 2015, and $1.5 million, on a pre-tax basis over the same period. The 2016 charge relates to a refund liability attributable to contributions in aid of construction (CIAC refund liability). The 2015 charge relates to management's decision to write-off abandoned project costs at ITCTransmission.
  2. The estimated refund liability associated with the Midcontinent ISO (MISO) regional base ROE rate (the "base ROE") of $6.1 million, or $0.04 per diluted common share, and $8.5 million, or $0.06 per diluted common share, for the second quarter of 2016 and 2015, respectively. On a pre-tax basis, these expenses were $9.9 million and $13.8 million for the second quarter of 2016 and 2015, respectively. These expenses totaled $17.7 million, or $0.11 per diluted common share, and $13.3 million or $0.08 per diluted common share for the six months ended June 30, 2016 and 2015, respectively and $28.8 million and $21.8 million on a pre-tax basis over the same period, respectively. The refund liability reflects the estimated refund obligation associated with the base ROE 206 complaints.
  3. Fortis transaction related expenses of $11.7 million, or $0.08 per diluted common share, and $20.4 million, or $0.14 per diluted common share for the second quarter and six month period ended June 30, 2016, respectively. On a pre-tax basis, these expenses were $15.6 million and $28.6 million over the same period, respectively.

Reported net income for the second quarter and six month period ended June 30, 2016 decreased by $1.6 million and $4.5 million or $0.01 per diluted common share, respectively, compared with the same period last year. The decrease compared to the prior period was largely attributable to higher Fortis transaction-related expenses partially offset by higher income associated with increased rate base at our operating companies for the second quarter and six month period ended June 30, 2016. In addition, there were higher MISO regional base ROE rate refund liabilities for the six months ended June 30, 2016.

Operating earnings for the second quarter and six month period ended June 30, 2016 increased by $7.9 million, or $0.06 per diluted common share, and $19.2 million, or $0.15 per diluted common share, respectively, compared with the same period last year. The increase compared to the prior period was largely attributable to higher income associated with increased rate base at our operating companies as well as lower non-recoverable bonus payments associated with the V-Plan project in the first quarter of 2016 compared to the same period in 2015. These beneficial factors were partially offset by the impact of electing bonus depreciation at all of our operating subsidiaries.

Balance Sheet Activities

On July 5, 2016, ITC Holdings issued $400.0 million aggregate principal amount of unsecured 3.25% notes, due June 30, 2026. The proceeds from the issuance were used to repay the $161.0 million outstanding under ITC Holdings' term loan credit agreement and for general corporate purposes, primarily the repayment of indebtedness outstanding under ITC Holdings' commercial paper program.

Fortis Inc. ("Fortis") Transaction Update

During the second quarter, Fortis and ITC received shareholder approval to proceed with the transaction along with the completion of the review for the Committee on Foreign Investment in the United States. Completion of the proposed merger is subject to the following remaining processes: Federal Energy Regulatory Commission approval; United States Federal Trade Commission/Department of Justice approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; approvals from various State regulatory commissions; and the satisfaction of other customary closing conditions. All regulatory filings have been made and we are working through the various approval processes.  The transaction is expected to close by the end of this year.

Second Quarter 2016 Financial Results Detail — GAAP Measures

ITC's reported operating revenues for the second quarter of 2016 increased to $298.0 million compared to $275.1 million for the second quarter of 2015. This increase was primarily due to higher revenue requirements attributable to a higher rate base at our regulated operating subsidiaries, as well as an increase in regional cost sharing revenues resulting from additional capital projects being placed in-service that have been identified by MISO and SPP as eligible for regional cost sharing partially offset by the election of bonus depreciation and the recognition of the refund liability relating to the ROE complaints.

Operation and maintenance (O&M) expenses of $27.6 million were $2.4 million lower than the same period in 2015. The decrease in O&M expenses was primarily due to lower vegetation management requirements.

General and administrative (G&A) expenses of $49.5 million were $17.0 million higher compared to the same period in 2015. The increase in G&A expenses was primarily due to higher professional services for the Fortis transaction and higher compensation expenses related to personnel additions.

Depreciation and amortization expenses of $39.4 million increased by $3.8 million compared to the same period in 2015 due to a higher depreciable base resulting from property, plant and equipment in-service additions.

Taxes other than income taxes of $22.4 million were $3.6 million higher than the same period in 2015. This increase was due to 2015 capital additions at our regulated operating subsidiaries, which are included in the assessment for 2016 personal property taxes.

Interest expense of $51.8 million increased by $1.6 million compared to the same period in 2015. The increase was due primarily to the refund liability relating to the ROE complaints and higher borrowing levels to finance capital investments.

The effective income tax rate for the second quarter of 2016 was 39.0 percent compared to 37.3 percent for the same period last year.

Second Quarter 2016 Financial Results Detail — Non-GAAP Measures

ITC's adjusted operating revenues for the second quarter of 2016 increased to $306.2 million compared to $288.4 million for the second quarter of 2015. Amounts reported for the second quarter of 2016 and 2015 exclude approximately $8.2 million and $13.3 million, respectively, in reduced pre-tax revenues associated with the base ROE refund liability. This increase was primarily due to higher revenue requirements attributable to a higher rate base at our regulated operating subsidiaries, as well as an increase in regional cost sharing revenues resulting from additional capital projects being placed in-service that have been identified by MISO and SPP as eligible for regional cost sharing partially offset by the election of bonus depreciation.

Operation and maintenance (O&M) expenses of $27.6 million were $2.4 million lower than the same period in 2015. The decrease in O&M expenses was primarily due to lower vegetation management requirements.

General and administrative (G&A) expenses of $33.9 million were $1.4 million higher compared to the same period in 2015. Amounts reported for the second quarter of 2016 exclude approximately $15.6 million of pre-tax activity related to the Fortis transaction. The increase in G&A expenses was primarily due to higher compensation expenses related to personnel additions and higher professional services.

Depreciation and amortization expenses of $39.4 million increased by $3.8 million compared to the same period in 2015 due to a higher depreciable base resulting from property, plant and equipment in-service additions.

Taxes other than income taxes of $22.4 million were $3.6 million higher than the same period in 2015. This increase was due to 2015 capital additions at our regulated operating subsidiaries, which are included in the assessment for 2016 personal property taxes.

Interest expense of $50.1 million increased by $0.4 million compared to the same period in 2015. Amounts reported for the second quarter of 2016 and 2015 exclude $1.7 million and $0.5 million, respectively, of pre-tax expenses related to the adjustments to operating earnings. The increase was due primarily to higher borrowing levels to finance capital investments.

The effective income tax rate for the second quarter of 2016 was 37.4 percent compared to 37.5 percent for the same period last year. Amounts reported for the second quarter of 2016 and 2015 exclude income taxes of approximately $7.7 million and $5.3 million, respectively, associated with adjustments to operating earnings.

Year-to-Date 2016 Financial Results Detail — GAAP Measures

ITC's reported operating revenues for the six months ended June 30, 2016 increased to $578.2 million compared to $547.5 million from the same period last year. This increase was primarily due to higher revenue requirements attributable to a higher rate base at our regulated operating subsidiaries, as well as an increase in regional cost sharing revenues resulting from additional capital projects being placed in-service that have been identified by MISO and SPP as eligible for regional cost sharing partially offset by the election of bonus depreciation and the recognition of the refund liability relating to the ROE complaints.

O&M expenses of $52.2 million were $3.4 million lower for the six months ended June 30, 2016 compared to the same period in 2015. The decrease in O&M expenses was primarily due to lower vegetation management requirements.

G&A expenses of $95.2 million were $21.8 million higher compared to the same period in 2015. The increase in G&A expenses was primarily due to higher professional services for the Fortis transaction and higher compensation expenses related to personnel additions partially offset by lower incentive-based compensation for bonus payments.

Depreciation and amortization expenses of $78.2 million increased by $8.2 million for the six months ended June 30, 2016 compared to the same period in 2015 due to a higher depreciable base resulting from property, plant and equipment in-service additions.

Taxes other than income taxes of $45.8 million were $4.6 million higher compared to the same period in 2015. This increase was due to 2015 capital additions at our regulated operating subsidiaries, which are included in the assessment for 2016 personal property taxes.

Interest expense of $102.2 million was $3.5 million higher compared to the same period in 2015. The increase in interest expense was due primarily to the refund liability relating to the ROE complaints and higher borrowing levels to finance capital investments.

The effective income tax rate for the six months ended June 30, 2016 was 38.6 percent compared to 37.5 percent for the same period in 2015.


Year-to-Date 2016 Financial Results Detail — Non-GAAP Measures

ITC's adjusted operating revenues for the six months ended June 30, 2016 increased to $603.9 million compared to $568.4 million from the same period last year. Amounts reported for the six months ended June 30, 2016 and 2015 exclude approximately $25.7 million and $20.8 million, respectively, in reduced pre-tax revenues associated with the base ROE refund liability. This increase was primarily due to higher revenue requirements attributable to a higher rate base at our regulated operating subsidiaries, as well as an increase in regional cost sharing revenues resulting from additional capital projects being placed in-service that have been identified by MISO and SPP as eligible for regional cost sharing partially offset by the election of bonus depreciation.

O&M expenses of $52.2 million were $3.4 million lower for the six months ended June 30, 2016 compared to the same period in 2015. The decrease in O&M expenses was primarily due to lower vegetation management requirements.

G&A expenses of $66.7 million were $5.2 million lower compared to the same period in 2015. Amounts reported for the six months ended June 30, 2016 exclude approximately $28.5 million of pre-tax expenses related to the Fortis transaction and the six months ended June 30, 2015 exclude approximately $1.5 million of pre-tax expenses related to regulatory charges. The decrease in G&A expenses was primarily due to lower incentive-based compensation for bonus payments.

Depreciation and amortization expenses of $78.2 million increased by $8.2 million for the six months ended June 30, 2016 compared to the same period in 2015 due to a higher depreciable base resulting from property, plant and equipment in-service additions.

Taxes other than income taxes of $45.7 million were $4.5 million higher compared to the same period in 2015. Amounts reported for the six months ended June 30, 2016 exclude approximately $0.1 million of pre-tax expenses associated with the Fortis transaction. This increase was due to 2015 capital additions at our regulated operating subsidiaries, which are included in the assessment for 2016 personal property taxes.

Interest expense of $99.0 million was $1.2 million higher compared to the same period in 2015. Amounts reported for the six months ended June 30, 2016 and 2015 exclude approximately $3.2 million and $0.9 million, respectively, of pre-tax expenses associated with the adjustments to operating earnings noted previously. The increase in interest expense was due primarily to higher borrowing levels to finance capital investments.

The effective income tax rate for the six months ended June 30, 2016 was 37.6 percent compared to 37.5 percent for the same period in 2015. Amounts reported for the six months ended June 30, 2016 and 2015 exclude income taxes of $19.4 million and $8.8 million, respectively, associated with adjustments to operating earnings noted previously.

Other Available Information

More detail about second quarter 2016 results may be found in ITC's Form 10-Q filing. Once filed with the Securities and Exchange Commission, an electronic copy of our 10-Q can be found at our website, http://investor.itc-holdings.com. Paper copies can also be made available by contacting us through our website.

About ITC Holdings Corp.

ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,700 circuit miles of transmission line. ITC's grid development focus includes growth through regulated infrastructure investment as well as domestic and international expansion through merchant and other commercial development opportunities. For more information, please visit ITC's website at www.itc-holdings.com (ITC-itc-F).

GAAP v. Non-GAAP Measures

ITC's reported earnings are prepared in accordance with GAAP and represent earnings as reported to the Securities and Exchange Commission. ITC's management believes that operating earnings, or GAAP earnings adjusted for specific items as described in the release that are generally not indicative of our core operations, provides additional information that is useful to investors in understanding ITC's underlying performance, business and performance trends, and helps facilitate period to period comparisons. However, non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.

Safe Harbor Statement

This press release contains certain statements that describe our management's beliefs concerning future business conditions, plans and prospects, growth opportunities and the outlook for our business and the electricity transmission industry based upon information currently available. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wherever possible, we have identified these forward-looking statements by words such as "will," "may," "anticipates," "believes," "intends," "estimates," "expects," "projects" and similar phrases. These forward-looking statements are based upon assumptions our management believes are reasonable. Such forward looking statements are subject to risks and uncertainties which could cause our actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among others, the risks and uncertainties disclosed in our annual reports on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission.

Because our forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different and any or all of our forward-looking statements may turn out to be wrong. Forward-looking statements speak only as of the date made and can be affected by assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in our discussion in this release and in our annual and quarterly reports will be important in determining future results. Consequently, we cannot assure you that our expectations or forecasts expressed in such forward-looking statements will be achieved. Except as required by law, we undertake no obligation to publicly update any of our forward-looking or other statements, whether as a result of new information, future events, or otherwise.


ITC HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)




Three months ended


Six months ended



June 30,


June 30,

(in thousands, except per share data)


2016


2015


2016


2015

OPERATING REVENUES


$

298,044



$

275,058



$

578,177



$

547,545


OPERATING EXPENSES









Operation and maintenance


27,611



30,026



52,207



55,588


General and administrative


49,462



32,493



95,170



73,387


Depreciation and amortization


39,369



35,578



78,241



70,013


Taxes other than income taxes


22,350



18,786



45,799



41,166


Other operating (income) and expenses — net


(282)



(233)



(546)



(469)


Total operating expenses


138,510



116,650



270,871



239,685


OPERATING INCOME


159,534



158,408



307,306



307,860


OTHER EXPENSES (INCOME)









Interest expense — net


51,804



50,198



102,221



98,672


Allowance for equity funds used during construction


(8,921)



(7,464)



(16,440)



(15,013)


Other income


(480)



(189)



(741)



(438)


Other expense


1,226



431



2,381



1,615


Total other expenses (income)


43,629



42,976



87,421



84,836


INCOME BEFORE INCOME TAXES


115,905



115,432



219,885



223,024


INCOME TAX PROVISION


45,179



43,096



84,922



83,556


NET INCOME


$

70,726



$

72,336



$

134,963



$

139,468


Basic earnings per common share


$

0.46



$

0.47



$

0.88



$

0.90


Diluted earnings per common share


$

0.46



$

0.46



$

0.88



$

0.89


Operating diluted earnings per common share


$

0.58



$

0.52



$

1.13



$

0.98


Dividends declared per common share


$

0.1875



$

0.1625



$

0.3750



$

0.3250


 

 

RECONCILIATION OF REPORTED NET INCOME (GAAP) TO OPERATING EARNINGS (NON-GAAP MEASURE) - UNAUDITED



Three months ended


Six months ended


June 30,


June 30,


2016


2015


2016


2015

Reported net income (GAAP)

$

70,726



$

72,336



$

134,963



$

139,468










Pre-tax regulatory charges

86





135



1,486


Taxes for regulatory charges

(35)





(55)



(403)


After-tax regulatory charges

51





80



1,083










Pre-tax MISO regional base ROE rate refund liability

9,904



13,824



28,803



21,784


Taxes for MISO regional base ROE rate refund liability

(3,774)



(5,337)



(11,142)



(8,455)


After-tax MISO regional base ROE rate refund liability

6,130



8,487



17,661



13,329










Pre-tax Fortis transaction related expenses

15,646





28,631




Taxes for Fortis transaction related expenses

(3,900)





(8,231)




After-tax Fortis transaction related expenses

11,746





20,400












Operating earnings (Non-GAAP)

$

88,653



$

80,823



$

173,104



$

153,880


 

 

RECONCILIATION OF REPORTED DILUTED EPS (GAAP) TO OPERATING DILUTED EPS (NON-GAAP MEASURE) - UNAUDITED



Three months ended


Six months ended


June 30,


June 30,


2016


2015


2016


2015

Reported diluted EPS (GAAP)

$

0.46



$

0.46



$

0.88



$

0.89


After-tax regulatory charges







0.01


After-tax MISO regional base ROE rate refund liability

0.04



0.06



0.11



0.08


After-tax Fortis transaction related expenses

0.08





0.14




Operating diluted EPS (Non-GAAP)

$

0.58



$

0.52



$

1.13



$

0.98


 

 


ITC HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)



June 30,


December 31,

(in thousands, except share data)

2016


2015

ASSETS




Current assets




Cash and cash equivalents

$

6,054



$

13,859


Accounts receivable

147,882



104,262


Inventory

27,852



25,777


Regulatory assets

19,112



14,736


Income tax receivable

144,573




Prepaid and other current assets

15,622



10,608


Total current assets

361,095



169,242


Property, plant and equipment (net of accumulated depreciation and amortization of $1,540,568 and $1,487,713, respectively)

6,409,440



6,109,639


Other assets




Goodwill

950,163



950,163


Intangible assets (net of accumulated amortization of $29,905 and $28,242, respectively)

44,283



45,602


Regulatory assets

245,870



233,376


Deferred financing fees (net of accumulated amortization of $1,661 and $1,277, respectively)

5,313



2,498


Other

50,802



44,802


Total other assets

1,296,431



1,276,441


TOTAL ASSETS

$

8,066,966



$

7,555,322


LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




Accounts payable

$

146,934



$

124,331


Accrued compensation

18,977



24,123


Accrued interest

54,003



52,577


Accrued taxes

48,358



44,256


Regulatory liabilities

27,621



44,964


Refundable deposits from generators for transmission network upgrades

16,418



2,534


Debt maturing within one year

451,232



395,105


Other

21,475



31,034


Total current liabilities

785,018



718,924


Accrued pension and postretirement liabilities

64,792



61,609


Deferred income taxes

947,036



735,426


Regulatory liabilities

284,321



254,788


Refundable deposits from generators for transmission network upgrades

16,661



18,077


Other

29,249



23,075


Long-term debt

4,146,892



4,034,352


Commitments and contingent liabilities




STOCKHOLDERS' EQUITY




Common stock, without par value, 300,000,000 shares authorized, 153,365,025 and 152,699,077 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively

842,893



829,211


Retained earnings

953,180



875,595


Accumulated other comprehensive (loss) income

(3,076)



4,265


Total stockholders' equity

1,792,997



1,709,071


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

8,066,966



$

7,555,322


 

ITC HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)



Six months ended


June 30,

(in thousands)

2016


2015

CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$

134,963



$

139,468


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization expense

78,241



70,013


Recognition, refund and collection of revenue accruals and deferrals — including accrued interest

(17,991)



(31,867)


Deferred income tax expense

207,964



47,979


Allowance for equity funds used during construction

(16,440)



(15,013)


Other

15,351



10,863


Changes in assets and liabilities, exclusive of changes shown separately:




Accounts receivable

(41,370)



(19,758)


Inventory

(2,049)



1,326


Income tax receivable

(144,573)




Prepaid and other current assets

(5,126)



(8,166)


Accounts payable

17,226



(581)


Accrued compensation

(3,110)



(4,497)


Accrued interest

1,426



1,693


Accrued taxes

4,102



2,310


Other current liabilities

(1,670)



(532)


Estimated potential refund related to return on equity complaints

28,803



21,784


Other non-current assets and liabilities, net

1,335



(17,623)


Net cash provided by operating activities

257,082



197,399


CASH FLOWS FROM INVESTING ACTIVITIES




Expenditures for property, plant and equipment

(392,348)



(318,187)


Other

4,008



(5,542)


Net cash used in investing activities

(388,340)



(323,729)


CASH FLOWS FROM FINANCING ACTIVITIES




Issuance of long-term debt

200,000



225,000


Borrowings under revolving credit agreements

461,000



638,500


Net issuance of commercial paper, net of discount

215,801



49,974


Repayments of revolving credit agreements

(509,400)



(729,100)


Repayment of term loan credit agreement

(200,000)




Issuance of common stock

10,506



10,704


Dividends on common and restricted stock

(57,278)



(50,467)


Refundable deposits from generators for transmission network upgrades

12,468



981


Repurchase and retirement of common stock

(8,318)



(21,838)


Other

(1,326)



(12,375)


Net cash provided by financing activities

123,453



111,379


NET DECREASE IN CASH AND CASH EQUIVALENTS

(7,805)



(14,951)


CASH AND CASH EQUIVALENTS — Beginning of period

13,859



27,741


CASH AND CASH EQUIVALENTS — End of period

$

6,054



$

12,790


 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/itc-reports-second-quarter-and-year-to-date-2016-results-300305332.html

SOURCE ITC Holdings Corp.


Source: PR Newswire (July 28, 2016 - 6:30 AM EDT)

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