This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs