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Last $20.75 USD
Change Today +0.07 / 0.34%
Volume 140.6K
CWT On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

california water service grp (CWT) Key Developments

California Water Service Group Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Tax Guidance for the Year 2015

California Water Service Group announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. The company announced net income for the second quarter of 2015 was $9.8 million or $0.21 per diluted common share, as compared to net income of $17.2 million or $0.36 per diluted common share for the second quarter of 2014. The decrease in net income was due primarily to a decrease in accrued unbilled revenue resulting from lower customer consumption associated with the drought and mandatory conservation at the end of the period. Total revenue decreased $14.0 million, or 9%, to $144.4 million, for the second quarter of 2015 as compared to revenue of $158.4 million for the second quarter of 2014. The decrease resulted from a $10.1 million decrease in accrued unbilled revenue and a $6.7 million revenue decrease from lower production costs recorded in the modified cost balancing account (MCBA) mechanism. Net operating income was $16.493 million against $23.292 million a year ago. For the six month period ended June 30, 2014, net income was $11.4 million, or $0.24 per diluted common share compared to a net income of $11.7 million or $0.24 per diluted common share for the six month period ended June 30, 2014. Net income decreased $0.3 million during the first six months of 2015 compared to the first six months of 2014. The decrease in net income was due primarily to a decrease in accrued unbilled revenue, increases in administrative and general, other operations, and income tax expense that was partially offset by rate increases from the approval of the 2012 California General Rate Case (GRC) during the third quarter of 2014, and reductions in depreciation and amortization, maintenance and net interest expenses. Net operating income was $23.990 million against $24.444 million a year ago. Operating revenue was $266.399 million against $268.931 million a year ago. CapEx spend so far this year is $75.8 million. The effective tax rate for 2015 is estimated to be 38%.

California Water Service Group Declares Quarterly Dividend, Payable on August 21, 2015

At its meeting on July 29, 2015, the California Water Service Group Board of Directors declared the company’s 282nd consecutive quarterly dividend in the amount of $0.1675 per common share. It will be payable on August 21, 2015, to stockholders of record on August 10, 2015.

California Water Service Group to Report Q2, 2015 Results on Jul 29, 2015

California Water Service Group announced that they will report Q2, 2015 results After-Market on Jul 29, 2015

California Water Service Group, Q2 2015 Earnings Call, Jul 30, 2015

California Water Service Group, Q2 2015 Earnings Call, Jul 30, 2015

California Water Service Group Signs Water Exchange Agreement with Kern County Water Agency

California Water Service Group has signed a water exchange agreement with Improvement District No. 4, or ID4, of the Kern County Water Agency. Water deliveries will be facilitated by a prior agreement between ID4 and the Kern Delta Water District (Kern Delta), with the cooperation of the City of Bakersfield. Through the agreement, ID4 will deliver up to 10,000 acre-feet of water from Kern River to the City of Bakersfield's intake, which will be used at Cal Water's Northwest and Northeast Water Treatment Plants. In exchange, Cal Water will deliver up to 10,000 acre-feet of banked water to ID4 through the City of Bakersfield's 2,800-acre recharge facility.

 

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Price/Earnings 17.4x
Price/Sales 1.6x
Price/Book 1.6x
Price/Cash Flow 8.4x
TEV/Sales 0.7x
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