Cal Water Announces Third-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)--Oct. 24, 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 third-quarter 2001 net income of $5,920,000, or $0.39 per share on a fully 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 $9,205,000, or $0.60 per share on a fully diluted basis, in the same quarter last year. For the 12 months ended Sept. 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 $1.00 vs. $1.36 last year. Revenue for the quarter was $76,310,000, which was $270,000 lower than the third quarter 2000. 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, resulted in lower sales to existing customers and a $2,450,000 decline in revenue. Offsetting the decline in usage was $1,519,000 of additional revenue from rate increases and $661,000 of additional revenue from 5,700 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 5 percent over the third quarter of 2000. The largest increase was in water production costs (composed of purchased water, electrical power and pump taxes), which rose 10 percent. Electrical power costs accounted for the bulk of the increase, rising $3,205,000, or 54%, due to electric rate increases authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the 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, (CPUC CPUC California Public Utilities Commission CPUC Current Procurement Unit Cost ) since the start of the year. In September September: see month. , the company began recovering increased power costs in two districts after the CPUC authorized offset rate increases. Despite wholesale suppliers' rate increases in several districts, purchased water cost declined $285,000 due to reduced water purchases. Other operation expense increases included wage and related benefit increases that were effective at the start of the year. Income taxes declined due to lower income. As discussed in the Oct. 5, 2001, news release, the company filed general rate applications for 16 of its 25 California districts requesting $19 million in additional annual revenue. A decision from the CPUC is expected late next summer. At their meeting today, Directors declared the regular common stock quarterly dividend of $0.27-7/8. This is the 228th consecutive quarterly dividend. It is payable on Nov. 15, 2001, to stockholders of record on Nov. 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. The companies provide regulated and non-regulated water service to more than 2 million people in 98 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 may contain 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 involve risks and uncertainties. These statements are based upon currently available information and expectations. Actual results may differ materially. Risk factors that could cause actual results to vary are described in the company's filings with the Securities and Exchange Commission. The company does not assume a responsibility to update or revise forward-looking statements. Additional information is available at the company's Web site at www.calwater.com.
CALIFORNIA WATER SERVICE GROUP
CONSOLIDATED STATEMENT OF INCOME - Unaudited
In thousands, except per share data
Three Months Nine Months Twelve Months
Ended Ended Ended
Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000 2001 2000
Operating revenue $76,310 $76,580 $190,276 $189,239 $245,842 $246,975
Operating expenses:
Operations 52,924 48,197 130,776 123,122 168,116 161,485
Maintenance 2,832 2,863 8,678 8,463 11,806 11,205
Depreciation
and amortization 4,732 4,567 14,325 13,781 18,912 18,033
Income taxes 3,915 5,861 7,846 10,199 9,218 13,095
Property and
other taxes 2,390 2,310 7,291 7,014 9,895 9,439
Total operating
expenses 66,793 63,798 168,916 162,579 217,947 213,257
Net operating income 9,517 12,782 21,360 26,660 27,895 33,718
Other income and
expenses, net 420 358 2,622 1,310 2,725 2,006
9,937 13,140 23,982 27,970 30,620 35,724
Interest expense:
Long-term
debt interest 3,525 3,276 10,551 9,772 13,679 12,910
Other interest 492 659 1,526 1,707 1,564 2,015
4,017 3,935 12,077 11,479 15,243 14,925
Net income $ 5,920 $ 9,205 $ 11,905 $ 16,491 $ 15,377 $ 20,799
Earnings per share
Basic $ 0.39 $ 0.61 $ 0.78 $ 1.08 $ 1.00 $ 1.37
Diluted $ 0.39 $ 0.60 $ 0.77 $ 1.08 $ 1.00 $ 1.36
Weighted average
shares outstanding
Basic 15,182 15,146 15,182 15,119 15,173 15,112
Diluted 15,294 15,199 15,294 15,166 15,270 15,165
CALIFORNIA WATER SERVICE GROUP
CONSOLIDATED BALANCE SHEET - Unaudited
September 30, 2001 and 2000
(In Thousands)
2001 2000
ASSETS
Utility plant $889,124 $839,966
Less depreciation and amortization 281,843 264,113
Net utility plant 607,281 575,853
Current assets:
Cash and cash equivalents 1,023 378
Receivables 25,459 21,895
Unbilled revenue 11,133 10,976
Materials and supplies 2,437 2,390
Taxes and other prepaid expenses 7,161 6,032
Total current assets 47,213 41,671
Regulatory assets 38,673 38,057
Other assets 6,916 5,333
$700,083 $660,914
CAPITALIZATION AND LIABILITIES
Capitalization Common
stockholders' equity:
Common stock and additional
paid-in capital $ 50,135 $ 50,135
Retained earnings 149,052 149,916
Accumulated other comprehensive loss (486) (517)
Total common stockholders' equity 198,701 199,534
Preferred stock 3,475 3,475
Long-term debt, less current maturities 206,964 169,373
Total capitalization 409,140 372,382
Current liabilities:
Current maturities of long-term debt 2,881 2,747
Short-term borrowings 6,000 14,399
Accounts payable 31,494 29,938
Accrued expenses and
other liabilities 28,171 28,628
Total current liabilities 68,546 75,712
Unamortized investment tax credits 2,980 3,087
Deferred income taxes 29,236 25,279
Advances for construction 106,745 104,996
Contributions in aid of construction 63,019 59,028
Regulatory and other liabilities 20,417 20,430
$700,083 $660,914
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