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American Water Reports Third Quarter 2012 Results, Demonstrating Strong Year-Over-Year Growth

For further information regarding risks and uncertainties associated with American Water’s business, please refer to American Water’s annual, quarterly and other SEC filings. The company undertakes no duty to update any forward-looking statement.

         
American Water Works Company, Inc. and Subsidiary Companies
 
Consolidated Statements of Income (Unaudited)
In thousands except per share data
 
 
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
 
 
Operating revenues $ 831,815   $ 760,869   $ 2,195,976   $ 2,026,457  
 
Operating expenses
Operation and maintenance 355,126 340,339 992,707 978,317
Depreciation and amortization 96,219 88,323 280,652 262,543
General taxes 52,861 52,433 165,264 160,882
(Gain) loss on sale of assets   (31 )   (1,635 )   (657 )   (1,339 )
Total operating expenses, net   504,175     479,460     1,437,966     1,400,403  
 
Operating income   327,640     281,409     758,010     626,054  
 
Other income (expenses)
Interest, net (76,616 ) (78,562 ) (236,000 ) (233,222 )
Allowance for other funds used during construction 3,735 3,696 13,173 9,059
Allowance for borrowed funds used during construction 1,548 1,586 5,942 3,988
Amortization of debt expense (1,322 ) (1,251 ) (3,949 ) (3,798 )
Other, net   39     12     (242 )   (463 )
Total other income (expenses)   (72,616 )   (74,519 )   (221,076 )   (224,436 )
 
Income from continuing operations before income taxes 255,024 206,890 536,934 401,618
Provision for income taxes   100,913     78,395     216,908     157,607  
Income from continuing operations 154,111 128,495 320,026 244,011
Income (loss) from discontinued operations, net of tax   (299 )   8,927     (17,434 )   754  
Net income $ 153,812   $ 137,422   $ 302,592   $ 244,765  
 
Basic earnings per common share: (1)
Income from continuing operations $ 0.87   $ 0.73   $ 1.81   $ 1.39  
Income (loss) from discontinued operations, net of tax   -     0.05     (0.10 )   -  
Net income $ 0.87   $ 0.78   $ 1.72   $ 1.39  
 
Diluted earnings per common share: (1)
Income from continuing operations $ 0.87   $ 0.73   $ 1.80   $ 1.38  
Income (loss) from discontinued operations, net of tax   -     0.05     (0.10 )   -  
Net income $ 0.86   $ 0.78   $ 1.70   $ 1.39  
 
Average common shares outstanding during the period:

Basic
 

176,621
    175,547     176,290     175,426  
Diluted   177,841     176,593     177,486     176,422  
 
Dividends per common share $ 0.25   $ 0.23   $ 0.73   $ 0.90  
 
(1) Amounts may not sum due to rounding
 
   
American Water Works Company, Inc. and Subsidiary Companies
 
Condensed Consolidated Balance Sheet Information (Unaudited)
In thousands
 
 
September 30, December 31,
2012 2011
 
 
Cash and cash equivalents $ 18,531 $ 14,207
Other current assets 623,994 453,594
Total property, plant and equipment 11,534,327 11,021,098
Total regulatory and other long-term assets 2,422,683 2,357,634

Assets of discontinued operations
 

-
  929,858

Total Assets
$ 14,599,535 $ 14,776,391
 
Short-term debt $ 297,859 $ 515,050
Current portion of long-term debt 34,964 28,858
Other current liabilities 673,051 562,979
Long-term debt 5,203,867 5,361,084
Total regulatory and other long-term liabilities 2,946,441 2,719,070
Contributions in aid of construction 994,013 966,748
Liabilities of discontinued operations - 382,218
Total stockholders' equity   4,449,340   4,240,384
Total Capitalization and Liabilities $ 14,599,535 $ 14,776,391
 
   
Regulated Operations and Maintenance Efficiency Ratio (A Non-GAAP, unaudited measure)
In thousands
Twelve Months Ended
September 30,
2012 2011
 
Total Operation and Maintenance Expenses $ 1,316,184 $ 1,320,513
Less:
Operation and maintenance expenses- Market-Based Operations 280,366 271,308

Operation and maintenance expenses- Other
  (60,023 )   (64,499 )
Total Regulated Operation and Maintenance Expense 1,095,841 1,113,704
Less: Regulated purchase water expense (a)   107,218     97,901  
Adjusted Regulated Operation and Maintenance Expenses $ 988,623   $ 1,015,803  
 
Total Operating Revenues $ 2,835,755 $ 2,652,230
Less:
Operating revenues - Market-Based Operations 333,216 321,044
Operating revenues - Other   (21,485 )   (29,011 )
Total Regulated operating revenues 2,524,024 2,360,197
Less: Regulated purchase water revenues (a)   107,218     97,901  
Adjusted Regulated Operating Revenues $ 2,416,806   $ 2,262,296  
 
Regulated Operations and Maintenance Efficiency Ratio 40.9 % 44.9 %
 
(a) Calculation assumes purchased water revenues approximate purchased water expenses.
 

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