This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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
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
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

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs