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Connecticut Water Service Reports Increased Earnings
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Business New Haven
11/26/2001
By: BNH
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CLINTON - Connecticut Water Service Inc. (NASDAQ: CTWS), Connecticut's largest domestically based, investor-owned water utility, serving approximately 285,000 people in 40 towns in Connecticut and Massachusetts, reported increased earnings for the three- and nine-month periods ended September 30 over the same periods last year.
For the three months ended September 30, net income applicable to common shareholders was $2,945,000, or 39 cents per average common share, compared to $2,678,000, or 35 cents, last year. The ten-percent increase in the three months net income was primarily due to the hotter, dryer summer season.
For the nine months ended September 30, net income was $7,134,000 (94 cents per share), compared to $6,096,000 (80 cents per share) for the same period a year ago. The 17-percent increase is attributed in large part to the after-tax benefits of a 2001 land donation to the town of Middlebury, and to increased earnings attributed to the company's unregulated business activities.
CTWS directors also approved a quarterly common stock dividend of $0.20222 per share to common shareholders of record as of September 17, together with the regular quarterly dividends payable to holders of the company's preferred stock.
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