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Investor Info 2000 For
Immediate Release: Contact:
Maurice L. Arel, President & Chief Executive Officer For
Immediate Release Maurice L. Arel, President and Chief Executive Officer of Pennichuck Corporation, announced today that the Company's net income for the twelve months ended December 31, 2000 was $3,683,000 compared to $2,616,000 for 1999. Basic earnings per share for 2000 were $2.08 compared to $1.50 for 1999. He indicated that the increase in 2000 earnings was principally the result of a major land sale which occurred in the fourth quarter of 2000. For calendar year 2000, Mr. Arel stated that total utility revenues were approximately $16 million, or 2.3% less than in 1999. That decrease reflects the damper than normal spring and summer in 2000 which adversely affected water consumption during those months. Furthermore, the utilities’ expenses increased $600,000, or 5.5%, resulting from increased operating and maintenance costs associated with the Company's’ $8 million capital investment program over the past two years. The combined effect of the decrease in utility revenues and increase in operating costs resulted in a decrease in utility net earnings from $2.06 million in 1999 to $1.52 million in 2000. The Company's water utility operations are conducted through three wholly-owned subsidiaries -- Pennichuck Water Works, Inc., Pennichuck East Utility, Inc. and Pittsfield Aqueduct Company. Mr. Arel also announced that the Company's non-regulated businesses, principally real estate development and contract operations, generated net income of $2.16 million in 2000 compared to $557,000 in 1999. The principal reasons for the increase were the gain on the sale of a major tract of land to Corning Lasertron in the fourth quarter of 2000 and better than expected housing sales by its residential joint ventures. The Company's real estate operations are conducted through The Southwood Corporation while its contract operations are conducted through Pennichuck Water Service Corporation. Pennichuck Corporation is a holding company involved in the supply and distribution of potable water in southern and central New Hampshire and in non-regulated, water-related activities including operations and maintenance contracts with municipalities in New Hampshire. It is also involved in the ownership, management and development of real estate in the greater Nashua, New Hampshire area. Pennichuck Corporation’s common stock trades on the Nasdaq NMS under the symbol “PNNW”.
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