California Water Service Group Q1 Loss Widens - Quick Facts

(RTTNews) - California Water Service Group Holding (CWT) on Thursday reported a net loss for the first quarter of $7.6 million or $0.16 per share, wider than net loss of $0.8 million or $0.02 per share in the year-ago period.

The wider net loss was primarily due to increases in operating expenses which were not fully offset by rate increases and a reduction in accrued unbilled revenue driven by weather. These were partially offset by an increase in unrealized gain on certain benefit plan investments.

Total revenue for the quarter decreased 6.3 percent to $126.1 million from $134.6 million in the year-ago quarter.

The decrease in revenue was mostly due to a $7.1 million decrease in accrued unbilled revenue, balancing account adjustments which reduced revenue $3.7 million, and deferred revenue adjustments which reduced revenue $2.3 million. These reductions were partially offset by rate increases of $5.1 million.