American States Water Company Announces 1999 First Quarter Results and Regular Quarterly Dividends.SAN DIMAS Dimas can refer to:
American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of States Water Company (NYSE NYSE See: New York Stock Exchange :AWR AWR Automatic Workload Repository (Oracle database) AWR Applied Wave Research (El Segundo, CA) AWR Adventist World Radio AWR Advanced Warranty Replacement AWR American Warmblood Registry ) today reported a 65% increase in earnings to $0.33 per common share for the first quarter of 1999 as compared to the $0.20 per common share reported for the first quarter of last year. Earnings per share for the twelve months ended March 31, 1999 were reported at $1.75 per common share, an increase of 8% over the $1.62 reported for the twelve months ended March 31, 1998. President & Chief Executive Officer, Floyd Floyd is a variant spelling of the Welsh name Lloyd, which means grey, and may refer to: Places
SCW Syktyvkar (Russia) SCW Supercritical Water SCW Supercritical Water Oxidation SCW SEABEE Combat Warfare SCW Shibuya Custom Works (Western Arms Airsoft) SCW Sucking Chest Wound ) unit, combined to significantly boost revenues and earnings. In addition, SCW continues to make significant progress in dealing with water supply issues." First Quarter 1999 Results - The Company reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $5.85 million and net income of $2.98 million in the first quarter of 1999, compared with operating income of $4.39 million and net income of $1.84 million in the same quarter of 1998. Total water and electric revenues for the first quarter of 1999 increased by 20.6% to $36.13 million as compared to $29.96 million reported in 1998. For the first quarter of 1999, total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , including interest charges, were $33.26 million compared with the $28.26 million recorded for the same period last year. Twelve Months Ended March 31, 1999 Results - The Company reported operating income for the twelve months ended March 31, 1999 of 26.53 million and net income of $15.76 million as compared with operating income of $24.1 million and net income of $14.59 million for the twelve months ended March 31, 1998. Total operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the twelve months ended March 31, 1999 increased by 1.8% to $154.24 million from the $151.5 million recorded for the same period in 1998. Total operating expenses, including interest charges, were relatively flat at $139.21 million for the twelve months ended March 31, 1999 as compared to the $137.77 million recorded for the same period ended March 31, 1998. McClellan Harris III, Chief Financial Officer, said, "The Company's reported quarterly results also include non-recurring charges associated with our terminated merger discussions with Dominguez Resources. In addition to these charges, the twelve month figures include additional, non-recurring charges associated with formation of the holding company and termination of SCW's Golden State Water Company joint venture project. The quarterly results demonstrate the Company's continuing focus on its long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. earnings power." Also at its regular quarterly meeting, the Board of Directors declared a regular quarterly dividend of $0.32 per share on the Common Shares of the Company. In other actions, the Board of Directors declared regular quarterly dividends of $0.25 per share, $0.265625 per share and $0.3125 per share on the Company's 4%, 4-1/4% and 5% Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. , respectively. Dividends on both the Common and Preferred Shares will be payable on June 1, 1999 to shareholders of record at the close of business on May 10, 1999. Certain matters discussed in this news release with regard to the Company's expectations may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. The assumptions and risk factors that could cause actual results to differ materially include those described in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. American States Water Company is a holding company which, through its principal subsidiary, Southern California Water Company, provides water service to 1 out of 30 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California. The Company also distributes electricity to approximately 20,000 customers in the Big Bear recreational area of Southern California. -0-
American States Water Company
Comparative Condensed Balance Sheets (in thousands)
March 31, March 31,
1999 1998
(Unaudited)
Assets
Utility Plant-Net $421,731 $388,639
Other Property and Investments 763 1,388
Current Assets 40,194 37,995
Deferred Charges 30,112 27,492
$492,800 $455,514
Capitalization and Liabilities
Capitalization $316,862 $282,367
Current Liabilities 28,418 39,945
Other Credits 147,520 133,202
$492,800 $455,514
Condensed Statements of Income
(in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
March 31, March 31,
1999 1998 1999 1998
(Unaudited)
Operating Revenues $36,132 $29,955 $154,236 $151,504
Operating Expenses 30,278 25,573 127,704 127,400
Operating Income 5,854 4,382 26,532 24,104
Other Income (Expense) 99 143 725 857
Income Before Interest Charges 5,953 4,525 27,257 24,961
Interest Charges 2,977 2,682 11,501 10,369
Net Income 2,976 1,843 15,756 14,592
Dividends on Preferred Shares (21) (22) (90) (92)
Earnings Available for
Common Shareholders 2,955 1,821 15,666 14,500
Basic Earnings Per
Common Share $ 0.33 $ 0.20 $ 1.75 $ 1.62
Dividends Paid Per
Common Share $ 0.320 $ 0.315 $ 1.27 $ 1.250
Average Shares Outstanding 8,958 8,958 8,958 8,958
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