Aquarion Reports Record Third Quarter Net Income and Earnings for First Nine Months of 1998.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. 13, 1998--Aquarion Company (NYSE NYSE See: New York Stock Exchange :WTR WTR Water WTR Writer 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, 1998, of $6,125,000, or $0.82 per share, an increase of 6.9 percent from $5,732,000, or $0.80 per share, in the 1997 third quarter. For the nine-month period ended September 30, 1998, net income also reached a record high of $13,168,000, or $1.78 per share, an increase of 13 percent from $11,656,000, or $1.64 per share, in the same period of 1997. 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 due to improved results from the company's water utility segment and increased land sales. 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 $250,000, or $0.03 per share, for the 1998 third quarter, and $240,000 or $0.03 per share during the comparable 1997 period. For the nine months ended September 30, 1998, land sales contributed earnings of $763,000, or $0.10 per share, compared with $353,000, or $0.05 per share, in the comparable 1997 period. Consolidated revenues for the 1998 third quarter amounted to $29,968,000 versus $29,226,000 in the same period of 1997, an increase of 2.5 percent. For the first nine months of 1998, consolidated revenues were $82,178,000, versus $79,137,000 in the comparable 1997 period, an increase of 3.8 percent. The 1998 rise in revenues is due to the August 1, 1997 increase in BHC's Eastern Division water rates, partially offset by the reduction in rates associated with the elimination of 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). Gross Earnings Tax, effective July July: see month. 1, 1997, and surplus land sales. The rise in total revenues was offset by a decline in sales at Timco, the company's timber processing subsidiary. 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 $16,743,000 in the 1998 third quarter versus $16,272,000 in the comparable 1997 quarter, an increase of 2.9 percent. For the first nine months of 1998, operating expenses of $51,100,000 increased 1.4 percent from $50,397,000 in the comparable 1997 period. Schmidt noted that the rise in expenses was due to higher depreciation expense associated with the Warner Water Treatment Plant and increased utility operating costs operating costs npl → gastos mpl operacionales , partially offset by the elimination of the Connecticut Gross Earnings Tax, as well as increased costs associated with the marketing of surplus land. Total operating expenses were offset by a decline in costs at Timco. On March 16, 1998, BHC's Western Division filed an application with the Department of Public Utility Control to reopen re·o·pen tr. & intr.v. re·o·pened, re·o·pen·ing, re·o·pens 1. To open or be opened again: Officials reopened the airport after the snow was cleared. Schools reopen in September. its 1995 rate case, requesting a $620,000, or 4.1 percent, increase in water service rates. BHC BHC benzene hexachloride. BHC, ?-BHC see benzene hexachloride. is seeking the increase to include in the company's rate base approximately $3 million of the cost of restoring the Laurel Laurel, cities, United States Laurel. 1 Town (1990 pop. 19,438), Prince Georges co., central Md., about halfway between Washington, D.C., and Baltimore; patented in the late 1600s, inc. 1870. Reservoir reservoir (rĕz`əvôr, -vwär), storage tank or wholly or partly artificial lake for storing water. Building an embankment or dam to preserve a supply of water for irrigation is an ancient practice; India and Egypt have many old and Dam dam, barrier, commonly across a watercourse, to hold back water, often forming a reservoir or lake; dams are also sometimes used to control or contain rockslides, mudflows, and the like in regions where these are common. in Stamford Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , CT and to reflect an increase in purchased water costs resulting from higher rates for service from its Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
Aquarion Business
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. -0-
Aquarion Company and Subsidiaries
Condensed Consolidated Statements of Income
Nine Months Ended Sept. 30,
(In thousands, except share data)
Unaudited
1998 1997
Operating revenues $82,178 $79,137
Operating expenses 51,100 50,397
------- -------
Operating income 31,078 28,740
Other income and (expense):
Interest expense (7,963) (8,837)
Allowance for funds used during
construction 153 688
Other, net 420 271
--------- ---------
Income before income taxes 23,688 20,862
Income taxes 10,520 9,206
--------- ---------
Net income $13,168 $11,656
========= =========
Basic earnings per share (1) $1.78 $1.64
========= =========
Weighted average common shares
outstanding 7,405,701 7,101,451
========= =========
Diluted earnings per share (1) $1.74 $1.62
========= =========
Weighted average common shares
outstanding 7,579,212 7,173,912
========= =========
(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
Quarter Ended Sept. 30,
(In thousands, except share data)
Unaudited
1998 1997
Operating revenues $29,968 $29,226
Operating expenses 16,743 16,272
--------- ---------
Operating income 13,225 12,954
Other income and (expense):
Interest expense (2,619) (3,025)
Allowance for funds used during
construction 64 237
Other, net 346 64
--------- ---------
Income before income taxes 11,016 10,230
Income taxes 4,891 4,498
--------- ---------
Net income $6,125 $5,732
========= =========
Basic earnings per share (1) $0.82 $0.80
========= =========
Weighted average common shares
outstanding 7,441,638 7,171,520
========= =========
Diluted earnings per share (1) $0.80 $0.79
========= =========
Weighted average common shares
outstanding 7,620,938 7,243,980
========= =========
(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.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion