Investor Info 2000

For Immediate Release:
August 2, 2000

Contact: Maurice L. Arel, President and Chief Executive Officer
               Charles J. Staab, VP, Treasurer and Chief Financial Officer
Phone: 603-882-5191
Fax: 603-882-4125

Maurice L. Arel, President and Chief Executive Officer of Pennichuck Corporation, announced today that net income for the quarter ended June 30, 2000 was $596,000, or $.34 per share compared to $777,000, or $.45 per share for the same period in 1999. For the six months ended June 30, 2000, net income was $1.056 million, or $.60 per share, compared to $1.23 million, or $.71 per share, for the six months ended June 30, 1999.

Consolidated revenues of the Company, comprised chiefly of water utility revenues, for the six months ended June 30, 2000 were $8.59 million compared to $8.60 million in 1999. Mr. Arel stated that although consolidated revenues were about equal to last year, there was a significant change in the mix of revenues among the Company’s business segments. He stated that the Company’s water utility revenues for the six months ended June 30, 2000 were $7.58 million, or 3.4% less than the same period in 1999. That decrease was due to the cooler and damper weather experienced in May and June of 2000 compared to the hotter and drier weather in June 1999. However, Mr. Arel noted that the Company’s water utilities continued to experience a strong increase in their customer base which increased by 2.2% from June 1999 to June 2000.

Operating revenues from the Company's real estate and contract operations increased from $755,000 in the first half of 1999 to $1.1 million for the first half of 2000. Of that increase, nearly $200,000 was attributable to (i) increased real estate sales recognized in the second quarter of 2000 and (ii) additional fees earned under various operating contracts.

Pennichuck Corporation is a holding company located Nashua, New Hampshire with five wholly-owned subsidiaries. Pennichuck Water Works, Inc., Pennichuck East Utility, Inc. and Pittsfield Aqueduct Company, Inc. are regulated businesses involved in water supply and distribution in cities and towns throughout southern and central New Hampshire. Pennichuck Water Service Corporation is involved in non-regulated, water-related services and operations and The Southwood Corporation owns, manages and develops real estate. Pennichuck Corporation is traded on the Nasdaq NMS exchange under the symbol “PNNW”.

Pennichuck Corporation
Results of Operations