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Meldungen 28.10.2002

28.10.2002: Meldung: American Water Works Reports Results

American Water Works Company, Inc. today reported net income to common stock for the third quarter of 2002 was $55 million and resulting earnings per share (EPS) were 55 cents. Both net income to common stock and EPS for the quarter were approximately the same as the $56 million and 56 cents per share reported during the same quarter in

 

Revenue Growth Continues

 

Revenues of $483 million recorded during the third quarter of 2002 were 22% greater than the $395 million realized during the third quarter last year. The Company attributed a major portion of this revenue gain to the addition of customers acquired as a result of its January 2002 purchase of the water and wastewater assets of Citizens Communications Company (Citizens acquisition) and revenues associated

with its November 2001 acquisition of Azurix North America Corp and Azurix Industrials Corp. (Azurix acquisition). The strict state-mandated water use restrictions that were implemented in New Jersey and portions of Pennsylvania near the mid-point of the third quarter of 2002 have been moderated but remain in effect.

 

Industrial Water Sales Continue Downward Trend

 

Water sales to industrial customers during the third quarter of 2002 were 12.2 billion gallons compared to the 12.3 billion gallons sold to that group of customers during the same quarter last year. However, industrial water sales during both periods reflect the impact of continued weakness in the general economy. The 31.9 billion gallons of water the Company sold to its industrial customers during first nine

months of 2002 was 2 billion gallons less than water sales for the same nine-month period in 2001 and the amount of water sold during both of those nine-month periods was lower than the amount of water sold to industrial customers during the first nine months of either 2000 or 1999.

 

Total Operating Expenses Move Higher

 

Consolidated operating expenses for the third quarter of 2002

increased $89 million, or 36% over costs incurred during the same period in 2001. Expenses associated with the Citizens and Azurix acquisitions contributed significantly to this increase. Since both of these acquisitions were completed after the third quarter of 2001, costs for their operation were not included in operating costs incurred during the third quarter last year. Excluding this impact the Company experienced an approximate 4% increase in total operating

costs.

 

Non-operating Business Activities Impact Both Quarters

 

Activities not related to the Company"s core businesses impacted financial results during the third quarters of both 2002 and 2001. Expenses associated with obtaining the necessary state regulatory approvals for the RWE transaction resulted in charges of two cents per share during the third quarter of 2002. Charges associated with negotiating the RWE agreement announced during the third quarter of 2001 were ten cents per share. The ten cents per share charge incurred

during the third quarter of 2001 was partially offset by four cents per share after-tax gains realized from the sale of water assets serving the City of Salisbury, Massachusetts, and the sale of a portion of the telecommunications stock included in the non-water investments from the National Enterprises, Inc. acquisition. Costs to obtain the necessary regulatory approvals for the RWE transaction are expected to continue until the transaction is completed during the

first six months of 2003.

 

Communication With Investors

 

The Company previously announced that at 3 PM (Eastern) today it would host a conference call with members of the investment community to discuss its quarterly financial results. Interested parties may listen to the call by logging onto the American Water Works website at www.amwater.com. A telephone replay of that call will be available for one week after 5 PM today and can be accessed from that same website or by dialing 1-800-642-1687 and providing reservation number 6122028.

 

About American Water Works

 

American Water Works Company is the largest publicly traded US corporation devoted exclusively to the business of water. Its 6,600 associates provide water, wastewater and other related services to 15 million people in 27 states and three Canadian provinces. More information can be found on the Company"s website.

 

Forward looking statements in this report, including, without

limitation, statements relating to the Company"s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results,

performance or achievements expressed or implied by such forward looking statements. These factors include, among others, the following: the success of pending applications for rate increases, inability to obtain, or to meet conditions imposed for, regulatory approval of pending acquisitions, weather conditions that tend to extremes of temperature or duration; availability, terms and development of capital; business abilities and judgment of personnel; changes in, or the failure to comply with governmental regulations,

particularly those affecting the environment and water quality;

competition; success of operating initiatives, advertising and

promotional efforts; existence of adverse publicity or litigation;

changes in business strategy or plans; quality of management; general economic and business conditions; the ability to satisfy the conditions to closing set forth in the definitive agreement; and other factors described in filings of the Company with the SEC. The Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future

events or otherwise.

 

For the three and nine months periods ended September 30, American Water Works Company, Inc., reports unaudited operating results as follows:

(In thousands, except per share amounts)

 

 

Three months ended Nine months ended

September 30, September 30,

------------- -------------

2002 2001 2002 2001

---- ---- ---- ----

 

Operating revenues $483,457 $394,956 $1,292,211 $1,075,261

------------------ ----------------------

Operating expenses

Operation and maintenance 242,955 166,890 674,506 478,189

Depreciation and

amortization 57,032 46,819 170,292 136,248

General taxes 35,363 33,049 105,595 98,825

------------------ ----------------------

335,350 246,758 950,393 713,262

------------------ ----------------------

Operating income 148,107 148,198 341,818 361,999

Other income (deductions),

net (54,491) (50,449) (89,466) (143,775)

------------------ ----------------------

Income before income taxes 93,616 97,749 252,352 218,224

Income taxes 38,428 41,972 115,286 89,605

------------------ ----------------------

Income before cumulative

effect of change

in accounting principle 55,188 55,777 137,066 128,619

Cumulative effect of change

in accounting principle - - 2,679 -

------------------ ----------------------

Net income 55,188 55,777 139,745 128,619

Dividends on preferred stock - 146 146 438

------------------ ----------------------

Net income to common stock 55,188 55,631 139,599 128,181

Other comprehensive income,

net of tax (376) (13,285) (1,594) (19,794)

------------------ ----------------------

Comprehensive income $54,812 $42,346 $138,005 $108,387

================== ======================

 

Net income to common stock $55,188 $55,631 $139,599 $128,181

Merger expenses (1,647) (9,860) (3,380) (9,860)

Gain from sale of New

England operations - 2,930 18,552 2,930

Gain on other

investments - 1,104 13,979 3,158

Loss on write down of

other investments - - (6,697) -

Gain on sale of land - - 9,963 -

Cumulative effect of change

in accounting principle - - 2,679 -

------------------ ----------------------

Net income to common stock -

excluding merger expenses,

non- operating business

activities and cumulative

effect of change in

accounting principle $56,835 $61,457 $104,503 $131,953

================== ======================

 

Average shares of basic

common stock outstanding 100,062 99,723 100,041 99,287

================== ======================

 

Earnings per average common

share outstanding

Income before cumulative

effect of change

in accounting principle $0.55 $0.56 $1.37 $1.29

Cumulative effect of

change in accounting

principle - - 0.03 -

------------------ ----------------------

Basic $0.55 $0.56 $1.40 $1.29

================== ======================

Income before cumulative

effect of change

in accounting principle $0.55 $0.56 $1.36 $1.29

Cumulative effect of

change in accounting

principle - - 0.03 -

------------------ ----------------------

Diluted $0.55 $0.56 $1.39 $1.29

================== ======================

Diluted - excluding merger

expenses, non-operating

business activities and

cumulative effect of change

in accounting principle $0.57 $0.62 $1.04 $1.33

================== ======================

 

 

For the twelve months periods ended September 30, American Water Works

Company, Inc., reports unaudited operating results as follows:

(In thousands, except per share amounts)

 

 

Twelve months ended

September 30,

-------------

2002 2001

---- ----

 

Operating revenues $1,655,837 $1,407,558

-------------------------

Operating expenses

Operation and maintenance 860,866 628,466

Depreciation and amortization 219,255 180,075

General taxes 136,303 127,434

-------------------------

1,216,424 935,975

-------------------------

Operating income 439,413 471,583

Other income (deductions), net (133,478) (190,924)

-------------------------

Income before income taxes 305,935 280,659

Income taxes 136,005 113,932

-------------------------

Income before cumulative effect of change

in accounting principle 169,930 166,727

Cumulative effect of change in accounting

principle 2,679 -

-------------------------

Net income 172,609 166,727

Dividends on preferred stock 292 1,150

-------------------------

Net income to common stock 172,317 165,577

Other comprehensive income, net (1,145) (39,890)

-------------------------

Comprehensive income $171,172 $125,687

=========================

 

Net income to common stock $172,317 $165,577

Merger expenses (3,512) (9,860)

Gain from sale of New England operations 18,552 2,930

Gain on other investments 13,979 3,158

Loss on write down of other investments (6,697) -

Gain on sale of land 12,989 994

Cumulative effect of change in accounting

principle 2,679 -

-------------------------

Net income to common stock - excluding

merger expenses, non-operating business

activities and cumulative effect of

change in accounting principle $134,327 $168,355

=========================

 

Average shares of basic common stock

outstanding 100,029 99,091

=========================

 

Earnings per average common share outstanding

Income before cumulative effect of change

in accounting principle $1.69 $1.67

Cumulative effect of change in accounting

principle 0.03 -

-------------------------

Basic $1.72 $1.67

=========================

 

Income before cumulative effect of change

in accounting principle $1.69 $1.67

Cumulative effect of change in accounting

principle 0.03 -

-------------------------

Diluted $1.72 $1.67

=========================

Diluted - excluding merger expenses, non-

operating business activities and

cumulative effect of change

in accounting principle $1.34 $1.70

=========================

 

 

 

For the three, nine and twelve month periods ended September 30,

American Water Works Company, Inc., reports unaudited segment

operating results as follows:

(In thousands)

 

Regulated

Utility Unregulated Other

Services Services Items Consolidated

-------- -------- ----- ------------

Three months ended

September 30, 2002

Revenues from external

customers $421,065 $62,392 $- $483,457

Intersegment revenues - 1,956 (1,956) -

Income before cumulative

effect of change in

accounting principle 67,531 (3,106) (9,237) 55,188

Net income 67,531 (3,106) (9,237) 55,188

Net income excluding

unusual items 67,538 (3,106) (7,597) 56,835

 

Three months ended

September 30, 2001

Revenues from external

customers $385,256 $9,700 $- $394,956

Intersegment revenues - 1,635 (1,635) -

Income before cumulative

effect of change in

accounting principle 71,610 (992) (14,841) 55,777

Net income 71,610 (992) (14,841) 55,777

Net income excluding

unusual items 68,680 (992) (6,085) 61,603

 

Nine months ended

September 30, 2002

Revenues from external

customers $1,129,511 $162,700 $- $1,292,211

Intersegment revenues - 5,612 (5,612) -

Income before cumulative

effect of change in

accounting principle 141,411 (3,658) (687) 137,066

Net income 144,090 (3,658) (687) 139,745

Net income excluding

unusual items 135,747 (7,842) (23,256) 104,649

 

Nine months ended

September 30, 2001

Revenues from external

customers $1,045,312 $29,949 $- $1,075,261

Intersegment revenues - 4,949 (4,949) -

Income before cumulative

effect of change in

accounting principle 156,795 (2,357) (25,819) 128,619

Net income 156,795 (2,357) (25,819) 128,619

Net income excluding

unusual items 153,865 (2,357) (19,117) 132,391

 

Twelve months ended

September 30, 2002

Revenues from external

customers $1,460,836 $195,001 $- $1,655,837

Intersegment revenues - 7,643 (7,643) -

Income before cumulative

effect of change in

accounting principle 180,713 (3,663) (7,120) 169,930

Net income 183,392 (3,663) (7,120) 172,609

Net income excluding

unusual items 173,471 (9,295) (29,557) 134,619

 

Twelve months ended

September 30, 2001

Revenues from external

customers $1,367,686 $39,872 $- $1,407,558

Intersegment revenues - 6,694 (6,694) -

Income before cumulative

effect of change in

accounting principle 201,860 (2,982) (32,151) 166,727

Net income 201,860 (2,982) (32,151) 166,727

Net income excluding

unusual items 197,936 (2,982) (25,449) 169,505

 

The "other items" include operations of American Water Works Company and intersegment eliminations.

 

 

Contact:

 

American Water Works Company, Inc., Voorhees

James E. Harrison, 856/346-8207

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