American States Water Profit Falls 18% on Military Base Revenue

American States Water Co. reported an 18 percent decline in first-quarter profit as revenue from its contracted services unit that operates water and wastewater systems on U.S. military bases dropped almost a third.

Net income was $11.02 million, down from $13.47 million in the year-earlier period, the San Dimas, California-based parent of Golden State Water Co. and American States Utility Services Inc. said. Operating revenue from water, electric and contracted services that include the Fort Bliss and Fort Jackson military bases fell almost 8 percent to $102 million.

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