Pennichuck Corp. (PNNW, Financial) filed Quarterly Report for the period ended 2010-03-31.
Pennichuck Corp. has a market cap of $104.8 million; its shares were traded at around $22.5 with a P/E ratio of 40.9 and P/S ratio of 3.2. The dividend yield of Pennichuck Corp. stocks is 3.2%.
Service Corporations contracts with two municipalities ended on June 30, 2009 and July 31, 2009, respectively, and have not been renewed by the municipalities. The operating revenue earned from these two unrenewed contracts was $60,000 for the three months ended March 31, 2009, $67,000 for the three months ended June 30, 2009 and $9,000 for the three months ended September 30, 2009, totaling $136,000 for the twelve months ended December 31, 2009.
The operating income of our water management services segment decreased to $30,000 for the three months ended March 31, 2010 from $96,000 for the three months ended March 31, 2009, resulting in a decrease of $66,000, or 69%. The net income of our water management services segment decreased to $18,000 for the three months ended March 31, 2010 from $58,000 for the three months ended March 31, 2009, resulting in a decrease of $40,000, or 69%.
For the three months ended March 31, 2010 and 2009, we recorded AFUDC of $4,000 and $121,000, respectively. The $117,000 decrease is attributable to the completion of certain large projects (e.g., the multi-year upgrade to Pennichuck Waters water treatment plant) in 2009. We do not expect to incur any significant amounts of AFUDC for the remainder of 2010.
For the three months ended March 31, 2010, our interest expense was approximately $834,000, compared to $928,000 in 2009. The decrease of $94,000 is primarily attributable to the payment of a $4.5 million note in December 2009 and the payment of a $5 million note on March 1, 2010 partially offset by a new $4.5 million loan incurred on March 1, 2010.
Several of Pennichuck Waters loan agreements contain a covenant that prevents Pennichuck Water from declaring dividends if Pennichuck Water does not maintain a minimum net worth of $4.5 million. As of March 31, 2010, Pennichuck Waters net worth was $52.0 million. One of Pennichuck Easts loan agreements contains a covenant that prevents Pennichuck East from declaring dividends if Pennichuck East does not maintain a minimum net worth of $1.5 million. As of March 31, 2010, Pennichuck Easts net worth was $6.8 million.
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Pennichuck Corp. has a market cap of $104.8 million; its shares were traded at around $22.5 with a P/E ratio of 40.9 and P/S ratio of 3.2. The dividend yield of Pennichuck Corp. stocks is 3.2%.
Highlight of Business Operations:
For the three months ended March 31, 2010, our net income was $75,000, compared to a net loss of $68,000 for the three months ended March 31, 2009. On a per share basis, the fully diluted income per share for the three months ended March 31, 2010 was $0.02 as compared to fully diluted loss per share of $0.02 for the three months ended March 31, 2009. The principal factors that affected current period net income, relative to prior period net income, include the following:Service Corporations contracts with two municipalities ended on June 30, 2009 and July 31, 2009, respectively, and have not been renewed by the municipalities. The operating revenue earned from these two unrenewed contracts was $60,000 for the three months ended March 31, 2009, $67,000 for the three months ended June 30, 2009 and $9,000 for the three months ended September 30, 2009, totaling $136,000 for the twelve months ended December 31, 2009.
The operating income of our water management services segment decreased to $30,000 for the three months ended March 31, 2010 from $96,000 for the three months ended March 31, 2009, resulting in a decrease of $66,000, or 69%. The net income of our water management services segment decreased to $18,000 for the three months ended March 31, 2010 from $58,000 for the three months ended March 31, 2009, resulting in a decrease of $40,000, or 69%.
For the three months ended March 31, 2010 and 2009, we recorded AFUDC of $4,000 and $121,000, respectively. The $117,000 decrease is attributable to the completion of certain large projects (e.g., the multi-year upgrade to Pennichuck Waters water treatment plant) in 2009. We do not expect to incur any significant amounts of AFUDC for the remainder of 2010.
For the three months ended March 31, 2010, our interest expense was approximately $834,000, compared to $928,000 in 2009. The decrease of $94,000 is primarily attributable to the payment of a $4.5 million note in December 2009 and the payment of a $5 million note on March 1, 2010 partially offset by a new $4.5 million loan incurred on March 1, 2010.
Several of Pennichuck Waters loan agreements contain a covenant that prevents Pennichuck Water from declaring dividends if Pennichuck Water does not maintain a minimum net worth of $4.5 million. As of March 31, 2010, Pennichuck Waters net worth was $52.0 million. One of Pennichuck Easts loan agreements contains a covenant that prevents Pennichuck East from declaring dividends if Pennichuck East does not maintain a minimum net worth of $1.5 million. As of March 31, 2010, Pennichuck Easts net worth was $6.8 million.
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