Cal Water profits up 20% over 2013, attributed to rate increase, lower expenses

23 Mar

SAN JOSE, CA–(Marketwired – Feb 25, 2015) – California Water Service Group (NYSE: CWT) today announced 2014 net income of $56.7 million, an increase of 20%, or $9.5 million, over 2013, and diluted earnings per share of $1.19, an increase of 16.7%, or $0.17 per diluted common share, compared to the prior year. The company also reported that it spent $132 million on capital improvements during 2014, an increase of 7%, or $9 million, compared to the prior year.

The increase in net income is attributable primarily to the approval of the General Rate Case (GRC) of the Company’s largest subsidiary, California Water Service Company (Cal Water), as well as reductions in administrative and general, other operations, net interest, and property tax expenses. Reductions in these expense categories were partially offset by increases in employee wages and health care, income tax, maintenance, and depreciation and amortization expenses.

Read more here:

Read it yourself – they raised our rates, gave themselves salary increases  and better benefits packages. Those increases in our rates had nothing to do with service, or, ha ha, the drought! There it says, expenses, aside from their own wages, went down.  

Remember the old saying, “When the fish stinks, it’s the head of the fish that stinks.” The head of this stinking fish is Jerry Brown, and he is just one head of a monster called the Democratic Party. 

I hate to say, the Republicans are no better. We have two major political parties in our state – two groups of ultra-rich assholes, fighting over the little pie we call California. Here we are in the middle – the middle class, the working class, the not-poor-enough-to-matter class. Do you feel unwelcome here sometimes, like, if they can’t get a salary off you, they just want you to move to Nevada? 

9 Responses to “Cal Water profits up 20% over 2013, attributed to rate increase, lower expenses”

  1. bob March 23, 2015 at 12:46 pm #

    You need to rename this blog the Daily Outrage. It seems not a day goes by without one.

    • Juanita Sumner March 23, 2015 at 2:13 pm #

      Oh, that’s YOUR NEW COLUMN Bob! The Daily Outrage, by Bob. Just send me stuff, I’ll post it. I guess it doesn’t have to be daily, this isn’t a fascist state.

      • bob March 23, 2015 at 4:57 pm #

        I will try to send stuff your way but I think having a regular column would lead me to drink. The way all the parasites screw us every which way is just depressing.

        I see Cal Water’s stock is getting back up near its 52 week high.

        I guess if you can’t beat them then buy their stock. Maybe we can get the CPOA listed on a stock exchange and buy their stock. I heard a pro ball player got himself listed and his stock sold on his future earning potential.

        If we can get CPOA, Chico Fire and all the rest of the trough feeders listed maybe we could get back some of the money they pilfer from us.

      • Juanita Sumner March 24, 2015 at 4:55 am #

        My husband and friends are always teasing me – “what if they just paid you to shut up, what would you say to that?”

        I don’t know.

  2. Jim March 24, 2015 at 8:28 am #

    California is doing better than most other states. While I have a lot of issues with Jerry Brown, I feel he has done a better job than any of the pervious California Governors in the last couple decades.

    • Juanita Sumner March 25, 2015 at 5:31 am #

      I liked Brown when I was a young, naive kid. I cannot accept his ideas that public employees should be paid like royalty at the expense of the working class. He has always treated the regular working person like a lazy loser who needs to buck up. If we don’t have a “high tech” job we’re just excess baggage. He seems to forget, it was the truck drivers and the farmers who built this state. He has a real distaste for people with dirty fingernails.

      He’s made college too expensive for our kids.

      The pensions need to go, he’s done nothing but pump them up and raise taxes to pay for them. He said the sales tax was temporary and as soon as he got it past he changed his tune and said we need to make it permanent. He also admitted it would not produce nearly enough money to make the tuition reductions he was promising in the campaign.

      No offense, but I have no use for the Moonbeam.

    • bob March 25, 2015 at 5:19 pm #

      So do you also approve of that incredibly expensive Bullet Train boondoggle that Brown is hell bent on pushing through?

  3. Jim March 25, 2015 at 7:12 am #

    Be assured that I completely agree with you about the pension situation. The problem with Brown is that the public employee unions are his main financial support. So you would expect him to cater to their requests. Kind of the same situation we are in with the Chico City Council.

    • Juanita Sumner March 25, 2015 at 7:17 am #

      Yes, Brown has had his finger in the belt loop of the prison guard union since his first terms. He’s a public safety whore, like Reanette Fillmer. He tried to put off that monk crap, but he lives very nicely. He’s completely out of touch with the working class.

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