Connecticut Water Service, Inc. Reports Record Earnings for 2002.Business Editors CLINTON Clinton. 1 Town (1990 pop. 12,767), Middlesex co., S Conn., on Long Island Sound; settled 1663, set off from Killingworth and inc. 1838. The school that later became Yale opened here in 1702. , Conn.--(BUSINESS WIRE)--Feb. 12, 2003 Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). Water Service, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CTWS CTWS Confederated Tribes of Warm Springs ), a water service company providing water to over 85,000 customers in 42 towns in Connecticut The U.S. state of Connecticut is divided into 169 towns. The towns are grouped into eight counties. 19 of the towns are consolidated city-towns and one is a consolidated borough-town. These are indicated in the list below. and Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , announced a 4.1% increase in net income
for the year ended December December: see month. 31, 2002 or $1.13 per basic share as
compared to $1.10 per basic share for 2001.
Highlights of the 2002 results are as follows:
- 2002 was the 12th consecutive year of increased earnings as
well as the 33rd consecutive year of increased dividend
payments (excluding dividends paid by companies subsequently
acquired and accounted for under the "pooling-of-interests"
method).
- Utility Operating Income increased 4.6% or $520,000. The
increase was due to a $438,000 increase in Operating Revenues
as well as an $82,000 decrease in Operating Expenses.
- Non-Water Sales Earnings increased 19.4% in 2002 as compared
to 2001.
Marshall Marshall. 1 City (1990 pop. 12,711), seat of Saline co., N central Mo.; inc. 1839. In a large farm area, it is a processing center for grain, eggs, meat, and dairy products. Marshall is the seat of Missouri Valley College. T. Chiaraluce, the Company's Chairman, Chief Executive Officer and President stated, "We are pleased with the increased earnings as well as the continued success of our non-water business services. One of the factors contributing to the 19% increase in earnings of our services and rentals business is the increased enrollment of our Linebacker(R) program which has 11,915 customers compared to 9,587 in 2001."
Connecticut Water Service, Inc. & Subsidiaries
Condensed Consolidated Statements of Income
(In thousands except per share data)
Year Ended
December 31,
2002 2001
-----------------
Operating Revenues $45,830 $45,392
------- -------
Operating Expenses
Operation and Maintenance 19,531 20,076
Depreciation 5,187 4,837
Income Taxes 4,482 4,777
Taxes Other Than Income Taxes 4,796 4,388
------- -------
Total Operating Expenses 33,996 34,078
------- -------
Utility Operating Income 11,834 11,314
------- -------
Other Income (Deductions), Net of Taxes
Gain on Property Transactions 440 1,121
Non-Water Sales Earnings 444 372
Allowance for Funds Used During Construction 470 439
Merger Costs -- (352)
Other 126 177
------- -------
Total Other Income (Deductions),
Net of Taxes 1,480 1,757
------- -------
Interest and Debt Expenses
Interest on Long-Term Debt 3,909 4,057
Other Interest Charges 365 353
Amortization of Debt Expense 260 222
------- -------
Total Interest and Debt Expense 4,534 4,632
------- -------
Net Income Before Preferred Dividends 8,780 8,439
Preferred Stock Dividend Requirement 38 38
------- -------
Net Income Applicable to Common Stock $ 8,742 $ 8,401
======= =======
Weighted Average Common Shares Outstanding:
Basic 7,718 7,619
Diluted 7,771 7,662
Earnings Per Common Share:
Basic $1.13 $1.10
Diluted $1.12 $1.10
Connecticut Water Service, Inc. & Subsidiaries
Condensed Consolidated Balance Sheets
----------------------------------------------------------------------
(In thousands) December December
31, 2002 31, 2001
----------------------------------------------------------------------
ASSETS
Net Property, Plant and Equipment $232,654 $205,664
Current Assets 10,373 9,423
Regulatory and Other Long-Term Assets 21,772 16,627
----------------------------------------------------------------------
Total Assets $264,799 $231,714
----------------------------------------------------------------------
CAPITALIZATION AND LIABILITIES
Common Shareholders' Equity $ 79,975 $ 70,783
Preferred Stock 847 847
Long-Term Debt, Excluding Current Portion 64,734 63,953
Current Portion of Long-Term Debt and Loans
Payable 7,192 4,030
Other Current Liabilities 8,286 8,626
Deferred Credits and Other Liabilities 103,765 83,475
----------------------------------------------------------------------
Total Capitalization and Liabilities $264,799 $231,714
----------------------------------------------------------------------
Connecticut Water Service, Inc. is the largest, domestic-based, investor-owned water utility in Connecticut. It provides water to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 295,000 people in 42 towns in Connecticut and Massachusetts as well as providing water-related services under contact to municipalities and companies. This press release may contain certain forward looking statements regarding the Company's results of operations and financial position. These forward looking statements are based on current information and expectations, and are subject to risks and uncertainties, which could cause the Company's actual results to differ materially from expected results. Our water companies are subject to various federal and state regulatory agencies state regulatory agency A state body responsible for establishing professional standards, and for certifying professionals or organizations through appropriate documentation concerning water quality and environmental standards. Generally, the water industry is materially dependent on the adequacy of approved rates to allow for a fair rate of return on the investment in utility plant. The ability to maintain our operating costs operating costs npl → gastos mpl operacionales at the lowest possible level while providing good quality water service is beneficial to customers and stockholders. Profitability is also dependent on the timeliness of rate relief, when necessary, and numerous factors over which we have little or no control, such as the quantity of rainfall and temperature, industrial demand, financing costs, energy rates, tax rates, and stock market trends which may affect the return earned on pension assets and compliance with environmental and water quality regulations. We undertake no obligation to update or revise forward looking statements, whether as a result of new information, future events, or otherwise. |
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