Cal Water Announces First Quarter 2000 Earnings.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--April 19, 2000 California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Water Service Group (NYSE NYSE See: New York Stock Exchange :CWT cwt 112 pounds avoirdupois weight. ) today reported first quarter 2000 earnings of $1,203,000 or $0.09 per share compared to $2,621,000 or $0.20 per share last year. The decline in earnings was primarily due to higher 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. . Revenue was $40,495,000 versus $39,853,000 last year. Revenue from usage by existing customers decreased due to wet weather, however, the decrease was offset by revenue from rate increases and new customers, resulting in the net revenue improvement. Total operating expenses increased 3 percent. Water production costs, which are comprised of purchased water, purchased power and pump taxes, increased 2 percent. Purchased water, the largest component of water production, increased primarily due to wholesale water suppliers' rate increases. Other operation expenses increased mainly due to wage increases that were effective at the start of the year and increases in related benefits. Maintenance projects involving wells, pumping equipment and water mains increased overall maintenance expense. Income taxes were lower due to decreased taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. . During the first quarter of 1999, $680,000 of gains on the sales of real estate parcels were recorded in other income. There were no corresponding sales in the first quarter of 2000, although additional real estate sales are expected to be completed by year end. At their meeting today, Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. the regular common stock quarterly dividend of $0.275. This is the 222nd consecutive quarterly dividend. The dividend is payable on May 15, 2000 to stockholders of record on May 1, 2000. The regular dividend on Series C preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. was also declared. California Water Service Group is the parent company of California Water Service Company, Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. Water Service Company and CWS CWS Chicago White Sox CWS College World Series CWS Church World Service CWS Child Welfare Services CWS Canadian Wildlife Service CWS Community Water System (EPA) CWS Canada-Wide Standard CWS Compressed Work Schedule Utility Services. Together these companies provide regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and non-regulated water service to over 1.6 million people in 62 California and Washington communities. CWS Utility Services provides nonregulated, water-related services. Group's common stock trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CWT". Additional information is available at our Web site at www.calwater.com.
CALIFORNIA WATER SERVICE GROUP
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
In thousands, except per share data
Three Months Twelve Months
Ended March 31 Ended March 31
2000 1999 2000 1999
-------- -------- -------- --------
Operating revenue $ 40,495 $ 39,853 $207,081 $193,592
-------- -------- -------- --------
Operating expenses:
Operation 26,534 25,226 131,421 118,599
Maintenance 2,687 2,241 9,629 9,254
Depreciation and
amortization 4,097 4,074 15,825 15,255
Income taxes 736 1,387 11,525 11,493
Property and other
taxes 2,085 2,063 8,577 8,189
-------- -------- -------- --------
Total operating expenses 36,139 34,991 176,977 162,790
-------- -------- -------- --------
Net operating income 4,356 4,862 30,104 30,802
Other income and
expenses, net 299 1,077 1,731 1,918
-------- -------- -------- --------
4,655 5,939 31,835 32,720
-------- -------- -------- --------
Interest charges:
Long-term debt
interest 3,072 2,853 12,363 11,276
Other interest 380 465 971 1,596
-------- -------- -------- --------
3,452 3,318 13,334 12,872
-------- -------- -------- --------
Net income $ 1,203 $ 2,621 $ 18,501 $ 19,848
======== ======== ======== ========
Earnings per share
of common stock $ 0.09 $ 0.20 $ 1.42 $ 1.52
======== ======== ======== ========
Weighted average
shares outstanding 12,936 12,936 12,936 12,936
======== ======== ======== ========
CALIFORNIA WATER SERVICE GROUP
Consolidated Balance Sheet - Unaudited
March 31, 2000 and 1999
(In Thousands)
2000 1999
--------- ---------
ASSETS
Utility Plant $ 742,257 $ 703,659
Less depreciation
and amortization 226,763 211,017
--------- ---------
Net utility plant 515,494 492,642
--------- ---------
Current assets:
Cash and cash equivalents 1,952 1,578
Receivables 12,710 12,583
Unbilled revenue 5,539 5,495
Materials and supplies 2,608 2,215
Taxes and other prepaid expenses 4,909 4,421
--------- ---------
Total current assets 27,718 26,292
Regulatory assets 36,593 39,899
Other assets 4,936 4,003
--------- ---------
$ 584,741 $ 562,836
========= =========
CAPITALIZATION AND LIABILITIES
Capitalization Common stockholders' equity:
Common stock and additional
paid-in capital $ 45,010 $ 45,010
Retained earnings 130,297 125,847
Accumulated other
comprehensive loss (517) 0
--------- ---------
Total common
stockholders' equity 174,790 170,857
Preferred stock 3,475 3,475
Long-term debt, less
current maturities 156,490 158,831
--------- ---------
Total capitalization 334,755 333,163
--------- ---------
Current liabilities:
Current maturities
of long-term debt 2,651 2,643
Short-term borrowings 16,299 2,042
Accounts payable 18,552 16,423
Accrued expenses and
other liabilities 17,292 17,972
--------- ---------
Total current liabilities 54,794 39,080
Unamortized investment tax credits 2,842 2,924
Deferred income taxes 21,965 27,682
Advances for construction 99,968 96,501
Contributions in aid of construction 52,416 50,594
Regulatory and other liabilities 18,001 12,892
--------- ---------
$ 584,741 $ 562,836
========= =========
CALIFORNIA WATER SERVICE GROUP
OPERATING STATISTICS
1st Qtr. 2000
this year last year Change Percent
Shares outstanding 12,935,612 12,935,612 0 0.00%
Book value $ 13.51 $ 13.21 $0.30 2.27%
Customers 399,900 395,200 4,700 1.19%
Revenue per customer
This quarter $101.26 $100.85 $0.41 0.41%
Sources of change in operating revenue
this year last year
Usage $ (301,000) $ 3,169,000
Rate changes 478,000 332,000
New customers 465,000 429,000
-------- -------
Net change $ 642,000 $ 3,930,000
Production (millions of gallons)
This quarter 18,361 17,405 956 5.49%
Water production costs
this year last year Change Percent
Purchased water $10,442,000 $10,041,000 $ 401,000 3.99%
Purchased power 1,667,000 1,789,000 (122,000) -6.82%
Pump taxes 542,000 614,000 (72,000) -11.73%
$12,651,000 $12,444,000 $ 207,000 1.66%
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