PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2015 and 2014
(in thousands)
2015 2014
Financing Activities:
Borrowings (payments) on line of credit, net $ - $ (1,966)
Payments on long-term debt (42,484) (3,036)
Contributions in aid of construction 132 78
Proceeds from long-term borrowings 28,098 49,935
Debt issuance costs (232) (1,275)
PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2015 and 2014
(in thousands)
PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
For the Year Ended December 31, 2014
(in thousands, except per share data)
PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
For the Year Ended December 31, 2015
(in thousands, except per share data)
Accumulated
Additional Other
Common Stock Paid in Retained Comprehensive
Shares Amount Capital Earnings/(Deficit) Income (Loss) Total
PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2015 and 2014
(in thousands)
2015 2014
Net Loss $ (2,292) $ (1,775)
Other Comprehensive Income:
Unrealized loss on derivatives (109) (349)
Reclassification of net loss realized in net income 144 152
Income tax expense (benefit) relating to other
other comprehensive income (14) 79
Other Comprehensive Income (Loss) 21 (118)
Comprehensive Loss $ (2,271) $ (1,893)
PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2015 and 2014
PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
As of December 31, 2015 and 2014
{in thousands, except share data)
2015 2014
STOCKHOLDER'S EQUITY AND LIABILITIES
PENNICHUCK CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of December 31, 2015 and 2014
(in thousands, except share data)
ASSETS
Property, Plant and Equipment, net
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, 2015 and 2014, 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.
Molenosn Haath
MELANSONI| sigan
ACCOUNTANTS » AUGITORS
\2) River Front Drive
Manchester, NH 03702
(603}669-6'30
melansonheath.com
i ffices:
INDEPENDENT AUDITORS’ REPORT onal Offices
Nashua, NH
Andover, MA
Greenfield, MA
Board of Directors and Stockholder Ellsworth, ME
Pennichuck Corporation and Subsidiaries
