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 29, 2003
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SJW Corp.
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(Exact name of registrant as specified in its charter)
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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 95196
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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 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 July 29,
2003.
Item 12. Results of Operations and Financial Condition
The information contained in this Item 12 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 July 29, 2003, SJW Corp. announced its financial results for
the second quarter ended June 30, 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.
July 29, 2003 /s/ Angela Yip
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Angela Yip,
Chief Financial Officer
and Treasurer
EXHIBIT INDEX
Exhibit
Number Description of Document
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99.1 Press Release issued by SJW Corp., dated July 29, 2003.
PRESS RELEASE EXHIBIT 99.1
Wire Release - National Circuit
For Release at 5:00 P.M. (Pacific Time)
July 29, 2003 Richard Balocco (408) 279-7933
San Jose, California V.P.- Corporate Communication
SJW CORP. (AMEX: SJW) ANNOUNCES SECOND QUARTER
FINANCIAL RESULTS
SAN JOSE, CA, July 29, 2003 - SJW Corp. (AMEX:SJW) basic
earnings per common share for the quarter ended June 30, 2003
were $1.46, compared to $1.31 for the same quarter in 2002.
Operating revenue for the second quarter was $37,968,000
versus $38,696,000 for the same period in 2002. The decrease of
$728,000 was primarily attributable to an 8% weather related
decrease in customer consumption that was partially offset by a
4% rate increase in San Jose Water Company.
Total water production costs, which consist of purchased
water, power and pump taxes, decreased $3,114,000, or 18% from
the second quarter of 2002. The decrease was primarily
attributable to an approximate 8%, or $2,120,000, decrease in
customer consumption, and an increase in the availability of less
costly surface water which contributed $1,285,000 to the overall
reduction in water production costs. Total quarterly operating
expenses, excluding water production costs and income taxes,
increased $1,436,000 or 11% from 2002. SJW Corp. experienced
increases principally of: $330,000 in salaries and related
costs, $275,000 in pension costs primarily as a result of the
decline in market value of retirement trust assets, $329,000 in
depreciation expense primarily on added utility plant, $116,000
in legal and professional fees and $356,000 in insurance related
costs. Income tax expense for the second quarter of 2003 was
higher in comparison to the same period of 2002 due to higher
earnings in 2003.
Year-to-date earnings per common share were $3.19 compared
to $1.88 for the same period in 2002. The increase in year-to-
date earnings was mainly due to the sale of a SJW Land Company
property in the first quarter of 2003, which resulted in an
after-tax gain of $3,030,000, or $1.00 per share. The remaining
increase in operating net income was due to similar reasons as
explained above.
Other comprehensive income of $1,538,000 and $2,901,000,
respectively, for the three months and six months ended June 30,
2003, was a result of an increase 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 $0.7275 per
share. The dividend is payable on September 1, 2003 to
shareholders of record on August 11, 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 one million people in the City of 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
2003 2002 2003 2002 2003 2002
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Operating
revenue $37,968 38,696 $65,759 66,414 $144,996 141,888
Operating expense:
Operation:
Purchased Water 8,873 10,619 14,920 16,306 36,842 34,838
Power 1,376 1,848 2,113 3,188 5,730 8,227
Pump Tax 4,201 5,097 6,269 8,714 16,504 20,781
Other 7,259 6,265 14,021 12,218 26,940 22,710
Maintenance 1,903 1,984 3,676 3,975 7,567 7,676
Property taxes
and other
nonincome taxes 1,222 1,028 2,491 2,178 4,750 4,396
Depreciation and
Amortization 3,825 3,496 7,565 7,002 14,576 13,634
Income taxes 3,053 2,639 4,472 3,741 10,389 8,584
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Total operating
expense 31,712 32,976 55,527 57,322 123,298 120,846
Operating income 6,256 5,720 10,232 9,092 21,698 21,042
Other income (expense):
Gain on sale
of nonutility
property, net
of tax - - 3,030 - 3,030 -
Long-term debt
interest and
other, net (1,830) (1,729) (3,554) (3,352) (6,527) (6,133)
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Net income $ 4,426 3,991 $ 9,708 5,740 $ 18,201 14,909
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Other comprehensive
income (loss), net 1,538 (260) 2,901 (357) 1,575 (635)
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Comprehensive
income $ 5,964 3,731 $ 12,609 5,383 $ 19,776 14,274
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Basic and diluted
earnings per
share $ 1.46 1.31 $ 3.19 1.88 $ 5.98 4.90
Basic and diluted
comprehensive income
per share $ 1.96 1.23 $ 4.14 1.77 $ 6.49 4.69
Dividends per
share $ 0.73 0.69 $ 1.46 1.38 $ 2.84 2.69
Basic and diluted
weighted average
shares
outstanding 3,045,147 3,045,147 3,045,147 3,045,147 3,045,147 3,045,147
SJW Corp.
Condensed Consolidated Balance Sheets
(Unaudited)
(thousands of dollars)
June 30 December 31
2003 2002
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ASSETS
Utility Plant $563,228 $541,919
Less accumulated depreciation
and amortization 168,798 161,576
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Net utility plant 394,430 380,343
Nonutility property, net 25,659 10,487
Current assets:
Cash and equivalents - 324
Accounts receivable and
accrued utility revenue 21,029 16,721
Prepaid expenses and other 1,296 1,654
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Total current assets 22,325 18,699
Other assets:
Investment in California
Water Service Group 30,931 26,014
Investment in joint venture 1,163 1,144
Regulatory assets 6,996 6,013
Other 11,053 10,523
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$492,557 $453,223
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and
additional paid-in capital $ 21,891 $ 21,873
Retained earnings 133,521 128,242
Accumulated other
comprehensive income 6,285 3,384
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Shareholders' equity 161,697 153,499
Long-term debt 119,798 110,000
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Total capitalization 281,495 263,499
Current Liabilities:
Bank overdraft 69 -
Line of credit 6,300 11,450
Accounts payable 11,582 3,525
Other current liabilities 11,769 8,625
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Total current liabilities 29,720 23,600
Deferred income taxes and credits 36,370 29,704
Advances for and
contributions in
aid of construction 133,765 126,714
Other noncurrent liabilities 11,207 9,706
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$492,557 $453,223
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