SJW Corp. (NYSE:SJW) today reported financial results for the second quarter ended June 30, 2011. Operating revenue was $59.0 million in the quarter compared to $54.1 million in 2010. The $4.9 million increase in revenue reflects cumulative rate increases of $2.1 million, $2.5 million in higher customer water usage and new customers compared to a year ago and $256,000 in higher revenue from real estate operations.
Net income was $5.5 million and diluted earnings per common share were $0.29, compared to $4.5 million and $0.24 per share, respectively, in the second quarter of 2010.
Water production costs for the quarter ended June 30, 2011 were $22.2 million compared to $21.7 million in 2010, an increase of $449,000. The increase in water production costs is primarily attributable to $739,000 in higher customer water usage and $235,000 in a higher unit cost for energy, offset by $525,000 due to an increase in use of available surface water supply.
Operating expenses, excluding water production costs, for the second quarter were $23.0 million compared to $21.0 million in 2010. The increase of $2.0 million reflects an additional $1.0 million of administrative and general expenses, $722,000 of depreciation expense and $250,000 more in taxes other than income tax and maintenance expenses. Income tax expense for the second quarter increased to $3.8 million in 2011 from $3.1 million in 2010 as a result of higher pre-tax income.Year-to-date operating revenue increased by $8.2 million to $102.7 million from $94.5 million in the first six months of 2011. The increase was attributable to $4.5 million in cumulative rate increases, $2.8 million in higher customer water usage, $323,000 in revenue from new customers and $557,000 in higher revenue from real estate operations. Year-to-date net income was $6.1 million, compared to $5.5 million in 2010. Diluted earnings per share were $0.32 in the first six months of 2011, compared to $0.29 per diluted share for the same period in 2010.
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