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For
Immediate Release:
November 7, 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 Pennichuck
Corporation Announces Results of Operations for Nine Months Ended
September 30, 2000
Maurice
L. Arel, President and CEO of Pennichuck Corporation, announced
today that the Company's consolidated net income for the nine months
ended September 30, 2000 rose 4.8% over the same period last year
to $2.2 million, based primarily on continued strong results in
the real estate development sector. Basic earnings per share increased
to $1.25 from $1.21 last year. For
the first nine months of 2000, consolidated revenues increased 5.8%
or $800,000 over last year to $14.5 million. Mr. Arel indicated
that there was a significant change in revenues among the Company's
primary business segments from 1999 to 2000. Revenues from the Company's
water utility operations for the nine months ended September 30,
2000 decreased 3.9% or $487,000 to $12.15 million from the same
period in 1999 while revenues from the Company's real estate and
other activities increased $1.29 million to $2.38 million. The decrease
in water utility revenues resulted from a 6% drop in consumption
reflecting the damper and cooler than normal weather conditions
experienced in June and July 2000 compared to the drier and hotter
than normal weather for the same months in 1999. The current year’s
real estate revenues include approximately $705,000 from the sale
of a tract of land in July 2000 as well as increased residential
sales by two joint ventures in which the Company's real estate subsidiary
is a 50% owner. For
the quarter ended September 30, 2000, basic earnings per share increased
to $.65 based on net income of $1.15 million, compared to $.50 per
basic share based on net income of $870,000 for the comparable period
in 1999. Consolidated revenues for the third quarter in 2000 increased
to $5.95 million from $5.13 million last year. The improvement in
third quarter revenues and net income from 1999 to 2000 resulted
principally from additional real estate sales discussed previously.
Revenues from real estate and other operations increased over $1
million to $1.37 million from $337,000, while revenues from water
utility operations declined over $220,000 to $4.57 million from
$4.79 million in the same period last year. Pennichuck Corporation is a holding company located in Nashua, New Hampshire with diversified operating subsidiaries involved in water supply and distribution, water-related contract operations and real estate management and development. The Company is listed on the Nasdaq National Market System and trades under the symbol “PNNW.”
Pennichuck
Corporation Financial
Data
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