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.