<SEC-DOCUMENT>0001157523-18-001018.txt : 20180507
<SEC-HEADER>0001157523-18-001018.hdr.sgml : 20180507
<ACCEPTANCE-DATETIME>20180507164545
ACCESSION NUMBER:		0001157523-18-001018
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180507
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180507
DATE AS OF CHANGE:		20180507

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:		18811834

	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>a51801733.htm
<DESCRIPTION>AMERICAN STATES WATER COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
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  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 13pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 13pt"><br style="font-family: Times New Roman; font-size: 13pt"></font><font style="font-family: Times New Roman; font-size: 13pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><b>Washington, D.C. 20549</b>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 18pt"><b>Form 8-K</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT </b></font>
    </p>
    <p style="text-align: center">
      <b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b>
    </p>
    <p style="text-align: center">
      <b>Date of Report (Date of earliest event reported) May 7, 2018</b><br><br><font style="font-size: 14pt"><b>AMERICAN
      STATES WATER COMPANY</b></font><br><b>(Exact name of registrant as
      specified in its charter)</b>
    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>California</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; width: 34%; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>001-14431</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; width: 33%; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>95-4676679</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <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 valign="top" style="text-align: center; padding-top: 10.0px; width: 34%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <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 valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <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 valign="top" style="text-align: center; padding-right: 0.0px; width: 33%; padding-left: 0.0px; white-space: nowrap">
          <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 valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <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 valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <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">
      <br>
      <b>Registrant&#8217;s telephone number, including area code: (909) 394-3600</b><br>
    </p>
    <hr style="text-align: center; color: #000000; height: 1.0 pt; width: 100%">


    <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-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</b><br><font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 14a-12)</b><br><font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</b><br><font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</b>
    </p>
    <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>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: right; width: 95%; padding-left: 0.0px">
          <p>
            <b>Emerging growth company</b>
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 5%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; width: 95%; padding-left: 0.0px">
          <p style="font-size: 10pt">
            <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.</b>
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 5%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <b>Section 2-Financial Information</b>
    </p>
    <p>

    </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 May 7, 2018, American States Water Company released earnings for the
      first quarter ended March&#160;31,&#160;2018.&#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.
    </p>
    <hr style="text-align: center; color: #000000; height: 2.0 pt; width: 100%">


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

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

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Financial
      Statements and Exhibits</b>
    </p>
    <p>
      The following exhibit is furnished hereunder:
    </p>
    <p style="white-space: nowrap">
      Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release dated May 7, 2018
    </p>
    <hr style="text-align: center; color: #000000; height: 2.0 pt; width: 100%">


    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; width: 1%; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>AMERICAN STATES WATER COMPANY</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            May 7, 2018
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 3%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: center; width: 45%; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Eva G. Tang
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

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

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

        </td>
        <td valign="top" style="text-align: center; width: 45%; padding-left: 0.0px">
          <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 valign="top" style="text-align: center; width: 45%; padding-left: 0.0px">
          <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 valign="top" style="text-align: center; width: 45%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Officer, Corporate Secretary and Treasurer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: left; width: 14%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; width: 86%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; width: 14%; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51801733ex99_1.htm">99.1</a>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; width: 86%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51801733ex99_1.htm">Press Release dated May 7, 2018</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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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>a51801733ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2018 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <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-family: Times New Roman; font-size: 12pt"><b>American
      States Water Company Announces First Quarter 2018 Results</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      SAN DIMAS, Calif.--(BUSINESS WIRE)--May 7, 2018--American States Water
      Company (NYSE:AWR) today reported basic and fully diluted earnings per
      share of $0.29 for the first quarter ended March&#160;31,&#160;2018, as compared
      to basic and fully diluted earnings per share of $0.35 and $0.34,
      respectively, for the quarter ended March&#160;31, 2017.
    </p>
    <p>
      <b>First Quarter 2018 Results</b>
    </p>
    <p>
      The table below sets forth a comparison of the first quarter 2018
      diluted earnings per share by business segment with diluted earnings per
      share for the first quarter of 2017, as reported:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="11">
          <b>Diluted Earnings per Share</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="7">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="3">
          <b>3/31/2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="3">
          <b>3/31/2017</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            0.20
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: double">
          0.29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: double">
          0.34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: double">
          (0.05
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><i>Water Segment:</i></u>
    </p>
    <p>
      For the three months ended March&#160;31, 2018, fully diluted earnings per
      share from the water segment of Golden State Water Company (GSWC), a
      subsidiary of American States Water Company, decreased by $0.05 to $0.20
      per share as compared to the same period in 2017. Included in net
      earnings for the three months ended March 31, 2017 was the one-time
      recovery of incremental drought-related items approved by the CPUC
      resulting in an increase to pretax earnings of $1.5 million, or $0.02
      per share, which did not recur in 2018. Excluding the impact of this
      item, diluted earnings from GSWC&#8217;s water segment decreased compared to
      the same period in 2017 due to the following two items which, when
      combined, decreased earnings by $0.03 per share:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Lower net earnings due to the cost of capital decision issued by the
        California Public Utilities Commission (CPUC) in March 2018, which
        lowered GSWC&#8217;s return on rate base. The lower return beginning in 2018
        is expected to decrease GSWC&#8217;s 2018 adopted annual revenue requirement
        by approximately $3.6 million, or about $0.07 per share.
      </li>
      <li style="margin-bottom: 10.0px">
        Losses incurred due to market conditions during the three months ended
        March 31, 2018 on the company&#8217;s investments held to fund a retirement
        benefit plan, as compared to gains generated in the same period of
        2017.
      </li>
    </ul>
    <p>
      Excluding an increase in billed surcharges, which have no impact on
      earnings, and the effects of the CPUC&#8217;s cost of capital decision
      discussed above, the water gross margin decreased by $2.6&#160;million
      largely because of the effects of the Tax Cuts and Jobs Act enacted in
      December 2017. The lower revenue requirement to reflect the reduced
      federal corporate income tax rate was offset by a reduction in income
      tax expense, resulting in no earnings impact. In addition, the impact of
      third-year rate increases on the water gross margin in the first quarter
      was offset by the cessation of GSWC&#8217;s Ojai district due to the
      condemnation and related sale of the system in June 2017. However,
      before reflecting the effects from the new cost of capital and tax
      reform, third-year rate increases will add approximately $4.5 million to
      the 2018 full year adopted water gross margin (net of the loss of the
      Ojai system). Overall operating expenses at the water segment (other
      than supply costs) remained flat during the first quarter of 2018
      compared to 2017 due, in part, to the cessation of the Ojai operations.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><i>Electric Segment:</i></u>
    </p>
    <p>
      For the three months ended March&#160;31, 2018 and 2017, diluted earnings
      from the electric segment were $0.04 per share. GSWC filed its electric
      general rate case in May 2017 for new rates in the years 2018-2021.
      Year-to-date 2018 billed revenues have been based on 2017 adopted rates,
      pending a final CPUC decision on this general rate case, which is
      expected later in 2018 and retroactive to January 1, 2018. There was a
      decrease in the electric gross margin due to a downward adjustment to
      adopted revenues to reflect the lower corporate tax rate, which was
      offset by a corresponding decrease in income tax expense.
    </p>
    <p>
      <u><i>Contracted Services Segment:</i></u>
    </p>
    <p>
      For the three months ended March&#160;31, 2018 and 2017, diluted earnings per
      share from American States Water Company&#8217;s contracted services segment,
      American State Utility Services, Inc. and its subsidiaries (ASUS), were
      $0.05 per share. There were increases in management fee revenue due to
      (i) the successful resolution of various price adjustments during 2017,
      (ii) revenue generated from Eglin Air Force Base (&quot;Eglin&quot;) upon the
      commencement of the operation of its water and wastewater systems by
      ASUS in June 2017, and (iii) transition revenue for Fort Riley, a United
      States Army installation located in Kansas. ASUS expects to assume
      operations of the water distribution and wastewater collection and
      treatment facilities at Fort Riley in mid-2018 pursuant to the terms of
      a 50-year contract awarded in September 2017. These increases were
      mostly offset by lower construction activity and higher operating
      expenses during the first quarter of 2018 as compared to the same period
      last year. The decrease in construction activity is largely due to
      timing, and ASUS expects construction activity for 2018 overall to be
      higher compared to 2017. The increase in operating expenses was due to
      the commencement of operations at Eglin in June 2017, and the
      commencement of the transition period at Fort Riley in September 2017.
    </p>
    <p>
      <b>Regulatory Matters</b>
    </p>
    <p>
      In March 2018, the CPUC issued a final decision in the cost of capital
      proceeding for GSWC and three other investor-owned water utilities that
      serve California. Among other things, the final decision adopts for
      GSWC&#8217;s water segment (i)&#160;a return on equity of 8.90%, (ii) a cost of
      debt of 6.6%, (iii) a capital structure with 57% equity and 43% debt,
      (iv) a return on rate base of 7.91%, and (v) the continuation of the
      water cost of capital adjustment mechanism. GSWC&#8217;s prior authorized
      return on equity and equity ratio for its water segment were 9.43% and
      55%, respectively, with a return on rate base of 8.34%. The newly
      authorized return on rate base of 7.91% reflects a true-up of GSWC&#8217;s
      embedded debt cost from 6.99% to 6.6%. The reduced debt costs
      contributed approximately 18 basis points to the 43-basis-point drop in
      the authorized return on rate base.
    </p>
    <p>
      <b>Dividends</b>
    </p>
    <p>
      On April 30, 2018, the company&#8217;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 June&#160;1, 2018 to
      shareholders of record at the close of business on May 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>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>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 (GAAP) 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>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      Certain matters discussed in this news release with regard to the
      company&#8217;s expectations may be forward-looking statements that involve
      risks and uncertainties. The assumptions and risk factors that could
      cause actual results to differ materially include those described in the
      company&#8217;s most recent Form 10-Q and Form 10-K filed with the Securities
      and Exchange Commission.
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The company will host a conference call on May 8, 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 May 8,
      2018 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through May 15,
      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
      Lake and surrounding areas in San Bernardino County, California. Through
      its contracted services subsidiary, American States Utility Services,
      Inc., the company provides operations, maintenance and construction
      management services for water and wastewater systems located on military
      bases throughout the country under 50-year privatization contracts with
      the U.S. government.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <b>American States Water Company</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Comparative Condensed Balance Sheets</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" colspan="3">
          March 31,
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" colspan="3">
          December 31,
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 60.0px; border-bottom-style: solid">
          (in thousands)
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="3">
          2018
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="3">
          2017
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,218,830
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          23,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          145,676
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          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="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          34,298
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          31,093
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 20.0px; border-bottom-style: solid">
          <b>Total Assets</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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          1,423,664
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          1,416,734
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Capitalization and Liabilities</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          812,577
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          196,491
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          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="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          414,596
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          409,088
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 20.0px; border-bottom-style: solid">
          <b>Total Capitalization and Liabilities</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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          1,423,664
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          1,416,734
        </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>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" colspan="7">
          Three months ended
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          (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="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="7">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="3">
          2018
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid" colspan="3">
          2017
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          64,412
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          9,832
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          20,484
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          21,904
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          <b>Total operating revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>94,728</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          13,607
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,693
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          4,651
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,408
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (3,869
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          7,988
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          20,293
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          20,448
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          9,666
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,829
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          4,799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          9,972
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          11,484
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          76,037
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          74,234
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>18,691</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>24,576</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (5,923
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          42
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          626
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          <b>Total other income and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (5,345
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (5,020
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>13,346</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          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="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          2,564
        </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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          6,855
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Net Income</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 valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          <b>10,782</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid">
          <b>12,701</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>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>36,712</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>36,874</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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