Cal Water announces fourth quarter earnings and 1995 dividend.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)--Jan. 25, 1995--Directors of 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 Co. (NYSE NYSE See: New York Stock Exchange : CWT cwt 112 pounds avoirdupois weight. ) Wednesday Wednesday: see week. announced fourth quarter earnings of 49 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , a decrease of 13 cents per share from the fourth quarter of 1993. Net income for the final quarter was $3,086,000 on revenue of $36,242,000. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. L. Houck, president and chief executive officer of the utility, said this year's fourth quarter revenue increased $294,000. The fourth quarter historically results in lower revenue due to the onset of the rainy rain·y adj. rain·i·er, rain·i·est Characterized by, full of, or bringing rain. rain  i·ness n.Adj. season. This quarter also saw an increase in water production costs and other operations and maintenance expenses of $1,854,000. These factors combined to produce earnings for the 12 months ended Dec. 31, 1994, of $2.44 per share, down 26 cents from the comparable prior year's period. Directors meeting today raised the annual dividend rate on common stock from $1.98 per share to $2.04, the 28th consecutive year the dividend has been increased. The new quarterly dividend rate of 51 cents per common share is payable Feb. 15, 1995, to shareholders of record Feb. 6, 1995. The regular dividend on 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 Co. is the state's largest investor-owned water utility serving 365,000 customers in 38 communities. -0-
California Water Service Co.
(in thousands)
Three months 12 months ended
December 31,
1994 1993 1994 1993
Operating revenue $ 36,242 $ 35,948 $157,271 $151,716
Operating expenses:
Operation 22,529 20,673 96,933 89,535
Maintenance 1,954 1,956 7,855 7,250
Depreciation 2,738 2,560 10,959 10,304
Federal income taxes 1,381 1,804 7,372 8,200
State income taxes 447 866 2,222 2,400
Property and other taxes 1,474 1,474 6,426 6,172
30,523 29,333 131,767 123,861
Net operating income 5,719 6,615 25,504 27,855
Other income and expenses, net 35 112 288 273
5,754 6,727 25,792 28,128
Interest charges:
Interest and amort. on first
mortgage bonds 2,599 2,983 10,557 11,992
Other interest 69 132 827 635
2,668 3,115 11,384 12,627
Net income $ 3,086 $ 3,612 $ 14,408 $ 15,501 Earnings per share of common stock 49 cents 62 cents $ 2.44 $ 2.70 Weighted average shares outstanding for each period were 6,247 5,689 5,838 5,689 -0- CONTACT: California Water Service Co. Jim Good, 408/451-8219 (office) 408/864-6067 (home) |
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