Balance as of
January 1, 2020
Common dividends declared
Net loss
Other comprehensive income:
Unrealized loss on derivatives,
net of taxes of $(60)
Reclassification of net income
realized in net loss, net of
taxes of $17
Balance as of
December 31, 2020
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statement of Changes in Stockholder's Equity
For the Year Ended December 31, 2020
(in thousands, except per share data)
Accumulated
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
For the Years Ended December 31, 2020 and 2019
(in thousands)
2020 2019
Net Loss S (1,984) S (5,337)
Other Comprehensive Loss:
Unrealized loss on derivatives (149) (160)
Reclassification of net income realized in net loss 42 70
Income tax provision relating to
other comprehensive loss 43 36
Other Comprehensive Loss (64) (54)
Comprehensive Loss S (2,048) $ (5,391)
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Statements Of Income (Loss)
For the Years Ended December 31, 2020 and 2019
(in thousands)
Operating Revenues
Operating Expenses:
Operations and maintenance
Depreciation and amortization
Taxes other than income taxes
Total Operating Expenses
Operating Income
Interest Expense
Other, Net
Loss Before Provision for Income Taxes
Provision for Income Taxes
Net Loss
2020
50,091
24,768
8,549
6,445
39,762
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets - Continued
As of December 31, 2020 and 2019
(in thousands, except share data)
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
As of December 31, 2020 and 2019
(in thousands, except share data)
ASSETS
Property, Plant and Equipment, net
Current Assets:
Cash and cash equivalents
Restricted cash - RSF
Restricted cash - CIAC
Restricted cash - Bond Project Funds
Accounts receivable - billed, net
Accounts receivable - unbilled, net
Accounts receivable - other
Inventory
Prepaid expenses
Prepaid property taxes
Deferred and refundable income taxes
D MELANSON
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of Pennichuck Corporation and Subsidiaries as of
December 31, 2020 and 2019, and the results of their operations and their cash flows for the
years then ended in accordance with accounting principles generally accepted in the United
States of America.
© MELANSON
INDEPENDENT AUDITORS’ REPORT
Board of Directors and Stockholder
Pennichuck Corporation and Subsidiaries
We have audited the accompanying consolidated financial statements of Pennichuck Corporation
and Subsidiaries, which comprise the consolidated balance sheets as of December 31, 2020 and 2019,
and the related consolidated statements of income (loss), comprehensive income (loss), changes in
stockholder’s equity, and cash flows for the years then ended, and the related notes to the
consolidated financial statements.
CONTENTS
Independent Auditors’ Report
Consolidated Balance Sheets
Consolidated Statements of Income (Loss)
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Statement of Changes in Stockholder’s Equity Current Year
Consolidated Statement of Changes in Stockholder’s Equity Prior Year
Consolidated Statements of Cash Flows
Notes to the Consolidated Financial Statements
11
PENNICHUCK?
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Financial Statements
December 31, 2020 and 2019
(With Independent Auditors’ Report Thereon)
-12-
¢ Completion and ongoing response and action to PFOA contamination issues in Southern NH, in
cooperation with the NHDES and other State agencies
© Implementation of the new PFAS MCL and Arsenic MCL, as governed by the NHDES
© Continued training, mentoring and succession planning throughout the organization, including
impending retirements occurring 2021-2023 for certain key roles
