CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands, except per share data) September 30, December 31,
2010 2009
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ASSETS
Utility plant:
Utility plant $ 1,819,330 $ 1,709,062
Less accumulated depreciation and
amortization (538,919) (510,985)
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Net utility plant 1,280,411 1,198,077
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Current assets:
Cash and cash equivalents 9,738 9,866
Receivables
Customers 33,606 25,567
Regulatory balancing accounts 6,898 10,513
Other 5,699 9,043
Unbilled revenue 21,602 13,417
Materials and supplies at average cost 5,925 5,530
Taxes, prepaid expense, and other assets 8,260 18,305
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Total current assets 91,728 92,241
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Other assets:
Regulatory assets 223,724 204,104
Goodwill 2,615 2,615
Other assets 33,462 28,544
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Total other assets 259,801 235,263
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$ 1,631,940 $ 1,525,581
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $.01 par value $ 208 $ 208
Additional paid-in capital 217,147 215,528
Retained earnings 219,127 204,898
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Total common stockholders' equity 436,482 420,634
Long-term debt, less current maturities 380,285 374,269
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Total capitalization 816,767 794,903
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Current liabilities:
Current maturities of long-term debt 2,374 12,953
Short-term borrowings 56,250 12,000
Accounts payable
Trade and other 47,827 43,689
Regulatory balancing accounts 586 2,430
Accrued interest 8,991 4,258
Accrued expenses and other liabilities 39,511 35,028
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Total current liabilities 155,539 110,358
Unamortized investment tax credits 2,318 2,318
Deferred income taxes, net 103,866 91,851
Pension and postretirement benefits other
than pensions 143,619 137,127
Regulatory liability and Other 88,839 85,780
Advances for construction 187,646 185,027
Contributions in aid of construction 133,346 118,217
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$ 1,631,940 $ 1,525,581
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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:
September 30 September 30
2010 2009
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Operating revenue $ 146,349 $ 139,167
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Operating expenses:
Operations:
Water production costs 54,634 48,898
Admistrative and General 17,794 19,084
Other operations 14,889 14,639
Maintenance 4,853 4,405
Depreciation and amortization 10,934 10,259
Income taxes 12,825 13,417
Property and other taxes 4,555 4,371
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Total operating expenses 120,484 115,073
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Net operating income 25,865 24,094
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Other income and expenses:
Non-regulated revenue 3,850 5,194
Non-regulated expenses (2,214) (3,464)
Gain on sale of non-utility property 33 -
Income taxes (expense) on other income and
expenses (674) (702)
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995 1,028
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Interest expense:
Interest Expense 6,958 6,480
Less: capitalized interest (484) (950)
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Net interest expense 6,474 5,530
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Net income $ 20,386 $ 19,592
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Earnings per share
Basic $ 0.98 $ 0.94
============ ============
Diluted $ 0.98 $ 0.94
============ ============
Weighted average shares outstanding
Basic 20,811 20,745
============ ============
Diluted 20,824 20,767
============ ============
Dividends per share of common stock $ 0.2975 $ 0.2950
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CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share data)
For the Nine-Months ended: September 30 September 30
2010 2009
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Operating revenue $ 354,942 $ 342,447
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Operating expenses:
Operations:
Water production costs 126,923 119,468
Admistrative and General 53,718 57,331
Other operations 43,204 41,425
Maintenance 14,962 13,352
Depreciation and amortization 32,364 30,739
Income taxes 21,324 21,438
Property and other taxes 12,545 12,371
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Total operating expenses 305,040 296,124
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Net operating income 49,902 46,323
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Other income and expenses:
Non-regulated revenue 10,963 11,173
Non-regulated expenses (9,451) (6,826)
Gain on sale of non-utility property 33 675
Income taxes (expense) on other income and
expenses (614) (2,032)
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931 2,990
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Interest expense:
Interest Expense 20,386 17,480
Less: capitalized interest (2,338) (2,270)
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Net interest expense 18,048 15,210
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Net income $ 32,785 $ 34,103
============ ============
Earnings per share
Basic $ 1.58 $ 1.64
============ ============
Diluted $ 1.58 $ 1.64
============ ============
Weighted average shares outstanding
Basic 20,798 20,740
============ ============
Diluted 20,813 20,765
============ ============
Dividends per share of common stock $ 0.8925 $ 0.8850
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1720 North First Street
San Jose, CA 95112-4598
Contact Information: Contact: Marty Kropelnicki (408) 367-8200 (analysts) Shannon Dean (310) 257-1435 (media)