|
|
|
|
|
|
|
|
|
|
|
1. | Basis of Preparation of Financials |
|
2. | Pension and Other Post-Retirement Benefits |
Three Months | Six Months | ||||||||||||||
Period ended June 30, | 2012 | 2011 | 2012 | 2011 | |||||||||||
Service Cost | $ | 486 | $ | 318 | $ | 1,010 | $ | 761 | |||||||
Interest Cost | 640 | 522 | 1,285 | 1,067 | |||||||||||
Expected Return on Plan Assets | (659 | ) | (553 | ) | (1,346 | ) | (1,228 | ) | |||||||
Amortization of: | |||||||||||||||
Transition Obligation | — | 1 | — | 1 | |||||||||||
Prior Service Cost | 20 | 17 | 37 | 34 | |||||||||||
Net Loss | 519 | 156 | 877 | 344 | |||||||||||
Net Periodic Benefit Cost | $ | 1,006 | $ | 461 | $ | 1,863 | $ | 979 |
Three Months | Six Months | ||||||||||||||
Period ended June 30, | 2012 | 2011 | 2012 | 2011 | |||||||||||
Service Cost | $ | 118 | $ | 159 | $ | 275 | $ | 346 | |||||||
Interest Cost | 129 | 154 | 270 | 333 | |||||||||||
Expected Return on Plan Assets | (67 | ) | (59 | ) | (135 | ) | (134 | ) | |||||||
Other | 56 | 56 | 112 | 112 | |||||||||||
Amortization of: | |||||||||||||||
Prior Service Cost | (202 | ) | (163 | ) | (403 | ) | (264 | ) | |||||||
Recognized Net Loss | 140 | 144 | 306 | 304 | |||||||||||
Net Periodic Benefit Cost | $ | 174 | $ | 291 | $ | 425 | $ | 697 |
|
4. | New Accounting Pronouncements |
|
5. | Long-Term Debt |
2012 | 2011 | ||||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note and Supplement A | $ | 17,781 | $ | — | ||||
Var. | Term Loan Note and Supplement B | 18,088 | — | ||||||
Total Connecticut Water Service, Inc. | 35,869 | — | |||||||
The Connecticut Water Company: | |||||||||
Unsecured Water Facilities Revenue Bonds | |||||||||
5.05% | 1998 Series A, Due 2028 | 9,550 | 9,550 | ||||||
5.125% | 1998 Series B, Due 2028 | 7,495 | 7,495 | ||||||
4.40% | 2003A Series, Due 2020 | 8,000 | 8,000 | ||||||
5.00% | 2003C Series, Due 2022 | 14,795 | 14,795 | ||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.00% | 2005 A Series, Due 2040 | 14,795 | 14,805 | ||||||
5.00% | 2007 A Series, Due 2037 | 14,560 | 14,570 | ||||||
5.10% | 2009 A Series, Due 2039 | 19,950 | 20,000 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,991 | 23,991 | ||||||
Total The Connecticut Water Company | 135,186 | 135,256 | |||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 9,000 | — | ||||||
5.05% | 1999 Series H, Due 2024 | 1,965 | — | ||||||
2.68% | 1999 Series J, Due 2019 | 524 | — | ||||||
0.00% | 2001 Series K, Due 2031 | 780 | — | ||||||
2.58% | 2002 Series L, Due 2022 | 98 | — | ||||||
1.53% | 2003 Series M, Due 2023 | 421 | — | ||||||
1.73% | 2004 Series N, Due 2024 | 491 | — | ||||||
0.00% | 2004 Series O, Due 2034 | 147 | — | ||||||
1.76% | 2006 Series P, Due 2026 | 471 | — | ||||||
1.57% | 2009 Series R, Due 2029 | 247 | — | ||||||
0.00% | 2009 Series S, Due 2029 | 785 | — | ||||||
0.00% | 2009 Series T, Due 2029 | 2,200 | — | ||||||
Total The Maine Water Company | 17,129 | — | |||||||
Add: Maine Acquisition Fair Value Adjustment | 896 | — | |||||||
Less: Current Portion | (1,239 | ) | — | ||||||
Total Long-Term Debt | $ | 187,841 | $ | 135,256 |
|
6. | Fair Value Disclosures |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,418 | $ | — | $ | 2,418 | |||||||
Money Market Fund | 138 | — | — | 138 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 682 | — | — | 682 | |||||||||||
Total | $ | 820 | $ | 2,418 | $ | — | $ | 3,238 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,269 | $ | — | $ | 2,269 | |||||||
Money Market Fund | 28 | — | — | 28 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 852 | — | — | 852 | |||||||||||
Total | $ | 880 | $ | 2,269 | $ | — | $ | 3,149 |
(1) | Mutual funds consisting primarily of equity securities. |
|
7. | Segment Reporting |
Three Months Ended June 30, 2012 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Activities | $ | 21,672 | $ | 4,929 | $ | 2,081 | $ | 2,848 | ||||||||
Real Estate Transactions | 1,450 | 1,331 | 349 | 982 | ||||||||||||
Services and Rentals | 1,366 | 562 | 229 | 333 | ||||||||||||
Total | $ | 24,488 | $ | 6,822 | $ | 2,659 | $ | 4,163 |
Three Months Ended June 30, 2011 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Activities | $ | 17,725 | $ | 5,072 | $ | 1,821 | $ | 3,251 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,096 | 369 | 150 | 219 | ||||||||||||
Total | $ | 18,821 | $ | 5,441 | $ | 1,971 | $ | 3,470 |
Six Months Ended June 30, 2012 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Activities | $ | 40,561 | $ | 7,414 | $ | 3,006 | $ | 4,408 | ||||||||
Real Estate Transactions | 1,450 | 1,331 | 349 | 982 | ||||||||||||
Services and Rentals | 2,701 | 1,153 | 470 | 683 | ||||||||||||
Total | $ | 44,712 | $ | 9,898 | $ | 3,825 | $ | 6,073 |
Six Months Ended June 30, 2011 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Activities | $ | 34,048 | $ | 8,329 | $ | 3,003 | $ | 5,326 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 2,263 | 698 | 286 | 412 | ||||||||||||
Total | $ | 36,311 | $ | 9,027 | $ | 3,289 | $ | 5,738 |
June 30, 2012 | December 31, 2011 | ||||||
Total Plant and Other Investments: | |||||||
Water Activities | $ | 424,147 | $ | 364,955 | |||
Non-Water | 660 | 635 | |||||
424,807 | 365,590 | ||||||
Other Assets: | |||||||
Water Activities | 107,000 | 96,996 | |||||
Non-Water | 21,648 | 2,245 | |||||
128,648 | 99,241 | ||||||
Total Assets | $ | 553,455 | $ | 464,831 |
|
8. | Income Taxes |
|
9. | Lines of Credit |
|
10. | Acquisitions |
Net Utility Plant | $ | 51,861 | |
Cash and Cash Equivalents | 1,607 | ||
Accounts Receivable, net | 974 | ||
Prepayments and Other Current Assets | 1,819 | ||
Goodwill | 18,126 | ||
Deferred Charges and Other Costs | 4,352 | ||
Total Assets Acquired | $ | 78,739 | |
Long-Term Debt, including current portion | $ | 18,259 | |
Accounts Payable and Accrued Expenses | 1,137 | ||
Other Current Liabilities | 1,289 | ||
Advances for Construction | 1,186 | ||
Contributions in Aid of Construction | 8,886 | ||
Deferred Federal and State Income Taxes | 8,919 | ||
Other Long-Term Liabilities | 2,737 | ||
Total Liabilities Assumed | $ | 42,413 | |
Net Assets Acquired | $ | 36,326 |
Periods ended June 30, 2011 | Three Months | Six Months | |||||
Operating Revenues | $ | 20,079 | $ | 38,690 | |||
Other Water Activities Revenues | 366 | 700 | |||||
Real Estate Revenues | — | — | |||||
Service and Rentals Revenues | 1,267 | 2,617 | |||||
Total Revenues | $ | 21,712 | $ | 42,007 | |||
Net Income | $ | 3,633 | $ | 5,831 | |||
Basic Earnings per Average Share Outstanding | $ | 0.42 | $ | 0.68 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.42 | $ | 0.67 |
Periods ended June 30, 2012 | Three Months | Six Months | |||||
Operating Revenues | $ | 2,790 | $ | 5,434 | |||
Other Water Activities Revenues | — | — | |||||
Real Estate Revenues | — | — | |||||
Service and Rentals Revenues | 175 | 355 | |||||
Total Revenues | $ | 2,965 | $ | 5,789 | |||
Net Income | $ | 355 | $ | 710 | |||
Basic Earnings per Average Share Outstanding | $ | 0.04 | $ | 0.08 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.04 | $ | 0.08 |
|
|
Three Months | Six Months | ||||||||||||||
Period ended June 30, | 2012 | 2011 | 2012 | 2011 | |||||||||||
Service Cost | $ | 486 | $ | 318 | $ | 1,010 | $ | 761 | |||||||
Interest Cost | 640 | 522 | 1,285 | 1,067 | |||||||||||
Expected Return on Plan Assets | (659 | ) | (553 | ) | (1,346 | ) | (1,228 | ) | |||||||
Amortization of: | |||||||||||||||
Transition Obligation | — | 1 | — | 1 | |||||||||||
Prior Service Cost | 20 | 17 | 37 | 34 | |||||||||||
Net Loss | 519 | 156 | 877 | 344 | |||||||||||
Net Periodic Benefit Cost | $ | 1,006 | $ | 461 | $ | 1,863 | $ | 979 |
Three Months | Six Months | ||||||||||||||
Period ended June 30, | 2012 | 2011 | 2012 | 2011 | |||||||||||
Service Cost | $ | 118 | $ | 159 | $ | 275 | $ | 346 | |||||||
Interest Cost | 129 | 154 | 270 | 333 | |||||||||||
Expected Return on Plan Assets | (67 | ) | (59 | ) | (135 | ) | (134 | ) | |||||||
Other | 56 | 56 | 112 | 112 | |||||||||||
Amortization of: | |||||||||||||||
Prior Service Cost | (202 | ) | (163 | ) | (403 | ) | (264 | ) | |||||||
Recognized Net Loss | 140 | 144 | 306 | 304 | |||||||||||
Net Periodic Benefit Cost | $ | 174 | $ | 291 | $ | 425 | $ | 697 |
|
2012 | 2011 | ||||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note and Supplement A | $ | 17,781 | $ | — | ||||
Var. | Term Loan Note and Supplement B | 18,088 | — | ||||||
Total Connecticut Water Service, Inc. | 35,869 | — | |||||||
The Connecticut Water Company: | |||||||||
Unsecured Water Facilities Revenue Bonds | |||||||||
5.05% | 1998 Series A, Due 2028 | 9,550 | 9,550 | ||||||
5.125% | 1998 Series B, Due 2028 | 7,495 | 7,495 | ||||||
4.40% | 2003A Series, Due 2020 | 8,000 | 8,000 | ||||||
5.00% | 2003C Series, Due 2022 | 14,795 | 14,795 | ||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.00% | 2005 A Series, Due 2040 | 14,795 | 14,805 | ||||||
5.00% | 2007 A Series, Due 2037 | 14,560 | 14,570 | ||||||
5.10% | 2009 A Series, Due 2039 | 19,950 | 20,000 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,991 | 23,991 | ||||||
Total The Connecticut Water Company | 135,186 | 135,256 | |||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 9,000 | — | ||||||
5.05% | 1999 Series H, Due 2024 | 1,965 | — | ||||||
2.68% | 1999 Series J, Due 2019 | 524 | — | ||||||
0.00% | 2001 Series K, Due 2031 | 780 | — | ||||||
2.58% | 2002 Series L, Due 2022 | 98 | — | ||||||
1.53% | 2003 Series M, Due 2023 | 421 | — | ||||||
1.73% | 2004 Series N, Due 2024 | 491 | — | ||||||
0.00% | 2004 Series O, Due 2034 | 147 | — | ||||||
1.76% | 2006 Series P, Due 2026 | 471 | — | ||||||
1.57% | 2009 Series R, Due 2029 | 247 | — | ||||||
0.00% | 2009 Series S, Due 2029 | 785 | — | ||||||
0.00% | 2009 Series T, Due 2029 | 2,200 | — | ||||||
Total The Maine Water Company | 17,129 | — | |||||||
Add: Maine Acquisition Fair Value Adjustment | 896 | — | |||||||
Less: Current Portion | (1,239 | ) | — | ||||||
Total Long-Term Debt | $ | 187,841 | $ | 135,256 |
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,418 | $ | — | $ | 2,418 | |||||||
Money Market Fund | 138 | — | — | 138 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 682 | — | — | 682 | |||||||||||
Total | $ | 820 | $ | 2,418 | $ | — | $ | 3,238 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Type: | |||||||||||||||
Company Owned Life Insurance | $ | — | $ | 2,269 | $ | — | $ | 2,269 | |||||||
Money Market Fund | 28 | — | — | 28 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 852 | — | — | 852 | |||||||||||
Total | $ | 880 | $ | 2,269 | $ | — | $ | 3,149 |
(1) | Mutual funds consisting primarily of equity securities. |
|
Three Months Ended June 30, 2012 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Activities | $ | 21,672 | $ | 4,929 | $ | 2,081 | $ | 2,848 | ||||||||
Real Estate Transactions | 1,450 | 1,331 | 349 | 982 | ||||||||||||
Services and Rentals | 1,366 | 562 | 229 | 333 | ||||||||||||
Total | $ | 24,488 | $ | 6,822 | $ | 2,659 | $ | 4,163 |
Three Months Ended June 30, 2011 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Activities | $ | 17,725 | $ | 5,072 | $ | 1,821 | $ | 3,251 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 1,096 | 369 | 150 | 219 | ||||||||||||
Total | $ | 18,821 | $ | 5,441 | $ | 1,971 | $ | 3,470 |
Six Months Ended June 30, 2012 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Activities | $ | 40,561 | $ | 7,414 | $ | 3,006 | $ | 4,408 | ||||||||
Real Estate Transactions | 1,450 | 1,331 | 349 | 982 | ||||||||||||
Services and Rentals | 2,701 | 1,153 | 470 | 683 | ||||||||||||
Total | $ | 44,712 | $ | 9,898 | $ | 3,825 | $ | 6,073 |
Six Months Ended June 30, 2011 | ||||||||||||||||
Segment | Revenues | Pre-Tax Income | Income Tax Expense | Net Income | ||||||||||||
Water Activities | $ | 34,048 | $ | 8,329 | $ | 3,003 | $ | 5,326 | ||||||||
Real Estate Transactions | — | — | — | — | ||||||||||||
Services and Rentals | 2,263 | 698 | 286 | 412 | ||||||||||||
Total | $ | 36,311 | $ | 9,027 | $ | 3,289 | $ | 5,738 |
June 30, 2012 | December 31, 2011 | ||||||
Total Plant and Other Investments: | |||||||
Water Activities | $ | 424,147 | $ | 364,955 | |||
Non-Water | 660 | 635 | |||||
424,807 | 365,590 | ||||||
Other Assets: | |||||||
Water Activities | 107,000 | 96,996 | |||||
Non-Water | 21,648 | 2,245 | |||||
128,648 | 99,241 | ||||||
Total Assets | $ | 553,455 | $ | 464,831 |
|
Net Utility Plant | $ | 51,861 | |
Cash and Cash Equivalents | 1,607 | ||
Accounts Receivable, net | 974 | ||
Prepayments and Other Current Assets | 1,819 | ||
Goodwill | 18,126 | ||
Deferred Charges and Other Costs | 4,352 | ||
Total Assets Acquired | $ | 78,739 | |
Long-Term Debt, including current portion | $ | 18,259 | |
Accounts Payable and Accrued Expenses | 1,137 | ||
Other Current Liabilities | 1,289 | ||
Advances for Construction | 1,186 | ||
Contributions in Aid of Construction | 8,886 | ||
Deferred Federal and State Income Taxes | 8,919 | ||
Other Long-Term Liabilities | 2,737 | ||
Total Liabilities Assumed | $ | 42,413 | |
Net Assets Acquired | $ | 36,326 |
Periods ended June 30, 2011 | Three Months | Six Months | |||||
Operating Revenues | $ | 20,079 | $ | 38,690 | |||
Other Water Activities Revenues | 366 | 700 | |||||
Real Estate Revenues | — | — | |||||
Service and Rentals Revenues | 1,267 | 2,617 | |||||
Total Revenues | $ | 21,712 | $ | 42,007 | |||
Net Income | $ | 3,633 | $ | 5,831 | |||
Basic Earnings per Average Share Outstanding | $ | 0.42 | $ | 0.68 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.42 | $ | 0.67 |
Periods ended June 30, 2012 | Three Months | Six Months | |||||
Operating Revenues | $ | 2,790 | $ | 5,434 | |||
Other Water Activities Revenues | — | — | |||||
Real Estate Revenues | — | — | |||||
Service and Rentals Revenues | 175 | 355 | |||||
Total Revenues | $ | 2,965 | $ | 5,789 | |||
Net Income | $ | 355 | $ | 710 | |||
Basic Earnings per Average Share Outstanding | $ | 0.04 | $ | 0.08 | |||
Diluted Earnings per Average Share Outstanding | $ | 0.04 | $ | 0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|