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Connecticut Water Service, Inc. Reports Second-Quarter And Six Month Earnings

Stocks in this article: CTWS

CLINTON, Conn., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) announced net income of $4.2 million, or earnings per basic average share (EPS) of $0.48, on total revenues of $24.5 million in the second quarter of 2012. This was an increase of $693,000, or EPS of $0.07, on total revenues of $18.8 million recorded in the second quarter of 2011. Total revenues include all revenues generated by the Company's three business segments: Water Activities, Services and Rentals, and Real Estate.

CTWS's results for the second quarter of 2012 include a contribution of $355,000 to net income, or EPS of $0.04, from Maine Water, excluding CTWS's financing costs of the acquisition.

Maine Water Acquisition and Q2 Results

On January 1, 2012, CTWS acquired from Aqua America, Inc. its former Maine subsidiary, Aqua Maine, Inc., which was renamed The Maine Water Company. The second quarter 2011 results do not include Maine Water.

Eric W. Thornburg, Chairman, President and Chief Executive Officer, stated: "The integration of Maine Water into CTWS continues to be seamless and customers and shareholders are benefiting from the sharing of resources and best practices among our operations."

Second Quarter Operating Results

In the second quarter of 2012, net income in the Company's core business, the Water Activities Segment, was $2.8 million, or EPS of $0.33, on total revenues of $21.7 million. In the same period of 2011, net income from the segment totaled $3.3 million, or EPS of $0.38, on total revenues of $17.7 million. The increase in revenues for the Water Activities Segment was largely attributable to the acquisition of Maine Water. Excluding Maine Water, CTWS saw an increase in revenue from the Water Activities Segment of $1.2 million, which was attributable to increased water consumption and a 1.25% increase in the Water Infrastructure and Conservation Adjustment (WICA) that became effective in Connecticut for the second quarter.

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