Aqua America Reports Record Earnings For Second Quarter

WTRF

Aqua America, Inc. and Subsidiaries
Selected Operating Data
(In thousands, except per share amounts)
(Unaudited)
		Quarter Ended						Six Months Ended
		June 30,						June 30,
		2012			2011			2012			2011
Operating revenues		$	198,204		$	178,313		$	368,448		$	341,928
Net income attributable to common shareholders		$	41,445		$	37,590		$	79,349		$	67,941
Basic net income per common share		$	0.30		$	0.27		$	0.57		$	0.49
Diluted net income per common share		$	0.30		$	0.27		$	0.57		$	0.49
Basic average common shares outstanding			139,108			138,114			138,935			137,971
Diluted average common shares outstanding			139,843			138,781			139,577			138,518

Aqua America, Inc. and Subsidiaries
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)
		Quarter Ended								Six Months Ended
		June 30,								June 30,
		2012				2011				2012				2011
Operating revenues		$	198,204			$	178,313			$	368,448			$	341,928
Cost & expenses:
Operations and maintenance			66,980				66,765				135,245			$	130,496
Depreciation			28,696				26,550				56,291				52,826
Amortization			1,540				1,624				2,755				3,261
Taxes other than income taxes			12,593				10,751				22,683				21,802
Total			109,809				105,690				216,974				208,385
Operating income			88,395				72,623				151,474				133,543
Other expense (income):
Interest expense, net			19,538				19,541				38,786				38,897
Allowance for funds used during construction			(1,244	)			(1,929	)			(2,588	)			(3,906	)
Gain on sale of other assets			(64	)			(138	)			(506	)			(259	)
Equity earnings in joint venture			(249	)			-				(249	)			-
Income from continuing operations before income taxes			70,414				55,149				116,031				98,811
Provision for income taxes			27,787				18,554				45,746				31,570
Income from continuing operations			42,627				36,595				70,285				67,241
Discontinued operations:
(Loss) income from discontinued operations before income taxes			(1,550	)			1,652				15,367				1,130
Provision for income taxes			(368	)			657				6,303				430
(Loss) income from discontinued operations			(1,182	)			995				9,064				700
Net income attributable to common shareholders		$	41,445			$	37,590			$	79,349			$	67,941
Income from continuing operations per share:
Basic		$	0.31			$	0.26			$	0.51			$	0.49
Diluted		$	0.30			$	0.26			$	0.50			$	0.49
(Loss) income from discontinued operations per share:
Basic		$	(0.01	)		$	0.01			$	0.07			$	0.01
Diluted		$	(0.01	)		$	0.01			$	0.06			$	0.01
Net income per common share:
Basic		$	0.30			$	0.27			$	0.57			$	0.49
Diluted		$	0.30			$	0.27			$	0.57			$	0.49
Average common shares outstanding:
Basic			139,108				138,114				138,935				137,971
Diluted			139,843				138,781				139,577				138,518

Aqua America, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP Financial Measure(In thousands, except per share amounts)(Unaudited)

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