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Revenues increased by $9.8 million, or 10 percent, to $105.6 million, with rate increases adding $6 million, sales to existing customers adding $3.6 million, and water usage by new customers adding $0.2 million.
Total operating expenses for the second quarter of 2008 increased by $6.7 million to $91.1 million. Water production costs increased by $3.1 million due to water usage being higher compared to the same period last year. Administrative and general and other operations costs increased $1.3 million, due primarily to increases in outside water quality laboratory fees, purchases of chemicals and filters, conservation program costs, and uncollectable accounts.
Fewer water system repairs resulted in a $0.3 million decrease in maintenance expense, which was $4.9 million for the quarter. Depreciation expense increased $0.9 million to $9.3 million as a result of increases in 2007 capital expenditures. Taxes other than income remained the same as last year.
Other income decreased by $0.5 million to $0.4 million, declining as a result of mark-to-market adjustments associated with the market value of assets in the company's non-qualified retirement plans and a decrease in interest income.
For the twelve months ended June 30, net income was $32.2 million and dilutive earnings per share were $1.55, compared to net income of $28.3 million and dilutive earnings per share of $1.41 for the same period in the prior year. Revenues for the trailing twelve months were $378.2 million, compared to $355.8 million for the same period last year.
"In the second quarter, we continued to work diligently with the California Public Utilities Commission (CPUC) on implementation of its Water Action Plan. As the quarter ended, several key regulatory decisions became effective, including one establishing a water revenue adjustment mechanism (WRAM) and modified cost balancing account (MCBA), and another authorizing rate increases throughout California to recover prudently-incurred costs," said President and Chief Executive Officer Peter C. Nelson.
"Overall it was a busy quarter, but the changes approved by the CPUC allow us to ramp up our water efficiency and conservation efforts, which we believe is critical given the current water issues in California," Nelson said.
Rate-related matters
As a result of a decision issued by the CPUC in February 2008 (D.08-02-036), three significant changes occurred on July 1, 2008: a WRAM became effective, decoupling water sales from revenues; conservation rates (also known as tiered or increasing block rates) were established in most California districts to reward residential customers for conservation efforts; and an MCBA was instituted to track cost changes, including supply mix variations, for future recovery or refund in rates.
Also effective on July 1, the CPUC approved incremental or step increases totaling $1.1 million for four California districts.
Most recently, on July 10, the CPUC approved a settlement between the CPUC's Division of Ratepayer Advocates and Cal Water, authorizing rate increases totaling $33.4 million for districts in Chico, East Los Angeles, Livermore, Los Altos, Mid-Peninsula (San Carlos and San Mateo), Salinas, Stockton and Visalia.
The decision also authorized Cal Water to request recovery in the remaining 16 districts for company-wide cost increases, including those related to water quality, engineering, and accounting, as well as increases in administrative expenses such as health care. $13.7 million in annual cost recovery has been requested and is now reflected in rates.
Acquisitions and new business
In the second quarter of 2008, Hawaii Water Service Co. (Hawaii Water) received approval from the Hawaii Public Utilities Commission (HPUC) to acquire a wastewater system serving approximately 800 customers in the community of Pukalani on Maui.
Hawaii Water also signed an agreement to purchase a water and wastewater system serving approximately 250 customers in Kukio on the Big Island of Hawaii, which is pending HPUC approval. Additionally, in California, the company entered into an agreement to acquire Skyline County Water District, a 465-connection system adjacent to Cal Water's Bear Gulch District, which is now pending CPUC approval.
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Robert Rivinius, the association's president and chief executive officer, said the continued downturn in housing production makes it even more urgent that Congress and the president quickly agree on a comprehensive housing stimulus package that will help get the industry moving again.
“House and Senate leaders are working to complete action on legislation in the very near future that could stabilize Fannie Mae and Freddie Mac, the government-sponsored lending giants, permanently raise conforming loan limits and create a much-needed first-time buyer tax credit,” Rivinius said.
“California homebuilders urge Congress and the president to quickly act to protect the American dream of homeownership and to help the industry recover from the worst downturn since World War II.”
According to statistics compiled by the Construction Industry Research Board, homebuilders around the state obtained 6,443 building permits during June, down 10.8 percent from May and down 43.9 percent from June 2007.
Single-family permits totaled 3,954, up 9.2 percent from May but down 54.9 percent from June 2007, while multifamily permits totaled 2,489, down 30.9 percent from May and 16.8 percent from June 2007.
During the first half of 2008, housing starts totaled 36,282, down 43.9 percent from the same period a year ago. Single-family starts were down by 54.9 percent and multifamily starts for condos and apartments declined by 22.2 percent. (A PDF table listing permit activity by metropolitan area is available here.)
CIRB now projects that for the entire year, only 77,600 permits will be pulled, forecasts that have been trending downward every month this year. CBIA’s chief economist, Alan Nevin, issued an even gloomier forecast at PCBC The Premier Building Show last month, projecting just 72,000 starts for the year.
Nevin noted that fully one-third of the decline in single-family housing starts took place in the Riverside/San Bernardino area, where permits declined from 11,023 in the first six months of 2007 to 3,473 in the first six months of 2008. In comparison, just three years ago, single-family permit activity in the Inland Empire totaled 31,529 units.
“As a result of urban apartment construction, the decline in multifamily construction was spread relatively evenly across the state,” Nevin said. “The decline in single-family permits is greatest in those locales that are most distance from employment centers, while the multifamily activity tends to be highly urban and proximate to employment centers. We see this as a continuing trend.”
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- Written by: Elizabeth Larson
Owners Mike and Lynn Rossman have totally renovated the property, both the hotel and restaurant. And, they’ve given it a new name in keeping with the theme: the Lakehouse Inn Bistro and Lounge.
The Lakehouse Inn Bistro features fresh American bistro food. Patrons from around the lake have expressed pleasure at the opportunity to experience sophisticated food in an unpretentious setting. The lounge features twin sofas on each side of the restored fireplace.
“When we removed the paneling around the double fireplace, to our surprise we discovered the original tiny mosaic tiles from the 1950s,” Lynn Rossman said. “We felt they were a Clearlake historical treasure and set about restoring them.”
Diners can enjoy the fireplace mosaic from the dining room along with beautiful views of the lake.
Of course the best attraction, in addition to the food and drink, is the setting. The bistro and lounge are right on the lake with a spectacular view of Mt. Konocti. And the deck over the water offers a perfect opportunity to relax and enjoy lakeside dining.
Boaters can use the Lakehouse Inn docks to come right up to the restaurant, or they can experience deck-to-dock dining by calling in their orders from the deck-to-dock food and beverage menu and have them brought dockside in a to-go box.
As grapegrowers themselves (albeit Sonoma County), the Rossmans felt a commitment to feature Lake County wines on their menu. In addition they offer some spectacular specialty drinks to be enjoyed in the lounge or when dining. They also offer patrons and boaters the opportunity to enjoy off-site wine and beer.
As for the Lakehouse Inn, it has been completely renovated. With a variety of room configurations, each room is uniquely decorated in a lake house theme. The Rossmans hope to become the “guest room” for Clearlake residents who have an abundance of friends and family visiting them in wonderful Clearlake.
The Lakehouse Inn Bistro and Lounge is open seven days a week. Lunch is served from 11 a.m. to 3 p.m., with dinner from 5 p.m. to 10 p.m. Sunday through Thursday, and 5 p.m. to 11 p.m. Friday and Saturday. Sunday Brunch is from 10 a.m. to 3 p.m. The lounge is open from 11 a.m. daily.
Visit the inn and lounge at 14165 Lakeshore Drive, Clearlake, telephone 994-2129 or 877-401-9777, or check out their Web site at www.lamplighterresort.com.
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Many California wines earned top honors, including Shannon Ridge Winery of Clearlake Oaks.
In its 28th year, the San Francisco International Wine Competition examined wines from 23 states and 23 countries. The medal count included 125 Double Gold (a wine is elevated to Double Gold status when all judges on a particular panel agree that a wine deserves a Gold medal), 180 Gold, 941 Silver and 1,593 Bronze.
"Best of Show" awards went to: Epiphany Cellars 2007 Grenache Blanc, Camp Four Vineyard, Santa Ynez Valley, $23, for Best White Wine; York Mountain Winery 2005 Pinot Noir, Jack Ranch Vineyard, Edna Valley, $25, for Best Red Wine; Perrier-Jouet Champagne 2002 Fleur de Champagne Rose, Champagne, France, $300, importer Pernod Ricard USA, for Best Sparkling Wine; and Forrest Estate Winery 2006 Botrytised Riesling, Marlborough, New Zealand 21.5% r.s., $30, importer The Australian Wine Connection, for Best Dessert Wine.
Gallo Family Vineyards, Modesto, California, was recognized with the "Portfolio Award" for excellence across a wide spectrum of brands. Winemaker Blair Fox, Epiphany Cellars, Los Olivos, California, won the coveted Andre Tchelistcheff "Winemaker of the Year" award. The Tasting Panel Magazine Winery of the Year went to Kendall-Jackson Vineyards & Winery, Santa Rosa, California, for the second year in a row.
The competition, under the direction of prominent wine and food authority Anthony Dias Blue, is one of the most important and comprehensive wine competitions in the world, both for the number of wines entered from around the world and for the high level of expertise among its judges. Blue noted that "many new and exciting wines and wine types were tasted this year and once again the up-and-coming category of 'aromatic whites' snagged a Best of Show award. Pinot Noir submissions also continue to grow in numbers and in quality."
Reporting on the growing success of the competition, Blue commented that "2008 was a breakthrough year for the San Francisco International Wine Competition. While most other judgings lost entries this year, the SFIWC grew significantly. We can thank the growing prestige of the competition enhanced by our close relationship with The Tasting Panel Magazine."
"Best of Varietal" winners were awarded in 14 different categories in 2008 and include: Clautiere Vineyards & Winery 2005 Mourvedre, Estate, Paso Robles, $19; Epiphany Cellars 2005 Petite Sirah, Santa Barbara County, $30; Epiphany Cellars 2005 Revelation, Santa Barbara County, $35, for Best Rhone Blend; Flying Fish 2007 Riesling, Columbia Valley 2% r.s., $13; Lucas Vineyards 2007 Vignoles, Finger Lakes 3% r.s., $12; Masia de Bielsa 2007 Grenache, Campo de Borja, Spain, $12, importer: Vinos and Gourmet ; Milbrandt Vineyards 2005 Merlot, Legacy, Wahluke Slope, $25; Portalupi Wine Company 2006 Barbera, Nevada County, $30 ; Rancho Zabaco Winery 2005 Zinfandel, Monte Rosso - Toreador, Sonoma Valley, $60; Rocca Family Vineyards 2006 Bad Boy Red, Yountville, for Best Red Blend; Roche Carneros Estate Winery 2006 Chardonnay, Los Carneros, $22; Rutherford Grove Winery & Vineyards 2005 Cabernet Sauvignon, Estate Reserve, Howell Mountain, $65; V. Sattui Winery 2007 Gamay Rouge, California, $18, for Best Rose; Serego Alighieri 2001 Amarone Classico, DOC, Valpolicella, Italy, $83, for Best Italian Wine, importer Remy Cointreau USA; Shannon Ridge 2007 Roussanne, Lake County, $30; Starborough 2007 Sauvignon Blanc, Marlborough, New Zealand, $13, importer Gallo Family Vineyards; Windsor Vineyards 2007 Pinot Grigio, Monterey County, $16, and Yangarra Estate Vineyard 2006 Shiraz, Single Vineyard McLaren Vale, Australia, $25, importer Acadia Imports.
Other Best Varietals went to: Abiqua Wind Vineyard 2007 Muller-Thurgau Chloes Breeze, Willamette Valley, $12; Aziendla Agricola Ferragu Ornello 2005 Valpolicella Superiore, Valpolicella, Italy, $49, importer Tesori Wines; Barone Ricasoli 2001 Castello di Brolio Chianti Classico DOCG, Chianti, Italy, $54, importer Remy Cointreau USA; Filus 2006 Malbec Reserve, Mendoza, Argentina, $15, importer Classic Wines of California; Mazuran's Vineyards 1949 Port, One Vineyard, New Zealand; Quady Winery, NV VYA Vermouth Sweet, California 16.1% r.s., $21; Rappahannock Cellars 2006 Cabernet Franc, Virginia, $22, and Kenneth Volk Vineyards 2005 Tempranillo, Starr Ranch, Paso Robles, $28.
Fourteen "Best of Nation" awards highlight the international scope of entries: Graffigna, Argentina, importer Pernod Ricard USA; Yangarra Estate Vineyard, Australia, importer Acadia Imports; Panizzon, Brazil; Jackson-Triggs Okanagan Estates, Canada; Viu Manent, Chile, importer Grape Expectations; Petr Skoupil Winery, Czech Republic; Domaine Laroche, France, importer Remy Cointreau USA; Anselmann, Germany, importer Schwarz Quality Imports; Barone Ricasoli, Italy, importer Remy Cointreau USA; Casa Madero, Mexico, importer Glazers Wholesale Distributors; Brancott Vineyards, New Zealand, importer Pernod Ricard USA; Cortes de Cima, Portugal, importer Vinum Wine Import; Herding Cats, South Africa, importer The Wine Group and Gonzalez Byass, Spain, importer SF Wine Exchange. For Panizzon from Brazil, Jackson-Triggs Okanagan Estates from Canada and Casa Madero from Mexico, this is the second year in a row these wineries have been honored with Best of Nation awards.
The 2007 San Francisco International Wine Competition sponsors were The Tasting Panel Magazine, Semifreddi's Breads, Pace Design and Elements Design Group. Blue also thanked Hotel Nikko in San Francisco for hosting the event.
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