Profits Rise for California Water Service Group
California Water Service Group states that it had third quarter 2002 earnings of 50 cents per share on net income of $7.6 million compared to earnings of 39 cents per share on net income of $5.9 million in the third quarter of 2001.
Revenue for the quarter increased 7 percent to $81.4 million that is $5.1 million higher than revenue in the same period last year. The San Jose-based company says revenue from increased water usage by existing customers rose $1.7 million as a result of dry, warm weather. The usage increase was augmented by $2.2 million of new revenue from rate increases and $1.1 million from water sales to 8,700 new customers.
The revenue increase due to new customers includes revenue from customers added with the purchase of Rio Grande Utilities Co. in New Mexico.
"We are encouraged by the improvement shown by the third quarter operating results," said Robert Foy, chairman of the board.
California Water Service Group is the parent company of California Water Service Co.; Washington Water Service Co.; New Mexico Water Service Co.; and CWS Utility Services. The subsidiaries provide regulated and non-regulated water service to over 1.7 million people in 99 communities.