ten-year financial review

Dollars in thousands, except common share data	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997
Summary of Operations
Operating revenue
Residential	$ 232,811	$ 222,634	$ 221,323	$ 194,903	$ 184,894	$ 173,823	$ 171,234	$ 163,681	$ 150,491	$ 158,210
Business	60,366	56,962	55,803	49,666	46,404	44,944	44,211	41,246	38,854	40,520
Industrial	16,286	14,241	13,592	11,255	11,043	9,907	11,014	12,695	10,150	10,376
Public authorities	15,728	14,965	15,118	12,789	12,706	11,860	11,609	10,898	9,654	11,173
Other	9,526	11,926	9,731	8,515	8,104	6,286	6,738	6,417	5,777	4,886
Total operating revenue	334,717	320,728	315,567	277,128	263,151	246,820	244,806	234,937	214,926	225,165
Operating expenses	294,411	278,903	271,701	233,996	232,404	221,116	211,610	201,890	183,245	188,020
Interest expense, other income and expenses, net	14,726	14,602	17,840	23,716	11,674	10,739	13,233	11,076	11,821	11,388
Net income	$ 25,580	$ 27,223	$ 26,026	$ 19,417	$ 19,073	$ 14,965	$ 19,963	$ 21,971	$ 19,860	$ 25,757

Common Share Data
Earnings per share -- diluted	$ 1.34	$ 1.47	$ 1.46	$ 1.21	$ 1.25	$ 0.97	$ 1.31	$ 1.44	$ 1.31	$ 1.71
Dividend declared	1.150	1.140	1.130	1.125	1.120	1.115	1.100	1.085	1.070	1.055
Dividend payout ratio	86%	78%	77%	93%	90%	115%	84%	75%	82%	62%
Book value	$ 18.31	$ 15.98	$ 15.66	$ 14.44	$ 13.12	$ 12.95	$ 13.13	$ 12.89	$ 12.49	$ 12.15
Market price at year-end	40.40	38.23	37.65	27.40	23.65	25.75	27.00	30.31	31.31	29.53
Common shares outstanding at year-end (in thousands)	20,657	18,390	18,367	16,932	15,182	15,182	15,146	15,094	15,015	15,015
Return on average common stockholders' equity	8.2%	9.3%	9.8%	9.1%	9.7%	7.6%	10.1%	11.5%	10.8%	14.5%
Long-term debt interest coverage	3.17	3.61	3.38	2.78	2.73	2.64	3.31	3.79	3.64	4.37

Balance Sheet Data
Net utility plant	$ 941,475	$ 862,731	$ 800,305	$ 759,498	$ 696,988	$ 624,342	$ 582,782	$ 564,390	$ 538,741	$ 515,917
Utility plant expenditures (company- & developer-funded)	112,279	94,517	68,573	74,253	88,361	62,049	37,161	48,599	41,061	37,511
Total assets	1,165,019	996,945	942,853	873,035	798,478	710,214	666,605	645,507	613,143	594,444
Long-term debt including current portion	293,592	275,275	275,921	273,130	251,365	207,981	189,979	171,613	152,674	153,271
Capitalization ratios:
Common stockholders' equity	56.0%	51.4%	50.8%	47.0%	44.0%	48.8%	51.1%	53.0%	54.6%	53.8%
Preferred stock	0.5%	0.6%	0.6%	0.7%	0.7%	0.9%	0.9%	0.9%	1.0%	1.0%
Long-term debt	43.5%	48.0%	48.6%	52.3%	55.3%	50.3%	48.0%	46.1%	44.4%	45.2%

Other Data
Estimated water production (million gallons)
Wells and surface supply	70,677	68,162	72,279	68,416	69,414	65,283	65,408	65,144	57,482	63,736
Purchased	62,790	64,028	66,760	63,264	62,811	61,343	62,237	58,618	54,661	59,646
Total water production	133,467	132,190	139,039	131,680	132,223	126,626	127,645	123,762	112,143	123,382
Metered customers	407,762	402,191	395,286	387,579	380,087	371,281	366,242	361,235	354,832	350,139
Flat-rate customers	76,131	76,810	77,869	78,843	78,901	79,146	78,104	77,892	77,568	77,878
Customers at year-end, including Hawthorne	483,893	479,001	473,155	466,422	458,988	450,427	444,346	439,127	432,400	428,017
New customers added	4,892	5,846	6,733	7,434	8,561	6,081	5,219	6,727	4,383	4,719
Revenue per customer	$ 692	$ 670	$ 667	$ 594	$ 579	$ 552	$ 554	$ 539	$ 500	$ 529
Utility plant per customer	2,778	2,578	2,418	2,313	2,182	2,020	1,916	1,851	1,768	1,694
Employees at year-end	869	840	837	813	802	783	797	790	759	752