American States Water Company Announces Regular Common Dividends and Second Quarter 2002 Results
American States Water Company today also reported basic earnings of $0.36 per Common Share for the second quarter of 2002 as compared to basic earnings of $0.33 per common share reported for the second quarter of last year. Diluted earnings per share for the second quarter of 2002 and 2001 were $0.35 and $0.33 per share, respectively.
Basic earnings per share for the twelve months ended June 30, 2002 were reported at $1.42 per Common Share, an increase of 9.2% from the $1.30 reported for the twelve months ended June 30, 2001. Diluted earnings per share were $1.40 and $1.29 for the twelve months ended June 30, 2002 and June 30, 2001, respectively.
Commenting on the reported results, President & Chief Executive Officer Floyd E. Wicks said, "We are pleased at the continued water and electric revenue growth at our Southern California Water ("SCW") unit and the significant customer growth at our Chaparral City Water Company ("CCWC") unit in Arizona. This continued growth, accompanied with the recent CPUC approval to increase rates for recovery of power costs in our Bear Valley Electric customer service area, will allow us to continue our focus on business strategies and goals."
Second Quarter 2002 Results -- The Company reported operating income of $9.9 million and net income of $5.4 million in the second quarter of 2002. In the second quarter of last year, operating income was reported at $9.0 million and net income at $5.1 million.
Total revenues for the second quarter of 2002 increased by 5.9% to $52.8 million as compared to $49.9 million reported in 2001. Water revenues increased by $2.3 million due to increased sales volumes and rate increases at SCW while electric revenues increased by $0.7 million reflecting rate increases at SCW's electric division.
For the second quarter of 2002, total operating expenses increased by 5.0% to $42.9 million compared with the $40.9 million recorded for the same period last year principally reflecting additional supply expense.
Interest charges were $4.4 million in the second quarter of 2002 compared to $4.0 million in the second quarter of 2001 due to additional debt issued by SCW in December 2001.
Twelve Months Ended June 30, 2002 Results -- The Company reported operating income for the twelve months ended June 30, 2002 of $38.3 million and net income of $21.5 million as compared with operating income of $34.8 million and net income of $19.4 million for the twelve months ended June 30, 2001.
Total revenues for the twelve months ended June 30, 2002 increased by 7.7% to $204.6 million from the $189.9 million recorded for the same period in 2001. As compared to the twelve months ended June 30, 2001, water revenues for the twelve months ended June 30, 2002 increased by $6.8 million due to rate increases at SCW and additional sales generated by the acquisition of CCWC. Electric revenues increased by $2.8 million for the twelve months ended June 30, 2002 reflecting rate increases at SCW's electric division.
Total operating expenses increased by 7.3% to $166.4 million for the twelve months ended June 30, 2002 as compared to the $155.1 million recorded for the same period ended June 30, 2001. The increase between the two periods reflects increased supply costs, depreciation expense, and reserves booked during 2001 against possible non-recovery of a portion of electric power costs incurred to serve SCW's electric division.
Interest charges increased by 9.4% to $16.6 million for the twelve months ended June 30, 2002 compared to $15.1 million for the same period ended June 30, 2001 reflecting additional long-term debt issued by SCW, debt assumed in the acquisition of CCWC.
Other -- Certain matters discussed in this news release with regard to the Company's expectations may be forward-looking statements that involve risks and uncertainties. The assumptions and risk factors that could cause actual results to differ materially include those described in the Company's Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.
American States Water Company is a holding company that, through its subsidiaries, provides water service to 1 out of 30 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California and to approximately 11,700 customers in the city of Fountain Hills, Arizona and portions of Scottsdale, Arizona. The Company distributes electricity to approximately 21,900 customers in the Big Bear recreational area of California, and contracts with various municipalities and private entities in both California and Arizona to provide services to an additional 90,000 customers.
Conference Call -- The Company will host a conference call on Tuesday, August 6, 2002 at 10:00 a.m. Pacific Daylight Time (PDT), during which management will be making a brief presentation focusing on the company's results, strategies, and operating trends. Interested parties may listen to the conference call over the internet by logging onto www.aswater.com. The call will also be recorded and replayed beginning Tuesday, August 6, 2002 at 12:00 p.m. PDT and will run through Tuesday, August 13, 2002 until 2:00 p.m. PDT. The dial-in number for the audio replay is (800) 642-1687 (conference ID# 5051655).
American States Water Company
Consolidated
Comparative Condensed (in thousands)
Balance Sheets
June 30, June 30,
2002 2001
(Unaudited)
Assets
Utility Plant-Net $ 550,754 $ 522,692
Other Property and Investments 24,063 24,792
Current Assets 77,198 61,145
Deferred Charges 33,717 30,351
$ 685,732 $ 638,980
Capitalization and Liabilities
Capitalization $ 448,578 $ 392,385
Current Liabilities 60,282 78,868
Other Credits 176,872 167,727
$ 685,732 $ 638,980
Condensed Statements of Income (in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
June 30, June 30,
2002 2001 2002 2001
(Unaudited)
Operating Revenues $ 52,802 $ 49,870 $204,641 $189,944
Operating Expenses:
Operations $ 30,066 $ 28,276 $116,594 $105,221
Maintenance 2,194 2,086 8,427 9,433
Depreciation and
amortization 4,538 4,493 18,080 16,708
Taxes on income 4,135 4,125 15,690 16,251
Property and other
taxes 1,983 1,877 7,591 7,515
Total Operating
Expenses $ 42,916 $ 40,857 $166,382 $155,128
Net Operating Income $ 9,886 $ 9,013 $ 38,259 $ 34,816
Other Income (87) 16 (172) (228)
Income Before Interest
Charges $ 9,799 $ 9,029 $ 38,087 $ 34,588
Interest Charges 4,364 3,976 16,569 15,146
Net Income $ 5,435 $ 5,053 $ 21,518 $ 19,442
Dividends on Preferred
Shares (8) (21) (71) (85)
Earnings Available for
Common Shareholders $ 5,427 $ 5,032 $ 21,447 $ 19,357
Weighted Average Shares
Outstanding 15,131 15,120 15,123 14,907
Earnings Per Common
Share $ 0.36 $ 0.33 $ 1.42 $ 1.30
Weighted Average Fully
Diluted Shares 15,386 15,257 15,307 15,009
Fully Diluted Earnings
Per Share $ 0.35 $ 0.33 $ 1.40 $ 1.29
Dividends Paid Per Common
Share $ 0.22 $ 0.21 $ 0.87 $ 0.86
CONTACT: American States Water Co. McClellan Harris III, 909/394-3600, Ext. 705
URL: http://www.businesswire.com