Aqua America Reports 2005 Net Income Increased 14 Percent

Aqua America, Inc. (WTR) reported net income for the year ending December 31, 2005 grew 14 percent to $91.2 million, from $80.0 million, for the full year 2004. Corresponding diluted earnings per share, on a GAAP basis, increased 11 percent to $0.71 per share from $0.64 per share for 2004, on three percent more shares outstanding. Earnings in 2004 benefited from a $2.3 million pre-tax gain in the fourth quarter from the sale of the company's Geneva, Ohio water system. The gain was recorded as a reduction in the operations and maintenance expenses in the fourth quarter. Excluding the gain, 2004 diluted earnings per share were $0.62. [ more ]