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SJW Corp. Announces 2010 Annual And Fourth Quarter Financial Results

SJW Corp. (NYSE:SJW) today reported operating revenue for the year ended December 31, 2010 of $215.6 million versus $216.1 million for the year ended December 31, 2009, a decrease of $0.5 million. The decrease in revenue was primarily attributable to a decline in customer water usage of $5.5 million, partially offset by cumulative rate increases of $5.0 million.

Net income was $24.4 million for the year ended December 31, 2010, compared to $15.2 million for the year ended December 31, 2009. Diluted earnings per common share for the year ended December 31, 2010 were $1.30, compared to $0.81 per share in 2009. The Company sold 907,392 shares of California Water Service Group stock during the year ended December 31, 2010, which contributed $0.60 per share to results. No sales of California Water Service Group stock occurred during the same period in 2009.

Water production costs for the year ended December 31, 2010 were $76.6 million versus $83.5 million in 2009, a decrease of $6.9 million. The decline in water production costs is primarily attributable to $4.6 million in lower customer water usage and $3.0 million in savings due to greater surface water supply, offset by $0.7 million in higher per unit costs paid for power.

Operating expenses, excluding water production costs and income taxes, for the year ended December 31, 2010 were $101.0 million versus $92.9 million for 2009, an increase of $8.1 million. This increase was primarily attributable to an impairment loss of $3.6 million in 2010 on a real estate investment in Tennessee, $2.7 million in higher depreciation and amortization, $2.4 million in administrative and general expenses largely related to higher benefit, salary and pension costs, and $0.9 million in other operating expenses, offset by a decrease of $0.9 million in maintenance expenses and $0.6 million in taxes other than income tax expense. Income tax expense decreased $1.3 million for the year ended December 31, 2010 to $9.0 million from $10.3 million for the year ended December 31, 2009 as a result of the tax benefit recognized on the impairment of our real estate investment. Total operating expense, including water production costs, for the year ended December 31, 2010 was $186.5 million, compared to total operating expense of $186.7 million in 2009.

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