California Water Service Group Annual Report 2005

Ten-Year Financial Review
California Water Service Group

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to our Stockholders

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TEN-YEAR FINANCIAL REVIEW

MANAGEMENT'S DISCUSSION AND ANALYSIS

Consolidated Balance SheetS

Consolidated Statement of Income

Consolidated Statement of Common Stockholders' Equity and Comprehensive Income

Consolidated Statement of Cash Flows

Notes to Consolidated Financial Statements

Independent Auditors' Report

Controls and Procedures

bOARD OF DIRECTORS

Corporate Information

Dollars in Thousands, except common share data.
Summary of Operations		2005	2004	2003
Operating Revenue
	Residential	$222,634	$221,323	$194,903
	Business	56,962	55,803	49,666
	Industrial	14,241	13,592	11,255
	Public authorities	14,965	15,118	12,789
	Other	11,926	9,731	8,515
Total operating revenue		320,728	315,567	277,128
Operating expenses		280,918	274,084	246,894
Interest expense, other income and expenses, net		12,587	15,457	10,817
	Net Income	$27,223	$26,026	$19,417
Common Share Data
Earnings per share - diluted		$1.47	$1.46	1.21
Dividend declared		1.140	1.130	1.125
Dividend payout ratio		78%	77%	93%
Book Value		$15.98	$15.66	$14.44
Market Price at year-end		38.23	37.65	27.40
Common shares outstanding at year-end (in thousands)		18,390	18,367	16,932
Return on average common stockholders' equity		9.3%	9.8%	9.1%
Long-term debt interest coverage		3.61	3.38	2.78
Balance Sheet Data
Net Utility plant		$862,731	$800,305	$759,498
Utility plant expenditures (Company-funded and developer-funded)		94,517	68,573	74,253
Total assests		996,945	942,853	873,035
Long-term debt including current portion		275,275	275,921	273,130
Capitalization ratios:
	Common stockholders' equity	51.4%	50.8%	47.0%
	Preferred stock	0.6%	0.6%	0.7%
	Long-term debt	48.0%	48.6	52.3%
Other Data
Water production (million gallons)
	Wells and surface supply	68,162	72,279	68,416
	Purchased	64,028	66,760	63,268
Total water production		132,190	139,039	131,680
Metered customers		402,191	395,286	387,579
Flat-rate customers		76,810	77,869	78,843
Customers at year-end		479,001	473,155	466,422
New customers added		5,846	6,733	7,434
Revenue per customer		$670	$667	$594
Utility plant per customer		2,578	2,418	2,313
Employees at year-end		840	837	813
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