Investor Center
Financial Highlights
(unaudited) (millions of dollars except for common unit amounts) Three months
ended
June 30Six months
ended
June 302010 2009 2010 2009 Partnership cash flows(1) 46.2 37.1 83.0 70.4 Cash distributions paid 34.4
27.8
68.9
55.5
Cash distributions declared per common unit(2) $0.730 $0.730 $1.460
$1.435 Net income(3) 27.7 17.9 61.4 53.8 Net income prior to recast(3)(4) 27.7 13.7 61.4 45.5 Net income per common unit(5) $0.59 $0.31 $1.30
$1.13 Weighted average common units outstanding (millions) 46.2 34.9 46.2 34.9 Common units outstanding at end of period (millions) 46.2 34.9 46.2
34.9 (1) Partnership cash flows is a non-GAAP financial measure. Refer to the July 28, 2010 News Release entitled "TC PipeLines, LP Reports Increase in Second Quarter 2010 Results." (2) The Partnership's 2010 second quarter cash distribution will be paid on August 13, 2010 to unitholders of record as of the close of business on July 31, 2010.
(3) The acquisition of North Baja Pipeline, LLC (North Baja) from TransCanada Corporation (TransCanada) was accounted for as a transaction between entities under common control, similar to a pooling of interests, whereby the assets and liabilities of North Baja were recorded at TransCanada's carrying value and the Partnership's historical financial information was recast to include North Baja for all periods presented on a consolidated basis. The effect of recasting the Partnership's consolidated financial statements to account for the common control transaction increased the Partnership's net income by $4.2 million and $8.3 million for the three and six months ended June 30, 2009, respectively, from amounts previously reported.
(4) Net income prior to recast is a non-GAAP financial measure. Refer to the July 28, 2010 News Release entitled "TC PipeLines, LP Reports Increase in Second Quarter 2010 Results."
(5) Net income per common unit is computed by dividing net income prior to recast (net income allocable to partners which excludes North Baja's earnings prior to the Partnership's acquisition on July 1, 2009), after deduction of the general partner's allocation, by the weighted average number of common units outstanding. The general partner's allocation is computed based upon the general partner's two per cent interest plus an amount equal to incentive distributions.
Section Highlights
2009 Annual Report
Events Calendar
(2 links will be included here to the latest events in the calendar)
Investor Packet
If you would like to receive an Investor Packet from TC PipeLines, LP, send your name and address to:
investor_relations@tcpipelineslp.com
Contact Investor Relations
If you would like additional information or have further questions:Tel: 1-877-290-2772 (toll free)
Fax: (508) 871-7047
E-mail: investor_relations@tcpipelineslp.com
