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
TheStreet Open House

Connecticut Water Service, Inc. Reports 2010 And Fourth Quarter Earnings

Earnings Total $1.14 per Share

Regulated Water Activities Income Increases 10.7%

CLINTON, Conn., March 14, 2011 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) announced net income of $9.8 million and earnings per basic average share (EPS) of $1.14 for 2010, compared to net income of $10.2 million and EPS of $1.20 for 2009. In 2009, the Company completed real estate transactions that generated revenues of $2.2 million and EPS of $0.17. No real estate transactions were completed in 2010.

In 2010, total revenue grew to $72.8 million from $67.5 million in 2009, an increase of $5.3 million, or 8%. Total revenue includes all revenues generated by the Company's three business segments: Water Activities, Services and Rentals, and Real Estate.

In 2010, income in the Water Activities segment, the Company's principal business, grew by approximately $840,000 to $8.7 million from $7.8 million in 2009, an increase of 10.7%. The gain was largely attributable to increased revenue through a rate increase of 13% that became effective in July 2010, and a 6% increase in water production due to hotter and drier weather in 2010 compared to 2009. The increased revenues were partially offset by a one-time pre-tax charge of approximately $790,000 associated with an organizational review principally at the Company's corporate headquarters in the third quarter.

Additionally, O&M costs increased less than 3%, or approximately $920,000, to $33.1 million in 2010 due in part to a $1.0 million increase in labor, pension and post-retirement medical costs compared to 2009. In 2009, employee focus on capital projects including the implementation of an Enterprise Resource Planning computer system resulted in a temporary increase in capitalized labor. In 2010, labor expense was $12.1 million and was more in line with the 2008 labor expense of $11.9 million. There was also a decrease of $506,000 in medical expense due to a reduction in claims and administrative expense.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • 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