Income from continuing operations (GAAP financial measure) for the quarter were $50.3 million compared to $44.9 million for the same period in 2011, an increase of 12.1 percent. Income from continuing operations in the third quarter of 2011 was positively impacted by $3.4 million of net state income tax benefits that did not occur in 2012. The corresponding earnings per diluted share from continuing operations for the quarter were $0.36, compared to $0.32 for the same quarter in 2011. Income from continuing operations before net state income tax benefit associated with 100 percent bonus depreciation (Non-GAAP financial measure) increased 21.2 percent in the third quarter of 2012 to $50.3 million from $41.5 million for the same period in 2011. The corresponding (Non-GAAP) earnings per diluted share for the quarter were $0.36, compared to $0.30 for the same quarter in 2011, an increase of 20 percent. A reconciliation of non-GAAP to GAAP financial measures is provided in the accompanying financial tables.
To date in 2012, the company has received rate awards in New Jersey, Pennsylvania, Ohio, Illinois, Texas, and Florida, and infrastructure surcharges in various states estimated to increase annualized revenues by approximately $44.3 million. The company still has $9.2 million of rate cases pending before two state regulatory bodies in Texas and Virginia. Additionally, Aqua’s state subsidiaries are expected to seek rate relief by filing rate requests or surcharges of approximately $7 million later in 2012. The primary driver of these filings is the recovery of capital (infrastructure) investments and increased expenses since the companies’ previous rate filings in those states. The timing and extent to which rate increases might be granted by the applicable regulatory agencies will vary by state.
Aqua America continues to expand its operations through its growth-through-acquisition program and has completed 12 acquisitions to date in 2012. The most recently announced acquisition is that of the Kidder Township wastewater system, formerly a municipally owned system operated by Aqua Pennsylvania, serving approximately 3,000 people in Carbon County, Pennsylvania.
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