This Day On The Street
Continue to site
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

SJW Corp. Announces Third Quarter Financial Results

SJW Corp. (NYSE:SJW) today reported financial results for the third quarter ended September 30, 2010. Operating revenue was $70.3 million in the quarter compared to $69.3 million in 2009. The $1.0 million increase in revenue primarily reflects $0.9 million in cumulative rate increases.

Net income for the quarter ended September 30, 2010 was $10.8 million and basic and diluted earnings per common share were $0.58, compared to $8.0 million and $0.43 per share, respectively, in the third quarter of 2009. The Company sold 223,112 shares of California Water Service stock during the quarter ended September 30, 2010, which contributed $0.14 per share to the results. No sales of California Water Service stock occurred during the same period in 2009.

Water production costs for the quarter ended September 30, 2010 were $27.4 million compared to $28.6 million in 2009, a decrease of $1.2 million. The decline in water production cost is primarily attributable to $0.6 million in savings due to greater surface water supply and $0.5 million in lower customer water usage.

Operating expenses, excluding water production costs and income taxes, for the third quarter were $25.0 million compared to $23.3 million in 2009. The increase of $1.7 million was due to an increase of $1.4 million in administrative and general expenses primarily as a result of increases in retirement benefits, $0.7 million in depreciation expense as more capital expenditures were made, and $0.3 million in other expenses. These increases were partially offset by a $0.7 million decrease in maintenance expenses primarily due to a decrease in contracting and paving costs as a result of a decrease in the number of main leak repairs. Income tax expense for the third quarter decreased to $5.5 million in 2010 from $5.7 million in 2009.

Year-to-date operating revenue decreased by $2.6 million to $164.9 million from $167.5 million in 2009. The decrease was attributable to $6.2 million in lower customer water usage and $0.5 million in lower revenue from real estate operations, partially offset by $3.8 million in cumulative rate increases and $0.3 million in revenue from new customers.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs