Approval of Valencia Water Company's Water Management Plan Upheld; Revised Estimate of First Quarter Net Income of 45 Cents Per Unit.Business Editors & Legal Writers VALENCIA, Calif.--(BUSINESS WIRE)--April 8, 2002 The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. (NYSE NYSE See: New York Stock Exchange :NHL NHL Non-Hodgkin's lymphoma, see there ) (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :NHL) announced that 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, (PUC (Public Utility Commission) A regulatory body in every state in the U.S. that governs public utilities within its jurisdiction such as electricity, gas, oil, sewer, water, transportation and telephone service. Some states call it the Public Service Commission (PSC). ) has denied opponents' request for a re-hearing regarding the Commission's approval of Valencia Water Company's water management plan and service area expansion. Valencia Water Company is Newhall Land's wholly owned public water utility company serving Valencia and nearby areas. Opponents have appealed the decision to approve the water management plan and service area expansion to the California Supreme Court. Acceptance of such an appeal is discretionary with the Supreme Court, and the Company believes that it is not likely that the court will accept the case for review. As previously announced, the PUC's approval permits Valencia Water Company to expand its service area to Newhall Land's Hidden Creek, Creekside, Alta Vista See AltaVista. (World-Wide Web) Alta Vista - A World-Wide Web site provided by Digital which features a very fast Web and Usenet search engine. As of April 1996 its word index is 33GB in size. and West Creek
West Creek is a tributary of Delaware Bay in Cape May County, New Jersey in the United States. communities. These communities include about 4,000 residential lots and apartments. Lots in Creekside, Hidden Creek and Alta Vista currently are being marketed to homebuilders. The Company's 2002 business plan includes the sale of approximately 500 lots in Creekside and Hidden Creek. The Company also announced that it has revised its estimate of first quarter 2002 net income to approximately 45 cents per unit, instead of 40 cents per unit as previously announced. First quarter 2001 per unit net income was 11 cents. Although the Company has revised its estimate of first quarter earnings, the Company currently anticipates 2002 earnings for the year to be approximately $1.00 per unit, the same amount as previously announced. Newhall Land is a premier community planner in north Los Angeles County. Its primary activity is planning the new town of Valencia, California. Newhall Ranch, its next new town, and Valencia together form one of the nation's most valuable landholdings. They are located on the Company's 36,000 acres, 30 miles north of downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . 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. Statement under the Private Securities 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. Act of 1995: Except for historical matters, the matters discussed in this release are forward-looking statements that involve risks and uncertainties. We have tried, wherever practical, to identify these forward-looking statements by using words like "anticipate," "believe," "estimate," "project," "expect," "target," "plans," and similar expressions. Forward-looking statements include, but are not limited to, statements about plans; opportunities; anticipated regulatory approvals; negotiations; market and economic conditions; development, construction and sales activities; and availability of financing. We caution you not to place undue reliance on these forward-looking statements, which reflect our current beliefs and are based on information currently available to us. We expressly undertake no obligation to publicly revise or update these forward-looking statements to reflect future events or changes in circumstances. These forward-looking statements are subject to risks and uncertainties that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by these statements. In particular, among the factors that could cause actual results to differ materially are: -- Changes in general and local economic conditions and/or changes in general and local real estate markets. -- Competition in the real estate industry for residential, commercial and/or industrial land. -- Ability of buyers to obtain financing and fluctuations in interest rates. -- Successful completion of buyers' due diligence, agreement with buyers on definitive terms or failure to close transactions. -- Occurrences such as earthquakes, weather conditions or acts of violence or terrorism that might delay or increase the cost of land development. -- Changes in environmental laws or regulations, or liability for environmental remediation on owned or formerly owned properties. -- Delay in receipt of or denial of government approvals and entitlements for land, development, other political and discretionary government decisions or actions affecting the use of or access to land, or legal challenges to the issuance of approvals or entitlements. For further information, please refer to Newhall Land's report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2001, filed with the Securities and Exchange Commission. |
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