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Investor Info 2003 For
Immediate Release: Contact:
John R. Kreick, PhD., Chief Executive Officer Pennichuck Corporation Announces First Quarter 2003 Earnings Dr. John R. Kreick, Chief Executive Officer of Pennichuck Corporation, announced today that net income for the first three months of 2003 was $147,000, or $.06 per share, compared to $630,000, or $.26 per share for the same quarter in 2002. Dr. Kreick indicated that net income for the three months ended March 31, 2003 was adversely impacted by approximately $484,000 of legal and other costs relating to the Company's terminated merger with Philadelphia Suburban Corporation, municipalization activities, and regulatory investigation matters. The Company’s consolidated revenues for the first quarter of 2003 were $4.86 million, representing a $2 million decrease from the same quarter in 2002. Dr. Kreick stated that the utilities’ combined revenues, however, increased slightly from $3.95 million in the first quarter of 2002 to $4.05 million for the quarter ended March 31, 2003, a 2.5% increase. He attributed that increase to a 5.76% rate increase granted to Pennichuck Water Works, Inc. in March 2002, offset by an overall decline in billed consumption from last year. Revenues from real estate activities were $453,000 in the first quarter of 2003 versus $2.58 million for the same period last year. Dr. Kreick noted that the difference was largely due to the sale of the remaining land in Southwood Corporate Park during the first quarter of 2002. In January 2003, Southwood sold a tract of land in Merrimack, New Hampshire in exchange for approximately $260,000 in cash and a note receivable of $1.22 million. This sale resulted in a gain of approximately $1.48 million. Recognition of $1.22 million of that gain has been deferred until final payment on the note in October 2005. Revenues from the Company's non-regulated water service business increased to $344,000, a 6.8% increase over the same period last year. Pennichuck Corporation is a holding company located in Nashua, New Hampshire with diversified businesses involved in regulated water supply and distribution in Nashua 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
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