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Connecticut Water Service Inc Ct (CTWS) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Connecticut Water Service Inc Ct

CIK: 276209 Ticker: CTWS

Exhibit 99.1

 

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93 West Main Street, Clinton, CT 06413

  

NEWS            

Connecticut Water Service, Inc. Reports 2017 Earnings

 

    Earnings total $2.17 per share

 

    Total revenues increased 8.1 percent

 

    Added nearly 10,000 new customers

 

    Added regulated wastewater operations

 

    Expense of $1.5 million related to Tax Cuts and Jobs Act (non-cash)

CLINTON, CT, March 15, 2018 – Connecticut Water Service, Inc. (Nasdaq: CTWS) announced net income of $25.1 million, or earnings per basic average share (EPS) of $2.17, including a $0.13 per share negative impact from the Tax Cuts and Jobs Act passed in December of 2017, on total revenues of $113.8 million in 2017. Total revenues include revenues generated by the Company’s three business segments: Water Operations, Service and Rentals, and Real Estate. In 2016, the Company had net income of $23.4 million, or $2.12 EPS, on total revenues of $105.3 million.

Net income in the Company’s core business, the Water Operations segment, was $23.9 million, on revenues of $108.5 million. In 2016, net income from the segment totaled $22.2 million, on revenues of $100.0 million. The increase in revenues was related to the acquisitions of the Heritage Village Water Company (Heritage Village Water) in February 2017 and the Avon Water Company (Avon Water) in July 2017, as well as the recovery of costs for completed infrastructure replacement projects through the Water Infrastructure and Conservation Adjustment (WICA) in Connecticut and the Water Infrastructure Charge (WISC) in Maine. Also contributing was a general rate increase implemented in the Maine Water Company’s (Maine Water) Biddeford Saco division in December 2017.

“CTWS delivered on its long-term growth strategy of prudent acquisitions and infrastructure investment in 2017,” stated David C. Benoit, President and CEO of CTWS. Mr. Benoit added, “CTWS grew the number of customers it serves by 10 percent through acquisitions in 2017, and entered the publicly regulated wastewater space. Our completed acquisitions of Heritage Village Water and Avon Water generated nearly $5.9 million in total revenues. System-wide, we invested $51.5 million in infrastructure to serve customers through increased service reliability, enhanced water treatment and improved public safety. We also continue to invest in physical and cyber-security to protect our customers, employees, facilities and information technology systems.”

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The following information was filed by Connecticut Water Service Inc Ct (CTWS) on Thursday, March 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Connecticut Water Service Inc Ct's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts (details)
Schedule Ii - Valuation And Qualifying Accounts Schedule Ii - Valuation And Qualifying Accounts (tables)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Retained Earnings
Consolidated Statemets Of Income (parentheticals)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (notes)
Accumulated Other Comprehensive Income (loss) (tables)
Aquisitions Acquisitions (tables)
Aquisitions Fair Value Of Assets Acquired (details)
Aquisitions Goodwill Rollforward (details)
Aquisitions In Text Linking (details)
Aquisitions Maine Water Summary (details)
Aquisitions Pro Forma Summary For Prior Year (details)
Commitments And Contingencies
Commitments And Contingencies In Text Linking (details)
Common Stock
Common Stock (tables)
Common Stock In Text Linking (details)
Common Stock Summary Of Common Stock (details)
Fair Value Disclosures
Fair Value Disclosures Fair Value Disclosures (tables)
Fair Value Disclosures Fair Value Of Financial Instruments (details)
Fair Value Disclosures In Text Tagging (details)
Income Tax Expense
Income Tax Expense (details)
Income Tax Expense (tables)
Income Tax Expense Calculation Of Pre-tax Income (details)
Income Tax Expense Components Of Deferred Tax (assets) Liabilities (details)
Income Tax Expense Components Of Federal And State Income Tax Provision (details)
Income Tax Expense Components Of Income Tax Expense (details)
Income Tax Expense Deferred Tax (assets) Liabilities On Consolidated Balance Sheets (details)
Income Tax Expense Differences Between The Effective Income Tax Rate And The Statutory Federal Tax Rate (details)
Income Tax Expense In Text Linking (details)
Lines Of Credit
Lines Of Credit Lines Of Credit (details)
Long-term Debt
Long-term Debt Long-term Debt (details)
Long-term Debt Long-term Debt (tables)
Long-term Debt Long-term Debt In Text (details)
Long-term Debt Long-term Debt Parenthetical (details)
Long-term Debt Paranthetical (details)
Long-term Debt Schedule Of Long Term Debt Maturities (details)
Pension And Other Post-retirement Benefits
Pension And Other Post-retirement Benefits Actual Asset Allocation (details)
Pension And Other Post-retirement Benefits Amounts Recognized As Regulatory Asset (details)
Pension And Other Post-retirement Benefits Amounts Recognized In Comprehensive Income (details)
Pension And Other Post-retirement Benefits Assumed Health Care Trend Rates (details)
Pension And Other Post-retirement Benefits Benefit Plan Assumptions (details)
Pension And Other Post-retirement Benefits Benefit Plan Obligation Table (details)
Pension And Other Post-retirement Benefits Changes In Plan Assets And Benefit Obligations Recognized As A Regulatory Liability (details)
Pension And Other Post-retirement Benefits Components Of Long-term Compensation Arrangements (details)
Pension And Other Post-retirement Benefits Estimated Net Benefit Cost Amortizations (details)
Pension And Other Post-retirement Benefits Expected Future Benefit Payments (details)
Pension And Other Post-retirement Benefits Fair Value Of Benefit Plan Assets (details)
Pension And Other Post-retirement Benefits In Text Linking (details)
Pension And Other Post-retirement Benefits Net Periodic Benefit Costs (details)
Pension And Other Post-retirement Benefits Pension And Post-retirement Benefits (tables)
Pension And Other Post-retirement Benefits Pension Benefit Cost (details)
Pension And Other Post-retirement Benefits Percentage Change In Assumed Health Care Cost Trend Rates (details)
Pension And Other Post-retirement Benefits Target Asset Allocation (details)
Preferred Stock
Preferred Stock In Text Linking (details)
Preferred Stock Preferred Stock (details)
Preferred Stock Schedule Of Preferred Stock (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data Quarterly Financial Data (details)
Quarterly Financial Data Quarterly Financial Data (tables)
Retained Earnings
Retained Earnings (tables)
Retained Earnings Retained Earnings Rollforward (details)
Segment Reporting
Segment Reporting (tables)
Segment Reporting Assets By Segment (details)
Segment Reporting Segment Reporting (details)
Segment Reporting Segment Reporting Textual Information (details)
Stock Based Compensation Plans
Stock Based Compensation Plans (tables)
Stock Based Compensation Plans In Text Linking (details)
Stock Based Compensation Plans Performance Based Share Awards (details)
Subsequent Event
Subsequent Event In Text Tagging (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies Components Of Addition To Net Utility Plant (details)
Summary Of Significant Accounting Policies Earnings Per Share Calculation (details)
Summary Of Significant Accounting Policies In Text Linking (details)
Taxes Other Than Income Taxes
Taxes Other Than Income Taxes Taxes Other Than Income Taxes (details)
Taxes Other Than Income Taxes Taxes Other Than Income Taxes (tables)
Utility Plant
Utility Plant Components Of Utility Plant (details)
Utility Plant Components Of Utitlity Plant (tables)
Utility Plant In Text Linking (details)
Ticker: CTWS
CIK: 276209
Form Type: 10-K Annual Report
Accession Number: 0000276209-18-000007
Submitted to the SEC: Thu Mar 15 2018 4:49:46 PM EST
Accepted by the SEC: Thu Mar 15 2018
Period: Sunday, December 31, 2017
Industry: Water Supply

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