<SEC-DOCUMENT>0001157523-14-000838.txt : 20140227
<SEC-HEADER>0001157523-14-000838.hdr.sgml : 20140227
<ACCEPTANCE-DATETIME>20140226184451
ACCESSION NUMBER:		0001157523-14-000838
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140226
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140227
DATE AS OF CHANGE:		20140226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN STATES WATER CO
		CENTRAL INDEX KEY:			0001056903
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				954676679
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14431
		FILM NUMBER:		14646241

	BUSINESS ADDRESS:	
		STREET 1:		630 E FOOTHILL BLVD
		CITY:			SAN DIMAS
		STATE:			CA
		ZIP:			91773-9016
		BUSINESS PHONE:		9093943600

	MAIL ADDRESS:	
		STREET 1:		630 E FOOTHILL
		CITY:			SAN DIMAS
		STATE:			CA
		ZIP:			91773-9016
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50812959.htm
<DESCRIPTION>AMERICAN STATES WATER COMPANY 8-K
<TEXT>
<html>
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    <title></title>
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 14pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 14pt"><br style="font-size: 14pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 14pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-family: Times New Roman; font-size: 14pt"><b>Washington,
      D.C. 20549</b></font><br><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 14pt"><b>Form 8-K</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Date of
      Report (Date of earliest event reported) February 26, 2014</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>AMERICAN
      STATES WATER COMPANY</b></font><br><font style="font-family: Times New Roman; font-size: 10pt"><b>(Exact
      name of registrant as specified in its charter)</b></font><br><br>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>California</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>001-14431</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; width: 33%">
          <font style="font-family: Times New Roman; font-size: 10pt"><b>95-4676679</b></font>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation or organization)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer Identification<br>No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>630
            East Foothill Blvd.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt"><b>San
            Dimas, California</b></font>
          </p>
        </td>
        <td style="width: 34%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; width: 33%">
          <font style="font-family: Times New Roman; font-size: 10pt"><b>91773</b></font>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive</font><br>o<font style="font-family: Times New Roman; font-size: 10pt">ffices)</font>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Registrant&#8217;s
      telephone number, including area code: (909) 394-3600</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman">
      </font>
    </p>
    <hr style="text-align: center; height: 1.0 pt; width: 100%; color: #000000">


    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2 below):</b></font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></b>
    </p>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>Section 2-Financial Information</b>
    </p>
    <p>
      <br>
      <b>Item 2.02. </b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Results
      of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      On February&#160;26, 2014, American States Water Company released earnings
      for the fourth quarter ended December&#160;31, 2013 and for the year 2013. A
      copy of the Company&#8217;s press release is attached hereto as Exhibit 99.1.
    </p>
    <p style="text-align: justify">
      This Form 8-K and the attached exhibits are furnished to, but not filed
      with, the Securities and Exchange Commission.
    </p>
    <p style="text-align: justify">
      <br>

    </p>
    <hr style="text-align: center; height: 1.0 pt; width: 100%; color: #000000">


    <p style="text-align: center">
      <br>
      <b>Section 9-Financial Statements and Exhibits</b>
    </p>
    <p style="text-align: center">

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Financial
      Statements and Exhibits</b>
    </p>
    <p>
      The following exhibit is furnished hereunder:
    </p>
    <p>
      Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release dated February&#160;26, 2014
    </p>
    <p>
      <br>

    </p>
    <hr style="text-align: center; height: 1.0 pt; width: 100%; color: #000000">


    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: center">
      <br>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 50%">
          <b>AMERICAN STATES WATER COMPANY</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 50%">
          February 26, 2014
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 50%">
          /s/ Eva G. Tang
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Eva G. Tang
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President-Finance, Chief Financial<br>Officer,
            Corporate Secretary and Treasurer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; width: 15%">
          99.1
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 85%">
          Press Release dated February 26, 2014
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50812959_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>American
      States Water Announces Earnings for the Fourth Quarter and the Year 2013</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      SAN DIMAS, Calif.--(BUSINESS WIRE)--February 26, 2014--American States
      Water Company (NYSE:AWR) today reported net income of $11.8 million, or
      basic and fully diluted earnings per share of $0.30 for the quarter
      ended December&#160;31, 2013, as compared to net income of $10.3 million, or
      basic and fully diluted earnings per share of $0.27, for the quarter
      ended December&#160;31, 2012, an 11.1% increase in diluted earnings per share.
    </p>
    <p>
      <u><b>Fourth Quarter 2013 Results</b></u>
    </p>
    <p>
      The table below sets forth a comparison of the fourth quarter diluted
      earnings per share by business segment:
    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3">
          Q4 2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3">
          Q4 2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3">
          Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Water
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $0.18
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $0.13
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $0.05
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Electric
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          0.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          0.02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          (0.01
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Contracted services
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          0.10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          0.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          (0.02
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          AWR (parent)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2">
          0.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2">
          0.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px; padding-bottom: 4.0px">
          Totals
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $0.30
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $0.27
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $0.03
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u>Water</u>
    </p>
    <p>
      For the three months ended December&#160;31, 2013, fully diluted earnings
      from the water segment of AWR&#8217;s Golden State Water Company (&#8220;GSWC&#8221;)
      subsidiary increased by $0.05 per share to $0.18 per share, as compared
      to $0.13 per share for the three months ended December&#160;31, 2012. Items
      impacting the comparability of the two periods are detailed below:
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        An increase in the water gross margin of approximately $3.1 million,
        or $0.05 per share, due primarily to a higher adopted gross margin
        effective January&#160;1, 2013 approved by the California Public Utilities
        Commission (&quot;CPUC&quot;) on May&#160;9, 2013 in connection with the water
        general rate case. In addition, there was an increase of $2.8 million
        in revenues with a corresponding increase in operating expenses,
        representing new surcharges billed to customers during the fourth
        quarter of 2013 as compared to the same period in 2012 to recover
        previously incurred costs. These surcharges had no impact to net
        earnings;
      </li>
      <li style="margin-bottom: 10.0px">
        Excluding supply costs and the $2.8 million of surcharges discussed
        above, operating expenses decreased by approximately $1.0 million, or
        $0.02 per share, due primarily to decreases in: (i) depreciation
        expense as a result of lower composite depreciation rates approved in
        the water general rate case; (ii) planned maintenance expense, and
        (iii) administrative and general expenses resulting primarily from
        lower employee-related benefits, and
      </li>
      <li style="margin-bottom: 10.0px">
        An increase in the effective income tax rate for the water segment
        during the quarter ended December&#160;31, 2013 as compared to the same
        period in 2012, which decreased earnings by $0.02 per share, primarily
        due to changes between book and taxable income that were treated as
        flow-through adjustments in accordance with regulatory requirements.
      </li>
    </ul>
    <p>
      <u>Electric</u>
    </p>
    <p>
      Diluted earnings from GSWC&#8217;s electric operations decreased by $0.01 per
      share over the prior year&#8217;s fourth quarter due primarily to an increase
      in other operating expenses and a higher electric effective income tax
      rate.
    </p>
    <p>
      <u>Contracted Services</u>
    </p>
    <p>
      Diluted earnings from AWR&#8217;s contracted services subsidiary, American
      States Utility Services, Inc. (&#8220;ASUS&#8221;), decreased by $0.02 per share
      over the prior year&#8217;s fourth quarter, due primarily to an overall
      decrease in construction activity as compared to the same period in
      2012. The level of construction activities tends to fluctuate period
      over period. In addition, there was an expected slowdown of renewal and
      replacement capital work at various bases over the prior year&#8217;s fourth
      quarter. Furthermore, diluted earnings from contracted services
      decreased due to an increase in operating expenses related to employee
      related costs, consulting and other outside services costs due, in part,
      to the pursuit of new military base utility privatization opportunities.
      The decrease in construction activities and higher operating expenses
      resulted in a decrease to earnings of approximately $0.05 per share.
      These decreases in diluted earnings were partially offset by a lower
      effective income tax rate, increasing earnings by $0.03 per share,
      primarily as the result of a cumulative tax deduction taken for certain
      construction activities on a recently filed tax return and expected to
      be taken on amended tax returns.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Full Year 2013 Results</b></u>
    </p>
    <p>
      Basic and fully diluted earnings per share for the year ended
      December&#160;31, 2013 were $1.61, compared to $1.42 and $1.41 per common
      share on a basic and fully diluted basis, respectively, for the same
      period in 2012. This represents a 14.2% increase over the prior year in
      fully diluted earnings per share. The table below sets forth a
      comparison of the diluted earnings per share contribution by business
      segment for 2013 with 2012:
    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="13">
          Year Ended December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3">
          Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Water
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $1.19
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $0.90
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          $0.29
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Electric
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          0.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          0.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          (0.06
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Contracted services
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          0.30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          0.39
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2">
          (0.09
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          AWR (parent)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2">
          0.06
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2">
          0.06
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px; padding-bottom: 4.0px">
          Totals
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $1.61
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $1.41
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $0.20
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>Increase/</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Reconciliation of changes in EPS from 2012 to 2013:</b></u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(decrease)</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><i>Water Segment:</i></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Water gross margin contribution due to rate increases (excluding
            surcharges)
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $0.20
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          One-time recovery of previously incurred costs
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          0.04
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Higher operating expenses &#8211; primarily planned maintenance costs
            (excluding surcharges)
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (0.01
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Lower depreciation &amp; amortization expense (excluding surcharges)
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          0.04
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Lower effective income tax rate due to flow-through adjustments
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          0.02
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><i>Electric Segment:</i></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            A decrease in the recovery of costs associated with the Renewables
            Portfolio Standard, an increase in A&amp;G expenses due primarily to
            the processing of the general rate case, and a higher effective
            income tax rate
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (0.06
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><i>Contracted Services Segment:</i></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Lower construction activities due to weather conditions and other
            delays
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (0.10
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Higher operating and administrative expenses due, in part, to pursue
          new military base opportunities
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (0.03
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Lower effective income tax rate due to a cumulative tax deduction on
          construction activities ($0.03 per share relates to periods prior to
          2013)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          0.04
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><i>AWR parent:</i></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Increase due primarily to a cumulative tax benefit related to an
            employee benefit program ($0.03 per share relates to periods prior
            to 2013)
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.06
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2013 Consolidated EPS increase</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $0.20
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      This press release includes a discussion on water and electric gross
      margins, which are computed by taking total water and electric revenues,
      less total supply costs. The discussion also includes AWR&#8217;s operations
      in terms of diluted earnings per share by business segment, which is
      each business segment&#8217;s earnings divided by the Company&#8217;s weighted
      average number of diluted shares. These items are derived from
      consolidated financial information but are not presented in our
      financial statements that are prepared in accordance with Generally
      Accepted Accounting Principles (&#8220;GAAP&#8221;) in the United States. These
      items constitute &quot;non-GAAP financial measures&quot; under Securities and
      Exchange Commission rules.
    </p>
    <p>
      The non-GAAP financial measures supplement our GAAP disclosures and
      should not be considered as alternatives to the GAAP measures.
      Furthermore, the non-GAAP financial measures may not be comparable to
      similarly titled non-GAAP financial measures of other registrants. The
      Company uses water and electric gross margins and earnings per share by
      business segment as important measures in evaluating its operating
      results and believes these measures are useful internal benchmarks in
      evaluating the performance of its operating segments. The Company
      reviews these measures regularly and compares them to historical periods
      and to the operating budget.
    </p>
    <p>
      <b>Other</b> - Certain matters discussed in this press release with
      regard to the Company&#8217;s expectations may be forward-looking statements
      that involve risks and uncertainties. The assumptions and risk factors
      that could cause actual results to differ materially include those
      described in the Company&#8217;s Form 10-K for the year ended December&#160;31,
      2013 as filed with the Securities and Exchange Commission.
    </p>
    <p>
      <b>Fourth Quarter 2013 Earnings Release Conference Call</b> - The
      Company will host a conference call on February&#160;27, 2014 at 2:00 p.m.
      Eastern Time (11:00 a.m. Pacific Time). Interested parties can listen to
      the live conference call over the Internet by logging on to <u>www.aswater.com</u>.
    </p>
    <p>
      The call will also be archived on our website and can be replayed
      beginning Thursday, February&#160;27, 2014 at 5:00 p.m. Eastern Time (2:00
      p.m. Pacific Time) and will run through Thursday, March 6, 2014. After
      logging on to the website, click the &#8220;Investors&#8221; button at the top of
      the page. The archive is located just above the &#8220;Stock Quote&#8221; section.
    </p>
    <p>
      American States Water Company is the parent of Golden State Water
      Company and American States Utility Services, Inc. Through its utility
      subsidiary, Golden State Water Company, AWR provides water service to
      approximately 257,000 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 its contracted services subsidiary, American States
      Utility Services, Inc., 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.
    </p>
    <p>
      American States Water Company has paid dividends to shareholders every
      year since 1931, increasing the dividends received by shareholders each
      calendar year since 1954.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          <b>American States Water Company</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Comparative Condensed Balance Sheets</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 60.0px; border-bottom: solid black 1.0pt">
          (in thousands)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          (Unaudited)
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Utility Plant-Net
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $981,477
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $917,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Goodwill
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,116
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,116
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Other Property and Investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,806
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          13,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Current Assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          191,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          184,033
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          Regulatory and Other Assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          120,167
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          164,248
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $1,310,183
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $1,280,943
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Capitalization and Liabilities</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Capitalization
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $818,483
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $787,042
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Current Liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          100,906
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          93,697
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          Other Credits
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          390,794
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          400,204
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $1,310,183
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $1,280,943
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Condensed Statements of Income</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          Three months ended
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          Twelve months ended
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          (in thousands, except per share amounts)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="5">
          December 31,
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="5">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          (Unaudited)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Operating Revenues</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Water
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $72,897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $67,564
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $320,131
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $305,898
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Electric
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          10,429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          9,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          38,409
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          37,033
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Contracted services
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          26,590
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          34,679
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          113,537
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          123,977
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 75.0px">
          <b>Total operating revenues</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$109,916</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$111,541</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$472,077</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$466,908</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Operating Expenses</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Water purchased
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $12,282
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $11,753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $58,930
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $54,010
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Power purchased for pumping
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          2,133
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          9,518
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          8,355
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Groundwater production assessment
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3,875
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,541
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          14,732
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Power purchased for resale
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3,498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          13,392
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          12,120
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Supply cost balancing accounts
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          223
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          2,149
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          214
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          11,709
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Other operation
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          8,609
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          7,943
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          27,767
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          29,790
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Administrative and general
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          21,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          18,106
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          77,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          70,556
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          10,753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          10,258
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          40,090
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          41,385
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Maintenance
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          4,259
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          4,472
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          17,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,887
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Property and other taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3,861
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3,682
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,381
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          ASUS construction
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          17,574
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          23,444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          76,627
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          81,957
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Net gain on sale of property
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          10
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (2
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (68
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 75.0px">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          88,265
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          90,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          353,005
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          355,814
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$21,651</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$21,122</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$119,072</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$111,094</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Other Income and Expenses</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (5,017
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (4,957
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (22,415
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (22,765
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Interest income
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          204
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          707
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,333
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Other, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          432
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (4
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          1,105
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          431
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 75.0px">
          <b>Total other income and expenses</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (4,390
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (4,757
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (20,603
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (21,001
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Income from Operations Before Income Tax Expense</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$17,261</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$16,365</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$98,469</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$90,093</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          Income tax expense
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          5,481
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          6,074
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          35,783
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          35,945
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>Net Income</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>$11,780</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>$10,291</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>$62,686</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>$54,148</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Basic Earnings Per Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$0.30</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$0.27</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$1.61</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$1.42</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Fully Diluted Earnings Per Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$0.30</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$0.27</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$1.61</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$1.41</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Weighted average shares outstanding</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>38,717</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>38,444</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>38,639</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>37,998</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Weighted average diluted shares</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>38,956</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>38,738</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>38,869</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>38,262</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Dividends Declared Per Common Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$0.2025</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$0.1775</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$0.760</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>$0.635</b>
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>American States Water Company<br>Eva G. Tang<br>Senior Vice
      President-Finance, Chief Financial Officer,<br>Corporate Secretary and
      Treasurer<br>(909) 394-3600, ext. 707
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
