SJW Corp. (NYSE:SJW) today reported financial results for the first quarter ended March 31, 2011. Operating revenue was $43.7 million in the quarter compared to $40.4 million in 2010. The $3.3 million increase in revenue reflects cumulative rate increases of $2.4 million, $628,000 in higher customer water usage and new customers compared to a year ago and $300,000 in higher revenue from real estate operations.
Net income was $610,000 and diluted earnings per common share were $0.03, compared to $985,000 and $0.05 per share, respectively, in the first quarter of 2010.
Water production costs for the quarter ended March 31, 2011 were $15.5 million compared to $14.5 million in 2010, an increase of $1.0 million. The increase in water production cost is primarily attributable to a decrease in use of available surface water supply.
Operating expenses, excluding water production costs, for the first quarter were $22.6 million compared to $20.6 million in 2010. The increase of $2.0 million reflects an additional $683,000 of depreciation expense compared to last year, higher administrative and general expenses of $648,000, $384,000 more in taxes other than income tax and an increase of $272,000 in maintenance expenses. Income tax expense for the first quarter decreased to $433,000 in 2011 from $682,000 in 2010 as a result of lower pre-tax income.The Directors of SJW Corp. today declared a quarterly dividend on common stock of $0.1725 per share. The dividend is payable on June 1, 2011 to shareholders of record on May 9, 2011. SJW Corp. is a publicly traded holding company headquartered in San Jose, California. SJW Corp. is the parent company of San Jose Water Company, SJWTX, Inc., Texas Water Alliance Limited, and SJW Land Company. Together, San Jose Water Company and SJWTX, Inc. provide regulated and nonregulated water service to more than one million people in San Jose, California and nearby communities and in Canyon Lake, Texas and nearby communities. SJW Land Company owns and operates commercial real estate investments.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV