American Water Works reports third quarter earnings.VOORHEES Voorhees may mean: Places
Earnings per share for the quarter were up 12% to 94 cents from 84 cents last year. George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). W. Johnstone Johnstone (jŏn`stən), town (1991 pop. 42,731), Renfrewshire, W Scotland. Industries include flax and cotton mills in addition to engineering works. Chemicals, machine tools, and shoelaces are also manufactured. , 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's president and chief executive officer, said, "Customer water usage in the third quarter of this year was 4 percent above last year reflecting the hot, dry weather experienced throughout much of the eastern half of the country. Consequently, revenues recorded in the third quarter of 1995 were $223 million, a 6 percent increase over those in the same period last year. "While we are pleased with the outcome for the third quarter of this year, it is important to remember that quarter-to-quarter comparisons are significantly influenced by weather patterns. "Of utmost importance to our commitment to build shareholder value is the capability of our water utility subsidiaries to put needed water service facilities in place to meet customer demands and have the cost of those facilities reflected in the 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: rates for service. "The success of that process, coupled with our determination to limit operating cost increases, remains the key to our 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. success." For the first nine months of 1995, net income to common stock totalled $70.6 million, or $2.13 a share, including an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain of $3.9 million, or 12 cents a share, recorded in the second quarter to resolve 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. with the Grafton Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. Water District.
Net income to common stock for the first nine months of 1994 totalled $58 million, or $1.83 a share. Revenues recorded so far this year of $604 million were 4 percent above those recorded in the first nine months of last year. American Water Works Co. is the largest investor-owned water utility in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. serving a population in excess of 6 million people in more than 700 communities in 21 states. For the three, nine and twelve month periods ended Sept. 30, American Water Works Co. Inc. reported unaudited consolidated revenues and income as follows: -0-
(Dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
Operating revenues $222,961 $209,844 $604,467 $582,639 Net income 32,599 27,815 73,571 60,974 Dividends on preferred stocks 996 995 2,988 2,987 Net income to common stock $ 31,603 $ 26,820 $ 70,583 $ 57,987 Average shares of common stock outstanding (in thousands) 33,459 32,118 33,118 31,715 Earnings per common share on average shares outstanding $.94 $.84 $2.13 $1.83
(Dollars in thousands, except per share amounts)
Twelve Months Ended
September 30,
1995 1994
Operating revenues $792,069 $764,615 Net income 91,249 75,692 Dividends on preferred stocks 3,985 3,983 Net income to common stock $ 87,264 $ 71,709 Average shares of common stock outstanding (in thousands) 32,968 31,587 Earnings per common share on average shares outstanding $2.65 $2.27 CONTACT: American Water Works Co. Inc., Voorhees George W. Johnstone, president/CEO, 609/346-8200 |
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