Dominguez Services Corp. Announces Second-Quarter 1999 Results.LONG BEACH, Calif.--(BUSINESS WIRE)--Aug. 13, 1999-- Dominguez Services Corp. (Nasdaq:DOMZ) Friday reported that earnings for the second quarter ended June 30, 1999, rose 7 percent to 28 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. from 26 cents per share in the same period last year. Net income for the quarter totaled $439,534, compared with $389,181 for the second quarter in 1998. Revenues increased to $7,121,100 from $6,166,222 in the prior-year period. Earnings per share for the first half of 1999 were 44 cents, compared with 43 cents for the corresponding period a year ago. Net income was $686,398, compared with $649,600 in the prior year. Revenues for the first six months of the year rose to $12,925,431 from $11,603,692 last year. For the 12 months ended June 30, 1999, basic and 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 63 cents and 62 cents, respectively, compared with $1.23 in the same period in 1998. Net income for the 12 months dropped to $960,834 from $1,860,506 in the same period last year, primarily due to the extraordinary expense of $1,003,000 for costs associated with the merger with California Water Service Group (CWSG CWSG Canadian Wire Service Guild ). Revenues increased slightly to $26,588,874 from $26,252,935 in the previous-year period. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Brian J. Brady, president and chief executive officer, revenue growth in the second quarter was attributable to the addition of revenues from Redwood Valley Water Co., Dominguez's newest operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , which serves more than 1,600 customers, and higher water sales. "Dominguez is in a strong financial position, and we continue to execute our strategic plan for sound, profitable growth. We look forward to merging with CWSG because the combined company will have even greater resources to compete for growth opportunities," Brady said. On Aug. 7, Dominguez completed the acquisition of Hawkins Water Service, a 50-customer system, which will be integrated into Redwood Valley Water's operations. The company has also received approval from 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, to acquire Coast Springs Water Co., with 250 customers, and expects to close the transaction in the third quarter. Dominguez Services is the holding company for several California water utilities, the largest of which is Dominguez Water Co., serving more than 120,000 people in the Carson/Torrance area of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County. Dominguez also owns and operates the Kern River Kern River A river rising in the Sierra Nevada of eastern California and flowing about 249 km (155 mi) south and southwest to the southern San Joaquin Valley. Valley Water Co. in Kern County, the Antelope Valley Water Co. in northern Los Angeles County and the Redwood Valley Water Co. in Sonoma and Lake counties. The California Public Utilities Commission is expected to issue a decision on the merger agreement between Dominguez and CWSG in early 2000. |
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