CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands, except per share data) March 31 December 31
2009 2008
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ASSETS
Utility plant:
Utility plant $ 1,605,014 $ 1,583,079
Less accumulated depreciation and
amortization (482,235) (470,712)
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Net utility plant 1,122,779 1,112,367
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Current assets:
Cash and cash equivalents 5,278 13,869
Receivables
Customers 18,216 22,786
Other 19,006 12,071
Unbilled revenue 12,472 13,112
Materials and supplies at average cost 5,068 5,070
Taxes, prepaid expense, and other assets 12,265 12,890
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Total current assets 72,305 79,798
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Other assets:
Regulatory assets 198,170 198,293
Goodwill 3,906 3,906
Other assets 25,148 26,743
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Total other assets 227,224 228,942
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$ 1,422,308 $ 1,421,107
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $.01 par value $ 207 $ 207
Additional paid-in capital 214,236 213,922
Retained earnings 185,128 188,820
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Total common stockholders' equity 399,571 402,949
Preferred stock - -
Long-term debt, less current maturities 287,202 287,498
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Total capitalization 686,773 690,447
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Current liabilities:
Current maturities of long-term debt 2,891 2,818
Accounts payable 37,988 41,772
Notes payable 52,000 40,000
Accrued expenses and other liabilities 37,195 38,606
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Total current liabilities 130,074 123,196
Unamortized investment tax credits 2,392 2,392
Deferred income taxes, net 74,283 72,344
Regulatory liability and other 83,234 83,312
Pension and postretirement benefits other than
pensions 150,074 152,685
Advances for construction 177,684 176,163
Contributions in aid of construction 117,794 117,568
Commitments and contingencies
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$ 1,422,308 $ 1,418,107
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CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share data)
For the three months ended:
March 31, March 31,
2009 2008
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Operating revenue $ 86,613 $ 72,921
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Operating expenses:
Water production costs 28,868 25,358
Admistrative and General 18,861 13,418
Other operations 12,456 12,065
Maintenance 4,635 4,114
Depreciation and amortization 10,198 9,222
Income taxes 1,232 174
Property and other taxes 4,088 3,739
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Total operating expenses 80,338 68,090
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Net operating income 6,275 4,831
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Other income and expenses:
Non-regulated revenue 2,881 2,905
Non-regulated expenses (2,641) (3,036)
Gain on sale of non-utility property 603 -
Less: income tax (expense) benefit on other
income and expenses (338) 49
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505 (82)
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Interest expense:
Interest expense 5,038 5,014
Less: capitalized interest (679) (450)
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Total interest expense 4,359 4,564
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Net income $ 2,421 $ 185
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Earnings per share
Basic $ 0.12 $ 0.01
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Diluted $ 0.12 $ 0.01
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Weighted average shares outstanding
Basic 20,730 20,688
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Diluted 20,759 20,711
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Dividends per share of common stock $ 0.29500 $ 0.29250
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Contact Information: Contact: Marty Kropelnicki (408) 367-8200 (analysts) Shannon Dean (310) 257-1435 (media) CALIFORNIA WATER SERVICE GROUP 1720 North First Street San Jose, CA 95112-4598