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Aqua America's CEO Discusses Q1 2012 Results - Earnings Call Transcript

At this time, I would like to turn the call over to Nick for his formal remarks. After which, we will open up the call for questions.

Nicholas DeBenedictis

Thank you, Brian, and good morning, everyone. Pleased to report another solid quarter of growing revenue, earnings, cash generation as distinguished by EBITDA and proud to say we're continuing to invest in our water systems and growth opportunities at a pace of 2.5x our depreciation. So we're still investing in our economy. Confident that we're on our way to our 13th straight year of record earnings as we continue as one of the nation's most efficient, profitable, financially sound, and fastest-growing water utilities.

As I start my 21st year as CEO this year, the first 4 months of 2012 has been among the busiest I've had. Let me just recap for you. We began '12 with a new organization and a succession plan. My contract was extended till 2015 and 3 new executive vice president positions were established and filled with experienced Aqua executives, so we can prepare for the company's future. Since that time, a number of key management positions have been reestablished with a focus on increased efficiency in our operations and future growth potential.

We've taken some major governance initiatives through the board as we move towards our annual meeting, which is coming up next week. The board has recommended a declassified board, which the vote is overwhelming to date. We adopted -- the board adopted a policy for majority voting. We recommended a new compensation plan, which is being voted on by the shareholders, which is geared towards total shareholder return and earnings growth. And we recommend a renewal of our employee stock purchase plan and have already recommended our existing shelf renewed -- I'm sorry our existing shelf registration, which is done by the board individually. And that's even though we have no plans -- and I don't want to give anybody the impression we do, we have no plans for any equity issuance in our current 5-year plan.

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