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

Stocks in this article: CTWS

Eric W. Thornburg, Chairman, President and Chief Executive Officer of Connecticut Water, said, "2012 was a historic year for Connecticut Water. We grew our customer base by 35% through acquisitions, delivered increased earnings for shareholders, and attained customer and employee satisfaction levels among the highest we have seen."

Mr. Thornburg added, "In 2013, we will continue our focus on cost containment and infrastructure investment. Our 2013 capital budget includes $31.3 million in infrastructure investment for Connecticut and Maine with $15 million targeted for WICA eligible pipeline replacements in Connecticut. In Maine, guidelines for an investment recovery mechanism similar to WICA, the Temporary Surcharge for Infrastructure Replacement and Repair (TSIRR), have been drafted and are awaiting approval by the legislature and governor. We expect TSIRR to be available to Maine Water and BSWC late this year or in early 2014."

Excluding Maine Water and BSWC, the Company's Operating Expenses increased 2.5% in 2012 compared to 2011. Expenses related to Operations and Maintenance, depreciation, and taxes other than income taxes increased, but were partially offset by a decrease in income tax expense.

Fourth Quarter Results

In the fourth quarter of 2012, the Company reported net income of $1.6 million and basic EPS of $0.16. During the same period in 2011, the company reported net income of $1.8 million and basic EPS of $0.21. Total revenue for the quarter was $21.3 million, which was an increase from $17.0 million in the same quarter of 2012. The increase in total revenue was attributable to the acquisition of Maine Water and increases in the WICA surcharge.

Expansion in the state of Maine

In 2012, Connecticut Water completed two acquisitions in the state of Maine that grew its overall customer base by 35%. On January 1, 2012, the Company acquired Aqua Maine from Aqua America, which was renamed The Maine Water Company. The Company completed the acquisition of Aqua Maine, Inc. from Aqua America, Inc. for a total cash purchase price, adjusted at closing, of $35.6 million. Maine Water serves about 16,000 customers, or 48,000 people, across the state of Maine.

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