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TheStreet Open House

Aqua America Reports Record Earnings For Second Quarter

This press release includes a presentation of “income from continuing operations before net state income tax benefit associated with 100 percent bonus depreciation” and “diluted income from continuing operations per common share before net state income tax benefit associated with 100 percent bonus depreciation” (net state income tax benefit associated with 100 percent bonus depreciation is referred to herein as the “special item”). These financial measures are measures of the Company’s operating performance that do not comply with U.S. generally accepted accounting principles (GAAP), and are thus considered to be “non-GAAP financial measures” under applicable SEC regulations. These non-GAAP financial measures are derived from our consolidated financial information, and should only be used as a supplement to our GAAP disclosures.

The Company is providing disclosure of the reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures. The Company believes that the non-GAAP financial measures provide investors the ability to measure the Company’s financial operating performance excluding the special item, which is more indicative of the Company’s ongoing performance and is more comparable to measures reported by other companies. The Company further believes that the presentation of these non-GAAP financial measures is useful to investors as a more meaningful way to compare the Company’s operating performance against its historical financial results and to assess the underlying profitability of our core business. 100 percent bonus depreciation was in effect for qualifying capital additions placed in service from September 8, 2010 through December 31, 2011.

The reconciliation of the non-GAAP financial measures to the comparable U.S. GAAP results provided for each period are presented below:

   
Aqua America, Inc. and Subsidiaries
Income Excluding Net State Income Tax Benefit
Associated with 100% Bonus Depreciation
(In thousands, except per share amounts)
(A Non-GAAP, Unaudited Number)
   
Quarter Ended Six Months Ended

June 30,

June 30,

2012

2011

2012

2011

 
Income from continuing operations (GAAP financial measure) $ 42,627 $ 36,595 $ 70,285 $ 67,241
Less: Net state income tax benefit associated with 100% bonus depreciation   -   3,483   -   7,811

Income from continuing operations before net state income tax benefit associated with 100% bonus depreciation (Non-GAAP financial measure)

$ 42,627 $ 33,112 $ 70,285 $ 59,430
 
Income from continuing operations per common share (GAAP financial measure):
Basic $ 0.31 $ 0.26 $ 0.51 $ 0.49
Diluted $ 0.30 $ 0.26 $ 0.50 $ 0.49
 

Income from continuing operations per common share before net state income tax benefit associated with 100% bonus depreciation (Non-GAAP financial measure):

Basic $ 0.31 $ 0.24 $ 0.51 $ 0.43
Diluted $ 0.30 $ 0.24 $ 0.50 $ 0.43
 
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 Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of dollars)
(Unaudited)
 
 
 
June 30, December 31,

2012

2011

 
Net property, plant and equipment $ 3,865,256 $ 3,612,926
Current assets 147,237 320,453
Regulatory assets and other assets   407,754   415,041
$ 4,420,247 $ 4,348,420
 
 
Total equity $ 1,302,683 $ 1,251,817
Long-term debt, excluding current portion 1,569,489 1,395,457
Current portion of long-term debt and loans payable 103,950 188,200
Other current liabilities 108,366 237,473
Deferred credits and other liabilities   1,335,759   1,275,473
$ 4,420,247 $ 4,348,420
 




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