UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
FORM
(Mark One)
For the quarterly period ended
For the transition period from_______________ to _______________
Commission File Number
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
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(Registrant’s telephone number, including area code) |
(Former Name, former address and former fiscal year, if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12(b)-2 of the Exchange Act.:
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Accelerated Filer £ | |
Non-Accelerated Filer £ | Smaller Reporting Company |
Emerging Growth Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes £
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Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of October 23, 2019:
TABLE OF CONTENTS
AQUA AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except per share amounts)
(UNAUDITED)
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| September 30, |
| December 31, | ||
Assets |
| 2019 |
| 2018 | ||
Property, plant and equipment, at cost |
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| $ | |
Less: accumulated depreciation |
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Net property, plant and equipment |
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Current assets: |
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Cash and cash equivalents |
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Accounts receivable, net |
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Unbilled revenues |
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Inventory, materials and supplies |
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Prepayments and other current assets |
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Assets held for sale |
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Total current assets |
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Regulatory assets |
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Deferred charges and other assets, net |
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Investment in joint venture |
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Goodwill |
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Operating lease right-of-use assets |
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Total assets |
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| $ | |
Liabilities and Equity |
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Stockholders' equity: |
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Common stock at $ |
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Capital in excess of par value |
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Retained earnings |
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Treasury stock, at cost, |
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Total stockholders' equity |
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Long-term debt, excluding current portion |
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Less: debt issuance costs |
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Long-term debt, excluding current portion, net of debt issuance costs |
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Commitments and contingencies (See Note 15) |
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Current liabilities: |
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Current portion of long-term debt |
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Loans payable |
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Accounts payable |
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Book overdraft |
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Accrued interest |
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Accrued taxes |
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Interest rate swap agreements |
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Other accrued liabilities |
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Total current liabilities |
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Deferred credits and other liabilities: |
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Deferred income taxes and investment tax credits |
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Customers' advances for construction |
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Regulatory liabilities |
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Operating lease liabilities |
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Other |
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Total deferred credits and other liabilities |
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Contributions in aid of construction |
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Total liabilities and equity |
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| $ | |
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See notes to consolidated financial statements beginning on page 9 of this report. |
AQUA AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(UNAUDITED)
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| Three Months Ended | ||||
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| September 30, | ||||
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| 2019 |
| 2018 | ||
Operating revenues |
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| $ | |
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Operating expenses: |
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Operations and maintenance |
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Depreciation |
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Amortization |
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Taxes other than income taxes |
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Total operating expenses |
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Operating income |
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Other expense (income): |
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Interest expense |
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Interest income |
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Allowance for funds used during construction |
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Gain on sale of other assets |
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Equity earnings in joint venture |
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Other |
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Income before income taxes |
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Provision for income taxes (benefit) |
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Net income |
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Comprehensive income |
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Net income per common share: |
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Basic |
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Diluted |
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Average common shares outstanding during the period: |
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Basic |
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Diluted |
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See notes to consolidated financial statements beginning on page 9 of this report. | ||||||
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AQUA AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(UNAUDITED)
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| Nine Months Ended | ||||
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| September 30, | ||||
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| 2019 |
| 2018 | ||
Operating revenues |
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Operating expenses: |
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Operations and maintenance |
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Depreciation |
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Amortization |
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Taxes other than income taxes |
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Total operating expenses |
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Operating income |
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Other expense (income): |
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Interest expense |
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Interest income |
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Allowance for funds used during construction |
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Change in fair value of interest rate swap agreements |
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Loss on debt extinguishment |
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Gain on sale of other assets |
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Equity earnings in joint venture |
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Other |
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Income before income taxes |
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Provision for income taxes (benefit) |
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Net income |
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Comprehensive income |
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Net income per common share: |
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Basic |
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Diluted |
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Average common shares outstanding during the period: |
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Basic |
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Diluted |
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See notes to consolidated financial statements beginning on page 9 of this report. |
AQUA AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CAPITALIZATION
(In thousands of dollars, except per share amounts)
(UNAUDITED)
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| September 30, |
| December 31, | ||
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| 2019 |
| 2018 | ||
Stockholders' equity: |
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Common stock, $ |
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| $ | |
| $ | |
Capital in excess of par value |
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Retained earnings |
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Treasury stock, at cost |
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Total stockholders' equity |
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