Connecticut Water Service Inc. reports record earnings for 2002

Sponsored by

CLINTON, Conn., Feb. 13, 2003 -- Connecticut Water Service Inc., a water service company providing water to over 85,000 customers in 42 towns in Connecticut and Massachusetts, announced a 4.1% increase in net income for the year ended December 31, 2002 or $1.13 per basic share as compared to $1.10 per basic share for 2001.

Highlights of the 2002 results are as follows:

- 2002 was the 12th consecutive year of increased earnings as well as the 33rd consecutive year of increased dividend payments (excluding dividends paid by companies subsequently acquired and accounted for under the "pooling-of-interests" method).

- Utility Operating Income increased 4.6% or $520,000. The increase was due to a $438,000 increase in Operating Revenues as well as an $82,000 decrease in Operating Expenses.

- Non-Water Sales Earnings increased 19.4% in 2002 as compared to 2001.

Marshall T. Chiaraluce, the Company's Chairman, Chief Executive Officer and President stated, "We are pleased with the increased earnings as well as the continued success of our non-water business services. One of the factors contributing to the 19% increase in earnings of our services and rentals business is the increased enrollment of our Linebacker® program which has 11,915 customers compared to 9,587 in 2001."

Connecticut Water Service, Inc. is the largest, domestic-based, investor-owned water utility in Connecticut. It provides water to approximately 295,000 people in 42 towns in Connecticut and Massachusetts as well as providing water-related services under contact to municipalities and companies.


Sponsored by

TODAY'S HEADLINES

CSSD expands performance standard to address treatment of shale wastewater

The Center for Sustainable Shale Development announced that it has expanded its wastewater Performance Standard 1 to address the treatment of shale wastewater at permitted facilities.

Water Council announces Round III of The Brew accelerator program

The BREW, a first-of-its-kind place-based global seed accelerator for water technology startups led by The Water Council, has announced that it is launching Round III of the program.  

Siemens to supply turbines for MI combined-cycled power plant project

Siemens has announced that it is supplying two gas turbines and one steam turbine for the Holland Energy Park combined-cycle power plant, to be constructed in the city of Holland, Mich.

CA city deploys smart water software for improved decision support, capital planning

In an effort to prioritize main replacement, coordinate outage response, pinpoint capacity deficiencies, and identify optimal flushing locations in the city of Santa Ana, Calif., the Santa Ana Public Works Agency is adopting Sedaru smart water enterprise software from IDModeling, Inc.

FOLLOW US ON SOCIAL MEDIA