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Tuesday, August 9, 2011

Earnings up for Pennichuck in second quarter

Pennichuck Corp. announced Monday that net income for its second quarter, which ended June 30, was up $600,000 from the second quarter of 2010.

This year’s Q2 net income was $1.6 million, or 34 cents a share, and came from revenues of $10.4 million. It compared to last year’s Q2 net income of $1 million, or 21 cents per share, which came from revenues of $9.1 million.

For the six months ended June 30, net income was $1.6 million, or 33 cents per share, on revenues of $18.3 million. Eminent domain and merger-related costs for the first half of the current year totaled $573,000. Adjusted for such non-operating costs, net income would have been 41 cents per share.

Net income for the six months ended last June 30 was $1.1 million, or 23 cents per share, on revenues of $16.5 million. Adjusted for non-operating eminent domain and merger-related costs, which totaled $233,000, net income for the first half of last year would have been 26 cents per share.

“Pennichuck Water’s rate increase, which resulted from a rate filing initiated in May 2010, was necessitated by (a) capital improvements made by Pennichuck Water since its last rate case (b) the revenue loss which resulted from water usage volume declines in 2008 and 2009, and (c) increased state utility taxes and local property taxes. Water usage volumes declined in 2008 and 2009 due to the combined effects of the economic recession, cool and wet weather affecting peak summer usage and continued customer conservation efforts related to water saving appliances and the like,” Duane C. Montopoli, Pennichuck’s president and CEO, said in a statement.

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Maryalice Gill can be reached at 594-6490 or