American Water Works Company, Inc. Reports 6% Increase in Third Quarter Normalized Earnings and Revenue.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 record third quarter 1999 net income to common stock of $55.9 million, excluding one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. merger expenses, representing a 6 percent increase over the prior year's quarter of $52.6 million. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings per common share for the quarter was 58 cents, representing a 5 percent increase over the prior year's quarter of 55 cents per common share, excluding one-time merger expenses. Net income to common stock adjusted for the one-time charges was $51.9 million, or 54 cents per common share. These one-time costs reflect the remainder of the costs incurred by American Water Works Company in connection with the merger with National Enterprises Inc. (NEI NEI National Eye Institute (NIH) NEI Nuclear Energy Institute NEI National Emission Inventory NEI Not Enough Information NEI Netherlands East Indies NEI Nuevos Estados Independientes ). American Water Works Company President and Chief Executive Officer J. James Barr James Barr may refer to
A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. is reflected in our third quarter results. Record water sales in the newly acquired operations of NEI substantially offset the impact of the water restrictions in the East. "Our commitment to diversification was furthered in October October: see month. with the announcements of our intent to purchase the water and wastewater assets of Citizens Utilities and the stock of SJW SJW St John's Wort SJW Shijiazhuang, China - Shijiazhuang (Airport Code) SJW Synchronization Jump Width Corp., two water utilities supplying service to over 500,000 customers, mainly 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). and Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). ." Water sales for the third quarter of 1999 were 105 billion gallons, compared to 100 billion gallons in the third quarter of 1998. The increase in water sales, combined with price increases resulted in third quarter revenue increasing 6 percent over the prior year's quarter. Excluding the costs associated with the condemnation Condemnation bell, book, and candle symbols of Catholic excommunication rite. [Christianity: Brewer Note-Book, 85] Bridge of Sighs passage from Doge’s court to execution chamber in Renaissance Venice. [Ital. Hist. of certain operations within the American Water System, expenses increased only 5 percent over the same quarters. "We are extremely pleased that in October, American Water Works Company was informed by the City Council of Chattanooga that it had decided to end its yearlong year·long adj. Lasting one year. Adj. 1. yearlong - lasting through a year; "attending yearlong courses" long - primarily temporal sense; being or indicating a relatively great or greater than average duration or attempt to take over the Tennessee-American Water Company. We truly believe that this is the right answer for the people of Chattanooga and are thankful thank·ful adj. 1. Aware and appreciative of a benefit; grateful. 2. Expressive of gratitude: a thankful smile. the City Council made this decision," continued Barr. Prior to one-time merger costs for the NEI merger, net income to common stock for the year to date was $116 million compared to $114 million for the first nine months of 1998. This produced diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $1.21, compared to $1.20 per common share for the corresponding nine months of 1998. Earnings per share was impacted by approximately 3 cents relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc costs incurred in the condemnation proceedings. Net income to common stock, including $13 million of merger expenses, for the first nine months of 1999 was $103 million, resulting in diluted earnings per share of $1.07 for the period. Revenues for the first nine months of 1999 grew to $950 million, or 6 percent over the same period in 1998. American Water Works Company is the largest and most geographically diverse investor-owned water utility business in the U.S. The Company's utility subsidiaries and affiliates serve approximately 10 million people and 2.5 million customers in 23 states. Upon completion of the acquisition of Citizens' water and wastewater assets and the merger with SJW Corp., American Water Works Company, through its affiliates will serve over 12 million people and 3 million customers. This release may contain certain forward looking statements involving known and unknown risks, uncertainties and other factors which 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: general economic and business conditions; 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; business ability and judgement of personnel; availability, terms and development of capital; business abilities and judgment of personnel; changes in, or the failure to comply with governmental regulations; and Year 2000 issues.
For the three, nine and 12 month periods ended September 30,
American Water Works Company, Inc., on a combined basis with newly
acquired company National Enterprises Inc. (NEI), reported unaudited
consolidated revenues and income as follows:
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, September 30,
1999 1998 1999 1998
(In thousands,
except per
share
amounts)
----------------------------------------------------------------------
Operating
revenues $353,578 $333,515 $949,969 $899,960
----------------------------------------------------------------------
Net income
before
merger
costs $56,940 $53,600 $119,296 $116,908
Merger costs
(net of tax) 4,093 12 12,905 12
----------------------------------------------------------------------
Net income
after merger
costs 52,847 53,588 106,391 116,896
Dividends on
preferred
stock 996 996 2,988 2,988
----------------------------------------------------------------------
Net income
to common
stock $51,851 $52,592 $103,403 $113,908
----------------------------------------------------------------------
Average
shares of
basic
stock
outstanding
(in
thousands) 96,672 95,476 96,309 95,082
Basic and
diluted
earnings per
common share
on average
shares
outstanding $.54 $.55 $1.07 $1.20
----------------------------------------------------------------------
Diluted earnings
per common
share on
average shares
outstanding
excluding one
time merger
costs $.58 $.55 $1.21 $1.20
----------------------------------------------------------------------
12 Months Ended
-----------------
September 30,
1999 1998
(In thousands,
except per
share
amounts)
----------------------------------------------------------------------
Operating
revenues $1,250,046 $1,182,185
----------------------------------------------------------------------
Net income
before
merger
costs $153,088 $148,485
Merger costs
(net of tax) 13,154 12
----------------------------------------------------------------------
Net income
after merger
costs 139,934 148,473
Dividends on
preferred
stock 3,984 3,984
----------------------------------------------------------------------
Net income
to common
stock $135,950 $144,489
----------------------------------------------------------------------
Average
shares of
basic
stock
outstanding
(in
thousands) 96,152 94,940
Basic and
diluted
earnings per
common share
on average
shares
outstanding $1.41 $1.52
----------------------------------------------------------------------
Diluted earnings
per common
share on
average shares
outstanding
excluding one
time merger
costs $1.55 $1.52
----------------------------------------------------------------------
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