Investor Info 2001

For Immediate Release:
November 6, 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 Third Quarter 2001 Earnings

Maurice L. Arel, President and Chief Executive Officer of Pennichuck Corporation, announced today that net income for the quarter ended September 30, 2001 was $1,008,000, or $.56 per share compared to $1,150,000, or $.65 per share for the same period in 2000. For the nine months ended September 30, 2001, net income was $2,389,000, or $1.34 per share, compared to $2,206,000, or $1.25 per share, for the nine months ended September 30, 2000.

For the third quarter ended September 30, 2001, Mr. Arel stated that consolidated revenues were $5,654,000, or a decrease of $291,000 from the same period last year. The decrease in revenues resulted principally within the Company's real estate operations which last year reflected $704,000 from a major land sale. He added there were no such major land sales in the third quarter of 2001. However, water revenues from the Company's regulated utilities increased by $510,000, or 11%, to $5,083,000 for the three months ended September 30, 2001 reflecting increased consumption associated with the drier and warmer weather conditions this past summer compared to a year ago. Mr. Arel also noted that the utilities’ revenue growth reflects a 1.8% increase in the number of new customers from last year as well as a temporary rate increase effective late in the third quarter.

For the first nine months of 2001, consolidated revenues increased to $15,637,000, or 7.6% over last year. Mr. Arel indicated that the Company's water utility operations and contract operations realized revenue growth of 8% and 27%, respectively, over last year. Thus far in 2001, revenues total $13,141,000 and $842,000 in those businesses, respectively.

Pennichuck Corporation is a holding company located in 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 contract services; and real estate management and development. Pennichuck Corporation is traded on the Nasdaq NMS exchange under the symbol “PNNW”.

Pennichuck Corporation
Results of Operations