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

Connecticut Water Service, Inc. Reports Third-Quarter Earnings

CLINTON, Conn., Nov. 9, 2010 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) announced net income of $4.7 million and earnings per basic average share (EPS) of $0.54 for the third quarter of 2010, compared to net income of $5.8 million and EPS of $0.68 for the third quarter of 2009. In the third quarter of 2009, the Company completed real estate transactions that generated revenues of $2.2 million and EPS of $0.16. No similar transactions were completed in 2010.

In 2010, total revenue in the quarter grew to $22.7 million from $20.5 million in 2009, an increase of $2.2 million, or 11%. Total revenue includes all revenues generated by the Company's three business segments: Water Activities, Services and Rentals, and Real Estate.

The increased revenues were partially offset by a one-time pre-tax charge of approximately $820,000 associated with an organizational review principally at the Company's corporate headquarters. Additionally, O&M costs were up due in part to a $154,000 increase in uncollectible accounts from customers and a $148,000 increase in water treatment costs. Revenue growth was further offset by a $268,000, or 22%, increase in interest and debt expenses for the quarter and a $1.7 million increase in income taxes, resulting from the better financial performance in 2010.

Third-quarter net income in the Water Activities segment, the Company's principal business, grew to $4.5 million from $4.1 million in 2009, an increase of 8.6%. The gain was largely attributable to increased revenue through a rate increase of 13% that became effective part way through the third quarter on July 14, 2010, and a 19% increase in water production due to hotter and drier weather compared to 2009.

The Services and Rentals segment generated an EPS of $0.02 in the third quarter of 2010 compared to $0.03 in same period of last year. There were no transactions in the Real Estate segment in the third quarter of 2010. In 2009, the segment produced an EPS of $0.16 in the third quarter due to the sale of a conservation easement on 200 acres of open space land to the Town of Windsor Locks, Connecticut, and the sale of a small residential property.

1 of 2

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


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs