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Aqua America Reports Growth In Earnings For Third Quarter

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the estimated revenues from rate awards received, the completion of major rate cases later in 2012, the company's plans to file future rate increases and the timing of the impact of such cases, the company’s commitment to its growth-through-acquisition program, the company’s ability to reach an agreement of sale with FGUA and whether the sale occurs, the expected closing on the $80 million financing, the anticipated completion of the next phase of the Marcellus Shale water pipeline project, the continuation of the company’s capital investment program and the amount of capital investment by the company planned for 2012 and the projected benefits from the company’s solar farms. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; housing and customer growth trends; unfavorable weather conditions; the success of certain cost containment initiatives; the extent to which rate increase requests are granted and the timing of rate awards; changes in regulations or regulatory treatment; availability and the cost of capital; disruptions in the credit markets; the success of growth initiatives; and other factors discussed in our Annual Report on Form 10-K for the period ending December 31, 2011, which is on file with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement.

WTRF

 
Aqua America, Inc. and Subsidiaries
Selected Operating Data
(In thousands, except per share amounts)
(Unaudited)
       
Quarter Ended Nine Months Ended
September 30, September 30,
  2012   2011     2012   2011  
 
Operating revenues $ 214,565 $ 191,083   $ 570,279 $ 520,498  
 
Income from continuing operations $ 50,284 $ 44,861 $ 118,953 $ 110,177
Income (loss) from discontinued operations   375   (3,738 )   11,055   (1,113 )
Net income attributable to common shareholders $ 50,659 $ 41,123   $ 130,008 $ 109,064  
 
Income from continuing operations per share:
Basic $ 0.36 $ 0.32 $ 0.85 $ 0.80
Diluted $ 0.36 $ 0.32   $ 0.85 $ 0.79  
 
Income (loss) from discontinued operations per share:
Basic $ 0.00 $ (0.03 ) $ 0.08 $ (0.01 )
Diluted $ 0.00 $ (0.03 ) $ 0.08 $ (0.01 )
 
Net income per common share:
Basic $ 0.36 $ 0.30 $ 0.93 $ 0.79
Diluted $ 0.36 $ 0.30   $ 0.93 $ 0.79  
 
Basic average common shares outstanding 139,676 138,297 139,185 138,081
Diluted average common shares outstanding   140,487   138,951     139,751   138,625  
 
 
Aqua America, Inc. and Subsidiaries
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)
       
Quarter Ended Nine Months Ended
September 30, September 30,
  2012     2011     2012     2011  
 
Operating revenues $ 214,565 $ 191,083 $ 570,279 $ 520,498
 
Cost & expenses:
Operations and maintenance 71,268 66,502 199,664 190,241
Depreciation 28,251 26,129 82,736 77,645
Amortization 1,320 979 3,773 4,041
Taxes other than income taxes   13,191     10,771     34,700     31,431  
Total   114,030     104,381     320,873     303,358  
 
Operating income 100,535 86,702 249,406 217,140
 
Other expense (income):
Interest expense, net 19,597 19,561 58,384 58,460
Allowance for funds used during construction (919 ) (1,794 ) (3,484 ) (5,689 )
Gain on sale of other assets (320 ) (216 ) (826 ) (475 )
Equity earnings in joint venture   (682 )   -     (931 )   -  
Income from continuing operations before income taxes 82,859 69,151 196,263 164,844
Provision for income taxes   32,575     24,290     77,310     54,667  
Income from continuing operations 50,284 44,861 118,953 110,177
 
Discontinued operations:
Income from discontinued operations before income taxes 819 6,206 18,813 10,454
Provision for income taxes   444     9,944     7,758     11,567  
Income (loss) from discontinued operations   375     (3,738 )   11,055     (1,113 )
Net income attributable to common shareholders $ 50,659   $ 41,123   $ 130,008   $ 109,064  
 
Income from continuing operations per share:
Basic $ 0.36 $ 0.32 $ 0.85 $ 0.80
Diluted $ 0.36 $ 0.32 $ 0.85 $ 0.79
 
Income (loss) from discontinued operations per share:
Basic $ 0.00 $ (0.03 ) $ 0.08 $ (0.01 )
Diluted $ 0.00 $ (0.03 ) $ 0.08 $ (0.01 )
 
Net income per common share:
Basic $ 0.36 $ 0.30 $ 0.93 $ 0.79
Diluted $ 0.36 $ 0.30 $ 0.93 $ 0.79
 
Average common shares outstanding:
Basic   139,676     138,297     139,185     138,081  
Diluted   140,487     138,951     139,751     138,625  
 
 
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 Nine Months Ended
September 30, September 30,
  2012   2011   2012   2011
 
Income from continuing operations (GAAP financial measure) $ 50,284 $ 44,861 $ 118,953 $ 110,177
Less: Net state income tax benefit associated with 100% bonus depreciation   -   3,382   -   11,193

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

$ 50,284 $ 41,479 $ 118,953 $ 98,984
 

Income from continuing operations per common share (GAAP financial measure):

Basic $ 0.36 $ 0.32 $ 0.85 $ 0.80
Diluted $ 0.36 $ 0.32 $ 0.85 $ 0.79
 

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

Basic $ 0.36 $ 0.30 $ 0.85 $ 0.72
Diluted $ 0.36 $ 0.30 $ 0.85 $ 0.71
 
Average common shares outstanding:
Basic   139,676   138,297   139,185   138,081
Diluted   140,487   138,951   139,751   138,625
 
 
Aqua America, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of dollars)
(Unaudited)
   
 
 
September 30, December 31,
2012 2011
 
Net property, plant and equipment $ 3,863,365 $ 3,530,942
Current assets 230,985 405,358
Regulatory assets and other assets 392,804 412,120
$ 4,487,154 $ 4,348,420
 
 
Total equity $ 1,314,925 $ 1,251,817
Long-term debt, excluding current portion 1,519,694 1,395,457
Current portion of long-term debt and loans payable 138,547 188,200
Other current liabilities 176,563 258,618
Deferred credits and other liabilities 1,337,425 1,254,328
$ 4,487,154 $ 4,348,420
 




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