-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hbgd6VuMtHsZvbvZlyFR1UaSt4kxRdT6iIKUFdI3KdY+Hicj16mEVLOlz3FwAFNx eFRHVgtrY1ToNNQlgjDkjA== 0000950005-03-000544.txt : 20030506 0000950005-03-000544.hdr.sgml : 20030506 20030506105429 ACCESSION NUMBER: 0000950005-03-000544 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030429 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SJW CORP CENTRAL INDEX KEY: 0000766829 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 770066628 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08966 FILM NUMBER: 03683396 BUSINESS ADDRESS: STREET 1: 374 W SANTA CLARA ST CITY: SAN JOSE STATE: CA ZIP: 95196 BUSINESS PHONE: 4082797800 8-K 1 p17048_8k.txt FORM 8-K 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) April 29, 2003 -------------- SJW Corp. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 1-8966 77-0066628 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 374 W. Santa Clara Street, San Jose, California 95196 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (408) 279-7800 -------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. c) Exhibits. The following document is filed as an exhibit to this report: 99.1 Press Release issued by SJW Corp. dated April 29, 2003. Item 9. Regulation FD Disclosure. The information contained in this Item 9 of this Current Report is being furnished pursuant to "Item 12. Results of Operations and Financial Condition" of Form 8-K in accordance with SEC Release Nos. 33-8216 and 34-47583. The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On April 29, 2003, SJW Corp. announced its financial results for the first quarter ended March 31, 2003. 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. ----------------------------- May 5, 2003 /s/ Angela Yip - --------------------- ----------------------------- Angela Yip, Chief Financial Officer and Treasurer EXHIBIT INDEX Exhibit Number Description of Document - -------- ------------------------ 99.1 Press Release issued by SJW Corp., dated April 29, 2003. EX-99.1 3 p17048_ex99-1.txt PRESS RELEASE PRESS RELEASE EXHIBIT 99.1 Wire Release - National Circuit For Release at 5:00 P.M. (Pacific Time) April 29, 2003 Richard Balocco (408) 279-7933 San Jose, California V.P. -Corporate Communications SJW Corp. (AMEX:SJW) ANNOUNCES FIRST QUARTER FINANCIAL RESULTS SAN JOSE, CA, April 29, 2003 - SJW Corp. (AMEX:SJW) basic earnings per common share for the quarter ended March 31, 2003 were $1.73, compared to $0.57 for the same quarter in 2002. 2003 first quarter earnings include an after-tax gain of $3,030,000, or $1.00 per share, on the sale of a SJW Land Company property. The Corporation has reinvested the sale proceeds in two income properties in a tax-deferred transaction in April 2003. Operating revenue for the first quarter was $27,791,000 versus $27,718,000 for the same period in 2002. The slight increase in operating revenue was primarily attributable to a 4% rate increase which was largely offset by an approximately 7% decrease in customer consumption. Total water production costs decreased $1,792,000, or 17% from the first quarter of 2002. An approximately 7% decrease in customer consumption and an increase in the less costly surface water supply contributed to the overall reduction in production costs. Increased availability of surface water supply in 2003 generated a production cost saving of approximately $1,203,000. Total operating expenses, excluding water production costs and income taxes, increased $944,000 or 7% from 2002. SJW Corp. experienced increases of: $291,000 in pension costs primarily as a result of the decline in market value of retirement trust assets, $234,000 in depreciation expense on added utility plant, $118,000 in additional professional fees and $325,000 in insurance costs. Income tax expense for the first quarter of 2003 was higher in comparison to the same period of 2002 due to higher earnings in 2003. For the three months ended March 31, 2003, other comprehensive income included $1,363,000 due to an increase in the market value of the investment in California Water Service Group. The Directors of SJW Corp. today declared a quarterly dividend on common stock of $0.7275 per share. The dividend is payable on June 1, 2003 to shareholders of record on May 12, 2003. 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 a 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 Twelve Months Ended March 31 Ended March 31 2003 2002 2003 2002 ---------------------- ---------------------- Operating revenue $ 27,791 27,718 $ 145,724 139,555 Operating expense: Operation: Purchased Water 6,047 5,687 38,589 33,401 Power 737 1,340 6,202 8,436 Pump Tax 2,068 3,617 17,400 21,742 Other 6,762 5,953 25,945 21,438 Maintenance 1,773 1,991 7,647 7,514 Property taxes and other nonincome taxes 1,269 1,150 4,557 4,423 Depreciation and amortization 3,740 3,506 14,247 13,448 Income taxes 1,419 1,102 9,975 8,117 ---------- Total operating expense 23,815 24,346 124,562 118,519 ---------- Operating income 3,976 3,372 21,162 21,036 Other income (expense): Gain on sale of nonutility property, net of tax 3,030 -- 3,030 -- Long-term debt interest and other, net (1,724) (1,623) (6,427) (5,948) ---------- Net income $ 5,282 1,749 $ 17,765 15,088 ========== Other comprehensive income (loss), net 1,363 (97) (222) (2,290) ---------- Comprehensive income $ 6,645 1,652 $ 17,543 12,798 ========== Basic earnings per share $ 1.73 0.57 $ 5.83 4.95 Comprehensive income per share $ 2.18 0.54 $ 5.76 4.20 Dividends per share $ 0.73 0.69 $ 2.80 2.65 Weighted average common shares 3,045,147 3,045,147 3,045,147 3,045,147 SJW Corp. Condensed Consolidated Balance Sheets (Unaudited) (thousands of dollars) March 31 December 31 2003 2002 ---------------------------- ASSETS Utility Plant $556,138 $541,919 Less accumulated depreciation and amortization 165,724 161,576 ---------------------------- Net utility plant 390,414 380,343 Nonutility property, net 10,199 10,487 Current assets: Cash and equivalents 1,798 324 Cash on deposit for property exchange 5,384 -- Accounts receivable and accrued utility revenue 13,773 16,721 Prepaid expenses and other 1,291 1,654 ---------------------------- Total current assets 22,246 18,699 Other assets: Investment in California Water Service Group 28,324 26,014 Investment in joint venture 1,153 1,144 Regulatory assets 6,991 6,013 Other 11,288 10,523 ---------------------------- $470,615 $453,223 ============================ CAPITALIZATION AND LIABILITIES Capitalization: Common stock and additional paid-in capital $ 21,873 $ 21,873 Retained earnings 131,309 128,242 Accumulated other comprehensive income 4,747 3,384 ---------------------------- Shareholders' equity 157,929 153,499 Long-term debt 110,000 110,000 ---------------------------- Total capitalization 267,929 263,499 Current Liabilities: Line of credit 7,600 11,450 Accounts payable 10,224 3,525 Other current liabilities 8,862 8,625 ---------------------------- Total current liabilities 26,686 23,600 Deferred income taxes and credits 34,660 29,704 Advances for and contributions in aid of construction 130,981 126,714 Other noncurrent liabilities 10,359 9,706 ---------------------------- $470,615 $453,223 ============================ -----END PRIVACY-ENHANCED MESSAGE-----