AMERICAN WATER EARNS 90 CENTS A SHARE IN THIRD QUARTER
AMERICAN WATER EARNS 90 CENTS A SHARE IN THIRD QUARTER VOORHEES, N.J., Nov. 7 /PRNewswire/ -- American Water Works Company
(NYSE: AWK) today reported net income to common stock of $27.5 million, or 90 cents a share, for the third quarter of 1991. This compared with earnings of $18.2 million, or 60 cents a share, for the period last year.
James V. LaFrankie, president of American, said several factors were influential. Water sales volume increased by 6 percent over last year's because of hot, dry late summer weather in the East and Midwest. The earnings improvement also reflected the impact of rate adjustments authorized since last year and lower interest rates for borrowed funds. In addition, earnings for the quarter included 6 cents a share in 1991 and 4 cents a share in 1990 related to California regulatory decisions permitting the recovery of revenues lost due to mandatory water rationing. Net income to common stock through September was $58.6 million, or $1.91 a share, compared with $40.4 million, or $1.33 a share, for the first nine months of 1990. For the three-, nine- and 12-month periods ended Sept. 30, American Water Works Company reported unaudited consolidated revenues and income as follows: AMERICAN WATER WORKS COMPANY, INC. (Dollars in thousands, except per-share amounts) Periods ended Three months Nine months Sept. 30 1991 1990 1991 1990 Operating revenues $176,087 $152,505 $477,317 $425,364 Net income 28,515 18,386 61,302 40,967 Dividends on preferred stocks 1,013 170 2,696 523 Net income to common stock 27,502 18,216 58,606 40,444 Avg. shares of com. stock outstg. (000s) 30,769 30,581 30,712 30,511 Earnings per common share on average shares outstg. $.90 $.60 $1.91 $1.33 12 months ended Sept. 30 1991 1990 Operating revenues $622,651 $555,126 Net income 77,423 48,595 Dividends on preferred stocks 2,863 698 Net income to common stock 74,560 47,897 Average shares of common stock outstg. (000s) 30,686 30,498 Earnings per common share on average shares outstanding $2.43 $1.57 -0- 11/7/91 /CONTACT: J.V. LaFrankie, president of American Water Works, 609-346-8200/ (AWK) CO: American Water Works Company, Inc. ST: New Jersey IN: UTI SU: ERN CK-OS -- NY062 -- 2275 11/07/91 13:40 EST
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|Date:||Nov 7, 1991|
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