<SEC-DOCUMENT>0001157523-17-001360.txt : 20170502
<SEC-HEADER>0001157523-17-001360.hdr.sgml : 20170502
<ACCEPTANCE-DATETIME>20170502164610
ACCESSION NUMBER:		0001157523-17-001360
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170502
DATE AS OF CHANGE:		20170502

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:		17805743

	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>a51551080.htm
<DESCRIPTION>AMERICAN STATES WATER COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2017 Business Wire, a Berkshire Hathaway company.-->
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  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 13pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 13pt"><br style="font-size: 13pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 13pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><b>Washington, D.C. 20549</b>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 18pt"><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">
      <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 2, 2017</b><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>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>California</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; width: 34%; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>001-14431</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; width: 33%; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>95-4676679</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <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 style="padding-top: 10.0px; padding-left: 0.0px; width: 34%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer Identification
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            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="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>630 East Foothill Blvd.</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>San Dimas, California</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; width: 33%; text-align: center; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>91773</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of principal executive
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            offices)
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>Registrant&#8217;s telephone number, including area code: (909) 394-3600</b>
    </p>
    <p style="text-align: center">
      <br>

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


    <p>

    </p>
    <p>
      <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: 12pt"><b>&#8414;</b></font><b>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</b>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 12pt"><b>&#8414;</b></font><b>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 14a-12)</b>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 12pt"><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>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 12pt"><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>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="color: black; height: 1.5pt">

        </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>
      <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 2, 2017, American States Water Company released earnings for the
      first quarter ended March&#160;31,&#160;2017.&#160;&#160;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">

    </p>
    <hr style="color: #000000; width: 100%; text-align: center; height: 2.0 pt">


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

    </p>
    <p style="text-align: center">
      <b>Section 9-Financial Statements and Exhibits</b>
    </p>
    <p>
      <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 May 2, 2017
    </p>
    <p style="text-align: center">

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-align: left">

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

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>AMERICAN STATES WATER COMPANY</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 2, 2017
          </p>
        </td>
        <td style="width: 3%">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; width: 47%; text-align: center; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Eva G. Tang
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 47%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Eva G. Tang
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 47%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President-Finance, Chief Financial
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 47%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Officer, Corporate Secretary and Treasurer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-align: center">

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

    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; width: 25%; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 75%; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; width: 25%; text-align: left; white-space: nowrap" valign="bottom">
          99.1
        </td>
        <td style="padding-left: 0.0px; width: 75%; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release dated May 2, 2017
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51551080_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2017 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 First Quarter 2017 Results</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      SAN DIMAS, Calif.--(BUSINESS WIRE)--May 2, 2017--American States Water
      Company (NYSE: AWR) today reported basic and fully diluted earnings per
      share of $0.35 and $0.34, respectively, for the quarter ended March&#160;31,
      2017, as compared to basic and fully diluted earnings per share of $0.28
      for the quarter ended March&#160;31, 2016.
    </p>
    <p>
      <b>First Quarter 2017 Results</b><br>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 cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>3/31/2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="4" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>3/31/2016</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.25
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.03
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Electric
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.01
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Contracted services
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.05
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.03
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.02
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.34
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.06
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u>Water Segment:</u><br>For the three months ended March&#160;31, 2017,
      diluted earnings per share from the water segment of AWR&#8217;s Golden State
      Water Company (&#8220;GSWC&#8221;) subsidiary increased by $0.03 to $0.25 per share
      as compared to the same period in 2016. The following two items from
      other periods affected the results and comparability of the three months
      ended March 31, 2017 and 2016, and offset on a quarter-over-quarter
      basis:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        A decrease in the water gross margin of $1.5 million was not reflected
        in the results for the three months ended March 31, 2016 due to the
        delay by the California Public Utilities Commission (&#8220;CPUC&#8221;) in
        issuing a decision on the water general rate case. The water gross
        margin recorded through March 31, 2016 reflected GSWC's stipulated
        position in the then pending water general rate case, which assumed
        the CPUC would adopt GSWC&#8217;s positions in its entirety related to
        capital expenditure requests and executive compensation. The final
        decision authorized 87% of GSWC&#8217;s capital requests in customer rates,
        and allowed only a portion of the executive incentive programs. When
        the decision was issued in December 2016 with new rates retroactive to
        January&#160;1,&#160;2016, a cumulative downward adjustment of $5.2 million to
        the water gross margin was recorded in the fourth quarter of 2016
        related to the first three quarters of 2016. Approximately $1.5
        million of this amount would have lowered the water gross margin in
        the first quarter of 2016 had the CPUC decision been issued on time.
      </li>
      <li style="margin-bottom: 10.0px">
        A one-time recovery totaling $1.5 million related to the CPUC&#8217;s
        approval of GSWC&#8217;s drought memorandum account. In February 2017, the
        CPUC approved recovery of incremental drought-related costs, which
        were previously expensed in prior years and related to California's
        drought state of emergency. As a result of the approval by the CPUC,
        during the first quarter of 2017, GSWC recorded a regulatory asset and
        a corresponding increase to pretax earnings of approximately $1.5
        million associated with drought-related items, of which approximately
        $1.2 million was recorded as a reduction to operation-related expenses
        and approximately $260,000 was recorded as additional revenue.
      </li>
    </ul>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      Excluding the two items discussed above, these major items impacted the
      comparability of the two periods in the water segment results:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Overall, the water gross margin increased by approximately $685,000
        due primarily to CPUC-approved second-year rate increases effective
        January 1, 2017, and
      </li>
      <li style="margin-bottom: 10.0px">
        Total operating expenses (excluding supply costs) decreased by
        approximately $1.2 million reflecting primarily lower (i) legal and
        other outside service costs related to condemnation matters, and (ii)
        maintenance expense.
      </li>
    </ul>
    <p>
      <u>Electric Segment:</u><br>For the three months ended March&#160;31, 2017,
      diluted earnings from the electric segment increased by $0.01 per share
      to $0.04 per share as compared to the same period in 2016. The increase
      was mostly due to a decrease in (i) overall operating expenses
      (excluding supply costs) resulting primarily from additional costs
      incurred in 2016 in response to power outages caused by severe winter
      storms, as well as lower costs incurred in 2017 associated with the
      CPUC-approved energy efficiency and solar programs, and (ii) the
      effective income tax rate for the electric segment due to differences
      between book and taxable income that are treated as flow-through
      adjustments in accordance with regulatory requirements.
    </p>
    <p>
      <u>Contracted Services Segment:</u><br>For the three months ended
      March&#160;31, 2017, diluted earnings per share from contracted services
      increased by $0.02 to $0.05 per share as compared to the same period in
      2016. There was an overall increase in construction activity as well as
      improved cost efficiencies during the first quarter of 2017. There was
      also an increase in management fee revenue due to the successful
      resolution of price redeterminations, economic price adjustments and
      asset transfers throughout 2016. These increases to earnings were
      partially offset by higher operations and maintenance costs mostly due
      to transition activities and the joint inventory study being conducted
      at Eglin Air Force Base. In accordance with the 50-year contract with
      the U.S. government, AWR&#8217;s contracted services subsidiary, American
      States Utility Services, Inc. (&quot;ASUS&quot;), receives revenues to help cover
      much of the costs of the transition in operations of Eglin. ASUS is
      expected to assume operation of the water and wastewater systems at
      Eglin Air Force Base by mid-2017. There were also increases in outside
      services related to business development, compliance and security
      analysis, and labor and employee-related training costs.
    </p>
    <p>
      <b>Regulatory Matters</b><br>In early April 2017, GSWC filed its water
      cost of capital application with the CPUC. The application recommends an
      overall weighted return on rate base of 9.11%, including an updated cost
      of debt of 6.6% and a return on equity (&quot;ROE&quot;) of 11%. The current
      authorized return on rate base is 8.34%, including an ROE of 9.43%. A
      decision on the application is scheduled to be received by the end of
      2017 and to become effective January 1, 2018.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      On May 1, 2017, GSWC filed its electric general rate case application
      with the CPUC. This rate case will determine rates for years 2018
      through 2021. A final decision is scheduled for the end of 2017.
    </p>
    <p>
      <b>Other Matters</b><br>In April 2017, the Board of Directors of Casitas
      Municipal Water District (&#8220;Casitas&#8221;) approved a settlement agreement
      with GSWC, and a group of citizens referred to as Ojai Friends of
      Locally Owned Water (&#8220;Ojai FLOW&#8221;) to resolve the eminent domain action
      and other litigation brought by Casitas and Ojai FLOW against GSWC.
      Under the terms of the settlement agreement, Casitas will acquire the
      operating assets of GSWC&#8217;s 2,900-connection Ojai water system by eminent
      domain for approximately $34.5&#160;million in cash, including payments for
      customer receivables and regulatory assets, subject to a post-closing
      final reconciliation. Casitas and Ojai FLOW have also agreed to dismiss
      all claims against GSWC, which claims sought damages against GSWC
      stemming from Casitas&#8217; proposal to issue bonds to finance the
      acquisition of GSWC&#8217;s Ojai water system. The transaction is expected to
      close in June 2017 following satisfaction of all closing conditions.
      Upon closing, GSWC expects to recognize a pretax gain on the sale of
      assets of approximately $8.0 million. The proceeds received in this
      transaction are expected to temporarily lower GSWC&#8217;s short-term
      borrowings. Management will evaluate the long-term use of the proceeds.
    </p>
    <p>
      <b>Dividends</b><br>American States Water Company has paid dividends to
      shareholders every year since 1931, increasing the dividends received by
      shareholders each calendar year for 62 consecutive years, which places
      it in an exclusive group of companies on the New York Stock Exchange
      that have achieved that result. On May 1, 2017, AWR's Board of Directors
      approved a second quarter dividend of $0.242 per share on the Common
      Shares of AWR. Dividends on the Common Shares will be payable on June 1,
      2017 to shareholders of record at the close of business on May 15, 2017.
    </p>
    <p>
      <b>Non-GAAP Financial Measures</b><br>This press release includes a
      discussion on the water gross margin for various periods, which is
      computed by subtracting total supply costs from total revenues. 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 net
      income 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 the water 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
      measures regularly and compares them to historical periods and to the
      operating budget.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>Forward Looking Statements</b><br>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>Conference Call</b><br>The Company will host a conference call on May
      3, 2017 at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time) to discuss
      the Company and its financial results. Interested parties can listen to
      the live conference call and view accompanying slides on the Internet at <u>www.aswater.com</u>
      by clicking the &#8220;Investors&#8221; button at the top of the page. The call will
      be archived on the website and available for replay beginning Wednesday,
      May 3, 2017 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through
      May 10, 2017.
    </p>
    <p>
      <b>About American States Water Company</b><br>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 261,000
      customers located 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 under 50-year privatization contracts with the U.S.
      government.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>American States Water Company</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Comparative Condensed Balance Sheets</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

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

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          March 31,
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 60.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt" valign="top">
          (in thousands)
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,137,159
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,150,926
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21,161
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20,836
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          165,241
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          166,875
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt" valign="top">
          Regulatory and Other Assets
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          128,753
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          130,740
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 40.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt" valign="top">
          <b>Total Assets</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1,480,268
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1,470,493
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Capitalization and Liabilities</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          818,929
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          815,278
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Liabilities Directly Associated with Assets Held for Sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          177,735
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          177,944
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt" valign="top">
          Other Credits
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          482,666
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          477,271
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 40.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt" valign="top">
          <b>Total Capitalization and Liabilities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1,480,268
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1,470,493
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Condensed Statements of Income</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          Three months ended
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt" valign="top">
          (in thousands, except per share amounts)
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="7" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" valign="top">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Operating Revenues</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          66,404
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          66,312
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10,502
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10,573
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          21,904
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          16,642
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; text-align: left" valign="top">
          <b>Total operating revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>98,810</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>93,527</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Operating Expenses</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12,106
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13,799
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,597
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,632
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,375
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,700
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,871
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,749
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3,415
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other operation
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,966
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20,286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20,773
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9,683
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9,791
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,464
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,070
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,566
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,378
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          11,484
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          8,729
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; text-align: left" valign="top">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          74,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          72,294
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>24,738</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>21,233</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Other Income and Expenses</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (5,905
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (5,623
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          172
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          464
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          181
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; text-align: left" valign="top">
          <b>Total other income and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (5,182
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (5,270
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Income Before Income Tax Expense</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>19,556</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>15,963</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt" valign="top">
          Income tax expense
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          6,855
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          5,813
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt" valign="top">
          <b>Net Income</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>12,701</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>10,150</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Weighted average shares outstanding</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>36,590</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>36,521</b>
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>0.35</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Weighted average diluted shares</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>36,782</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>36,697</b>
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>0.34</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Dividends Declared Per Common Share</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>0.242</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>0.224</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </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>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
