Investor Info 2001

For Immediate Release:
February 20, 2002

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

For Immediate Release
Pennichuck Corporation Announces 2001 Earnings

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, 2001 was $3,612,000 compared to $3,683,000 for 2000. Basic earnings per share for 2001 were $1.52 compared to $1.56 for 2000. He indicated that the decrease in 2001 earnings was principally due to a reduction in net income from the Company’s real estate operations.

For calendar year 2001, Mr. Arel stated that total utility revenues were approximately $17.4 million, or 9.1% more than in 2000. That increase reflects the drier and more seasonal weather in 2001 compared to 2000, resulting in an overall increase of 11% in water consumption during the third and fourth quarter. Additionally, utility revenues reflect an 8.52% temporary rate increase which was implemented in September 2001 for the Company's core system customers.

Mr. Arel also announced that the Company's non-regulated businesses, principally real estate development and contract operations, generated net income of $1.5 million and $89,000, respectively, in 2001 compared to $1.96 million and $97,000, respectively in 2000. The principal reason for the decrease in real estate earnings was a $1.08 million after-tax gain on the sale of a major tract of land to Corning Lasertron that occurred in the fourth quarter of 2000. 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 and Massachusetts. 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”.

Summary of Financial Results
Pennichuck Corporation
Twelve Months Ended December 31 –
2001 2000
   Total Revenues $22,754,338 $23,671,476
   Net Income $3,611,704 $3,682,661
Earnings Per Share:
        Basic $1.52 $1.56
        Diluted $1.50 $1.55
Average Shares Outstanding:
        Basic 2,382,389 2,360,767
        Diluted 2,400,088 2,369,272
Quarter Ended December 31 –
2001 2000
   Total Revenues $7,117,270 $9,138,297
   Net Income $1,223,092 $1,476,286
Earnings Per Share:
        Basic $.51 $.62
        Diluted $.51 $.62
Average Shares Outstanding:
       Basic 2,386,5542 2,367,938
        Diluted 2,404,240 2,367,543