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AMERICAN WATER WORKS REPORTS EPS OF 36 CENTS IN FIRST QUARTER

 AMERICAN WATER WORKS REPORTS EPS OF 36 CENTS IN FIRST QUARTER
 VOORHEES, N.J. May 7 /PRNewswire/ -- American Water Works Company (NYSE: AWK) today reported net income to common stock of $11.1 million, or 36 cents a share, for the first quarter of 1992. This compared with $11.9 million, or 39 cents a share, for the period last year.
 George W. Johnstone, president and CEO of American, said revenues for the fist quarter were $152.9 million, 8 percent above those for the period last year primarily due to rate increases. Higher depreciation, property taxes and income deductions resulting from the completion of major construction projects since last spring an increases in employee- related expenses contributed to a 9 percent increase in operating costs. Income deductions, principally interest on subsidiary debt, were 7 percent higher than in the period last year.
 The board of directors in January increased the quarterly dividend on the common stock by 7.6 percent to 23-1/8 cents a share. It was the 17th consecutive annual increase in the dividend rate.
 American Water is the nation's largest investor-owned water supplier. Its 21 operating subsidiaries serve about five million people in 20 states.
 For the three and 12 month periods ended March 31, American Water Works Company, Inc. reported unaudited consolidated revenues and income as follows:
 AMERICAN WATER WORKS COMPANY, INC.
 Summary of Financial Information (Unaudited)
 (Dollars in thousands, except per share amounts)
 Periods ended March 31 3 months 12 months
 1992 1991 1992 1991
 Operating revenues $152,948 $142,055 $643,851 $582,565
 Net income 12,114 12,545 73,162 61,257
 Dividends on preferred
 stocks 1,008 668 4,043 1,182
 Net income to common
 stock 11,106 11,877 69,199 60,075
 Average shares of common
 stock outstanding
 (in thousands) 30,812 30,628 30,776 30,574
 Earnings per common share
 on average shares
 outstanding $.36 $.39 $2.25 $1.96
 -0- 5/7/92
 /CONTACT: G. W. Johnstone of American Water Works, 609-346-8200/
 (AWK) CO: American Water Works Company, Inc. ST: New Jersey IN: UTI SU: ERN


TQ-LR -- NY084 -- 7740 05/07/92 15:08 EDT
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Publication:PR Newswire
Date:May 7, 1992
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