Connecticut Water Service, Inc. reports record earnings for 2000
Marshall T. Chiaraluce, President of Connecticut Water Service, Inc. reported today record earnings per share of $1.63 for 2000 up from $1.54 in 1999.
CLINTON, Conn., Feb. 14, 2001 (BUSINESS WIRE)—Marshall T. Chiaraluce, President of Connecticut Water Service, Inc. (CTWS), a water service company serving over 70,000 customers in 39 towns throughout the State of Connecticut, reported today record earnings per share of $1.63 for 2000 up from $1.54 in 1999.
The 5.8% earnings increase was primarily due to lower federal and state income taxes resulting from the donation of over 100 acres of land to the Town of Naugatuck, CT and lower operation and maintenance expenses in 2000. In addition, a wholly owned subsidiary of CTWS, Connecticut Water Utility Services, Inc. (CWU.S.), experienced growth in activities such as its recently established service line maintenance service program, "Linebacker"(SM).
Mr. Chiaraluce stated, "Despite a cool and wet summer that was not conducive to higher water sales, we were able to increase our earnings by capitalizing on the strategic disposition of some of our land as well as offering our customers a service line maintenance program that they clearly value."