SJW Corp. Announces Second Quarter Financial Results
SJW Corp. (NYSE:SJW) today reported financial results for the second quarter ended June 30, 2010. Operating revenue was $54.1 million in the quarter compared to $58.2 million in 2009. The $4.1 million decrease in revenue primarily reflects a decline in customer water usage of $5.4 million, partially offset by an increase of $1.3 million in cumulative rate increases.
Net income for the quarter ended June 30, 2010 was $4.5 million and diluted earnings per common share were $0.24, compared to $4.4 million and $0.23 per share, respectively, in the second quarter of 2009.
Water production costs for the quarter ended June 30, 2010 were $19.2 million compared to $23.9 million in 2009, a decrease of $4.7 million. The decline in water production cost is primarily attributable to $3.3 million in lower customer water usage and $1.7 million in savings due to greater surface water supply, offset by $0.3 million in a higher unit cost for energy.
Operating expenses, excluding water production costs and income taxes, for the second quarter were $23.6 million compared to $23.3 million in 2009. The increase of $0.3 million was due to an increase of $0.8 million in depreciation expense as more capital expenditures were made and $0.1 million in maintenance expenses. These increases were partially offset by a $0.3 million decrease in taxes other than income tax and a $0.3 million decrease in administrative and general expenses and other operating expenses, primarily due to additional property tax expense as a result of a tenant bankruptcy in the 2009 period. Income tax expense for the second quarter increased to $3.1 million in 2010 from $3.0 million in 2009 as a result of higher pre-tax income.Year-to-date operating revenue decreased by $3.7 million to $94.5 million from $98.2 million in the first six months of 2009. The decrease was attributable to $6.1 million in lower customer water usage and $0.6 million in lower revenue from real estate operations, partially offset by $2.9 million in cumulative rate increases and $0.1 million in revenue from new customers.
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