This Day On The Street
Continue to site
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

SJW Corp. Announces Third Quarter Financial Results

SJW Corp. (NYSE:SJW) today reported financial results for the third quarter ended September 30, 2011. Operating revenue was $73.9 million in the quarter compared to $70.3 million in 2010. The $3.6 million increase in revenue reflects cumulative rate increases of $4.4 million, $221,000 in new customers, partially offset by lower customer usage (a $1.4 million impact), and $353,000 in higher revenue from real estate operations.

Net income was $8.2 million and diluted earnings per common share were $0.44, compared to $10.8 million and $0.58 per share, respectively, in the third quarter of 2010.

Water production costs for the quarter ended September 30, 2011 were $32.0 million compared to $30.2 million in 2010, an increase of $1.8 million. The increase in water production costs is primarily attributable to $2.2 million in a higher per unit cost for purchased water and groundwater extraction charges, partially offset by $266,000 in lower costs caused by reduced customer water usage and an $82,000 reduction in costs due to an increase in use of available surface water supply.

Operating expenses, excluding water production costs, for the third quarter were $23.4 million compared to $22.3 million in 2010. The increase of $1.1 million reflects an additional $721,000 of depreciation expense, $436,000 of maintenance expenses and $341,000 more in taxes other than income tax, partially offset by a decrease of $352,000 in administrative and general expenses.

In addition, 2010 income before taxes included $4.5 million gain on the sale of California Water Service group shares which did not recur in 2011. Income tax expense for the third quarter decreased to $5.4 million in 2011 from $7.3 million in 2010.

Year-to-date operating revenue increased by $11.7 million to $176.6 million from $164.9 million in the first nine months of 2011. The increase was attributable to $8.9 million in cumulative rate increases, higher customer water usage (a $1.4 million impact), $544,000 in revenue from new customers and $910,000 in higher revenue from real estate operations.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.44 -0.95%
GOOG $692.33 -0.84%
TSLA $232.32 -3.92%
YHOO $36.02 -1.40%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs