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,|
|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):|
|Income from continuing operations per common share before net state income tax benefit associated with 100% bonus depreciation (Non-GAAP financial measure):|
|Average common shares outstanding:|
|Aqua America, Inc. and Subsidiaries|
|Condensed Consolidated Balance Sheets|
|(In thousands of dollars)|
|June 30,||December 31,|
|Net property, plant and equipment||$||3,865,256||$||3,612,926|
|Regulatory assets and other assets||407,754||415,041|
|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|
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