Connecticut Water Service, Inc. Reports Record Earnings for First-Quarter 2001 and Declares Dividends.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)--May 9, 2001 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., Connecticut's largest domestically based investor owned water company, serving approximately 285,000 people in 40 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. , reported
record high first-quarter earnings for 2001. Earnings for the
first-quarter 2001 were 50% greater than the same period last year.
Through March 31, 2001 net income applicable to common shareholders was
$2,275,000, or $.45 a share, compared to net income of $1,542,000, or
$.30 a share, earned last year. The substantial increase in net income
was due primarily to the after tax benefits of a 2001 land donation in
the Town of Middlebury, Connecticut Middlebury is a town in New Haven County, Connecticut, United States. The population was 6,451 at the 2000 census. GeographyAccording to the United States Census Bureau, the town has a total area of 47.8 km² (18.5 mi²). 46.0 km² (17.8 mi²) of it is land and 1.8 km² (0. . Mr. 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, President and Chief Executive Officer, stated that he was pleased that the Company continued to increase its earnings, especially at a time when it was incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. merger expenses related to its February February: see month. 2001 acquisition of the Barnstable Water Company in Hyannis, Massachusetts Hyannis is the largest of seven villages in the town of Barnstable, Massachusetts, on Cape Cod. It is the commercial and transportation hub of Cape Cod and was designated an urban area as a result of the 1990 census. . Mr. Chiaraluce stated, "Not only are we increasing our regulated water business through acquisitions, we are also increasing our "Non-water sales" earnings through programs like our recently implemented Linebacker SM program which offers water customers a maintenance protection plan on their service connection for an annual fee." Mr. Chiaraluce also announced that the Company's Board of Directors approved a quarterly common stock dividend of $.30 per share to common shareholders of record as of June 1, 2001 together with the regular quarterly dividends payable Dividends payable The declared dividend dollar amount that a company is obligated to pay. to holders of the Company's 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. .
Connecticut Water Service, Inc. & Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
Three Months Ended
March 31
(In thousands except per share amounts) 2001 2000
Operating Revenues $10,228 $10,225
Net Income Applicable to Common Shareholders $2,275 $1,542
Basic Earnings Per Average Common Share $0.45 $0.30
Diluted Earnings Per Average Common Share $0.45 $0.30
Basic Weighted Average Common Shares Outstanding 5,073 5,070
Diluted Weighted Average Common Shares Outstanding 5,093 5,090
Book Value Per Share $13.44 $12.85
Twelve Months Ended
March 31
(In thousands except per share amounts) 2001 2000
Operating Revenues $44,000 $45,436
Net Income Applicable to Common Shareholders $8,591 $7,751
Basic Earnings Per Average Common Share $1.69 $1.53
Diluted Earnings Per Average Common Share $1.69 $1.53
Basic Weighted Average Common Shares Outstanding 5,070 5,065
Diluted Weighted Average Common Shares Outstanding 5,089 5,081
Book Value Per Share $13.44 $12.85
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
March 31, 2001 March 31, 2000
ASSETS
Net Utility Plant $192,752 $186,676
Current Assets 10,611 11,222
Other Assets 19,939 19,851
Total Assets $223,302 $217,749
CAPITALIZATION AND LIABILITIES
Shareholders' Equity $ 68,153 $64,999
Preferred Stock 847 847
Minority Interest -- 137
Long-Term Debt 66,058 67,031
Current Liabilities 8,188 9,432
Other Liabilities and Deferred Credits 80,056 75,303
Total Capitalization and Liabilities $223,302 $217,749
* Restated where applicable and as required under
"pooling-of-interests" accounting to reflect the November
2000
and February 2001 mergers of Pugliese Construction Inc.,
(d.b.a. Howie's Water) and Barnstable Holding Company
respectively, into Connecticut Water Service, Inc.
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. |
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