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AMERICAN WATER EARNS 62 CENTS IN SECOND QUARTER

 AMERICAN WATER EARNS 62 CENTS IN SECOND QUARTER
 VOORHEES, N.J., Aug. 4 /PRNewswire/ -- American Water Works Company


(NYSE: AWK) today reported that net income to common stock for the second quarter of 1992 was $19.2 million, or 62 cents a share, virtually the same as net income to common stock for the quarter last year.
 Revenues for the quarter increased by 6 percent over those for the quarter a year ago, primarily because of adjustments in service rates approved since the spring of 1991. Through July this year, nine operating companies had received rate increase authorizations which are expected to provide $21.3 million in additional revenues. Seven subsidiaries had rate applications pending which would provide an additional $44 million in annual revenues if approved as filed.
 Water sales volume was down by 1.3 percent for the quarter compared with that for the second quarter of 1991 largely because of cool, wet weather in several of the subsidiaries' service areas.
 Operating expenses for the quarter were 7 percent higher than those for the period last year. Most of this increase was attributable to employee-related expenses, depreciation and general taxes. Employee costs in the quarter were 7 percent above those for the period in 1991. Depreciation and general taxes for the quarter increased 12 percent and 11 percent, respectively, due principally to growth in utility plant assets. These assets at June 30 totaled $2.1 billion and were 7 percent higher than at June 30, 1991.
 Income deduction, primarily interest on the subsidiaries debt, were 4 percent higher in the second quarter than in the quarter in 1991.
 Construction expenditures during the quarter were $50.5 million compared with $46.8 million in the quarter last year.
 Net income to common stock for the first six months of 1992 was $30.3 million, or 98 cents a share, compared with $31.1. million, or $1.01 a share, for the period last year. Sales volume for the half was essentially unchanged from the first half of 1991, but revenues through June were 7 percent higher than last year's because of the impact of rate adjustments since last summer. Operating expenses for the half increased by 8 percent over those for the period last year.
 The board of directors, at its regular meeting July 2, declared a quarterly dividend of 23-1/8 cents a share on the common stock, payable on Aug. 15, 1992, and the regular quarterly dividends on all classes of the preferred and preference stocks, payable on Sept. 1, 1992.
 American Water Works Company is the nation's largest investor-owned water supplier. Its 21 operating subsidiaries serve 1.5 million customers in 20 states.
 AMERICAN WATER WORKS COMPANY
 (Dollars in thousands, except per share amounts)
 Periods Ended Three Months Six Months 12 Months
 June 30 1992 1991 1992 1991 1992 1991
 Operating
 revs. $168,614 $159,175 $321,562 $301,230 $653,290 $599,069
 Net income 20,250 20,242 32,364 32,787 73,170 67,294
 Divs. on pref.
 stocks 1,007 1,015 2,015 1,683 4,035 2,020
 Net inc. to
 com. stock 19,243 19,227 30,349 31,104 69,135 65,274
 Avg. shrs. of
 com. stock
 outstanding
 (in thousands) 30,938 30,741 30,875 30,685 30,826 30,640
 Earns per com.
 shr. on avg.
 shrs. outstdng. $.62 $.62 $.98 $1.01 $2.24 $2.13
 -0- 8/4/92
 /CONTACT: G.W. Johnstone, president and CEO of American Water Works, 609-346-8200/
 (AWK) CO: American Water Works Company, Inc. ST: New Jersey IN: UTI SU: ERN


AH-PS -- NY061 -- 6824 08/04/92 17:01 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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