Investor Info 1999

For Immediate Release:
November 9, 1999

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 Results of
Operations for Nine Months Ended September 30, 1999

Maurice L. Arel, President and CEO of Pennichuck Corporation, announced today that the Company's consolidated net income for the nine months ended September 30, 1999 was $2.1 million, a 17% increase over the same period last year. On a per share basis, however, earnings decreased to $1.21 from $1.46 last year -- a 17% decrease reflecting the dilutive effect of an additional 483,000 shares which the Company issued in its November 1998 equity offering. Mr. Arel stated that those additional shares at that time represented a 39% increase in the number of outstanding shares of the Company. For the first nine months of 1999, consolidated revenues increased to $13.7 million, or $440,000 over last year. Mr. Arel indicated that 1999 utility revenues include the full effect of the acquisition of 4,500 new customers in April 1998 and a rate increase that became effective during the second quarter of 1998. Revenues for the current year also reflect an 8% increase in pumpage due to the unusually hot and dry month of June 1999.

For the three months ended September 30, 1999, net income for 1999 was $870,000, or $.50 per share compared to $1,049,000, or $.85 per share for the same period in 1998. Mr. Arel pointed out that last year's third quarter included approximately $85,000, or $.07 per share, from the sale of a major land parcel by one of the Company's real estate partnerships. Earnings per share for the third quarter of 1999 also reflect the dilution from the new shares issued last year. Consolidated revenues for the third quarter in 1999 declined to $5.1 million from $6.4 million last year, which included $1.38 million from the previously mentioned land sale.

Pennichuck Corporation is holding company located in Nashua, New Hampshire with diversified operating subsidiaries involved in water supply and distribution, water-related contract operations and real estate management and development. The Company is listed on the Nasdaq National Market System and trades under the symbol "PNNW."

Pennichuck Corporation
Financial Data

1999
1998
Quarter Ended September 30:
Consolidated Revenues
$5,131,000
$6,404,000
Net Income
$ 870,000
$1,049,000
Earnings Per Share:
Basic
$.50
$.85
Diluted Earnings Per Share
$.50
$.84
Average Shares Outstanding:
1999
1998
Basic
1,749,252
1,233,797
Diluted
1,759,287
1,248,460
Nine Months Ended September 30:
Consolidated Revenues
$13,733,000
$13,293,000
Net Income
$ 2,103,000
$ 1,795,000
Earnings Per Share:
Basic
$1.21
$1.46
Diluted
$1.20
$1.44
Average Shares Outstanding:
Basic
1,740,983
1,229,604
Diluted
1,751,018
1,242,801