Aquarion Reports Rise in 1999 Second Quarter and First-Half Earnings.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)--July 13, 1999-- Aquarion Business
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 reported net income for the three months ended June June: see month. 30, 1999, of $4,553,000, or $0.40 per share, an increase of 13.6 percent over net income of $4,008,000, or $0.36 per share, in the same period of 1998. For the six month period ended June 30, 1999, net income increased 12.4 percent to $7,918,000, or $0.70 per share, versus $7,043,000 or $0.64 per share, in the same period of 1998. Aquarion's earnings per share reflect the company's 3-for-2 split of its common stock, which was effective March 22, 1999. 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, president and chief executive officer, said the increase in earnings is due to improved results from Aquarion's water utility and 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 operations, as well as a decline in interest and income tax expenses. Consolidated revenues of $27,564,000 in the 1999 second quarter increased 2.7 percent from $26,827,000 in the same year ago period. For the first six months of 1999, consolidated revenues were $53,286,000, versus $52,210,000 in the comparable 1998 period, an increase of 2.1 percent. The rise in revenues reflects increased water sales, due to a hot, dry spring and early summer, by Aquarion's BHC BHC benzene hexachloride. BHC, ?-BHC see benzene hexachloride. Company water utility subsidiary; a March 17, 1999 increase in BHC's Western Division water rates; and increased sales volume at Aquarion's Timco lumber processing plant. 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. of $17,512,000 increased by 3.9 percent in the 1999 second quarter, from $16,860,000 in the second quarter of 1998. For the first half of 1999, operating expenses of $35,224,000 increased 3.0 percent from $34,194,000 in the 1998 period. Schmidt said the rise in operating expenses is primarily due to increased production costs at Timco and BHC, partially offset by reduced land sale-related expenses. 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 $124,000, or $0.01 per share, for the second quarter of 1999, compared to $250,000, or $0.03 per share, in the same period of 1998. For the first half of 1999, land sales contributed $416,000, or $0.04 per share, compared to $513,000, or $0.05 per share, in the comparable 1998 period. On March 17, 1999, the Department of Public Utility Control approved a 3.97 percent, or $607,000 per annum Per annum Yearly. , increase in BHC's Western Division water service rates to cover the cost of the $3 million 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. restoration and the higher cost of purchased water from BHC's 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 Company is engaged primarily in the supply and protection of public water. Its BHC and Sea Cliff Water Company subsidiaries together are among the 10 largest investor-owned water utilities in the U.S. and serve a population of more than 500,000 in 30 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). and Long Island, N.Y. communities. Other businesses include timber processing, real estate through the sale of surplus water company land, and contract management of municipal water systems. -0-
Aquarion Company and Subsidiaries
Condensed Consolidated Statements of Income
Six Months Ended June 30,
(In thousands, except share data)
Unaudited
1999 1998
---- ----
Operating revenues $53,286 $52,210
Operating expenses 35,224 34,194
---------------- ---------------
Operating income 18,062 18,016
Interest expense 5,004 5,344
---------------- ---------------
Income before income taxes 13,058 12,672
Income taxes 5,140 5,629
---------------- ---------------
Net income $7,918 $7,043
================ ===============
Basic earnings per share (1) $0.70 $0.64
================ ===============
Weighted average common
shares outstanding 11,318,236 11,081,168
================ ===============
Diluted earnings per share (1) $0.67 $0.62
================ ===============
Weighted average common
shares outstanding 11,747,979 11,337,272
================ ===============
(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 June 30,
(In thousands, except share data)
Unaudited
1999 1998
---- ----
Operating revenues $27,564 $26,827
Operating expenses 17,512 16,860
---------------- ---------------
Operating income 10,052 9,967
Interest expense 2,507 2,658
---------------- ---------------
Income before income taxes 7,545 7,309
Income taxes 2,992 3,301
---------------- ---------------
Net income $4,553 $4,008
================ ===============
Basic earnings per share (1) $0.40 $0.36
================ ===============
Weighted average common
shares outstanding 11,353,624 11,112,561
================ ===============
Diluted earnings per share (1) $0.38 $0.35
================ ===============
Weighted average common
shares outstanding 11,841,895 11,368,667
================ ===============
(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 Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.aquarion.com or www.bhcco.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion