Aquarion Reports Record Net Income and Earnings for the Third Quarter and First Nine Months of 1999.
BRIDGEPORT Bridgeport, city (1990 pop. 141,686), Fairfield co., SW Conn., on Long Island Sound; inc. 1836. Long a chief industrial city in Connecticut, it makes electrical appliances, transportation equipment, clothing, ammunition, metal products, wiring devices, machinery, , Conn.--(BUSINESS WIRE)--Oct. 21, 1999--
Largely due to the biggest land sale in the history of its BHC BHC benzene hexachloride.
?-BHC see benzene hexachloride. Company water utility subsidiary, Aquarion Business
See: New York Stock Exchange :WTR WTR Water
WTR Wait To Restore
WTR Wireless Technology Research
WTR Walker, Texas Ranger (TV show)
WTR Western Test Range
WTR With-The-Rule Astigmatism
WTR Working Time Regulation (UK) ) today announced record net income for the quarter ended September September: see month. 30, 1999, of $11,688,000, or $1.02 per share, an increase of 90.8 percent from $6,125,000, or $0.55 per share, in the 1998 third quarter. For the nine-month period ended September 30, 1999, net income also reached a record high of $19,606,000, or $1.73 per share, an increase of 48.9 percent from $13,168,000, or $1.19 per share, in the same period of 1998.
Aquarion President and Chief Executive Officer Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000.
Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a K. Schmidt noted that the rise in earnings is mostly due to BHC's September 2, 1999 sale of its Trout trout: see salmon.
Any of several prized game and food fishes of the family Salmonidae, native to the Northern Hemisphere but widely introduced elsewhere. Though most species inhabit cool fresh waters, a few (called sea trout; e.g. Brook Valley parcel in Fairfield County Fairfield County is the name of three counties in the United States:
For the third quarter of 1999, the net after-tax gain Net after-tax gain
Capital gain after income taxes have been paid. from the sale of BHC's surplus, off-watershed land was $4,991,000, or $0.44 per share, versus $250,000 or $0.02 per share during the comparable 1998 period. For the nine months ended September 30, 1999, land sales contributed earnings of $5,407,000, or $0.48 per share, compared with $763,000, or $0.07 per share, in the comparable 1998 period.
Consolidated revenues for the 1999 third quarter amounted to $43,899,000 versus $29,968,000 in the same period of 1998, an increase of 46.5 percent. For the first nine months of 1999, consolidated revenues were $97,185,000, versus $82,178,000 in the comparable 1998 period, an increase of 18.3 percent. The 1999 rise in revenues is due to land sales, improved water sales due to a prolonged pro·long
tr.v. pro·longed, pro·long·ing, pro·longs
1. To lengthen in duration; protract.
2. To lengthen in extent. , hot, dry summer, Timco lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to sales, the March 17, 1999 increase in BHC's Western division water rates and increased revenue from the Aquarion Management Services contract management division.
Operating expenses Operating expenses
The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $23,359,000 in the 1999 third quarter versus $16,333,000 in the comparable 1998 quarter, an increase of 43 percent. For the first nine months of 1999, operating expenses of $58,583,000 increased 15.9 percent from $50,527,000 in the comparable 1998 period. Schmidt noted that the rise in expenses was due to increased costs associated with the Trout Brook Valley land sale and higher production costs at Timco and BHC.
The Boards of Directors of Aquarion Company and Kelda Group Kelda Group plc (LSE: KEL) is a British utility company. It is based in Bradford, England and is listed on the London Stock Exchange. It is a constituent of the FTSE 250 Index. plc, of Leeds, England, jointly announced on June 1, 1999, that they had approved an agreement whereby Kelda would acquire all of the outstanding shares of Aquarion Company for $37.05 per share. As a result, Aquarion will be merged with a subsidiary of Kelda Group. After the merger, Aquarion will maintain its corporate identity.
The merger was approved by Aquarion shareholders on September 21, 1999. The transaction is subject to approval by the Connecticut Connecticut, state, United States
Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). Department of Public Utility Control and the 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 Public Utility Commission. The merger is expected to close in early 2000.
Aquarion Company's principal business is the protection, treatment and supply of public water. Through its BHC and Sea Cliff Water Company subsidiaries, it is one of the 10 largest investor-owned water utilities in the U.S. and serves a population of more than 500,000 in 30 Connecticut and Long Island, NY communities. Other businesses include real estate through the sale of surplus water company land, and contract management of municipal water systems. Aquarion also owns a small timber processing company. -0-
Aquarion Company and Subsidiaries Condensed Consolidated Statements of Income Quarter Ended September 30, (In thousands, except share data) Unaudited 1999 1998 Operating revenues $ 43,899 $ 29,968 Operating expenses 23,359 16,333 ----------- ----------- Operating income 20,540 13,635 Interest expense 2,452 2,619 ----------- ----------- Income before income taxes 18,088 11,016 Income taxes 6,400 4,891 ----------- ----------- Net income 11,688 6,125 =========== =========== Basic earnings per share (1) $ 1.02 $ 0.55 =========== =========== Weighted average common shares outstanding 11,418,795 11,162,457 =========== =========== Diluted earnings per share (1) $ 0.97 $ 0.54 =========== =========== Weighted average common shares outstanding 11,991,663 11,431,407 =========== =========== (1) Quarterly earnings per share are based on weighted average shares outstanding during each quarter and the sum of the quarters may not equal annual earnings per share. Aquarion Company and Subsidiaries Condensed Consolidated Statements of Income Nine Months Ended September 30, (In thousands, except share data) Unaudited 1999 1998 Operating revenues $ 97,185 $ 82,178 Operating expenses 58,583 50,527 ----------- ----------- Operating income 38,602 31,651 Interest expense 7,456 7,963 ----------- ----------- Income before income taxes 31,146 23,688 Income taxes 11,540 10,520 ----------- ----------- Net income 19,606 13,168 =========== =========== Basic earnings per share (1) $ 1.73 $ 1.19 =========== =========== Weighted average common shares outstanding 11,352,124 11,108,552 =========== =========== Diluted earnings per share (1) $ 1.66 $ 1.16 =========== =========== Weighted average common shares outstanding 11,836,923 11,368,818 =========== =========== (1) Quarterly earnings per share are based on weighted average shares outstanding during each quarter and the sum of the quarters may not equal annual earnings per share. Note to Reporters and Editors: For more information on Aquarion Company and its subsidiaries, please contact us on the Internet at www.aquarion.com or www.bhcco.com.