American Water Works Reports Seven Percent Increase in Third Quarter Net Income.VOORHEES Voorhees may mean: Places
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. ) Thursday Thursday: see week. reported third quarter 1998 net income to common stock of $45.6 million, a seven percent increase over the $42.5 million reported for the third quarter of 1997. 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 were 57 cents compared to 54 cents reported in the third quarter of 1997, an increase of six percent. The volume of water sold for the third quarter of 1998 was one percent higher than in the same quarter of 1997. That volume increase, and price increases reflecting added investment in essential water service facilities, combined to produce a six percent increase in revenues in the third quarter of 1998 as compared with the third quarter of 1997. Net income to common stock, year to date, was $100 million, up 11 percent over the $90 million reported for the first nine months of 1997. 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 were $1.25, up 10 percent from $1.14 for the first nine months of 1997, while revenues for the first nine months of 1998 were $765 million, up seven percent from 1997. For the 12-month period ending September September: see month. 30, 1998, total revenues exceeded $1 billion for the first time in the history of the Company. Over the last 10 years, revenues have grown at an average annual rate of six percent. That reflects the impact of growth resulting from community development and acquisitions as well as the result of the commitment to invest in facilities that are critical to reliable water service. As reported in mid-October, American Water Works Company Inc., signed an agreement in principle to acquire privately owned 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 ). NEI owns four utility subsidiaries that provide water utility service to 1.7 million people in Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , Illinois Illinois, river, United StatesIllinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Completion of the transaction is anticipated about mid-year 1999 following various regulatory approvals. Revenues of these subsidiaries totaled $180 million in 1997. In addition to its utility subsidiaries, NEI also owns stock in three telecommunications companies See telecom company. . American Water Works Company is the largest and most geographically diverse investor-owned water utility business in the U.S. Its subsidiaries provide service to over 7 million people in more than 870 communities in 22 states. For the three, nine and 12 month periods ended Sept. 30, American Water Works Company Inc. reported unaudited consolidated revenues and income as follows: -0-
Three Months Ended Nine Months Ended
-----------------------------------------------------
Sept. 30, Sept. 30,
1998 1997 1998 1997
(In thousands,
except per
share amounts)
----------------------------------------------------------------------
Operating
revenues $282,548 $266,012 $764,528 $717,284
----------------------------------------------------------------------
Net income 46,645 43,491 103,295 93,161
Dividends on
preferred
stocks 996 996 2,988 2,988
----------------------------------------------------------------------
Net income to
common stock $45,649 $42,495 $100,307 $90,173
----------------------------------------------------------------------
Average shares
of basic
common stock
outstanding
(in thousands) 80,540 79,332 80,146 78,997
Basic earnings
per common
share on
average shares
outstanding $0.57 $0.54 $1.25 $1.14
Diluted earnings
per common
share on
average shares
outstanding $0.57 $0.54 $1.25 $1.14
----------------------------------------------------------------------
12 Months Ended
---------------------------
Sept. 30,
1998 1997
(In thousands,
except per
share amounts)
Operating
revenues $1,001,443 $ 937,504
----------------------------------------------------------------------
Net income 129,262 114,993
Dividends on
preferred
stocks 3,984 3,984
----------------------------------------------------------------------
Net income to
common stock $125,278 $111,009
----------------------------------------------------------------------
Average shares
of basic
common stock
outstanding
(in thousands) 80,003 78,815
Basic earnings
per common
share on
average shares
outstanding $1.57 $1.41
Diluted earnings
per common
share on
average shares
outstanding $1.57 $1.41
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