Birmingham Announces Earnings for 2001.Business Editors ANSONIA Ansonia (ănsō`nēə), city (1990 pop. 18,403), New Haven co., SW Conn., on the Naugatuck River; inc. as a city 1893. Its manufactures include brass and copper products, iron castings, foundry products, plastics, and electronic devices. , Conn.--(BUSINESS WIRE)--Nov. 5, 2001 Birmingham Utilities, Inc. today announced net earnings of $5,547,022 or $3.41 per share basic for the nine months ended September 30, 2001 versus $449,244 or $.28 per share basic for the comparable 2000 period. Net earnings for the three month period ending September 30, 2001 amounted to $2,348,487 or $1.44 per share basic compared with $165,619 or $.10 per share basic for the comparable 2000 period. The Company's performance in 2001 was highlighted by the sale of 570 acres of land in the City of Ansonia and the Town of Seymour in the second quarter of 2001, and by the sale of 322 acres of property also in the Town of Seymour during the third quarter of 2001. Both parcels were purchased by the State of 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 Environmental Protection. John S. Tomac, the Company President, said, "The strategy to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose excess water company lands has positioned the Company to explore strategic opportunities by creating a strong balance sheet." Tomac noted that as a result of this sale and prior year land sales, the Company's book value has more than tripled since 1997. Shareholder value has increased and the Company's customers have also benefited. All of these funds have and will be used to improve our water delivery system while postponing water service rate increases. Service and reliability will increase as a result of these improvements. We are also pleased once again to have been able to sell former watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. property for use as open space. The 570-acre parcel contains an existing trail system, which makes it perfect to use for passive recreation, while the 322-parcel borders property that was sold to Oxford and Seymour in 1998. Mr. Tomac further stated, "The Company has sold over 1,800 acres of property since 1998. All of this property will be forever protected from development. We are very satisfied that the residents of Ansonia and surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. communities will be able to enjoy these properties for generations to come." Birmingham Utilities, Inc. is an investor-owned water company serving primarily the cities of Ansonia and Derby, and whose common stock is traded on the AMEX AMEX See: American Stock Exchange under the symbol "BIW BIW Body in White (automotive design technique) BIW Business Information Warehouse biw Biweekly (medication dose) BIW Building Information Warehouse BIW Ben Ik Weer (Dutch: I'm Back) ." |
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