Cal Water Announces Second Quarter 2001 Results.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)--July 25, 2001 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 announced second quarter 2001 net income of $5,764,000 or $0.37 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis compared to $5,753,000 or $0.38 per share on a diluted basis in the same quarter last year. This year's quarter includes a $0.04 gain from a real property sale; there was no corresponding sale last year. For the twelve months ended June June: see month. 30, 2001, diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $1.21 versus $1.33 last year. Revenue for the quarter increased 1% to $66,958,000, despite a decline in water usage caused by cooler weather, especially in the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, area. Lower sales to existing customers resulted in an $818,000 decline in revenue. Offsetting the decline in usage was $1,171,000 of additional revenue from rate increases and $657,000 of additional revenue from 7,200 new customers. Total 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. increased 3 percent over the second quarter of 2000, which included $1,775,000 of costs related to the May 2000 Dominguez Dominguez is a name of Spanish origin. It literally means son of Sunday. The name may refer to: Persons
Compared to last year, the Company's California electric suppliers' rates have risen an average of 48%. June was the first month fully impacted by the higher electric rates. For the quarter, electric costs rose $647,000. Higher power Higher power is a term used in a 12-step program, such as Alcoholics Anonymous, to describe "a power greater than yourself." Although many participants equate their higher power with God, a belief in God or in formal religion is not mandatory; the higher power is intended as a costs and increases in purchased water rates were partially offset by refunds from purchased water wholesalers in the Los Angeles Basin The Los Angeles Basin is the coastal sediment-filled plain located between the peninsular and transverse ranges in southern California in the United States containing the central part of the city of Los Angeles as well as its southern and southeastern suburbs (both in Los Angeles districts. The Company expects that increases in electric costs will be recovered from customers through established California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, procedures, although on a short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. basis there will be a regulatory 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. lag in recovering the higher costs. Other operation expense increases included wage and related benefit increases that were effective at the start of the year. Other income in the second quarter 2001 includes a $1 million gain from the sale of a surplus real estate parcel referenced above. At their meeting today, Directors declared the regular common stock quarterly dividend of $0.27-7/8. This is the 227th consecutive quarterly dividend. It is payable on August 15, 2001 to stockholders of record on August 1, 2001. 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, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). 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 and non-regulated water service to over 2 million people in 96 California, Washington and New Mexico communities. 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." This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based upon current information and expectations. Actual results may differ materially. 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 Six Months
Ended June 30 Ended June 30
2001 2000 2001 2000
Operating revenue $ 66,958 $ 65,948 $113,966 $112,659
Operating expenses:
Operations 44,733 43,790 77,853 74,924
Maintenance 3,106 2,606 5,845 5,601
Depreciation and
amortization 4,777 4,742 9,593 9,213
Income taxes 3,790 3,387 3,932 4,338
Property and other taxes 2,502 2,446 4,901 4,705
Total operating expenses 58,908 56,971 102,124 98,781
Net operating income 8,050 8,977 11,842 13,878
Other income and
expenses, net 1,809 623 2,202 952
9,859 9,600 14,044 14,830
Interest expense:
Long-term debt interest 3,509 3,249 7,026 6,496
Other interest 586 598 1,033 1,048
4,095 3,847 8,059 7,544
Net income $ 5,764 $ 5,753 $ 5,985 $ 7,286
Earnings per share
Basic $ 0.38 $ 0.38 $ 0.39 $ 0.48
Diluted $ 0.37 $ 0.38 $ 0.39 $ 0.48
Weighted average
shares outstanding
Basic 15,182 15,118 15,182 15,106
Diluted 15,294 15,146 15,294 15,146
CALIFORNIA WATER SERVICE GROUP
CONSOLIDATED STATEMENT OF INCOME - Unaudited
In thousands, except per share data
Twelve Months
Ended June 30
2001 2000
Operating revenue $246,112 $242,676
Operating expenses:
Operations 163,389 159,101
Maintenance 11,837 10,829
Depreciation and amortization 18,748 17,733
Income taxes 11,164 12,659
Property and other taxes 9,815 9,496
Total operating expenses 214,953 209,818
Net operating income 31,159 32,858
Other income and expenses, net 2,663 1,968
33,822 34,826
Interest expense:
Long-term debt interest 13,430 12,972
Other interest 1,730 1,554
15,160 14,526
Net income $ 18,662 $ 20,300
Earnings per share
Basic $ 1.23 $ 1.34
Diluted $ 1.21 $ 1.33
Weighted average shares outstanding
Basic 15,164 15,098
Diluted 15,246 15,138
CALIFORNIA WATER SERVICE GROUP
CONSOLIDATED BALANCE SHEET - Unaudited
June 30, 2001 and 2000
(In Thousands)
2001 2000
ASSETS
Utility plant $ 878,091 $ 829,931
Less depreciation and amortization 279,259 259,491
Net utility plant 598,832 570,440
Current assets:
Cash and cash equivalents 1,047 1,711
Receivables 26,675 21,206
Unbilled revenue 9,754 9,387
Materials and supplies 3,150 2,983
Taxes and other prepaid expenses 6,228 4,208
Total current assets 46,854 39,495
Regulatory assets 38,493 37,923
Other assets 6,909 5,908
$ 691,088 $ 653,766
CAPITALIZATION AND LIABILITIES
Capitalization
Common stockholders' equity:
Common stock and additional
paid-in capital $ 50,135 $ 50,135
Retained earnings 147,403 144,914
Accumulated other comprehensive loss (486) (517)
Total common stockholders' equity 197,052 194,532
Preferred stock 3,475 3,475
Long-term debt, less current maturities 187,342 169,552
Total capitalization 387,869 367,559
Current liabilities:
Current maturities of long-term debt 2,651 2,643
Short-term borrowings 32,000 23,099
Accounts payable 29,728 27,516
Accrued expenses and other liabilities 19,854 19,182
Total current liabilities 84,233 72,440
Unamortized investment tax credits 2,983 3,090
Deferred income taxes 26,214 25,299
Advances for construction 108,357 105,949
Contributions in aid of construction 61,073 59,005
Regulatory and other liabilities 20,359 20,424
$ 691,088 $ 653,766
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