CONNECTICUT WATER SERVICE INC / CT

CIK:0000276209|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating Expenses
Operation and Maintenance	$ 12,803	$ 12,720	$ 25,725	$ 25,740
Depreciation	4,895	4,360	9,712	9,065
Income Taxes	299	627	511	620
Taxes Other Than Income Taxes	2,851	2,618	5,943	5,475
Total Operating Expenses	20,848	20,325	41,891	40,900
Net Operating Revenues	30,664	29,904	56,910	54,757
Net Regulated Operating Revenue	9,816	9,579	15,019	13,857
Other Utility Income, Net of Taxes	283	248	482	515
Total Utility Operating Income	10,099	9,827	15,501	14,372
Gain (Loss) on Disposition of Oil and Gas and Timber Property	11	0	23	0
Other Income (Deductions), Net of Taxes
Non-Water Sales Earnings	404	432	890	828
Allowance for Funds Used During Construction	203	105	359	158
Business Combination, Acquisition Related Costs	(2,171)	(2,391)	(3,096)	(5,652)
Other	553	(472)	866	(818)
Total Other Income, Net of Taxes	(1,000)	(2,326)	(958)	(5,484)
Interest and Debt Expense
Interest on Long-Term Debt	2,642	2,606	5,274	5,168
Interest Income (Expense), Net	605	115	1,112	116
Amortization of Debt Expense	66	51	133	102
Total Interest and Debt Expense	3,313	2,772	6,519	5,386
Net Income	5,786	4,729	8,024	3,502
Preferred Stock Dividend Requirement	0	1	0	10
Net Income Applicable to Common Stock	$ 5,786	$ 4,728	$ 8,024	$ 3,492
Weighted Average Common Shares Outstanding:
Basic (in shares)	11,969,527	11,883,907	11,965,678	11,872,995
Diluted (in shares)	12,064,788	12,082,573	12,062,245	12,081,535
Earnings Per Common Share:
Basic (in dollars per share)	$ 0.48	$ 0.39	$ 0.67	$ 0.29
Diluted (in dollars per share)	0.48	0.39	0.67	0.29
Dividends Per Common Share (in dollars per share)	$ 0.3275	$ 0.3125	$ 0.6400	$ 0.6100

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 3,382	$ 3,868
Net Additions to Utility Plant Used in Continuing Operations	30,024	20,858
Operating Activities:
Net Income	8,024	3,502
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Deferred Revenues	(4,263)	(3,435)
Provision for Deferred Income Taxes and Investment Tax Credits, Net	1,037	1,284
Allowance for Funds Used During Construction	(359)	(158)
Depreciation (including $506 and $702 in 2019 and 2018, respectively, charged to other accounts)	10,218	9,767
Gain (Loss) on Sale of Properties	23	0
Change in Assets and Liabilities:
Increase in Accounts Receivable and Accrued Unbilled Revenues	(508)	452
Increase in Prepayments and Other Current Assets	(1,589)	(2,531)
(Increase) Decrease in Other Non-Current Items	2,059	4,590
Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities	1,234	(445)
Total Adjustments	7,806	9,524
Net Cash and Cash Equivalents Provided by Operating Activities	15,830	13,026
Investing Activities:
Net Cash and Cash Equivalents Used in Investing Activities	(30,024)	(20,858)
Financing Activities:
Proceeds from Interim Bank Loans	74,632	42,891
Repayment of Interim Bank Loans	(54,249)	(19,281)
Payments for Repurchase of Preferred Stock and Preference Stock	0	(787)
Payments for Repurchase of Common Stock	0	(3,525)
Proceeds from the Issuance of Long-Term Debt	1,686	0
Proceeds from Issuance of Common Stock	571	722
Costs to Issue Long-Term Debt and Common Stock	(17)	0
Repayment of Long-Term Debt Including Current Portion	(1,733)	(3,903)
Advances from Others for Construction	1,549
Repayments of Advances for Construction		(654)
Cash Dividends Paid	(7,719)	(7,381)
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities	14,720	8,082
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	526	250
Cash and Cash Equivalents at Beginning of Period	2,856
Cash and Cash Equivalents at End of Year	2,435
Non-Cash Investing and Financing Activities:
Non-Cash Contributed Utility Plant	1,182	852
Short-term Investment of Bond Proceeds Held in Restricted Cash	947
Cash Paid for:
Interest	6,486	5,350
State and Federal Income Taxes	$ 300	$ 320

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Utility Plant	$ 1,000,278	$ 983,220
Construction Work in Progress	23,017	14,765
Gross Utility Plant	1,023,295	997,985
Accumulated Provision for Depreciation	(266,915)	(258,192)
Net Utility Plant	756,380	739,793
Other Property and Investments	12,914	11,501
Cash and Cash Equivalents	2,435	2,856
Accounts Receivable (Less Allowance, 2019 - $1,242; 2018 - $1,236)	13,879	14,169
Accrued Unbilled Revenues	10,810	10,011
Materials and Supplies	1,657	1,679
Prepayments and Other Current Assets	11,614	9,943
Total Current Assets	40,395	38,658
Restricted Cash	947	0
Unrecovered Income Taxes - Regulatory Asset	81,204	75,763
Pension Benefits - Regulatory Asset	8,712	9,337
Post-Retirement Benefits Other Than Pension - Regulatory Asset	127	133
Goodwill	66,403	66,403
Deferred Charges and Other Costs	14,345	11,755
Total Regulatory and Other Long-Term Assets	171,738	163,391
Total Assets	981,427	953,343
CAPITALIZATION AND LIABILITIES
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2019 - 12,068,537; 2018 - 12,054,712	191,292	190,433
Retained Earnings (Accumulated Deficit)	104,493	104,188
Accumulated Other Comprehensive Loss	(210)	(485)
Common Stockholders' Equity	295,575	294,136
Long-Term Debt	256,916	257,511
Total Capitalization	552,491	551,647
Debt, Current	4,051	4,059
Interim Bank Loans Payable	74,632	54,249
Accounts Payable and Accrued Expenses	10,691	13,782
Accrued Interest	1,593	1,531
Customer Refund Liability, Current	1,960	2,331
Other Current Liabilities	2,988	3,101
Total Current Liabilities	95,915	79,053
Advances for Construction	24,673	22,654
Deferred Federal and State Income Taxes	32,877	31,593
Unfunded Future Income Taxes	73,229	67,725
Long-Term Compensation Arrangements	32,096	31,043
Unamortized Investment Tax Credits	1,019	1,057
Excess Accumulated Deferred Income Tax	29,386	29,611
Refund to Customers - Regulatory Liability	0	534
Other Long-Term Liabilities	3,305	3,345
Total Long-Term Liabilities	196,585	187,562
Contributions in Aid of Construction	136,436	135,081
Commitments and Contingencies	0	0
Total Capitalization and Liabilities	$ 981,427	$ 953,343