About the Company: American States Water Company (AWR) is the parent Company of both Golden State Water Company (GSWC) and American States Utility Services, Inc. (ASUS). Through Golden State Water Company, AWR provides water service to approximately 258,000 customers located within 75 communities throughout 10 counties in Northern, Coastal and Southern California. The Company also distributes electricity to approximately 24,000 customers in the City of Big Bear and surrounding areas in San Bernardino County, California through the services of Bear Valley Electric Services (BVES). Through its contracted services subsidiary, American States Utility Services, Inc. (ASUS), the Company provides operations, maintenance and construction management services for water and wastewater systems located on military bases throughout the country through 50-year privatization contracts with the U.S. government. American States Water Company has paid dividends to shareholders every year since 1931, increasing the dividends received by shareholders each calendar year since 1954.

American States Water Company was founded in 1929 and is headquartered in San Dimas, US

American States Water Company has offices in San Dimas, Anaheim, Rancho Cordova, Amargosa Valley and in 2 other locations

San Dimas, US (HQ)

630 E Foothill Blvd

American States Water Company's revenue was reported to be $98.8 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 98.8 m |

## Gross profit (Q1, 2017) | 82 m |

## Gross profit margin (Q1, 2017), % | 83% |

## Net income (Q1, 2017) | 12.7 m |

## EBIT (Q1, 2017) | 24.7 m |

## Market capitalization (17-Aug-2017) | 1.8 b |

## Cash (31-Mar-2017) | 621 k |

American States Water Company's current market capitalization is $1.8 b.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 472.1 m | 465.8 m | 458.6 m | 436.1 m |

## Revenue growth, % | (1%) | (2%) | (5%) | |

## Cost of goods sold | 82.1 m | 83.5 m | ||

## Gross profit | 376.5 m | 352.6 m | ||

## Gross profit Margin, % | 82% | 81% | ||

## R&D expense | 53.7 m | |||

## General and administrative expense | 77.3 m | 78.3 m | 81 m | |

## Operating expense total | 353 m | 346.7 m | 340.2 m | 321.4 m |

## EBIT | 119.1 m | 119 m | 118.5 m | 114.7 m |

## EBIT margin, % | 25% | 26% | 26% | 26% |

## Interest expense | 22.4 m | 21.6 m | 21.1 m | 22 m |

## Interest income | 707 k | 927 k | 458 k | 757 k |

## Pre tax profit | 98.5 m | 99.1 m | 98.2 m | 94.5 m |

## Income tax expense | 35.8 m | 38 m | 37.7 m | 34.7 m |

## Net Income | 62.7 m | 61.1 m | 60.5 m | 59.7 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 114.6 m | 133 m | 93.5 m | 112 m | 123.8 m | 98.8 m | |||

## Cost of goods sold | 21.1 m | 23.4 m | 18.3 m | 20.2 m | 25 m | 16.8 m | |||

## Gross profit | 93.5 m | 109.6 m | 75.2 m | 91.8 m | 98.8 m | 82 m | |||

## Gross profit Margin, % | 82% | 82% | 80% | 82% | 80% | 83% | |||

## R&D expense | 10.4 m | 14.9 m | |||||||

## General and administrative expense | 20.5 m | 19.3 m | 20.8 m | 21.3 m | 19.8 m | 20.3 m | |||

## Operating expense total | 30.9 m | 34.1 m | 20.8 m | 21.3 m | 19.8 m | 20.3 m | |||

## EBIT | 30.5 m | 41.2 m | 21.2 m | 31.8 m | 39.6 m | 24.7 m | |||

## EBIT margin, % | 27% | 31% | 23% | 28% | 32% | 25% | |||

## Interest expense | (5.5 m) | (5.5 m) | (5.6 m) | (5.6 m) | (5.7 m) | (5.9 m) | |||

## Interest income | 102 k | 118 k | 172 k | 190 k | 206 k | 259 k | |||

## Pre tax profit | 25.2 m | 35.5 m | 16 m | 26.8 m | 34.3 m | 19.6 m | |||

## Income tax expense | 9.5 m | 14.4 m | 5.8 m | 10.1 m | 12.7 m | 6.9 m | |||

## Net Income | 26.4 m | 47.5 m | 12.1 m | 27.8 m | 48.9 m | 10.2 m | 26.9 m | 48.5 m | 12.7 m |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 38.2 m | 76 m | 4.4 m | 436 k |

## Accounts Receivable | 20 m | |||

## Inventories | 4.6 m | 3.6 m | 5.4 m | 4.3 m |

## Current Assets | 191.6 m | 209.5 m | 132.7 m | 166.9 m |

## PP&E | 981.5 m | 1 b | 1.1 b | 1.2 b |

## Goodwill | 1.1 m | 1.1 m | 1.1 m | 1.1 m |

## Total Assets | 1.3 b | 1.4 b | 1.3 b | 1.5 b |

## Accounts Payable | 49.8 m | 41.9 m | 50.6 m | 43.7 m |

## Total Debt | 325.9 m | 321.3 m | ||

## Current Liabilities | 100.9 m | |||

## Total Equity | 465.9 m | 494.3 m | ||

## Debt to Equity Ratio | 0.7 x | 0.7 x | ||

## Debt to Assets Ratio | 0.2 x | 0.2 x | ||

## Financial Leverage | 2.9 x | 3 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 77.8 m | 57.9 m | 74.7 m | 43.9 m | 27.3 m | 8.5 m | 4.5 m | 2.8 m | 621 k |

## Current Assets | 197.9 m | 186.6 m | 189.4 m | 150.2 m | 135.5 m | 131.1 m | 132.8 m | 136.9 m | 192.1 m |

## Goodwill | 1.1 m | 1.1 m | 1.1 m | 1.1 m | 1.1 m | 1.1 m | 1.1 m | 1.1 m | 1.1 m |

## Total Assets | 1.3 b | 1.3 b | 1.4 b | 1.3 b | 1.4 b | 1.4 b | 1.4 b | 1.4 b | 1.5 b |

## Accounts Payable | 45.4 m | 49.7 m | 37 m | 42.3 m | 46.5 m | 47.9 m | 54 m | 48.2 m | 37.3 m |

## Dividends Payable | 8.3 m | ||||||||

## Current Liabilities | 127.5 m | 120.6 m | 96.7 m | 95.2 m | 124 m | 139.1 m | 160.2 m | 179.8 m | 178.7 m |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 62.7 m | 61.1 m | 60.5 m | 59.7 m |

## Depreciation and Amortization | 41 m | 41.8 m | 42.7 m | 38.9 m |

## Accounts Receivable | (5.3 m) | 4 m | (923 k) | (1.8 m) |

## Inventories | 790 k | 970 k | (1.8 m) | 1.1 m |

## Accounts Payable | 1.8 m | (1.6 m) | 679 k | (3.4 m) |

## Cash From Operating Activities | 135.7 m | 163.3 m | 95.1 m | 96.9 m |

## Capital Expenditures | (97.4 m) | (72.6 m) | (87.3 m) | (129.9 m) |

## Cash From Investing Activities | (98.8 m) | (74.1 m) | (90.1 m) | (131.2 m) |

## Long-term Borrowings | (3.5 m) | (21.3 m) | (237 k) | (313 k) |

## Dividends Paid | (29.4 m) | (32.1 m) | (32.7 m) | (33.4 m) |

## Free Cash Flow | 233.1 m | 235.8 m | 182.5 m | (32.9 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 26.4 m | 47.5 m | 12.1 m | 27.8 m | 48.9 m | 10.2 m | 26.9 m | 48.5 m | 12.7 m |

## Depreciation and Amortization | 21.6 m | 32.3 m | 10.8 m | 21.5 m | 32.1 m | 10 m | 19.8 m | 29.1 m | 9.7 m |

## Inventories | 887 k | 635 k | (316 k) | (564 k) | (2.3 m) | 235 k | 121 k | 682 k | (523 k) |

## Accounts Payable | 1 m | 5.5 m | (2.8 m) | 511 k | 3.9 m | (3.1 m) | 2.6 m | (1.5 m) | 1.5 m |

## Cash From Operating Activities | 90.9 m | 120.1 m | 38.5 m | 63 m | 86.1 m | 27.6 m | 48.5 m | 77.5 m | 28 m |

## Capital Expenditures | (17.4 m) | (34.2 m) | (59.8 m) | (29.5 m) | (65.3 m) | (99.9 m) | (24 m) | ||

## Cash From Investing Activities | (35.8 m) | (55.4 m) | (17.5 m) | (35.6 m) | (61.3 m) | (29.5 m) | (65.5 m) | (101.4 m) | (24 m) |

## Long-term Borrowings | (174 k) | (15.3 m) | (69 k) | (169 k) | (228 k) | (77 k) | (169 k) | (305 k) | (83 k) |

## Dividends Paid | (15.7 m) | (23.9 m) | (8.2 m) | (16.2 m) | (24.5 m) | (8.2 m) | (16.4 m) | (24.6 m) | (8.9 m) |

## Free Cash Flow | 21.1 m | 28.8 m | 26.3 m | (1.8 m) | (16.8 m) | (22.4 m) | 4 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 134.3 k |