Delaware | 001-8966 | 77-0066628 | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||
110 W. Taylor Street, San Jose, California | 95110 | |||||
(Address of principal executive offices) | (Zip Code) |
Item 2.02: | Results of Operations and Financial Condition. |
Item 5.07: | Submission of Matters to a Vote of Security Holders. |
Proposal 1: Election of Directors: | ||||
Name of Director | For | Against | Abstain | Broker Non-Votes |
Katharine Armstrong | 15,665,534 | 261,475 | 22,151 | 3,143,462 |
Walter J. Bishop | 15,491,058 | 435,147 | 22,955 | 3,143,462 |
Douglas R. King | 15,758,502 | 165,578 | 25,080 | 3,143,462 |
Gregory P. Landis | 15,725,285 | 189,928 | 33,947 | 3,143,462 |
Debra C. Man | 15,419,014 | 503,560 | 26,586 | 3,143,462 |
Daniel B. More | 15,666,747 | 253,868 | 28,545 | 3,143,462 |
George E. Moss | 15,020,078 | 905,322 | 23,760 | 3,143,462 |
W. Richard Roth | 15,719,718 | 199,227 | 30,215 | 3,143,462 |
Robert A. Van Valer | 15,772,920 | 153,293 | 22,947 | 3,143,462 |
Proposal 2: Approval, on an advisory basis, of the compensation of the named executive officers as disclosed in the proxy statement: | |||
For | Against | Abstain | Broker Non-Votes |
15,387,874 | 473,956 | 87,330 | 3,143,462 |
Proposal 3: Approval, on an advisory basis, as to whether the advisory stockholder vote to approve the compensation of the named executive officers should occur every year, once every two years or once every three years: | ||||
1 Year | 2 Years | 3 Years | Abstain | Broker Non-Votes |
13,678,269 | 59,479 | 2,170,747 | 40,665 | 3,143,462 |
Proposal 4: Ratification of Appointment of Independent Registered Public Accounting Firm: | |||
For | Against | Abstain | Broker Non-Votes |
18,972,250 | 53,495 | 66,877 | 0 |
Item 9.01: | Financial Statements and Exhibits. | |
(d) | Exhibits |
Exhibit Number | Description of Document |
99.1 | Press Release issued by SJW Group, dated April 26, 2017 announcing the 2017 First Quarter Financial Results. |
Date: April 26, 2017 | /s/ James P. Lynch |
James P. Lynch, Chief Financial Officer and Treasurer |
Exhibit Number | Description of Document |
99.1 | Press Release issued by SJW Group, dated April 26, 2017 announcing the 2017 First Quarter Financial Results. |
Three months ended March 31, | ||||||
2017 | 2016 | |||||
OPERATING REVENUE | $ | 69,045 | 61,112 | |||
OPERATING EXPENSE: | ||||||
Production Expenses: | ||||||
Purchased water | 13,924 | 9,697 | ||||
Power | 1,287 | 1,237 | ||||
Groundwater extraction charges | 7,410 | 6,448 | ||||
Other production expenses | 3,511 | 3,232 | ||||
Total production expenses | 26,132 | 20,614 | ||||
Administrative and general | 12,605 | 11,705 | ||||
Maintenance | 3,661 | 3,811 | ||||
Property taxes and other non-income taxes | 3,695 | 3,218 | ||||
Depreciation and amortization | 12,119 | 11,183 | ||||
Total operating expense | 58,212 | 50,531 | ||||
OPERATING INCOME | 10,833 | 10,581 | ||||
OTHER (EXPENSE) INCOME: | ||||||
Interest expense | (6,057 | ) | (5,435 | ) | ||
Other, net | 463 | 354 | ||||
Income before income taxes | 5,239 | 5,500 | ||||
Provision for income taxes | 1,568 | 2,122 | ||||
NET INCOME | 3,671 | 3,378 | ||||
Other comprehensive income, net | 116 | 530 | ||||
COMPREHENSIVE INCOME | $ | 3,787 | 3,908 | |||
EARNINGS PER SHARE: | ||||||
Basic | $ | 0.18 | 0.17 | |||
Diluted | $ | 0.18 | 0.16 | |||
DIVIDENDS PER SHARE | $ | 0.22 | 0.20 | |||
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||||
Basic | 20,486 | 20,414 | ||||
Diluted | 20,655 | 20,561 |
March 31, 2017 | December 31, 2016 | |||||
ASSETS | ||||||
Utility plant: | ||||||
Land | $ | 18,078 | 17,923 | |||
Depreciable plant and equipment | 1,566,643 | 1,554,016 | ||||
Construction in progress | 88,369 | 70,453 | ||||
Intangible assets | 25,090 | 23,989 | ||||
Total utility plant | 1,698,180 | 1,666,381 | ||||
Less accumulated depreciation and amortization | 532,841 | 520,018 | ||||
Net utility plant | 1,165,339 | 1,146,363 | ||||
Real estate investments | 56,170 | 62,193 | ||||
Less accumulated depreciation and amortization | 10,246 | 11,734 | ||||
Net real estate investments | 45,924 | 50,459 | ||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | 7,092 | 6,349 | ||||
Restricted cash | 8 | 19,001 | ||||
Accounts receivable and accrued unbilled utility revenue | 48,016 | 53,795 | ||||
Long-lived assets held-for-sale | 4,276 | — | ||||
Current regulatory assets, net | 10,469 | 16,064 | ||||
Other current assets | 3,875 | 4,402 | ||||
Total current assets | 73,736 | 99,611 | ||||
OTHER ASSETS: | ||||||
Investment in California Water Service Group | 3,585 | 3,390 | ||||
Regulatory assets, net | 139,387 | 135,709 | ||||
Other | 7,806 | 7,844 | ||||
150,778 | 146,943 | |||||
$ | 1,435,777 | 1,443,376 | ||||
CAPITALIZATION AND LIABILITIES | ||||||
CAPITALIZATION: | ||||||
Common stock | $ | 21 | 21 | |||
Additional paid-in capital | 82,167 | 81,715 | ||||
Retained earnings | 337,572 | 338,386 | ||||
Accumulated other comprehensive income | 1,640 | 1,524 | ||||
Total stockholders' equity | 421,400 | 421,646 | ||||
Long-term debt, less current portion | 433,388 | 433,335 | ||||
Total capitalization | 854,788 | 854,981 | ||||
CURRENT LIABILITIES: | ||||||
Line of credit | — | 14,200 | ||||
Current portion of long-term debt | 127 | 125 | ||||
Accrued groundwater extraction charge, purchased water and purchased power | 10,392 | 10,846 | ||||
Accounts payable | 20,723 | 18,739 | ||||
Accrued interest | 6,729 | 6,309 | ||||
Other current liabilities | 12,809 | 13,354 | ||||
Total current liabilities | 50,780 | 63,573 | ||||
DEFERRED INCOME TAXES | 207,016 | 205,203 | ||||
ADVANCES FOR CONSTRUCTION AND CONTRIBUTIONS IN AID OF | ||||||
CONSTRUCTION | 238,561 | 236,391 | ||||
POSTRETIREMENT BENEFIT PLANS | 72,092 | 70,177 | ||||
OTHER NONCURRENT LIABILITIES | 12,540 | 13,051 | ||||
$ | 1,435,777 | 1,443,376 |