Aqua America Announces First Quarter Results
Net income up 13.3 percent
Municipal acquisitions completed in
"We are pleased to report another strong quarter of performance for our
customers, employees, and shareholders," said Aqua America's Chairman
and CEO
Revenue for the quarter was
On
In the first quarter, the company invested
Year-to-date, Aqua's state subsidiaries have received a total of nine
rate awards or infrastructure surcharges. Together, these awards are
projected to provide
So far in 2015,
Aqua
Aqua subsidiaries purchased two other water systems in 2015 including
"Our acquisition pipeline is very promising," said DeBenedictis. "As
mentioned previously, we see acquisition potential among the privately
owned systems and, more recently, the municipal sector, of which the
Additionally, the contributions of the company's non-regulated business
to its total revenue increased in the first quarter of 2015. Aqua
Resources' revenue increased
As of
The company's conference call with financial analysts will take place on
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the company's expectation for year-over-year earnings growth;
the company's continued ability to adapt itself for the future; the
continuation of the company's growth-through-acquisition program and the
expectations for customer growth from this program; the company's
expectation to acquire between 15 and 20 systems and to grow the
customer base between 1.5 percent and 2.0 percent; the company's ability
to competitively bid for and acquire municipal and private water and
wastewater utilities; the estimated revenues from rate awards received;
the company's estimated revenue growth for its non-regulated businesses;
the company's ability to continue to deliver results; the company's
ability to fund needed infrastructure due to its financial position; the
company's continuation of investments in strategic ventures; the
company's ability to continue to deliver strong results; and, the
company's ability to grow its dividend and to grow earnings. There are
important factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements
including: general economic business conditions; housing and customer
growth trends; unfavorable weather conditions; the success of certain
cost containment initiatives; changes in regulations or regulatory
treatment; availability and access to capital; the cost of capital;
disruptions in the credit markets; the success of growth initiatives;
and other factors discussed in our Annual Report on Form 10-K, which is
on file with the
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| Selected Operating Data | ||||||
| (In thousands, except per share amounts) | ||||||
| (Unaudited) | ||||||
| Quarter Ended | ||||||
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2015 |
2014 |
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| Operating revenues | $ | 190,326 | $ | 182,672 | ||
| Income from continuing operations | $ | 48,545 | $ | 42,401 | ||
| Net income attributable to common shareholders | $ | 48,545 | $ | 42,859 | ||
| Basic income from continuing operations per common share | $ | 0.27 | $ | 0.24 | ||
| Diluted income from continuing operations per common share | $ | 0.27 | $ | 0.24 | ||
| Basic net income per common share | $ | 0.27 | $ | 0.24 | ||
| Diluted net income per common share | $ | 0.27 | $ | 0.24 | ||
| Basic average common shares outstanding | 176,888 | 176,839 | ||||
| Diluted average common shares outstanding | 177,792 | 177,810 | ||||
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| Consolidated Statement of Income | ||||||||
| (In thousands, except per share amounts) | ||||||||
| (Unaudited) | ||||||||
| Quarter Ended | ||||||||
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|
2015 |
2014 |
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| Operating revenues | $ | 190,326 | $ | 182,672 | ||||
| Cost & expenses: | ||||||||
| Operations and maintenance | 73,189 | 71,686 | ||||||
| Depreciation | 30,500 | 30,981 | ||||||
| Amortization | 849 | 1,133 | ||||||
| Taxes other than income taxes | 14,621 | 12,102 | ||||||
| Total | 119,159 | 115,902 | ||||||
| Operating income | 71,167 | 66,770 | ||||||
| Other expense (income): | ||||||||
| Interest expense, net | 18,665 | 19,310 | ||||||
| Allowance for funds used during construction | (1,182 | ) | (1,167 | ) | ||||
| (Gain) loss on sale of other assets | (169 | ) | 348 | |||||
| Equity loss in joint venture | 714 | 686 | ||||||
| Income from continuing operations before income taxes | 53,139 | 47,593 | ||||||
| Provision for income taxes | 4,594 | 5,192 | ||||||
| Income from continuing operations | 48,545 | 42,401 | ||||||
| Discontinued operations: | ||||||||
| Income from discontinued operations before income taxes | - | 772 | ||||||
| Provision for income taxes | - | 314 | ||||||
| Income from discontinued operations | - | 458 | ||||||
| Net income attributable to common shareholders | $ | 48,545 | $ | 42,859 | ||||
| Income from continuing operations per share: | ||||||||
| Basic | $ | 0.27 | $ | 0.24 | ||||
| Diluted | $ | 0.27 | $ | 0.24 | ||||
| Income from discontinued operations per share: | ||||||||
| Basic | $ |
- |
$ |
- |
||||
| Diluted | $ | - | $ |
- |
||||
| Net income per common share: | ||||||||
| Basic | $ | 0.27 | $ | 0.24 | ||||
| Diluted | $ | 0.27 | $ | 0.24 | ||||
| Average common shares outstanding: | ||||||||
| Basic | 176,888 | 176,839 | ||||||
| Diluted | 177,792 | 177,810 | ||||||
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| Condensed Consolidated Balance Sheets | ||||||
| (In thousands of dollars) | ||||||
| (Unaudited) | ||||||
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2015 |
2014 |
|||||
| Net property, plant and equipment | $ | 4,433,144 | $ | 4,401,990 | ||
| Current assets | 164,225 | 152,522 | ||||
| Regulatory assets and other assets | 880,363 | 852,240 | ||||
| $ | 5,477,732 | $ | 5,406,752 | |||
| Total equity | $ | 1,676,294 | $ | 1,655,383 | ||
| Long-term debt, excluding current portion | 1,594,980 | 1,560,655 | ||||
| Current portion of long-term debt and loans payable | 80,104 | 77,013 | ||||
| Other current liabilities | 125,015 | 148,322 | ||||
| Deferred credits and other liabilities | 2,001,339 | 1,965,379 | ||||
| $ | 5,477,732 | $ | 5,406,752 | |||
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| Reconciliation of GAAP to Non-GAAP financial measures for continuing operations | |||
| (in thousands of dollars) | |||
|
(GAAP refers to accounting principles generally accepted in |
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| (Unaudited) | |||
| Regulated segment - Efficiency Ratio adjusted for Purchased Water | Trailing twelve | ||
| months ended | |||
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| 2015 | |||
| Operating revenues (GAAP financial measure) | $ | 758,422 | |
| Purchased Water | 19,480 | ||
| Adjusted operating revenues (Non-GAAP financial measure) | $ | 738,942 | |
| Operations and maintenance expense (GAAP financial measure) | $ | 273,316 | |
| Purchased Water | 19,480 | ||
| Adjusted operations and maintenance expense (Non-GAAP financial measure) | $ | 253,836 | |
| Regulated segment efficiency ratio (GAAP financial measure) | 36.0% | ||
|
Regulated segment efficiency ratio adjusted for Purchased Water (Non-GAAP financial measure) |
34.4% | ||
Reconciliation of GAAP to Non-GAAP financial measures - The Company is providing disclosure of the reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures. The Company believes that the non-GAAP financial measures provide investors the ability to measure the Company's financial operating performance by adjustment, which is more indicative of the Company's ongoing performance and is more comparable to measures reported by other companies.
Regulated segment - Efficiency Ratio is adjusted for Purchased Water. Information referring to "Purchased Water" refers to expense related to cost of water purchased from other non-affiliated utilities. This "Purchased Water" expense amount is deducted from the operating revenues amount and the operations and maintenance expense amount to calculate the efficiency ratio adjusted for Purchased Water.
These financial measures are measures of the Company's operating
performance that do not comply with U.S. generally accepted accounting
principles (GAAP), and are thus considered to be "non-GAAP financial
measures" under applicable
WTRF
BJDingerdissen@AquaAmerica.com
or
Mobile: 484-368-4720
DPAlston@AquaAmerica.com
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