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) October 28, 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)
Registrant's telephone number, including
area code (408) 279-7800
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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 October 28,
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 October 28, 2003, SJW Corp. announced its financial
results for the third quarter ended September 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.
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October 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 October 28, 2003.
PRESS RELEASE EXHIBIT 99.1
Wire Release - National Circuit
For Release at 5:00 P.M. (Pacific Time)
Page 1 of 5
October 28, 2003 Richard Balocco (408) 279-7933
San Jose, California V.P. Corporate Communication
SJW CORP. (AMEX: SJW) ANNOUNCES
THIRD QUARTER FINANCIAL RESULTS
SAN JOSE, CA, October 28, 2003 - SJW Corp. (AMEX:SJW) basic
earnings per common share for the quarter ended September 30,
2003 were $1.96, compared to $1.90 for the same quarter in 2002.
Customer demand and water production in the third quarter of
2003 approximated those during the same period in 2002. Operating
revenue for the third quarter was $49,334,000 versus $46,153,000
for the same period in 2002, representing an increase of
$3,181,000 or 7%. San Jose Water Company contributed $2,806,000
of the total revenue increase, which was primarily attributable
to cumulative rate increases of approximately 8%.
Total water production costs consisting of purchased water,
power and pump taxes, increased $1,149,000, or 5% from the third
quarter of 2002. The increase was primarily attributable to
increases to the cost of purchased water and pump tax of
$2,114,000, which was partially offset by a greater availability
of less costly surface water of $505,000, and lower energy costs
of $202,000. Total quarterly operating expenses, excluding water
production costs and income taxes, increased $1,449,000 or 11%
from 2002. SJW Corp. experienced increases principally of:
$255,000 in salaries and related costs, $283,000 in pension costs
primarily as a result of the decline in market value of
retirement trust assets, $327,000 in depreciation expense
primarily on added utility plant, $298,000 in taxes other than
income taxes and $235,000 in insurance related costs. Income tax
expense for the third 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 $5.15 compared
to $3.78 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 the reasons explained
above.
SJW Corp. incurred a net of tax other comprehensive loss of
$1,499,000 and a net of tax other comprehensive income of
$1,402,000, respectively, for the three months and nine months
ended September 30, 2003, due to 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 $0.7275 per
share. The dividend is payable on December 1, 2003 to
shareholders of record on November 10, 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 Nine Months Twelve Months
Ended Sept 30 Ended Sept 30 Ended Sept 30
2003 2002 2003 2002 2003 2002
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Operating revenue $49,334 46,153 $115,093 112,567 $148,178 143,859
Operating expense:
Operation:
Purchased Water 13,371 12,868 28,291 29,174 37,345 36,081
Power 2,147 2,308 4,260 5,496 5,568 8,339
Pump Tax 7,498 6,691 13,767 15,405 17,312 20,308
Other 7,194 6,603 21,215 18,821 27,538 23,839
Maintenance 2,069 1,836 5,745 5,811 7,801 7,682
Property taxes and
other nonincome
taxes 1,313 1,015 3,804 3,192 5,041 4,300
Depreciation and
amortization 3,831 3,504 11,396 10,507 14,902 13,819
Income taxes 4,024 3,931 8,496 7,672 10,482 9,000
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Total operating
expense 41,447 38,756 96,974 96,078 125,989 123,368
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Operating income 7,887 7,397 18,119 16,489 22,189 20,491
Other income (expense):
Gain on sale of non-
utility property,
net of tax - - 3,030 - 3,030 -
Long-term debt interest
and other, net (1,920) (1,621) (5,474) (4,973) (6,827) (6,202)
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Net income $ 5,967 5,776 $15,675 11,516 $ 18,392 14,289
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Other comprehensive
income (loss), net (1,499) 214 1,402 (143) (138) (1,297)
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Comprehensive income $ 4,468 5,990 $ 17,077 11,373 $ 18,254 12,992
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Earnings per share
- Basic $ 1.96 1.90 $ 5.15 3.78 $ 6.04 4.69
- Diluted $ 1.96 1.90 $ 5.14 3.78 $ 6.04 4.69
Comprehensive income
per share
- Basic $ 1.47 1.97 $ 5.61 3.73 $ 5.99 4.27
- Diluted $ 1.46 1.97 $ 5.60 3.73 $ 5.99 4.27
Dividends per share $ 0.72 0.69 $ 2.18 2.07 $ 2.87 2.72
Weighted average
Shares outstanding
- Basic 3,045,147 3,045,147 3,045,147 3,045,147 3,045,147 3,045,147
- Diluted 3,050,944 3,045,147 3,047,079 3,045,147 3,046,596 3,045,147
SJW Corp.
Condensed Consolidated Balance Sheets
(Unaudited)
(thousands of dollars)
Sept 30 Dec 31
2003 2002
ASSETS -------- --------
Utility Plant $570,822 $541,919
Less accumulated depreciation and amortization 172,370 161,576
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Net utility plant 398,452 380,343
Nonutility property, net 25,516 10,487
Current assets:
Cash and equivalents 13,625 324
Accounts receivable and accrued utility revenue 24,386 16,721
Prepaid expenses and other 2,080 1,654
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Total current assets 40,091 18,699
Other assets:
Investment in California Water Service Group 28,390 26,014
Investment in joint venture 1,165 1,144
Regulatory assets 7,002 6,013
Other 11,296 10,523
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$511,912 $453,223
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and additional paid-in capital $ 22,647 $ 21,873
Retained earnings 137,272 128,242
Accumulated other comprehensive income 4,786 3,384
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Shareholders' equity 164,705 153,499
Long-term debt 139,798 110,000
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Total capitalization 304,503 263,499
Current Liabilities:
Line of credit - 11,450
Accounts payable 11,282 3,525
Other current liabilities 12,700 8,625
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Total current liabilities 23,982 23,600
Deferred income taxes and credits 36,070 29,704
Advances for and contributions in aid of construction 135,985 126,714
Other noncurrent liabilities 11,372 9,706
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$511,912 $453,223
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