California Water Service Co. announces second quarter earnings.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 19, 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 second quarter earnings of 55 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 16 cents per share from the second quarter of 1994. Net income for the quarter was $3,467,000 on revenue of $40,371,000. 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, said second quarter revenue increased $224,000 despite a six percent decrease in average consumption per customer. The decreased consumption was due to unusually heavy rainfall and cool weather during the spring months. Offsetting the decreased consumption were general and step rate increases which added $1,618,000 to revenue. Second quarter water production was 90 percent of the 1994 level; however, operation expenses increased $1,048,000 or four percent because of increases in purchased water rates passed on from wholesale suppliers, pump taxes, and other 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. . Other income, which is realized from operation of recycled water systems and municipally-owned water systems, municipal utility billing contracts and rents, increased 42 percent to $150,000 for the quarter. Directors meeting today 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 quarterly dividend of 51 cents per common share - the 203rd consecutive quarterly dividend paid on common stock - payable Aug. 15, 1995, to shareholders of record Aug. 1, 1995. Directors also declared the regular dividend on preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . California Water Service Co. is the state's largest investor-owned water utility serving 366,000 customers in 38 communities. -0-
California Water Service Co.
Statement of Income
(in thousands)
Three Months Ended
June 30,
1995 1994
Operating revenue $ 40,371 $ 40,147 Operating expenses: Operation 25,493 24,445 Maintenance 1,847 1,769 Depreciation 2,859 2,735 Federal income taxes 1,834 2,117 State income taxes 543 635 Property and other taxes 1,634 1,554
$ 34,210 $ 33,255
Net operating income 6,161 6,892 Other income and expenses, net 150 106
$ 6,311 6,998
Interest charges: Interest & amortization on first mortgage bonds 2,637 2,655 Other interest 207 273
$ 2,844 $ 2,928
Net income $ 3,467 $ 4,070 Earnings per share of common stock 55 cents 71 cents Weighted average shares outstanding during each period were 6,247 5,697
Six Months Ended
June 30,
1995 1994
Operating income $ 70,787 $ 70,726 Operating expenses: Operation 45,087 43,556 Maintenance 3,709 3,709 Depreciation 5,718 5,472 Federal income taxes 2,357 2,873 State income taxes 703 855 Property and other taxes 3,367 3,205
$ 60,941 $ 59,670
Net operating income 9,846 11,056 Other income and expenses, net 280 167
$ 10,126 $ 11,223
Interest charges: Interest & amortization on first mortgage bonds 5,274 5,305 Other interest 346 453
$ 5,620 $ 5,758
Net income $ 4,506 $ 5,465 Earnings per share of common stock 71 cents 95 cents Weighted average shares outstanding during each period were 6,247 5,695
Twelve Months Ended
June 30,
1995 1994
Operating income $157,332 $154,106 Operating expenses: Operation 98,463 91,793 Maintenance 7,855 7,593 Depreciation 11,205 10,583 Federal income taxes 6,856 8,159 State income taxes 2,070 2,602 Property and other taxes 6,588 6,327
$133,037 $127,057
Net operating income 24,295 27,049 Other income and expenses, net 399 327
$ 24,694 $ 27,376
Interest charges: Interest & amortization on first mortgage bonds 10,526 11,364 Other interest 719 713
$ 11,245 $ 12,077
Net income $ 13,449 $ 15,299 Earnings per share of common stock $ 2.18 $ 2.66 Weighted average shares outstanding during each period were 6,111 5,692 -0- CONTACT: California Water Service Co., San Jose Jim Good, 408/451-8200 (office) 415/864-6067 (home) |
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