EXHIBIT 99.1
SJW CORP. (AMEX: SJW) ANNOUNCES FIRST QUARTER
FINANCIAL RESULTS
SAN JOSE, CA, April 28, 2005 - SJW Corp. (AMEX:SJW) basic
earnings per common share for the quarter ended March 31, 2005
were $0.29, compared to $0.19 for the same quarter in 2004.
Operating revenue for the first quarter was $33,306,000
versus $31,063,000 for the same period in 2004, representing an
increase of $2,243,000 or 7%. Approximately $3,911,000 of the
total revenue increase was primarily attributable to cumulative
rate increases and $135,000 was due to new customers. The
revenue increase was offset by $1,531,000 decrease due to lower
customer demand and reduced parking revenue of $143,000 and a
$129,000 decrease resulting from other sources.
Total water production costs for the first quarter of 2005
consisting of purchased water, power and pump taxes, decreased
$151,000, or 1% from the first quarter of 2004. The decrease was
primarily attributable to reduced water production costs of
$1,516,000 due to lower customer demand, partially offset by
increases in the cost of purchased water and pump tax of
$752,000, reduced surface water availability of $574,000 and
higher energy prices of $39,000.
Total quarterly operating expenses for the first quarter of
2005, excluding water production costs and income taxes,
increased $823,000 or 3% from 2004. The increases consisted
principally of: $166,000 in employee benefits costs, $138,000 in
legal and accounting fees, $630,000 in depreciation expense on
added utility plant, offset by decreases in business liability
insurances of $108,000. Income tax expense for the first quarter
of 2005 was higher than the same period of 2004 due to higher
earnings.
For the three months ended March 31, 2005, other
comprehensive loss included $2,777,000 due to a decrease in the
market value of the investment in California Water Service Group.
The Directors of SJW Corp. today declared a quarterly
dividend on common stock of $0.2675 per share. The dividend is
payable on June 1, 2005 to shareholders of record on May 9, 2005.
SJW Corp. is a publicly traded holding company headquartered
in San Jose, California. SJW Corp., through its subsidiary San
Jose Water Company, provides water service to a population of
approximately one million people in San Jose and nearby
communities.
This press release may contain certain forward-looking statements
including but not limited to statements relating to SJW Corp.'s
plans, strategies, objectives, expectations and intentions, which
are made pursuant to the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These forward-
looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of SJW Corp. to be materially different from any
future results, performance or achievements expressed or implied
by such forward-looking statements. SJW Corp. undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events
or otherwise.
SJW Corp.
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(thousands of dollars, except share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED
MARCH 31 MARCH 31
2005 2004 2005 2004
-----------------------------------------
OPERATING REVENUE $33,306 $31,063 $169,154 $153,546
OPERATING EXPENSE:
Operation:
Purchased water 7,012 6,510 41,722 37,170
Power 671 814 5,369 5,373
Pump taxes 2,611 3,121 21,263 18,983
Other 7,739 7,559 30,356 29,433
Maintenance 2,038 2,108 8,604 8,060
Taxes, other than income 1,412 1,329 5,398 5,125
Depreciation & amortization 5,023 4,393 19,111 15,877
Income taxes 1,920 1,244 12,319 10,349
------- ------ ------- -------
Total operating expense 28,426 27,078 144,142 130,370
------- ------ ------- -------
OPERATING INCOME 4,880 3,985 25,012 23,176
Interest on ltd and other (2,199) (2,211) (4,319) (8,008)
------- ------- ------- -------
NET INCOME $2,681 1,774 $20,693 15,168
======= ======== ======== ======
Other comprehensive income
(loss), net (2,777) 578 3,570 1,249
-------- ------- ------- ------
COMPREHENSIVE INCOME (LOSS) ($96) 2,352 $24,263 16,417
======== ======= ======= ======
Earnings per share
-Basic $0.29 $0.19 $2.26 $1.66
-Diluted $0.29 $0.19 $2.25 $1.66
Comprehensive income (loss)
per share
-Basic ($0.01) $0.26 $2.66 $1.80
-Diluted ($0.01) $0.26 $2.64 $1.79
Dividend per share $0.27 $0.25 $1.03 $0.98
- Basic 9,135,513 9,135,441 9,136,621 9,135,441
- Diluted 9,220,969 9,187,890 9,205,695 9,161,588
SJW Corp.
Condensed Consolidated Balance Sheets
(Unaudited)
(thousands of dollars)
March 31 December 31
2005 2004
ASSETS -------- ----------
Utility Plant $630,400 $619,590
Less accumulated reserve 194,618 189,221
-------- --------
Net utility plant 435,782 430,369
Nonutility property, net 35,158 35,154
Less accumulated reserve 3,340 3,167
-------- -------
Net nonutility property 31,818 31,987
CURRENT ASSETS:
Cash and equivalents 13,639 10,899
A/R & accrued utility revenue 14,895 15,260
Prepaid expenses and other 1,809 2,211
-------- -------
Total current assets 30,343 28,370
OTHER ASSETS:
Investment in Cal Water 36,705 41,413
Debt issuance costs 3,259 3,300
Goodwill 1,744 1,744
Regulatory assets 8,174 8,064
Intangible pension asset 4,357 4,357
Other 2,606 2,548
-------- -------
56,845 61,426
-------- -------
$554,788 $552,152
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CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common stock $ 9,516 9,516
Additional paid-in capital 14,763 14,306
Retained earnings 148,763 148,525
Accumulated other comprehensive income 9,566 12,344
-------- -------
Shareholders' equity 182,608 184,691
Long-term debt 143,604 143,604
-------- -------
Total capitalization 326,212 328,295
CURRENT LIABILITIES:
Current portion of long-term debt 208 275
Pump tax and purchased water 3,173 3,856
Purchased power 825 848
Accounts payable 4,341 870
Accrued interest 2,203 3,619
Accrued taxes 2,710 890
Accrued payroll 1,435 1,066
Work order deposit 694 773
Other current liabilities 2,712 3,154
------- --------
Total current liabilities 18,301 15,351
DEFERRED INCOME TAXES AND CREDITS 49,904 51,422
ADVANCES AND CONTRIBUTIONS 146,428 143,906
OTHER NONCURRENT LIABILITIES 13,943 13,178
------- -------
$554,788 $552,152
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