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.