American Water Works Company, Inc. Announces Earnings for the Third Quarter 2001.Business Editors VOORHEES Voorhees may mean: Places
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 Water Works Company, Inc. (NYSE NYSE See: New York Stock Exchange :AWK (Aho Weinberger Kernighan) A Unix programming utility developed in 1977 by Alfred Aho, Peter Weinberger and Brian Kernighan. Due to its unique pattern-matching syntax, awk is often used in data retrieval and data transformation. ) today announced earnings per share were 63 cents and net income to common stock was $62.6 million for the quarter ended September September: see month. 30, 2001 prior to one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. transactions. This represents a 24% increase in earnings per share above the 51 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. reported for the third quarter last year. A ten-cents per share charge resulted from expenses incurred for the RWE/AG transaction announced September 17, 2001 and a three-cent per share net gain was recorded for the sale of water assets serving the city of Salisbury The City of Salisbury is a local government area (LGA) located on the northern fringes of Adelaide, South Australia. It has a diverse population of over 110,000 people and encompasses an area of 158km². , Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. .After these one-time transactions, per share earnings were 56 cents and net income to common stock was $55.6 million. "Increased revenues from more than 40,000 new customers, 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: increases in rates charged for service, and modest weather pattern improvements were contributing factors to the improvement in results from on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" operations," said Ellen El·len , Mount A peak, 3,514.2 m (11,522 ft) high, of southern Utah. Wolf the company's chief financial officer. Cooler temperatures and frequent rainfall negatively impacted the company's revenues during the third quarter last year. "Even though we did not return to historical sales levels in all states during the quarter, our geographical diversity helped to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. this year's weather
impacts," added Ms. Wolf.Compared with revenues for the third quarter last year, revenues increased $31 million, or 8.5 % to $395 million. Total operation and maintenance (O&M) expenses increased 8.1% compared to O&M expenses for the third quarter last year. However, as a result of continued growth, per customer O&M expenses on a twelve-month basis were up only 3.5 % from per customer expense levels one year ago. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for comparative twelve-month periods were unchanged. Depreciation expense increased 12.4% as a result of capital investments that increased net utility plant more than $244 million. Approval of the company's purchase of the water and wastewater Wastewater is any water that has been adversely affected in quality by anthropogenic influence. It comprises liquid waste discharged by domestic residences, commercial properties, industry, and/or agriculture and can encompass a wide range of potential contaminants and assets of Citizens Communication Company in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). was received from 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, in September. The company now has approval from state regulatory agencies state regulatory agency A state body responsible for establishing professional standards, and for certifying professionals or organizations through appropriate documentation in all six states covered by the purchase agreement and pending resolution of appeals from the California decision, anticipates completing that transaction by the end of this year. Closing on the acquisition of Azurix-North America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. is anticipated in November November: see month. . The company stated that approval of the agreement with RWE/AG will be required in fourteen states and filings of the agreement must be made in five other states. It is anticipated that those filings will be made by the end of this year. As announced earlier this month, a conference call with analysts regarding this earnings announcement will be available today on the company's website (http://www.amwater.com) at 3:00 PM (EST EST electroshock therapy. EST abbr. electroshock therapy ). With annual revenues of $1.4 billion, American Water Works Company, Inc. is the nation's largest publicly traded enterprise devoted exclusively to water and wastewater business opportunities. Forward looking statements in this report, including, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These factors include, among others, the following: the success of pending applications for rate increases, inability to obtain, or to meet conditions imposed for, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval of pending acquisitions, weather conditions that tend to extremes of temperature or duration; availability, terms and development of capital; business abilities and judgment of personnel; changes in, or the failure to comply with governmental regulations, particularly those affecting the environment and water quality; competition; success of operating initiatives, advertising and promotional efforts; existence of adverse publicity or litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; changes in business strategy or plans; quality of management; general economic and business conditions; and other factors described in filings of the Company with the SEC. The Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
For the three month, nine month and twelve month periods ended
September 30, American Water Works Company, Inc., reports unaudited
consolidated operating results as follows:
(In thousands, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
-----------------------------------------------------
2001 2000 2001 2000
----------- ----------- ----------- -----------
Operating
revenues $ 394,956 $ 364,125 $ 1,075,261 $ 1,018,293
----------- ----------- ----------- -----------
Operating
expenses
Operation and
maintenance 166,890 154,400 478,189 453,028
Depreciation
and
amortization 46,819 41,648 136,248 122,061
General taxes 33,049 31,942 98,825 96,610
----------- ----------- ----------- -----------
246,758 227,990 713,262 671,699
----------- ----------- ----------- -----------
Operating
income 148,198 136,135 361,999 346,594
RWE/AG
acquisition
expense (9,860) (9,860)
Gain from sale
of operating
system 4,820 4,820
Other income
(deductions),
net (45,409) (51,916) (138,735) (142,662)
----------- ----------- ----------- -----------
Income before
income taxes 97,749 84,219 218,224 203,932
Income taxes 41,972 33,488 89,605 80,979
----------- ----------- ----------- -----------
Net income 55,777 50,731 128,619 122,953
Dividends on
preferred
stock 146 996 438 2,988
----------- ----------- ----------- -----------
Net income to
common stock 55,631 49,735 128,181 119,965
Other
comprehensive
income, net (13,285) (23,856) (19,794) (47,062)
----------- ----------- ----------- -----------
Comprehensive
income $ 42,346 $ 25,879 $ 108,387 $ 72,903
=========== =========== =========== ===========
Net income to
common stock $ 55,631 $ 49,735 $ 128,181 $ 119,965
One-time
transactions,
net of tax 6,930 6,930
----------- ----------- ----------- -----------
Net income to
common stock -
excluding one-
time
transactions $ 62,561 $ 49,735 $ 135,111 $ 119,965
=========== =========== =========== ===========
Average shares
of basic
common stock
outstanding 99,723 98,139 99,287 97,944
Basic and
diluted
earnings per
common share
on average
shares
outstanding $ 0.56 $ 0.51 $ 1.29 $ 1.22
=========== =========== =========== ===========
Basic and
diluted
earnings per
common share
on average
shares
outstanding
excluding
one-time
transactions $ 0.63 $ 0.51 $ 1.36 $ 1.22
=========== =========== =========== ===========
Other
information
Water sales
(billions of
gallons) 102.0 99.5 260.7 258.0
Utility
customers
(as of
September 30) 2,624 2,583 2,624 2,583
Twelve months ended
September 30,
--------------------------
2001 2000
----------- -----------
Operating revenues $ 1,407,558 $ 1,329,181
----------- -----------
Operating expenses
Operation and maintenance 628,466 597,673
Depreciation and amortization 180,075 161,852
General taxes 127,434 126,037
----------- -----------
935,975 885,562
----------- -----------
Operating income 471,583 443,619
RWE/AG acquisition expense (9,860)
Gain from sale of operating system 4,820
Other income (deductions), net (185,884) (187,286)
----------- -----------
Income before income taxes 280,659 256,333
Income taxes 113,932 100,822
----------- -----------
Net income 166,727 155,511
Dividends on preferred stock 1,150 3,984
----------- -----------
Net income to common stock 165,577 151,527
Other comprehensive income, net (39,890) (32,813)
----------- -----------
Comprehensive income $ 125,687 $ 118,714
=========== ===========
Net income to common stock $ 165,577 $ 151,527
One-time transactions, net of tax 6,930
----------- -----------
Net income to common stock -
excluding one-time transactions $ 172,507 $ 151,527
=========== ===========
Average shares of basic
common stock outstanding 99,091 97,612
Basic and diluted earnings per common
share on average shares outstanding $ 1.67 $ 1.55
=========== ===========
Basic and diluted earnings per common
share on average shares outstanding
excluding one-time transactions $ 1.74 $ 1.55
=========== ===========
Other information
Water sales (billions of gallons) 344.7 343.0
Utility customers (as of September 30) 2,624 2,583
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