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EX - 99.1 2 exhibit991 pressrelease2021.htm EX - 99.1 ● American States Water Company American States Water Company Announces Second Quarter 2021 Results 7.8 % increase in adjusted second quarter consolidated diluted EPS over adjusted second quarter of 2020 , or 4.3 % increase as recorded • 12.1 % increase in adjusted YTD consolidated diluted EPS over adjusted YTD 2020 , or 15.9 % increase as recorded 9 % increase in quarterly dividend for September 1 dividend payment San Dimas , California , August 2 , 2021 .... American States Water Company ( NYSE : AWR ) today reported basic and fully diluted earnings per share of $ 0.72 for the quarter ended June 30 , 2021 , as compared to basic and fully diluted earnings per share of $ 0.69 for the quarter ended June 30 , 2020. Included in the results for the second quarter of 2021 were gains on investments held to fund one of the company's retirement plans totaling $ 1.6 million , or $ 0.03 per share , as compared to higher gains of $ 2.4 million , or approximately $ 0.05 per share , for the same period in 2020 largely due to volatility in the financial markets last year caused by the early stages of the COVID - 19 pandemic . Excluding this unfavorable variance of $ 0.02 per share , adjusted diluted earnings for the second quarter of 2021 increased by $ 0.05 per share as compared to the same period in 2020 adjusted , or a 7.8 % increase . ● Second Quarter 2021 Results The table below sets forth a comparison of diluted earnings per share contribution by business segment as recorded during the second quarter of 2021 and 2020 . Water Electric Contracted services Consolidated diluted earnings per share $ $ Diluted Earnings per Share Three Months Ended Exhibit 99.1 6/30/2021 0.57 $ 0.04 0.11 0.72 $ 6/30/2020 0.54 $ 0.03 0.12 0.69 $ CHANGE 0.03 0.01 ( 0.01 ) 0.03 Water Segment : Diluted earnings per share from AWR's regulated water utility segment , Golden State Water Company ( " GSWC " ) , for the three months ended June 30 , 2021 increased by $ 0.03 per share as compared to the same period in 2020. Excluding the unfavorable variance of $ 0.02 per share from the gains on investments held to fund one of the company's retirement plans discussed above , diluted earnings at the water segment for the second quarter of 2021 increased by $ 0.05 per share due to the following items ( excluding the impact of billed surcharges , which have no effect on net earnings ) : An increase in the water gross margin of $ 3.2 million , or approximately $ 0.06 per share , as a result of new rates authorized by the California Public Utilities Commission ( " CPUC " ) . Effective January 1 , 2021 , GSWC received its full third - year step increase , which it achieved as a result of passing an earnings test . The full step increase is expected to generate an additional $ 11.1 million in water gross margin for 2021 . An overall increase in operating expenses ( excluding supply costs ) , which negatively impacted earnings by $ 0.02 per share mainly due to increases in water treatment costs and depreciation expense , partially offset by a decrease in maintenance expense .