Printer Friendly

UNITED WATER RESOURCES REPORTS HIGHER EARNINGS FOR FOURTH QUARTER AND DIP IN EARNINGS FOR 1992

 HARRINGTON PARK, N.J., Feb. 1 /PRNewswire/ -- United Water Resources (NYSE: UWR) today reported fourth quarter net income of $4.0 million in 1992, up 29 percent from $3.1 million during the comparable period in 1991. Net income per common share for the quarter was 21 cents versus 18 cents for the same period in 1991.
 Operating revenues for the fourth quarter were $41.1 million versus $39.3 million for the fourth quarter of 1992.
 Donald L. Correll, president and chief executive officer, said that a New Jersey property sale bolstered fourth quarter revenues and earnings. He stated that the community would benefit from the sale because the new owner, a non profit group, has no present plans to develop the property and intends to farm the land for charitable purposes.
 Earnings for the year ended Dec. 31, 1992 were $15.8 million, a decrease of 4 percent from the $16.4 million earned in 1991. Net income per common share was 87 cents compared to 96 cents in 1991.
 Operating revenues for the year were $164.9 million, compared to $161.8 million in 1991.
 "Overall our utility operations performed respectably despite a 6 percent decline in customer water usage this year." said Correll. "Cooler temperatures and frequent weekend showers discouraged water use during our typical lawn sprinkling season in 1992, compared to 1991 when we set new daily pumping records during a hot dry summer.
 "Rivervale Realty's properties continue to attract sales interest, even in a sluggish market," stated Correll. "The two property sales we concluded in 1992 contributed to higher revenues for the year."
 Higher operating costs reflect the costs of property sold, higher depreciation resulting from new facilities being placed in service along with higher utility depreciation rates associated with a 1991 New Jersey rate settlement.
 Correll stated that common shares outstanding had increased over 6 percent since 1991 due to participation in United Water's dividend reinvestment and stock purchase plan which continues to generate equity for the company. He noted that enthusiastic utility customer enrollment in the plan almost doubled in 1992, increasing to 2,453 new customer shareholders by year end with investments totaling approximately $4.9 million.
 "We are pleased that our customers -- the people who know us best -- view the stock purchase plan as an opportunity to participate in the financial performance of a company that provides them with a vital service," said Correll.
 "United Water entered 1993 in a solid position," commented Correll. "Our water supplies are strong, our capital needs are low, and we have a strategic plan in place to expand our utility franchise."
 United Water Resources is a holding company engaged in water-related businesses and real estate. Its utility subsidiaries, Hackensack and Spring Valley water companies, serve over one million people in New Jersey and New York. United Water's real estate subsidiary, Rivervale Realty Company, owns developable land and several office buildings in the metropolitan area. Other subsidiaries provide environmental testing, automatic meter reading services, and construct and operate small water and sewer utilities.
 United Water has paid continuous cash dividends on its common stock since 1886.
 UNITED WATER RESOURCES AND SUBSIDIARIES
 (Unaudited, amounts in thousands except per-share data)
 Three months ended Dec. 31 1992 1991
 Operating revenues $41,058 $39,253
 Operating expenses 29,707 28,603
 Net income 3,984 3,078
 Net income per common share $.21 $.18
 Dividends paid per share .23 .23
 Average number of common shares outstanding 18,643 17,372
 Twelve months ended Dec. 31 1992 1991
 Operating revenues $164,869 $161,750
 Operating expenses 118,353 116,086
 Net income 15,784 16,442
 Net income per common share $.87 $.96
 Dividends paid per share .92 .91
 Average number of common shares outstanding 18,178 17,076
 -0- 2/1/93
 /CONTACT: Carolyn M. Iglesias of United Water Resources, 201-784-9434, or (evenings and weekends) 201-487-0011/
 (UWR)


CO: United Water Resources ST: New Jersey IN: UTI SU: ERN

TS -- NY082 -- 1438 02/01/93 13:52 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 1, 1993
Words:668
Previous Article:MCDONALD'S TV COMMERCIAL WINS USA TODAY'S FIFTH ANNUAL SUPER BOWL AD METER CONTEST
Next Article:PRAXAIR BRINGS NEW ECONOMIES TO NO-CLEAN SOLDERING
Topics:


Related Articles
UNITED WATER RESOURCES REPORTS A SLIGHT DIP IN 1991 EARNINGS; STRONG WATER UTILITY PERFORMANCE PARTLY OFFSETS LACK OF REAL ESTATE SALES
UNITED WATER RESOURCES REPORTS A SLIGHT DIP IN 1991 EARNINGS; STRONG WATER UTILITY PERFORMANCE PARTLY OFFSETS LACK OF REAL ESTATE SALES
PEI ANNOUNCES DIVIDEND AND THIRD QUARTER EARNINGS
DOMINION RESOURCES ANNOUNCES DECREASED EARNINGS FOR 1992 DESPITE STRONG FOURTH QUARTER
WASHINGTON WATER POWER'S FOURTH-QUARTER, YEAR-END EARNINGS IMPROVE, INCREASE IN SPITE OF WEATHER-RELATED IMPACTS
WICOR ANNOUNCES RESULTS, RAISES DIVIDEND
UTILICORP ANNOUNCES PRELIMINARY 1993 RESULTS
DOMINION RESOURCES ANNOUNCES INCREASED EARNINGS FOR 1993
United Water Reports Earnings For Year and 4th Quarter; Declares Regular Quarterly Dividend
United Water Reports Earnings for First Quarter 1998

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters