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Investor Info 1999 For
Immediate Release: Contact:
Maurice L. Arel, President & Chief Executive Officer For
Immediate Release 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, 1999 was $2,616,000, compared to $2,106,000 for 1998. On a per share basis, earnings for 1999 were $1.50 compared to $1.61 for 1998. The decrease in earnings per share, he noted, reflects the dilutive effect of approximately 483,000 new shares which were issued by the Company in its November 1998 common stock offering. Mr. Arel stated that total utility revenues for 1999 were $16.3 million, or $1.3 million more than in 1998. That increase was the result of a full twelve months of revenue from Pennichuck East Utility, Inc. during 1999 as well as the addition of over 500 new customers and increased water consumption during the hotter and drier than normal month of June 1999. Net income from the Company’s regulated water subsidiaries was $2.05 million in 1999, or an 8.8 percent increase over 1998. The Company's water utility operations are conducted principally through three wholly-owned subsidiaries -- Pennichuck Water Works, Inc., Pennichuck East Utility, Inc. and Pittsfield Aqueduct Company The Company's non-regulated businesses, principally contract operations and real estate development, generated net income of $565,000 in 1999, which was $344,000 more than in 1998. The Company's contract operations are conducted through Pennichuck Water Service Corporation while its real estate operations are conducted through The Southwood Corporation. Mr. Arel stated that this improvement in the non-regulated income reflects the positive financial results of its real estate residential joint venture activities and improved operating efficiencies within its contract operations. 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. 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".
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