posted
Updated:2006-02-07 12:59:43 Aqua America Declares March 2006 Dividend BUSINESS WIRE BRYN MAWR, Pa.--(BUSINESS WIRE)----The Board of Directors of Aqua America, Inc. (NYSE:WTR) today declared a quarterly cash dividend payment of $.1069 per share payable on March 1, 2006, to all shareholders of record as of February 15, 2006.
The March dividend begins the 61st consecutive year for which Aqua America has paid a dividend.
Aqua America, Inc. is the largest U.S.-based publicly traded water company serving more than 2.5 million residents in Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina, Maine, Missouri, New York, and South Carolina. Aqua America is listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol WTR.
Posts: 529 | From: CA | Registered: Jan 2005
| IP: Logged |
posted
Aqua America Trickles Onward By Stephen D. Simpson, CFA (TMFWildWeasel) March 14, 2006
Even though water companies like Aqua America (NYSE: WTR) actually enjoyed strong stock performance in 2005, a lot of folks still think of them as sleepy utilities. So I'm sure a few people were taken aback by the stock-price washout seen in the wake of Aqua America's fourth-quarter earnings.
Honestly, I don't really see what all the fuss was about, since the company is a long-term investment. It might not be exciting to watch a sink fill up one drip at a time, but if you've got the patience to let it go, those drips eventually add up.
Revenue was up about 6% in the fourth quarter, with adjusted earnings rising a little less than 6%. The company did continue to see some higher fuel costs in the wake of the hurricanes, as well as higher employee expenses. That led to a modest year-over-year worsening in the fourth-quarter efficiency ratio, which compares operational and maintenance expenses to revenue.
Aqua America completed 30 deals in the year, boosted its dividend, and experienced roughly 3% dilution. The company also boosted its capital spending by about 21%, which I believe exceeded operating cash flow for the quarter. (The company didn't offer an operating cash flow number.)
All that said, I believe Aqua America's management still needs to be given time to execute what should be a sound strategy. The company's plan involves buying attractively priced water utility assets, fixing them up, then reaping a steady stream of income from those assets. In the short run, that's bad for cash flow and the balance sheet, since it takes debt (and/or stock) to buy assets and cash to upgrade them. Over the longer haul, though, that strategy should produce good cash flow at relatively low risk.
When it comes to widespread water utilities, Aqua is almost the only game in town for many investors. Others like SJW (NYSE: SJW), California Water Service (NYSE: CWT), and American States (NYSE: AWR) are all legitimate companies, but they're not as geographically diversified. Of course, you also have foreign operators such as Suez (NYSE: SZE) and Veolia (NYSE: VE).
I realize valuations here don't necessary look cheap at first blush, but I do believe that patient investors can still make some money at these levels. It'll take time, but I still think water is a great place to be for the long haul.
-------------------- Veni Vidi Vici Posts: 529 | From: CA | Registered: Jan 2005
| IP: Logged |
posted
Updated:2006-04-04 11:45:34 Aqua America Closes On Four Acquisitions Dow Jones Dow Jones Newswires
Aqua America Inc. (WTR) recently closed on four acquisitions, including two in North Carolina, which brings the water utility's purchase tally to seven in the first quarter of 2006.
Aqua America, of Bryn Mawr, Pa., purchased the water system serving the Stonecroft Village development in Marion Township, Berks County, Pa. Stonecroft Village will house more than 400 people.
Also, Aqua America bought the water system for the Shell Shores/Cedar Bay residential development, located southeast of Dallas. The company said the system now serves more than 760 residents, with a total of about 1,200 residents expected to be served upon completion of a build-out.
In North Carolina, the company purchased Hooper's Valley Water Co., which serves about 200 residents near Hendersonville in Henderson County. Also, it purchased the Dearon Village condominium complex in Surry County, which is expected to house about 60 people at build-out.
-------------------- Veni Vidi Vici Posts: 529 | From: CA | Registered: Jan 2005
| IP: Logged |
posted
Updated:2006-04-21 11:25:38 Aqua America Chairman Nicholas DeBenedictis Receives Top Honor from Greater Philadelphia Chamber of Commerce BUSINESS WIRE PHILADELPHIA--(BUSINESS WIRE)----The Greater Philadelphia Chamber of Commerce - one of the country's largest - bestows its highest honor for an individual business leader, the William Penn Award(TM), tonight to Nicholas DeBenedictis, Chairman and CEO, Aqua America, Inc. (NYSE:WTR). The 2005 William Penn Award recognizes DeBenedictis' professional accomplishments, as well as his outstanding contributions to charitable and civic activities across the region.
Approximately 700 people are expected to attend the William Penn Award Gala at Philadelphia's Park Hyatt at the Bellevue, where former Pennsylvania Governor and Chamber President and CEO Mark S. Schweiker will present the award. Also in attendance will be Governor Edward G. Rendell, U.S. Senator Arlen Specter and former Pennsylvania Governor and U.S. Attorney General Richard Thornburgh.
Under DeBenedictis' leadership, Aqua America has grown to become the nation's largest U.S.-based, publicly-traded water company, serving more than 2.5 million residents in 13 states. He has guided the company's successful growth-through-acquisition strategy, which has added more than 180 water and wastewater systems to its national footprint since 1995. During his tenure, the company's market cap has grown from $100 million to more than $3.3 billion.
"It's a great honor to share this special evening with my business and civic colleagues, especially when we consider the tremendous rising tide of pride that is engulfing this region," DeBenedictis said. "Furthermore, I am grateful to be recognized for leading a home-grown company that is expanding across the country and becoming a major player in supplying one of our most precious natural resources - water."
In addition to his chief executive role at Aqua America, he is Chairman of the Philadelphia Convention & Visitors Bureau's Board of Directors and Chairman of the Chamber's Legislative Policy Committee. Prior to joining Aqua America, DeBenedictis spent three years (1989-1992) as Senior Vice President of Corporate and Public Affairs for PECO Energy, a subsidiary of Exelon, the nation's largest electric utility. Currently, he is a member of Exelon's Board of Directors. From 1986 to 1989, DeBenedictis was president of the Greater Philadelphia Chamber of Commerce. He also served in two cabinet positions in Pennsylvania government: Secretary of the Department of Environmental Resources (1983-1986) and Director of the Office of Economic Development (1981-1983).
"Nick DeBenedictis is a true leader, in every sense of the word, whether you're talking about guiding the nation's leading water company or getting involved in important issues that affect our region," said Schweiker. "Under Nick's guidance, Aqua America's growth has been phenomenal. He is a driving force who will take on many responsibilities and excel in everything he does."
Among the list of past William Penn Award(TM) recipients are Willard G. Rouse, III, Chair, Liberty Property Trust; G. Fred DiBona, Jr., former President and Chief Executive Officer, Independence Blue Cross; Ambassador Walter H. Annenberg; Ronald Rubin, Chairman, Pennsylvania Realty Investment Trust; Dr. Judith Rodin, former President, University of Pennsylvania and now President, Rockefeller Foundation; and Ed Snider, Chairman of Comcast-Spectacor and owner of the Philadelphia Flyers and 76ers sports franchises.
Aqua America is listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol WTR
-------------------- Veni Vidi Vici Posts: 529 | From: CA | Registered: Jan 2005
| IP: Logged |
posted
Updated:2006-05-01 18:27:38 Aqua America Declares June 2006 Dividend BUSINESS WIRE BRYN MAWR, Pa.--(BUSINESS WIRE)----The Board of Directors of Aqua America, Inc. (NYSE:WTR) today declared a quarterly cash dividend payment of $0.1069 per share payable on June 1, 2006, to all shareholders of record as of May 18, 2006.
Aqua America has paid a dividend for more than 60 years and increased the company dividend 15 times in the last 14 years.
Aqua America, Inc. is the largest U.S.-based publicly traded water company serving more than 2.5 million residents in Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina, Maine, Missouri, New York, and South Carolina. Aqua America is listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol WTR.
-------------------- Veni Vidi Vici Posts: 529 | From: CA | Registered: Jan 2005
| IP: Logged |
posted
Updated:2006-05-03 19:04:50 Aqua America 1Q Net Down 12%, But Sees Income Growth In 2nd Half Dow Jones Dow Jones Newswires
Aqua America Inc.'s (WTR) first-quarter net income fell 12% to $16.6 million, or 13 cents a share, from year-earlier profit of $18.9 million, or 15 cents a share.
Analysts, on average, expected earnings of 13 cents a share in the recent period.
The Bryn Mawr, Pa., water utility said results reflect a lag in recovering costs through rate increases and it expects to see income growth in the second half of 2006.
Revenue grew 3.5% to $117.9 million, from $114 million in the 2005 quarter.
-------------------- Veni Vidi Vici Posts: 529 | From: CA | Registered: Jan 2005
| IP: Logged |
posted
Updated:2006-05-16 08:35:12 Aqua America To Buy NY Water Service Corp, Valued At $51 Million Dow Jones DOW JONES NEWSWIRES
Aqua America Inc. (WTR) will acquire New York Water Service Corp. from Utilities & Industries Corp. LLC in a deal valued at $51 million in cash and debt.
Aqua America, Bryn Mawr, Pa., will pay $28 million to acquire the stock of New York Water Service, and assume $23 million in debt.
According to Aqua America, New York Water Service provides public water to about 135,000 residents, and will extend Aqua America's customer base by more than 5%.
The deal is expected to close by the end of the year.
In 2005, Aqua America had operating revenue of $496.8 million, and net income of $91.2 million, or 71 cents a share
-------------------- Veni Vidi Vici Posts: 529 | From: CA | Registered: Jan 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
