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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 28, 2005
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SJW Corp.
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(Exact name of registrant as specified in its charter)
California 1-8966 77-0066628
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
374 W. Santa Clara Street, San Jose, California 95113
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(Address of principal executive offices) (Zip Code)
(408) 279-7800
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Registrant's telephone number, including area code
Not Applicable
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(Former name or former address, if changed since last report)
Item 2.02. Results of Operations and Financial Condition.
On July 28, 2005, SJW Corp. announced its financial results
for the second quarter ended June 30, 2005. A copy of the press
release announcing these financial results is attached as
Exhibit 99.1 hereto and incorporated into this Form 8-K by
reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
SJW Corp.
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August 1, 2005 /s/ Angela Yip
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Angela Yip,
Chief Financial Officer
and Treasurer
EXHIBIT INDEX
Exhibit
Number Description of Document
- -------- ------------------------
99.1 Press Release issued by SJW Corp., dated July 28,
2005, announced 2nd Quarter of 2005 Financial Results.
Exhibit 99.1
SJW CORP. (AMEX: SJW) ANNOUNCES SECOND QUARTER 2005
FINANCIAL RESULTS
SAN JOSE, CA, July 28, 2005 - SJW Corp. (AMEX:SJW)
diluted earnings per common share for the quarter ended June 30,
2005 were $0.62, compared to $0.53 for the same quarter in 2004.
Operating revenue for the second quarter was
$44,799,000 versus $45,609,000 for the same period in 2004,
representing a decrease of $810,000 or 2%. Revenue decreased
$6,580,000 due to lower customer usage, which was offset by
$5,866,000 in cumulative rate increases and $252,000 due to new
customers. Additionally, parking revenue decreased by $221,000
and other revenues decreased by $127,000.
Water production costs for the second quarter of 2005
consisting of purchased water, power and pump taxes, decreased
$3,160,000 from the second quarter of 2004. The decrease in
production costs was primarily attributable to $3,939,000
decrease in usage and $676,000 as a result of greater
availability of surface water. However, the decrease was
partially offset by increases in the cost of purchased water and
pump tax from Santa Clara Valley Water District of $1,364,000
and other costs of $91,000.
Quarterly operating expenses for the second quarter of
2005, excluding water production costs and income taxes,
increased $1,028,000 from 2004. The increase consisted
principally of $554,000 in general and administrative costs,
which includes employee benefits and salaries and wages.
Maintenance expenses increased $163,000 and depreciation expense
increased $156,000 on added utility plant. Income tax expense
for the second quarter of 2005 was higher than the same period
in 2004 due to increased pre-tax earnings.
Year-to-date diluted earnings per common share were
$0.91 compared to $0.72 for the same period in 2004. The
increase in year-to-date earnings was primarily due to
cumulative rate increases that were partially offset by the
impact of lower customer demand. Year-to-date decrease in water
production costs of $3,311,000 was principally offset by
increases in non-water production costs of $1,852,000 and income
tax expense of $1,272,000.
Other comprehensive income of $2,706,000 for the
second quarter of 2005 and other comprehensive loss of $71,000
for year-to-date was the result of changes in the market value
of the investment in California Water Service Group.
At its meeting today, the Board of Directors of SJW
Corp. declared a quarterly dividend on common stock of $0.2675
per share. The dividend is payable on September 1, 2005 to
shareholders of record on August 8, 2005.
SJW Corp. is a publicly traded holding company
headquartered in San Jose, California. SJW Corp., through its
subsidiary San Jose Water Company, provides water service to a
population of approximately one million people in San Jose and
nearby communities.
This press release may contain certain forward-looking
statements including but not limited to statements relating to
SJW Corp.'s plans, strategies, objectives, expectations and
intentions, which are made pursuant to the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of SJW Corp. to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. SJW Corp. undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
SJW Corp.
Condensed Consolidated Statements of Income
and Comprehensive Income
(Unaudited)
(thousands of dollars, except share data)
Three Months Six Months Twelve Months
Ended June 30 Ended June 30 Ended June 30
2005 2004 2005 2004 2005 2004
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Operating revenue $44,799 45,609 $78,106 76,672 $168,344 161,366
Operating expense:
Operation:
Purchased water 11,907 11,666 18,919 18,176 41,962 39,965
Power 849 1,597 1,520 2,411 4,621 5,593
Pump taxes 3,249 5,902 5,860 9,023 18,610 20,684
Other 8,454 7,771 16,194 15,330 31,041 30,128
Maintenance 2,342 2,179 4,381 4,287 8,768 8,335
Taxes, other than
income 1,351 1,325 2,762 2,654 5,422 5,229
Depreciation and
amortization 4,863 4,707 9,886 9,100 19,267 16,760
Income taxes 3,948 3,352 5,868 4,596 12,915 10,648
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Total operating
expense 36,963 38,499 65,390 65,577 142,606 137,342
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Operating income 7,836 7,110 12,716 11,095 25,738 24,024
Long-term debt
interest and
other, net (2,121) (2,303) (4,320) (4,514) (4,137) (8,475)
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Net income $ 5,715 4,807 $ 8,396 6,581 $ 21,601 15,549
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Other comprehensive
income (loss), net 2,706 (481) (71) 97 6,756 (769)
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Comprehensive
income $ 8,421 4,326 $ 8,325 6,678 $ 28,357 14,780
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Earnings per share
- Basic $ 0.63 0.53 $ 0.92 0.72 $ 2.36 1.70
- Diluted 0.62 0.53 0.91 0.72 2.34 1.69
Comprehensive income
per share
- Basic $ 0.92 0.47 $ 0.91 0.73 $ 3.10 1.62
- Diluted 0.91 0.47 0.90 0.73 3.08 1.61
Dividends per
share $ 0.26 0.26 $ 0.53 0.51 $ 1.04 0.99
Weighted average
shares outstanding
- Basic 9,136,172 9,138,841 9,135,843 9,136,758 9,136,144 9,136,098
- Diluted 9,232,708 9,193,895 9,226,839 9,191,077 9,215,305 9,176,292
SJW Corp.
Condensed Consolidated Balance Sheets
(Unaudited)
(thousands of dollars)
June 30 December 31
2005 2004
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ASSETS
Utility Plant $640,589 $619,590
Less: accumulated depreciation and amortization 199,736 189,221
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Net utility plant 440,853 430,369
Nonutility property, net 29,414 31,987
Current assets:
Cash and equivalents 9,670 10,899
Short-term investments 2,950 -
Accounts receivable and accrued utility revenue 23,262 15,260
Long-lived assets held-for-sale 2,451 -
Prepaid expenses and other 1,897 2,211
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Total current assets 40,230 28,370
Other assets:
Investment in California Water Service Group 41,292 41,413
Debt issuance costs 3,216 3,300
Goodwill 1,744 1,744
Regulatory assets 7,227 8,064
Intangible pension asset 4,357 4,357
Other 2,782 2,548
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60,618 61,426
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$571,115 $552,152
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock $ 9,521 $ 9,516
Additional paid-in capital 14,815 14,306
Retained earnings 152,034 148,525
Accumulated other comprehensive income 12,272 12,344
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Shareholders' equity 188,642 184,691
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Long-term debt 145,557 143,604
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Total capitalization 334,199 328,295
Current Liabilities:
Current portion of long-term debt 141 275
Pump tax and purchased water 6,464 3,856
Purchased power 1,087 848
Accounts payable 3,735 870
Accrued interest 3,618 3,619
Accrued taxes 3,836 890
Accrued payroll 1,195 1,066
Work order deposit 764 773
Other current liabilities 2,967 3,154
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Total current liabilities 23,807 15,351
Deferred income taxes and credits 50,795 51,422
Advances and contributions 149,281 143,906
Other noncurrent liabilities 13,033 13,178
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$571,115 $552,152
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