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

On December 10, 2012, the Company acquired Biddeford and Saco Water Company through a stock-for-stock merger transaction valued at approximately $12.0 million. Holders of BSWC common stock received shares of CTWS common stock in a tax-free exchange. BSWC serves about 15,500 customers, or 35,000 people, in four southern Maine communities.

Mr. Thornburg stated, "BSWC and Maine Water have joined forces and are operating under the leadership of Maine Water's highly regarded leadership team. We are focused on leveraging the economies of scale in Maine and seeking opportunities to share staff, resources, systems and services between our Maine operations to provide the best, most cost effective service for customers while honoring our commitments to employees and shareholders."

Connecticut Water Service, Inc. is the largest publicly traded water company based in New England. Through its wholly-owned public water utility subsidiaries, The Connecticut Water Company, The Maine Water Company, and Biddeford and Saco Water Company collectively provide drinking water to approximately 122,000 customers, or about 400,000 people, in 76 municipalities throughout the states of Connecticut and Maine.

The Connecticut Water Service, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2893

Connecticut Water Service, Inc. & Subsidiaries
Connecticut Water Service, Inc. & Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
     
(In thousands except per share amounts) December 31, 2012 December 31, 2011
     
Operating Revenues $83,838 $69,402
Other Water Activities Revenues 1,487 1,490
Real Estate Revenues 1,450 --
Service and Rentals Revenues 5,786 4,682
Total Revenues $92,561 $75,574
Total Operating Expenses $64,229 $53,842
Other Utility Income, Net of Taxes $812 $847
Total Utility Operating Income $20,421 $16,407
Gain on Property Transactions, Net of Taxes $951 $176
Non-Water Sales Earnings (Services and Rentals), Net of Taxes $1,424 $1,001
Net Income $13,640 $11,300
Net Income Applicable to Common Shareholders $13,602 $11,262
Basic Earnings Per Average Common Share $1.55 $1.31
Diluted Earnings Per Average Common Share $1.53 $1.29
Basic Weighted Average Common Shares Outstanding 8,763 8,610
Diluted Weighted Average Common Shares Outstanding 8,900 8,720
Book Value Per Share $16.94 $13.50
 
Condensed Consolidated Balance Sheets (unaudited)
     
(In thousands) December 31, 2012 December 31, 2011
 
ASSETS    
Net Utility Plant $447,911 $360,027
Current Assets 36,362 18,881
Other Assets 94,702 64,023
 
Total Assets  $578,975 $442,931
 
CAPITALIZATION AND LIABILITIES    
Shareholders' Equity $185,349 $118,189
Preferred Stock 772 772
Long-Term Debt 178,475 135,256
Current Liabilities 15,877 30,428
Other Liabilities and Deferred Credits 198,502 158,286
Total Capitalization and Liabilities $578,975 $442,931

News media contact:

Daniel J. Meaney, APR Director of Corporate Communications Connecticut Water Service, Inc. 93 West Main Street, Clinton, CT 06413-1600 (860) 669 8630 Ext. 3016

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