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Investor Info 1999 For
Immediate Release: Contact:
Maurice L. Arel, President and Chief Executive Officer Pennichuck Corporation Announces Second Quarter 1999 Earnings Maurice L. Arel, President and Chief Executive Officer of Pennichuck Corporation, announced today that net income for the quarter ended June 30, 1999 was $777,000, or $.45 per share compared to $510,000, or $.42 per share for the same period in 1998. For the six months ended June 30, 1999, net income was $1,233,000, or $.71 per share compared to $746,000, or $.61 per share, for the six months ended June 30, 1998. Mr. Arel indicated that the 1999 earnings per share calculation include an additional 483,000 shares which were issued by the Company in its November 1998 common equity offering. Consolidated revenues of the Company, comprised chiefly of water utility revenues, for the six months ended June 30, 1999 were $8,602,000 compared to $6,889,000 in 1998 -- a 25% increase over the same period last year. Of that increase, $1,337,000 was related to the Company’s water utility operations. The Mr. Arel attributed the increase in water revenues to (i) last year’s acquisition of 3,600 new customers formerly serviced by Consumers New Hampshire, (ii) the effect of certain rate relief granted in April 1998 to two of the Company's wholly-owned, regulated water utilities by the New Hampshire Public Utilities Commission and (iii) the hotter and drier than normal weather conditions experienced in June 1999. He also stated that he Company's consolidated net income for 1999 has been positively impacted by the revenue growth in its real estate and contract operations as a result the area’s favorable economy and a recent contract operations agreement with a local municipality. Revenues from those activities were $755,000 and $379,000 for the six months ended June 30, 1999 and 1998, respectively. 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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