Aqua America, Inc. (NYSE: WTR) announced today that its Pennsylvania subsidiary, Aqua Pennsylvania, Inc. (Aqua), has acquired the assets of the Mifflin Township Water Authority which serves approximately 1,500 residents in Mifflin Township, Columbia County for $1.114 million.
The Authority was a party to a Consent Order and Agreement (COA) with the Pennsylvania Department of Environmental Protection (DEP) concerning corrective actions to reduce water loss and unaccounted-for water. Aqua Pennsylvania and DEP will enter into a COA that will also address corrective action work and leak detection to reduce the unaccounted-for water.
“We are glad to be able to purchase the Authority assets and provide a solution to the water loss that led to a consent order from the Pennsylvania DEP,” said Aqua America Chairman and CEO Nicholas DeBenedictis. “Aqua is prepared to make the capital improvements necessary to comply with the COA and provide quality water and reliable service to our new customers.” Aqua already provides water to a number of communities throughout the Commonwealth including communities within Columbia County and neighboring Northumberland, Luzerne and Schuylkill Counties.
Among the future improvements Aqua has planned for Mifflin Township are the replacement of water meters and capital planning to address issues pursuant to the COA, which may include the replacement of aged and undersized mains and water service lines, as well as some fire hydrants, and upgrades to the treatment facilities. In addition, Aqua will install a new radio frequency meter reading system on all customer accounts.Aqua America is one of the largest U.S.-based publicly-traded water utilities serving almost 3 million residents in Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina, New York and Georgia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. This release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that address, among other things: the impact of the acquisition on the company and its ability to comply with the Consent Order and Agreement with the Pennsylvania Department of Environmental Protection an the planned improvements to the acquired system. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: the risk that the acquired company’s business will not be successfully integrated; the ability of the company to complete planned capital improvements, and other key factors that we have indicated could adversely affect our business and financial performance discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which is on file with the Securities and Exchange Commission. Aqua America is not under any obligation—and expressly disclaims any such obligation—to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
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