American States Water Company Announces Earnings for 1999 of $1.79 Per Share.Business Editors 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 basic earnings of $1.79 per share for the twelve months ended December 31, 1999 as compared to basic earnings of $1.62 per share reported last year, an increase of 10.5%. President &Chief Executive Officer Floyd E. Wicks said, &uot;The results reported for 1999 continue to underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. management's emphasis on growth in core earnings from our Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Water Company (&uot;SCW&uot;) unit. The significant progress in 1999 reflects rate increases authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, and a return to normal weather patterns, following abnormally wet winter weather last year which reduced water sales.&uot; Full Year 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 $28.5 million and net income of $16.1 million for the year, compared with operating income of $25.1 million and net income of $14.6 million in 1998. Total water and electric revenues for 1999 increased by 17.1% to $173.4 million as compared to $148.1 million reported in 1998 due to a return to normal weather patterns in 1999 and rate increases, effective January 1, 1999, which covered approximately 65% of the Company's water customer base. Of the total increase in revenues, approximately 10% was due to rate increases with the remainder attributable to increased water and electric sales volumes. Total 1999 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, increased by 17.6% to $157.9 million, due principally to increased supply costs, maintenance expenses, and administrative and general expense. Fourth Quarter 1999 Results -- The Company reported basic earnings for the quarter ended December 31, 1999 of $0.23 per share, a 42.5% decrease from the $0.40 reported for the quarter ended December 31, 1998. The reduction in quarterly earnings reflects a decrease in other income and a significant increase in maintenance expense. The quarter ended December 31, 1998 was positively impacted by an increase in other income due to a flow-through of tax benefits associated with a refinancing Refinancing An extension and/or increase in amount of existing debt. undertaken by the Company's SCW SCW Spanish Civil War 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. There was no such equivalent event for the fourth quarter of 1999. In addition, maintenance expense for the fourth quarter of 1999 increased by 108.7% as the Company completed its planned annual maintenance, including certain projects planned for earlier in the year. Operating income for the fourth quarter of 1999 was $5.1 million and net income was $2.0 million as compared with operating income of $5.7 million and net income of $3.6 million for the fourth quarter of 1998. Total fourth quarter 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. increased by 20.7% to $43.6 million from the $36.1 million recorded in 1998. Total operating expenses, including interest charges, increased by 25.1% to $41.7 million for the three months ended December 31, 1999 as compared to the $33.3 million recorded for the same period last year due most significantly to increased supply costs and maintenance expense. 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-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission on November 2, 1999. 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.
American States Water Company
Comparative Condensed Balance Sheets (in thousands)
December 31, December 31,
1999 1998
(Unaudited)
Assets
Utility Plant-Net $ 449,595 $ 414,753
Other Property and Investments 10,583 1,077
Current Assets 44,340 39,288
Deferred Charges 28,672 29,553
$ 533,190 $ 484,671
Capitalization and Liabilities
Capitalization $ 328,178 $ 277,108
Current Liabilities 54,965 63,768
Other Credits 150,047 143,795
$ 533,190 $ 484,671
Condensed Statements of Income (in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
1999 1998 1999 1998
(Unaudited)
Operating Revenues $ 43,576 $ 36,102 $ 173,421 $ 148,060
Operating Expenses 38,433 30,441 144,907 122,999
Operating Income 5,143 5,661 28,514 25,061
Other Income (Expense) 123 847 532 769
Income Before Interest
Charges 5,266 6,508 29,046 25,830
Interest Charges 3,238 2,869 12,945 11,207
Net Income 2,028 3,639 16,101 14,623
Dividends on Preferred
Shares (22) (22) (89) (90)
Earnings Available for
Common Shareholders 2,006 3,617 16,012 14,533
Earnings Per Common
Share 0.23 0.40 1.79 1.62
Dividends Paid Per
Common Share $ 0.32 $ 0.315 $ 1.28 $ 1.26
Average Shares
Outstanding 8,958 8,958 8,958 8,958
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