Server: Netscape-Enterprise/2.01 Date: Thu, 18 Dec 1997 22:05:23 GMT Accept-ranges: bytes Last-modified: Mon, 20 Oct 1997 20:14:45 GMT Content-length: 33818 Content-type: text/html
|
United Water 1st Quarter Report
United Water is about to become a much stronger competitor in the public-private partnership market place. On April 21, United Water and Lyonnaise American Holding signed a letter of intent to acquire Montgomery Watson's 50% share of JMM Operational Services (JMM-OSI). The United Water Resources-Lyonnaise des Eaux Partnership currently owns 50% of JMM-OSI. This restructuring will better position us to expand our core water and wastewater businesses throughout North America. We can provide municipalities with 'one-stop' shopping designed to help them cope with growing water and wastewater challenges. Our team will offer clients customized and flexible solutions?ranging from contract services to public-private partnerships. We have already renamed the partnership United Water Services and JMM-OSI will become a wholly-owned subsidiary of that entity. The agreement is expected to be finalized by June 30, 1997. For the three months ended March 31, 1997, United Water earned 12 cents per common share compared with 15 cents per common share for the same period in 1996. Operating revenues for the first quarter were $80 million compared to $69.8 million for the same period in 1996. The 1997 results included a land sale that contributed five cents per share. In 1996, United Water recorded a one-time contribution of 13 cents per share from a condemnation settlement in New Mexico. Our core utility investments, which now include our Northumbrian Partnership, showed strong performance for the quarter. These investments contributed 14 cents per share in 1997 compared with 10 cents per share for the first quarter of 1996. Results for 1997 and 1996 included six cents and seven cents, respectively, for corporate charges relating to interest and preferred and preference dividends. I am pleased to inform you that United Water will pay a regular quarterly dividend of 23 cents per share on June 1, 1997 to shareholders of record on May 15, 1997. Thank you for your continuing support of our company. Donald L.
Correll
home | who we are | what we do | investor info | municipal info | news | search |
|
|