Investor Info 2001

For Immediate Release: August 7, 2001

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 Second Quarter 2001 Earnings

Maurice L. Arel, President and Chief Executive Officer of Pennichuck Corporation, announced today that net income for the quarter ended June 30, 2001 was $966,000, or $.54 per share compared to $596,000, or $.34 per share for the same period in 2000. For the six months ended June 30, 2001, net income was $1.38 million, or $.77 per share, compared to $1.06 million, or $.60 per share, for the six months ended June 30, 2000. For the three months ended June 30, 2001, consolidated revenues increased to $5.57 million compared to $4.45 million during the same quarter last year and consolidated revenues for the first half of 2001 increased to $9.99 million, a $1.4 million increase from last year.

For the second quarter ended June 30, 2001, Mr. Arel stated that water revenues from the Company's regulated utilities totaled $4.45 million, reflecting a 9% increase in water consumption as a result of the drier and warmer weather conditions experienced in May and June of 2001 compared to a year ago. In addition to the growth in water revenues, operating revenues from the Company's real estate operations increased by $416,000 to $761,000, principally due to a commercial land sale in its Southwood Corporate Park and increased earnings from its commercial property joint ventures. Mr. Arel stated that revenues from the Company's contract operations also rose to $367,000, an increase of  $200,000, due to a greater amount of contract work performed and the addition of nine new operating contracts entered into during 2001.

Pennichuck Corporation is a holding company located Nashua, New Hampshire with diversified businesses involved in regulated water supply and distribution in cities and towns throughout southern and central New Hampshire; non-regulated, water-related services and operations; and real estate management and development.

Pennichuck Corporation is traded on the Nasdaq NMS exchange under the symbol “PNNW”.

Pennichuck Corporation
Results of Operations

Quarter Ended June 30:                                    2001                             2000                                                              

Consolidated Revenues                         $5,573,000                  $4,453,000                                         

Net Income                                                      $   966,000                  $   596,000                                         

Earnings Per Share:

Basic                                                                $.54                             $.34 

Diluted                                                             $.54  $ .34                                                                

Average Shares Outstanding:

Basic                                                       1,784,905                    1,768,947                

Diluted                                                    1,792,349                    1,774,818                                        

Six Months Ended June 30:                              2001                            2000                                                           

Consolidated Revenues                         $9,983,000                  $8,588,000                                                     

Net Income                                                      $1,381,000                  $1,056,000                                         

Earnings Per Share:

Basic                                                                            $.77                             $.60

Diluted                                                                         $.77                             $.60                                                                            

Average Shares Outstanding:

Basic                                                                   1,782,816                    1,767,112

Diluted                                                                1,790,260                    1,772,983