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Connecticut Water Service, Inc. Reports 2012 And Fourth Quarter Earnings

Stocks in this article: CTWS

CLINTON, Conn., March 18, 2013 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) (the "Company" or "Connecticut Water") announced net income of $13.6 million and earnings per basic average share (EPS) of $1.55 for 2012, compared to net income of $11.3 million and EPS of $1.31 for 2011. In 2012, total revenue grew to $92.6 million from $75.6 million in 2011, an increase of $17 million, or 22.4%. Total revenue includes all revenues generated by the Company's three business segments: Water Activities, Services and Rentals, and Real Estate.

The Company's results for 2012 include a contribution of $1.6 million to net income, or EPS of $0.18, from The Maine Water Company ("Maine Water") and Biddeford and Saco Water Company ("BSWC"), excluding CTWS's approximately $1.1 million of financing costs related to the acquisition of Maine Water.

2012 Operating Results

In 2012, income in the Water Activities segment, the Company's principal business, grew by approximately $1.1 million to $11.3 million from $10.1 million in 2011, an increase of 11.5%. The gain was largely attributable to increased revenue through the Maine Water acquisition and increases in the WICA (Water Infrastructure and Conservation Adjustment) surcharge for eligible infrastructure replacement investments in Connecticut. The Services and Rental segment contributed $0.16 per share, which is an increase of $0.04 over 2011 performance. In 2012, the Real Estate segment generated EPS of $0.11 through a sale of protected open space land to the Town of Plymouth, Connecticut. There were no transactions in the Real Estate segment in 2011.

Acquisitions

On January 1, 2012, CTWS acquired from Aqua America, Inc. its former Maine subsidiary, Aqua Maine, Inc., which was renamed Maine Water. On December 10, 2012, CTWS acquired BSWC. The 2011 fourth quarter and twelve month results do not include the results of operations of Maine Water and BSWC. The first eleven and half months of 2012 do not include the results of operations of BSWC.

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