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Investor Info 1999 For
Immediate Release: Contact:
Maurice L. Arel, President and Chief Executive Officer Pennichuck Corporation Announces First Quarter 1999 Earnings Maurice L. Arel, President and Chief Executive Officer of Pennichuck Corporation, announced today that net income for the first three months of 1999 was $456,000, or $.26 per share compared to $236,000, or $.19 per share for the same quarter in 1998. Mr. Arel indicated that last year’s earnings per share have been restated to include the effect of a three for two stock split in September 1998. Consolidated revenues, comprised chiefly of water utility revenues, were $3,856,000 for the first quarter of 1999 -- an increase of $940,000, or 32%, over the same quarter last year. Mr. Arel was pleased to note that revenues gains were realized in each of the Company's three business segments – regulated water utility operations, contract operations and real estate development. Of the revenue increase from last year, approximately $556,000 related to the operations of Pennichuck East Utility, Inc. which was created in April 1998. The increase also reflects the benefit of a rate increase granted to Pennichuck Water Works, Inc. in March 1998 as well as the addtion of a major operations contract in April 1998 and increased real estate sales generated by Southwood’s real estate joint ventures. Pennichuck Corporation is a holding company located Nashua, New Hampshire with five wholly-owned subsidiaries. Pennichuck Water Works, Inc., Pennichuck East Utility, Inc. and Pittsfield Aqueduct Company, Inc. are regulated businesses involved in water supply and distribution in cities and towns throughout southern and central New Hampshire. Pennichuck Water Service Corporation is involved in non-regulated, water-related services and operations and The Southwood Corporation owns, manages and develops real estate. Pennichuck Corporation is traded on the Nasdaq NMS exchange under the symbol "PNNW". Pennichuck
Corporation
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