<SEC-DOCUMENT>0001157523-18-000415.txt : 20180226
<SEC-HEADER>0001157523-18-000415.hdr.sgml : 20180226
<ACCEPTANCE-DATETIME>20180226164519
ACCESSION NUMBER:		0001157523-18-000415
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180226
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180226
DATE AS OF CHANGE:		20180226

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:		18641217

	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>a51763705.htm
<DESCRIPTION>AMERICAN STATES WATER COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 13pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 13pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 13pt"></font><font style="font-size: 13pt; font-family: Times New Roman">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-size: 12pt; font-family: Times New Roman"><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) February&#160;26, 2018 </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>
    <p style="text-align: center">

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

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

        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>Registrant&#8217;s telephone number, including area code: (909) 394-3600</b><br>
    </p>
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">


    <p>
      <br>
      <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-size: 10pt; font-family: Arial Unicode MS"><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-size: 10pt; font-family: Arial Unicode MS"><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-size: 10pt; font-family: Arial Unicode MS"><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-size: 10pt; font-family: Arial Unicode MS"><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>
      <b>Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).</b><br><br>
    </p>
    <p style="text-align: right">
      <b>Emerging growth company &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font></b><br><br>
    </p>
    <p>
      <b>If an emerging growth company, indicate by check mark if the
      registrant has elected not to use the extended transition period for
      complying with any new or revised financial accounting standards
      provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font></b>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 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>Section 2-Financial Information</b>
    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02. </b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Results
      of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      On February&#160;26, 2018, American States Water Company released earnings
      for the fourth quarter ended December&#160;31, 2017 and for the full year
      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 exhibit are furnished to, but not filed
      with, the Securities and Exchange Commission.<br><br><br><br>
    </p>
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">


    <p>

    </p>
    <p style="text-align: center">
      <b>Section 9-Financial Statements and Exhibits</b>
    </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 February 26, 2018
    </p>
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">


    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="text-align: left; width: 1%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>AMERICAN STATES WATER COMPANY</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; width: 3%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="width: 45%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            February 26, 2018
          </p>
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="text-align: center; width: 45%; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Eva G. Tang
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; width: 50%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="text-align: center; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Eva G. Tang
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

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

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

        </td>
        <td style="text-align: center; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Senior Vice President-Finance, Chief Financial
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

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

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

        </td>
        <td style="text-align: center; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Officer, Corporate Secretary and Treasurer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">


    <p style="text-align: center">
      <br>
      <b>EXHIBIT INDEX</b><br><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="text-align: left; width: 15%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td style="text-align: left; width: 85%; 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="text-align: left; white-space: nowrap; width: 15%; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51763705ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="text-align: left; width: 85%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51763705ex99_1.htm">Press Release dated February 26, 2018</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51763705ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>American
      States Water Company Announces Fourth Quarter and Full Year 2017 Results</b></font>
    </p>
    <p>
      SAN DIMAS, Calif.--(BUSINESS WIRE)--February 26, 2018--American States
      Water Company (NYSE:AWR) today reported basic and fully diluted earnings
      per share of $0.35 for the fourth quarter ended December&#160;31, 2017, as
      compared to basic and fully diluted earnings per share of $0.30 for the
      fourth quarter ended December&#160;31,&#160;2016. Fully diluted earnings for the
      year ended December&#160;31,&#160;2017 were $1.88 per share, compared to $1.62 per
      share for 2016.
    </p>
    <p>
      <b>Fourth Quarter 2017 Results</b>
    </p>
    <p>
      The table below sets forth a comparison of the fourth quarter 2017
      diluted earnings per share by business segment with diluted earnings per
      share for the fourth quarter of 2016, as reported:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

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

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="11" valign="bottom">
          <b>Diluted Earnings per Share</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="7" valign="bottom">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="3" valign="bottom">
          <b>12/31/2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="3" valign="bottom">
          <b>12/31/2016</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          0.11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          (0.02
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          AWR (parent)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="2" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="2" valign="bottom">
          0.04
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px" valign="bottom">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double" valign="bottom">
          0.35
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double" valign="bottom">
          0.30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double" valign="bottom">
          0.05
        </td>
        <td>

        </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>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><i>Water Segment</i></u>
    </p>
    <p>
      For the three months ended December&#160;31, 2017, fully diluted earnings
      from the water segment of AWR&#8217;s Golden State Water Company (&#8220;GSWC&#8221;)
      subsidiary were $0.18 per share, as compared to $0.13 per share for the
      three months ended December&#160;31,&#160;2016. The Tax Cuts and Jobs Act (&#8220;Tax
      Act&#8221;) enacted in December 2017 reduces the federal corporate income tax
      rate from 35% to 21% effective January 1, 2018. While the changes from
      the Tax Act did not have a significant impact to AWR&#8217;s consolidated
      results for 2017, they did have a negative effect on earnings at the
      water segment, which was mostly offset by an increase in earnings at AWR
      (parent) as discussed later and, to a lesser extent, at the other two
      business segments. The water segment&#8217;s earnings for the fourth quarter
      of 2017 were negatively impacted by approximately $0.03 per share as a
      result of the remeasurement of cumulative deferred tax balances as of
      December 31, 2017. Excluding this one-time cumulative impact from the
      Tax Act, diluted earnings from the water segment during the fourth
      quarter of 2017 increased by $0.08 per share as compared to the same
      period in 2016 due primarily to the following items:
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 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>
    <ul>
      <li style="margin-bottom: 10.0px">
        A downward adjustment to earnings of $0.08 per share was recorded in
        the fourth quarter of 2016 related to the first three quarters of 2016
        due to a delayed general rate case decision issued in December 2016 by
        the California Public Utilities Commission (&#8220;CPUC&#8221;) to set rates for
        years 2016 - 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        An overall decrease in the water gross margin in the fourth quarter of
        2017 primarily due to the cessation of GSWC&#8217;s Ojai operations
        resulting from the sale of this water system in June 2017, partially
        offset by CPUC-approved second year rate increases effective January
        1, 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        An increase in interest and other income (net of interest expense) due
        primarily to (i) higher gains recorded on investments as compared to
        2016, (ii) interest income related to a settlement payment received in
        December&#160;2017, and (iii) higher interest income earned on regulatory
        assets resulting mostly from an increase in the 90-day commercial
        paper rate.
      </li>
    </ul>
    <p>
      Overall, operating expenses remained relatively flat due to a decrease
      in legal expenses related to condemnation matters mostly offset by
      increases in conservation costs, regulatory-related expenses, and
      property and other taxes.
    </p>
    <p>
      <u><i>Electric Segment</i></u>
    </p>
    <p>
      For the three months ended December 31, 2017, diluted earnings from the
      electric segment decreased by $0.02 per share as compared to the prior
      year&#8217;s fourth quarter due primarily to a decrease in the electric gross
      margin. Downward adjustments to the revenue requirement were recorded
      during the fourth quarter of 2017 to reflect updated lower allocations
      from the general office resulting from the final water general rate case
      decision.
    </p>
    <p>
      <u><i>Contracted Services Segment</i></u>
    </p>
    <p>
      For the three months ended December 31, 2017, diluted earnings from
      AWR&#8217;s contracted services subsidiary, American States Utility Services,
      Inc. (&#8220;ASUS&#8221;), decreased by $0.02 per share as compared to the prior
      year&#8217;s fourth quarter. Included in the results for the three months
      ended December 31, 2016 was approximately $0.03 per share in retroactive
      operations and maintenance revenues for periods prior to the fourth
      quarter of 2016 resulting from the successful resolution of a price
      redetermination for one of ASUS&#8217;s contracts with the U.S. government.
      There were no similar retroactive revenues recorded during the fourth
      quarter of 2017. Excluding the impact of this retroactive amount,
      diluted earnings from ASUS increased by $0.01 per share during the
      fourth quarter of 2017 as compared to the same period in 2016 due,
      largely, to increases in ongoing operations and maintenance management
      fees resulting from the successful resolution of various price
      adjustments, as well as the commencement of operations at Eglin Air
      Force Base (&#8220;Eglin&#8221;) in Florida in June 2017. This increase was
      partially offset by lower construction revenue.
    </p>
    <p>
      <u><i>AWR (parent)</i></u>
    </p>
    <p>
      For the three months ended December 31, 2017, diluted earnings from AWR
      (parent) increased $0.04 per share compared to the same period in 2016
      due, in large part, to the remeasurement of federal deferred tax
      liabilities associated with the California state unitary deferred tax
      balances. The remeasurement was based on the Tax Act's lower federal
      corporate tax rate of 21%, which increased earnings at AWR (parent) by
      approximately $0.02 per share during the fourth quarter of 2017. Also
      affecting the comparability were lower state taxes recorded at the
      parent level during the fourth quarter of 2017 as compared to the same
      period in 2016.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 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>Full Year 2017 Results</b>
    </p>
    <p>
      Fully diluted earnings for the year ended December&#160;31, 2017 were $1.88
      per share, compared to $1.62 per share for the same period in 2016. The
      table below sets forth a comparison of the recorded diluted earnings per
      share contribution by business segment and for the parent company:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="10">

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

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="10" valign="bottom">
          <b>Diluted Earnings per Share</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="7" valign="bottom">
          <b>For The Year Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="3" valign="bottom">
          <b>12/31/2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="3" valign="bottom">
          <b>12/31/2016</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>CHANGE</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.35
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.17
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          0.11
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          0.37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          0.33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          0.04
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          AWR (parent)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="2" valign="bottom">
          0.05
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="2" valign="bottom">
          0.02
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="2" valign="bottom">
          0.03
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="bottom">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          1.88
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          1.62
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          0.26
        </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>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><i>Water Segment</i></u>
    </p>
    <p>
      For the year ended December&#160;31, 2017, diluted earnings from the water
      segment increased by $0.18 per share to $1.35 per share as compared to
      $1.17 per share for 2016. Included in the results for 2017 was a $0.13
      per share gain on the sale of the Ojai water system in June 2017 in
      connection with a settlement agreement reached in an eminent domain suit
      filed against GSWC. In addition, in February 2017, the CPUC approved
      recovery of incremental costs related to California's drought state of
      emergency, which were previously expensed. As a result of this approval,
      in 2017 GSWC recorded an increase to earnings of $0.02 per share.
    </p>
    <p>
      Excluding the impact of the two items discussed above and the $0.03
      negative impact from the Tax Act previously discussed, diluted earnings
      from the water segment for 2017 increased by $0.06 per share as compared
      to 2016 due to:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        An overall decrease in operating expenses (excluding supply costs) due
        mostly to lower legal expenses related to condemnation matters, and
      </li>
      <li style="margin-bottom: 10.0px">
        An increase in interest and other income (net of interest expense) due
        primarily to (i) higher gains recorded on investments as compared to
        2016, (ii) amounts collected from developers on certain outstanding
        balances owed to GSWC, (iii) higher interest income on GSWC's
        regulatory assets resulting mostly from an increase in the 90-day
        commercial paper rate, and (iv) interest income related to a
        settlement payment received in December&#160;2017.
      </li>
    </ul>
    <p>
      The increase in water&#8217;s diluted earnings discussed above was partially
      offset by an overall decrease in the water gross margin mainly due to
      the cessation of Ojai operations in June 2017, partially offset by
      revenues generated from CPUC-approved second year rate increases
      effective January 1, 2017.
    </p>
    <p>
      <u><i>Electric Segment</i></u>
    </p>
    <p>
      For the year ended December&#160;31, 2017, diluted earnings from the electric
      segment increased by $0.01 per share as compared to the same period in
      2016. Operating expenses (excluding supply costs) decreased due to
      additional costs incurred in 2016 in response to power outages caused by
      severe winter storms experienced in January 2016, lower regulatory
      costs, and lower costs associated with energy efficiency and solar power
      programs approved by the CPUC. There was also a decrease in the ETR for
      the electric segment as compared to the same period in 2016 resulting
      from flow-through items. These increases to earnings were partially
      offset by a lower electric gross margin, which was due to the downward
      adjustment to the revenue requirement to reflect a decrease in the
      general office allocation approved in the water general rate case.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 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>
      <u><i>Contracted Services Segment</i></u>
    </p>
    <p>
      For the year ended December&#160;31, 2017, diluted earnings from contracted
      services were $0.37 per share, compared to $0.33 per share for the same
      period in 2016. There was an increase in management fee revenues from
      the successful resolution of various price adjustments and asset
      transfers received during 2016 and 2017. There was also an increase in
      management fees and construction revenues generated from the operations
      at Eglin. These increases to earnings were partially offset by higher
      operating costs due to Eglin's transition activities and joint inventory
      study, as well as increases in labor and outside services costs related
      to business development and compliance.
    </p>
    <p>
      <u><i>AWR (parent)</i></u>
    </p>
    <p>
      For the year ended December&#160;31, 2017, diluted earnings from AWR (parent)
      increased $0.03&#160;per share compared to 2016 due to lower state taxes
      recorded at the parent level, as well as the remeasurement of federal
      deferred tax liabilities associated with the California state unitary
      deferred tax balances. The remeasurement utilizes the Tax Act's lower
      federal corporate tax rate of 21%, which increased earnings at AWR
      (parent) by approximately $0.02 per share in 2017.
    </p>
    <p>
      <b>Dividends</b>
    </p>
    <p>
      On January 30, 2018, AWR's Board of Directors approved a first quarter
      dividend of $0.255 per share on the Common Shares of the company.
      Dividends on the Common Shares are payable on March 1, 2018 to
      shareholders of record at the close of business on February 15,&#160;2018.
      American States Water Company has paid dividends to shareholders every
      year since 1931, increasing the dividends received by shareholders each
      calendar year for 63 consecutive years, which places it in an exclusive
      group of companies on the New York Stock Exchange that have achieved
      that result.
    </p>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      This press release includes a discussion on the water and electric gross
      margins for various periods, which are 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 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 the water and electric gross margins and earnings per share
      by business segment as important measures in evaluating its operating
      results and believes these measures are useful internal benchmarks in
      evaluating the performance of its operating segments. The company
      reviews these measurements regularly and compares them to historical
      periods and to the operating budget.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 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>
    </p>
    <p>
      Certain matters discussed in this press release with regard to the
      company&#8217;s expectations may be forward-looking statements that involve
      risks and uncertainties. The assumptions and risk factors that could
      cause actual results to differ materially include those described in the
      company&#8217;s Form 10-K for the year ended December&#160;31, 2017 as filed with
      the Securities and Exchange Commission.
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The company will host a conference call on February&#160;27, 2018 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 February
      27, 2018 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through
      March 6, 2018.
    </p>
    <p>
      <b>About American States Water</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 259,000 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-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 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="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>American States Water Company</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <b>Comparative Condensed Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="7" valign="top">
          <b>December 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,204,992
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          24,070
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          155,463
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="top">
          Regulatory and Other Assets
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          31,093
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          130,740
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          1,416,734
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          1,470,493
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          850,984
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          156,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="top">
          Other Credits
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          409,088
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          477,271
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          1,416,734
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          1,470,493
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" colspan="7" valign="top">
          <b>Three months ended</b>
        </td>
        <td>

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

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="7" valign="top">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          67,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          64,944
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          306,332
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          302,931
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,861
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,351
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          33,969
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          35,771
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          29,044
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          32,505
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          100,302
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          97,385
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <b>Total operating revenues</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>104,180</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>106,800</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>440,603</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>436,087</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17,683
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          15,177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          68,302
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          64,442
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,911
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,518
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,663
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,638
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          14,993
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,873
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,906
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,720
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,387
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (6,276
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,061
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (17,939
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (12,206
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other operation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,005
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          29,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          28,257
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          19,128
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          19,165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          81,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          80,994
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,847
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,972
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          39,031
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          38,850
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,884
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,562
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          15,176
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          16,470
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17,905
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          16,801
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          15,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,369
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          49,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          53,720
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          (8,318
        </td>
        <td style="text-align: left; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          )
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          -
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px" valign="top">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          82,225
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          84,708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          313,527
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          321,371
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>21,955</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>22,092</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>127,076</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>114,716</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (4,976
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,036
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (22,582
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (21,992
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Interest income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,790
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          603
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          125
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          2,057
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          997
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px" valign="top">
          <b>Total other income and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (3,783
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (4,722
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (18,735
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (20,238
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>18,172</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>17,370</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>108,341</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>94,478</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="top">
          Income tax expense
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          5,304
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          6,158
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          38,974
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          34,735
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="top">
          <b>Net Income</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          <b>12,868</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          <b>11,212</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          <b>69,367</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" valign="bottom">
          <b>59,743</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>1.88</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>1.63</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>1.88</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>1.62</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>36,680</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>36,570</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>36,638</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>36,552</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>36,898</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>36,772</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>36,844</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>36,750</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.255</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.994</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <b>0.914</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#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>Telephone: (909) 394-3600, ext. 707
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
