CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands, except per share data) December 31 December 31
2008 2007
----------- -----------
ASSETS
Utility plant:
Utility plant $ 1,583,079 $ 1,447,047
Less accumulated depreciation and
amortization (470,712) (436,851)
----------- -----------
Net utility plant 1,112,367 1,010,196
----------- -----------
Current assets:
Cash and cash equivalents 13,869 6,734
Receivables
Customers 22,786 18,600
Other 12,071 8,617
Unbilled revenue 13,112 12,911
Materials and supplies at average cost 5,070 4,744
Taxes, prepaid expense, and other assets 12,890 8,369
----------- -----------
Total current assets 79,798 59,975
----------- -----------
Other assets:
Regulatory assets 201,558 90,908
Goodwill 3,736 -
Other assets 23,913 23,420
----------- -----------
Total other assets 229,207 114,328
----------- -----------
$ 1,421,372 $ 1,184,499
=========== ===========
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $.01 par value $ 207 $ 207
Additional paid-in capital 213,922 211,885
Retained earnings 188,820 173,617
----------- -----------
Total common stockholders' equity 402,949 385,709
Preferred stock - 3,475
Long-term debt, less current maturities 287,498 289,220
----------- -----------
Total capitalization 690,447 678,404
----------- -----------
Current liabilities:
Current maturities of long-term debt 2,818 2,701
Short-term borrowing 40,000 -
Accounts payable 41,772 36,694
Accrued expenses and other liabilities 38,606 30,258
----------- -----------
Total current liabilities 123,196 69,653
Unamortized investment tax credits 2,392 2,467
Deferred income taxes, net 72,344 69,712
Pension and postretirement benefits other than
pensions 152,685 39,444
Regulatory and other liabilities 52,361 38,783
Advances for construction 176,163 168,024
Contributions in aid of construction 117,568 118,012
MTBE Settlement 34,216 -
Commitments and contingencies
----------- -----------
$ 1,421,372 $ 1,184,499
----------- -----------
CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share data)
For the Three-Months ended:
December 31 December 31
2008 2007
----------- -----------
Operating revenue $ 100,108 $ 85,879
----------- -----------
Operating expenses:
Water production costs 34,402 30,734
Other operations 30,610 25,149
Maintenance 6,085 4,353
Depreciation and amortization 9,560 8,390
Income taxes 4,381 4,126
Property and other taxes 3,676 3,124
----------- -----------
Total operating expenses 88,714 75,876
----------- -----------
Net operating income 11,394 10,003
----------- -----------
Other income and expenses:
Non-regulated revenue 4,499 3,674
Non-regulated expenses (5,103) (3,261)
Gain on sale of non-utility property - 2,599
Less: income taxes on other income and
expenses 258 (1,227)
----------- -----------
(346) 1,785
----------- -----------
Interest expense:
Interest Expense 5,186 4,931
Less: capitalized interest (1,456) (1,185)
----------- -----------
Net interest expense 3,730 3,746
----------- -----------
Net income $ 7,318 $ 8,042
=========== ===========
Earnings per share
Basic $ 0.35 $ 0.39
=========== ===========
Diluted $ 0.35 $ 0.39
=========== ===========
Weighted average shares outstanding
Basic 20,719 20,666
=========== ===========
Diluted 20,743 20,691
=========== ===========
Dividends per share of common stock $ 0.2925 $ 0.2900
----------- -----------
CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share data)
For the Twelve-Months ended:
December 31 December 31
2008 2007
----------- -----------
Operating revenue $ 410,312 $ 367,082
----------- -----------
Operating expenses:
Water production costs 146,564 138,883
Other operations 110,625 100,572
Maintenance 18,969 18,336
Depreciation and amortization 37,339 33,563
Income taxes 24,507 17,887
Property and other taxes 14,839 13,671
----------- -----------
Total operating expenses 352,843 322,912
----------- -----------
Net operating income 57,469 44,170
----------- -----------
Other income and expenses:
Non-regulated revenue 14,230 13,557
Non-regulated expenses (15,097) (9,114)
Gain on sale of non-utility property 7 2,516
Less: income taxes on other income and
expenses 376 (2,836)
----------- -----------
(484) 4,123
----------- -----------
Interest expense:
Interest Expense 20,591 19,719
Less: capitalized interest (3,411) (2,585)
----------- -----------
Net interest expense 17,180 17,134
----------- -----------
Net income $ 39,805 $ 31,159
=========== ===========
Earnings per share
Basic $ 1.90 $ 1.50
=========== ===========
Diluted $ 1.90 $ 1.50
=========== ===========
Weighted average shares outstanding
Basic 20,710 20,665
=========== ===========
Diluted 20,734 20,689
=========== ===========
Dividends per share of common stock $ 1.1700 $ 1.1600
----------- -----------
Contact Information: Contact: Martin A. Kropelnicki (408) 367-8200 (analysts) Shannon Dean (310) 257-1435 (media) 1720 North First Street San Jose, CA 95112-4598