Originally published at www.seclive.com
Connecticut Water Service Inc. (NASDAQ:CTWS) announced its third quarter financial results for the fiscal year 2013, reporting increases in revenue and earnings. The company, which operates 77 noncontiguous water systems in Connecticut and Maine, reported $9.1M profit of $28.0M in revenue in its Water Activities segment. For the first nine months of the year, Water Activities income was $15.2M on $71.0M in revenue. This is a substantial increase from the year-ago period with $10.1M in income and $65.5M revenue. For shareholders, earnings increased from $1.28 per share the first nine months last year to $1.51 per share this year. Some developments from a regulatory standpoint developed that ultimately will result in a two-year rate reduction as the company returns $12.4M of a total $13.6M refund to its customers. This rate reduction is the result of certain tax benefits becoming immediately available to the company rather than over several years.
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