<SEC-DOCUMENT>0001157523-15-001592.txt : 20150505
<SEC-HEADER>0001157523-15-001592.hdr.sgml : 20150505
<ACCEPTANCE-DATETIME>20150505170041
ACCESSION NUMBER:		0001157523-15-001592
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150505
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150505
DATE AS OF CHANGE:		20150505

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:		15833847

	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>a51095791.htm
<DESCRIPTION>AMERICAN STATES WATER COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p>

    </p>
    <p style="text-align: center">
      <b>UNITED STATES</b><br><b>SECURITIES AND EXCHANGE COMMISSION</b><br><b>Washington,
      D.C. 20549</b><br><br><br><font style="font-size: 18pt"><b>Form 8-K</b></font><br><b>CURRENT
      REPORT</b>
    </p>
    <p style="text-align: center">
      <b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b>
    </p>
    <p style="text-align: center">
      <b>Date of Report (Date of earliest event reported) May 5, 2015</b><br><br><br><font style="font-size: 14pt"><b>AMERICAN
      STATES WATER COMPANY</b></font><br><b>(Exact name of registrant as
      specified in its charter)</b>
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>California</b>
        </td>
        <td style="width: 34%; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>001-14431</b>
        </td>
        <td style="width: 33%; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>95-4676679</b>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation or organization)
          </p>
        </td>
        <td style="width: 34%; text-align: center; padding-left: 0.0px" valign="bottom">
          (Commission File Number)
        </td>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer Identification<br>No.)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>630 East Foothill Blvd.</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>San Dimas, California</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>91773</b>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of principal executive<br>offices)
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          (Zip Code)
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>Registrant&#8217;s telephone number, including area code: (909) 394-3600</b>
        </td>
      </tr>
    </table>
    </div>
    <hr style="width: 100%; color: #000000; height: 1.0 pt; text-align: center">


    <p style="text-align: justify">
      <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 (<i>see</i> General Instruction A.2 below):</b>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</b><br><font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 14a-12)</b><br><font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</b><br><font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</b>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <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 style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>Section 2-Financial Information</b>
    </p>
    <p>
      <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 May 5, 2015, American States Water Company released earnings for the
      first quarter ended March&#160;31, 2015. 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 exhibit are furnished to, but not filed
      with, the Securities and Exchange Commission.
    </p>
    <hr style="width: 100%; color: #000000; height: 1.0 pt; text-align: center">


    <p style="text-align: justify">

    </p>
    <p style="text-align: center">
      <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 style="white-space: nowrap">
      Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release dated May 5, 2015
    </p>
    <hr style="width: 100%; color: #000000; height: 1.0 pt; text-align: center">


    <p>

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p>
      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.
    </p>
    <p>
      <br>

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

        </td>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>AMERICAN STATES WATER COMPANY</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          May 5, 2015
        </td>
        <td style="width: 50%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          /s/ Eva G. Tang
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Eva G. Tang
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Senior Vice President-Finance, Chief Financial<br>Officer,
            Corporate Secretary and Treasurer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <hr style="width: 100%; color: #000000; height: 1.0 pt; text-align: center">


    <p>

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

    </p>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 15%; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td style="width: 85%; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          99.1
        </td>
        <td style="width: 85%; text-align: left; padding-left: 0.0px" valign="bottom">
          Press Release dated May 5, 2015
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51095791-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <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 Company Announces Earnings for the First Quarter of 2015</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      SAN DIMAS, Calif.--(BUSINESS WIRE)--May 5, 2015--American States Water
      Company (NYSE:AWR) today reported net income of $12.1 million, or basic
      and fully diluted earnings per share of $0.32 for the quarter ended
      March&#160;31, 2015, as compared to net income of $11.0 million, or basic and
      fully diluted earnings per share of $0.28 for the quarter ended
      March&#160;31, 2014.
    </p>
    <p>
      <b>First Quarter 2015 Results</b>
    </p>
    <p>
      The table below sets forth a comparison of the first quarter diluted
      earnings per share by business segment, as reported:
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="13">
          <b>Diluted Earnings per Share</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="9">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom" colspan="4">
          <b>3/31/2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom" colspan="4">
          <b>3/31/2014</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>CHANGE</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.22
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.02
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Electric
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          0.03
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          0.02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          0.01
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Contracted services
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          AWR (parent)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          0.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="3">
          0.01
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.32
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.28
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.04
        </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>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u>Water</u>
    </p>
    <p>
      For the three months ended March&#160;31, 2015, diluted earnings from the
      water segment increased by $0.02 to $0.24 per share as compared to the
      same period in 2014 due primarily to lower expenses. Excluding supply
      costs and surcharges, which have no impact on operating income, there
      were decreases in certain expenses of $0.03 per share primarily due to a
      decrease in: (i) other operation expenses resulting from lower water
      treatment costs, materials and supplies costs, and bad debt expense;
      (ii) administrative and general expenses due to a reduction in legal
      expenses, and (iii) interest expense. These decreases in expenses were
      partially offset by a higher effective income tax rate (&quot;ETR&quot;) for the
      water segment during the first quarter of 2015 as compared to the same
      period in 2014, decreasing earnings by $0.01 per share. The increase in
      the ETR was due primarily to changes between book and taxable income
      that are treated as flow-through adjustments in accordance with
      regulatory requirements.
    </p>
    <p>
      <u>Electric</u>
    </p>
    <p>
      For the three months ended March&#160;31, 2015, diluted earnings from the
      electric segment increased by $0.01 to $0.03 per share as compared to
      the same period in 2014, due primarily to an increase in the electric
      gross margin and an overall decrease in operating expenses. The electric
      gross margin increased due, in large part, to a change in the monthly
      allocation of the annual base revenue requirement as stipulated in the
      November 2014 final decision issued by the California Public Utilities
      Commission (&quot;CPUC&quot;) on the electric general rate case. Differences in
      the 2015 versus 2014 monthly revenue spread will reverse during the
      year. Depreciation expense decreased due to lower depreciation composite
      rates approved by the CPUC in the electric general rate case in November
      2014; however, most of this decrease was also reflected in a lower
      revenue requirement resulting in no impact on operating income. There
      was also a decrease in legal and maintenance expenses.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <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>Contracted Services</u>
    </p>
    <p>
      For the three months ended March&#160;31, 2015 and 2014, diluted earnings
      from contracted services were $0.04 per share. Overall increases in
      operating expenses were mostly offset by favorable changes in cost
      estimates for certain capital work in progress. These projects and cost
      estimates are continuously evaluated and revised accordingly. Revenues
      for these projects are recognized based on the percentage-of-completion
      method of accounting.
    </p>
    <p>
      <u>AWR (parent)</u>
    </p>
    <p>
      Diluted earnings from AWR (parent) increased by $0.01 per share during
      the first quarter of 2015 as compared to the same period in 2014 due
      primarily to lower state income taxes.
    </p>
    <p>
      <b>Regulatory Matters</b>
    </p>
    <p>
      In July 2014, Golden State Water Company (&#8220;GSWC&#8221;) filed a general rate
      case for all of its water regions and the general office. The
      application will determine rates for the years 2016, 2017 and 2018.
      GSWC&#8217;s requested capital budgets in the application average
      approximately $90 million a year for the three-year period. The 2016
      water gross margin is expected to decrease by approximately $700,000 as
      compared to the currently adopted levels due, in part, to a decrease in
      annual depreciation expense resulting from an updated depreciation
      study. Settlement discussions with all parties have begun, with hearings
      scheduled to commence on May 26, 2015. A final decision on this rate
      case is expected by the end of 2015, with new rates effective January 1,
      2016.
    </p>
    <p>
      <b>Dividends</b>
    </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. On April 28, 2015, AWR's Board of Directors
      approved a second quarter dividend of $0.213 per share on the AWR Common
      Shares of the Company. Dividends on the Common Shares will be payable on
      June 1, 2015 to shareholders of record at the close of business on May
      15, 2015.
    </p>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      This press release includes a discussion on the electric gross margin
      for various periods, which is computed by taking total 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 electric gross margin 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
      measurements regularly and compares them to historical periods and to
      the operating budget.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <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>Forward Looking Statements</b>
    </p>
    <p>
      Certain matters discussed in this news 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 most recent Form 10-Q and Form 10-K filed with the Securities
      and Exchange Commission.
    </p>
    <p>
      <b>First Quarter 2015 Earnings Release Conference Call</b>
    </p>
    <p>
      The Company will host a conference call tomorrow, May 6, 2015 at 2:00
      p.m. Eastern Time. Interested parties can listen to the live conference
      call over the Internet by logging on to <u>www.aswater.com</u> and
      clicking the &#8220;Investors&#8221; button at the top of the page.
    </p>
    <p>
      The call will also be archived on our website and can be replayed
      beginning Wednesday, May 6, 2015 at 5:00 p.m. Eastern Time and will run
      through Wednesday, May 13, 2015.
    </p>
    <p>
      <b>About American States Water Company</b>
    </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 258,000 customers located within 75 communities throughout
      10 counties in Northern, Coastal and Southern California. The Company
      also distributes electricity to approximately 24,000 electric 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>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <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="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="7">
          <b>American States Water Company</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="7">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Comparative Condensed Balance Sheets</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

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

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="2">
          March 31,
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="2">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 60.0px" valign="bottom">
          (in thousands)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          2015
        </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; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $1,007,563
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $1,003,520
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,505
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,536
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          189,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          209,451
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          Regulatory and Other Assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          151,839
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          146,675
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 40.0px" valign="bottom">
          <b>Total Assets</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $1,367,420
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $1,378,298
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Capitalization and Liabilities</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $823,087
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $832,599
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          96,734
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          99,290
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          Other Credits
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          447,599
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          446,409
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 40.0px" valign="bottom">
          <b>Total Capitalization and Liabilities</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $1,367,420
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $1,378,298
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="5">
          Three months ended
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          (in thousands, except per share amounts)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="5">
          March 31,
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          2015
        </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; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $71,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $70,757
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,969
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,456
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          18,460
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          20,732
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          <b>Total operating revenues</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$100,933</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$101,945</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $12,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $11,224
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,964
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,389
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,540
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,699
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,813
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,160
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,947
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          19,527
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          20,184
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,548
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,530
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,477
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,489
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,276
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,325
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,046
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          13,457
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $76,043
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $79,177
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$24,890</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$22,768</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (5,228
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (5,627
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Interest income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          112
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          273
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          125
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          <b>Total other income and expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (4,843
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (5,390
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$20,047</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$17,378</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          Income tax expense
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,898
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,357
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net Income</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$12,149</b>
        </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; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$11,021</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Weighted average shares outstanding</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>38,205</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>38,747</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Basic earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$0.32</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$0.28</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Weighted average diluted shares</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>38,408</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>38,944</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Fully diluted earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$0.32</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$0.28</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$0.2130</b>
        </td>
        <td>

        </td>
        <td>

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