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SJW Corp. Announces 2011 Annual And Fourth Quarter Financial Results

SJW Corp. (NYSE: SJW) today reported operating revenue for the year ended December 31, 2011 of $238.9 million versus $215.6 million for the year ended December 31, 2010, an increase of $23.3 million. The increase in revenue was primarily attributable to cumulative rate increases of $12.4 million, the recovery of a Mandatory Conservation Revenue Adjustment Memorandum account (“MCRAM”) that was authorized by the California Public Utilities Commission in December 2011 of $5.7 million, higher customer usage of $3.4 million, $706,000 in new customers, and $1.1 million in higher revenue from real estate operations.

Water production costs for the year ended December 31, 2011 were $92.1 million versus $87.3 million in 2010, an increase of $4.8 million. The increase in water production costs is primarily attributable to $3.7 million in higher per unit costs for purchased water and groundwater extraction charges, $743,000 higher customer water usage and $265,000 increase in costs due to a decrease in the use of available surface water supply.

Operating expenses, excluding water production costs, for the year ended December 31, 2011 were $92.5 million versus $90.3 million for 2010, an increase of $2.2 million. This increase was primarily attributable to $2.9 million higher depreciation and amortization, $1.0 million in maintenance expenses, $1.0 million in taxes other than income tax and $952,000 in administrative and general expenses. In 2010, $3.6 million in impairment loss on a real estate investment was recognized. No impairment loss was recognized in 2011.

Other (expense) income increased due to interest expense on new senior note borrowings. In addition, the Company sold 907,392 shares of California Water Service Group stock and recorded a gain of $19.0 million in 2010. No similar sale occurred in 2011. Income taxes for the year ended December 31, 2011 were $14.6 million versus $16.7 million for 2010, a decrease of $2.1 million due to lower pre-tax income.

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