<SEC-DOCUMENT>0001157523-19-001101.txt : 20190506
<SEC-HEADER>0001157523-19-001101.hdr.sgml : 20190506
<ACCEPTANCE-DATETIME>20190506164522
ACCESSION NUMBER:		0001157523-19-001101
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190506
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190506
DATE AS OF CHANGE:		20190506

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:		19799898

	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>a51979428.htm
<DESCRIPTION>AMERICAN STATES WATER COMPANY 8-K
<TEXT>
<html>
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    <p style="text-align: center">
      <font style="font-size: 14pt"><br style="font-size: 14pt">
      </font><font style="font-size: 16pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 16pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 16pt"></font><font style="font-size: 16pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 16pt; font-family: Times New Roman"><b>Form
      8-K</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT&#160;REPORT</b></font><br><br><font style="font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Date
      of Report (Date of earliest event reported) May 6, 2019</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>AMERICAN STATES WATER COMPANY</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>(Exact
      name of registrant as specified in its charter)</b></font><br>
    </p>
    <p style="text-align: center">
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <b>California</b>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>001-14431</b>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>95-4676679</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation or organization)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer Identification
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <b>630 East Foothill Blvd.</b>

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

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

    </p>
    <p style="text-align: center">
      <b>Registrant&#8217;s telephone number, including area code: (909) 394-3600</b>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 100%">


    <p>

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

    </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; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: right; width: 90%" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Emerging growth company</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 7%" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 90%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 7%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <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 style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 7%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 10%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.02.</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Results of Operations and Financial Condition</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">
      On May 6, 2019, American States Water Company released earnings for the
      first quarter ended March&#160;31,&#160;2019.&#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>
    <p style="text-align: justify">

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


    <p>

    </p>
    <p>

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

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 10%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial Statements and Exhibits</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      The following exhibit is furnished hereunder:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 10%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Exhibit 99.1
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 90%" valign="top">
          Press Release dated May 6, 2019
        </td>
      </tr>
    </table>
    </div>
    <p>

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


    <p>

    </p>
    <p>

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

    </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>
    <p>
      <br>

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

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="bottom">
          <b>AMERICAN STATES WATER COMPANY</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 50%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 6, 2019
          </p>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: center; width: 50%; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          /s/ Eva G. Tang
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

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


    <p>

    </p>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT&#160;INDEX</b><br><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 15%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 85%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 15%; padding-right: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51979428_ex991.htm">99.1</a>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 85%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51979428_ex991.htm">Press Release dated May 6, 2019</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51979428_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  </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-size: 12pt; font-family: Times New Roman"><b>American
      States Water Company Announces First Quarter 2019 Results</b></font>
    </p>
    <p>
      SAN DIMAS, Calif.--(BUSINESS WIRE)--May 6, 2019--American States Water
      Company (NYSE:AWR) today reported basic and fully diluted earnings per
      share of $0.35 for the first quarter ended March&#160;31,&#160;2019, as compared
      to basic and fully diluted earnings per share of $0.29 for the quarter
      ended March&#160;31, 2018.
    </p>
    <p>
      <b>First Quarter 2019 Results</b>
    </p>
    <p>
      The table below sets forth a comparison of the first quarter 2019
      diluted earnings per share by business segment with diluted earnings per
      share for the first quarter of 2018, as reported:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="9">
          <b>Diluted Earnings per Share</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom" colspan="5">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          <b>3/31/2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          <b>3/31/2018</b>
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.21
        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.11
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.06
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          0.06
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><i>Water Segment</i></u>
    </p>
    <p>
      In 2017, AWR&#8217;s Golden State Water Company (&#8220;GSWC&#8221;) subsidiary filed its
      water general rate case to set rates for the years 2019 through 2021. In
      August 2018, GSWC and the Public Advocates Office of the California
      Public Utilities Commission (&#8220;CPUC&#8221;) filed a joint motion to adopt a
      settlement agreement between the two parties in connection with the
      general rate case. On April 8, 2019, the assigned Administrative Law
      Judge (&#8220;ALJ&#8221;) issued a proposed decision (&#8220;PD&#8221;) on the general rate
      case. The PD approves the settlement agreement, with the exception of
      advice letter capital projects totaling approximately $20.4 million that
      were agreed to by GSWC and the Public Advocates Office in the
      settlement. The PD does not explicitly disallow these projects, but
      instead instructs GSWC to include these projects in its next general
      rate case filing. As a result, no impairment charges were recorded for
      the three months ended March&#160;31, 2019 related to the immaterial costs
      incurred to date for these projects. GSWC and the Public Advocates
      Office have separately filed their response and comments to the PD, and
      both parties dispute the ALJ&#8217;s rejection of the advice letter capital
      projects. At this time, GSWC cannot predict the final outcome regarding
      this matter.
    </p>
    <p>
      For the three months ended March&#160;31, 2019, diluted earnings per share
      from the water segment increased $0.01 to $0.21 per share as compared to
      $0.20 per share for the same period in 2018 despite delays in receiving
      a final decision on the pending water general rate case. Billed water
      revenues for the first three months of 2019 have been based on 2018
      adopted rates, pending a final decision by the CPUC. As a result, the
      water gross margin remained relatively flat after excluding the effects
      of changes in the pension balancing account and of billed surcharges,
      both of which have no material impact to earnings. Had new rates been in
      place as of January 1, 2019 based on the proposed decision issued in
      April 2019, pretax income at the water segment would have been higher by
      approximately $4.0 million, or $0.08 per share, for the first quarter of
      2019. If the PD is approved as is, the new rates will be retroactive to
      January&#160;1,&#160;2019 and these retroactive adjustments will be recorded
      accordingly. In addition, the PD approves the recovery of previously
      incurred costs that were being tracked in CPUC-authorized memorandum
      accounts, which will result in a reduction to operating expenses of
      approximately $1.0 million, or $0.02 per share, if the PD is approved by
      the CPUC.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 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>
      Diluted earnings from GSWC&#8217;s water operations increased compared to the
      same period in 2018 due mostly to the following two items which, when
      combined, increased the water segment&#8217;s earnings by approximately $0.01
      per share:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        an increase in interest and other income (net of interest expense) due
        primarily to gains recorded on investments held to fund a retirement
        benefit plan as a result of market conditions, as compared to losses
        recognized during the same period in 2018. This was partially offset
        by an increase in interest expense resulting from higher borrowings to
        fund a portion of GSWC&#8217;s capital expenditures.
      </li>
      <li style="margin-bottom: 10.0px">
        an overall increase in operating expenses (excluding supply costs) due
        primarily from higher water treatment, conservation and
        employee-related compensation costs, as well as depreciation expense
        resulting from capital additions. These increases in operating
        expenses were partially offset by lower maintenance expense incurred
        as compared to the same period in 2018.
      </li>
    </ul>
    <p>
      <u><i>Electric Segment:</i></u>
    </p>
    <p>
      In May 2017, GSWC filed its electric general rate case application with
      the CPUC to determine new electric rates for the years 2018 through
      2021. In November 2018, GSWC and the Public Advocates Office filed a
      joint motion to adopt a settlement agreement between the two parties
      resolving all issues in connection with the general rate case. Had the
      new rates in the settlement agreement been in place as of January 1,
      2018, pretax income at the electric segment would have increased by
      approximately $2.0 million, or $0.04 per share, for the full year ended
      December 31, 2018, and by approximately $941,000, or approximately $0.02
      per share, for the first three months of 2019. When approved, the new
      rates will be retroactive to January&#160;1,&#160;2018 and retroactive adjustments
      for 2019 will be recorded accordingly, as well as the $2.0 million, or
      $0.04 per share, related to 2018.
    </p>
    <p>
      For the three months ended March&#160;31, 2019, diluted earnings from the
      electric segment were $0.03 per share as compared to $0.04 per share for
      the same period in 2018. The decrease in earnings was largely due to an
      increase in operating expenses without an increase in customer base
      rates due to delays in finalizing the pending electric general rate
      case. Because of the delay, billed electric revenues during the first
      three months of 2019 were based on 2017 adopted rates, pending a final
      decision by the CPUC.
    </p>
    <p>
      The increase in operating expenses was due mostly to higher legal and
      outside service costs, as well as labor and other employee-related
      compensation. Maintenance and depreciation expenses were also higher
      than last year. The higher operating expenses (excluding supply costs),
      were partially offset by a higher electric gross margin resulting from
      rate increases generated from advice letter filings approved by the CPUC
      in the fourth quarter of 2018.
    </p>
    <p>
      <u>Contracted Services Segment:</u>
    </p>
    <p>
      For the three months ended March&#160;31, 2019, diluted earnings from the
      contracted services segment were $0.11 per share as compared to $0.05
      per share for the same period in 2018, due, in part, to the commencement
      of operations at Fort Riley in July 2018. There was also an increase in
      management fees and construction activity at other military bases due to
      the successful resolution of various price adjustments and an overall
      increase in construction activity.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 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>Dividends</b>
    </p>
    <p>
      On May 1, 2019, AWR's Board of Directors approved a second quarter
      dividend of $0.275 per share on AWR's Common Shares. Dividends on the
      Common Shares will be paid on June 3,&#160;2019 to shareholders of record at
      the close of business on May&#160;16, 2019. American States Water Company has
      paid dividends to shareholders every year since 1931, increasing the
      dividends received by shareholders each calendar year for 64 consecutive
      years, which places it in an exclusive group of companies on the New
      York Stock Exchange that have achieved that result. The company&#8217;s
      current policy is to achieve a compound annual growth rate in the
      dividend of more than 6% over the long-term.
    </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>
    <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 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 7, 2019 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 7,
      2019 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through May&#160;14,
      2019.
    </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., serving over one
      million people in nine states. Through its utility subsidiary, Golden
      State Water Company, the company provides water service to approximately
      260,000 customer connections located within more than 80 communities in
      Northern, Coastal and Southern California. The company also distributes
      electricity to approximately 24,000 customer connections 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 distribution and wastewater
      collection and treatment facilities located on military bases throughout
      the country under 50-year privatization contracts with the U.S.
      government.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 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; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          <b>American States Water Company</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Comparative Condensed Balance Sheets</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="top" colspan="2">
          March 31,
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="top" colspan="2">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 35.0px; text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          (in thousands)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2019
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2018
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net property, plant and equipment
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $1,325,502
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $1,296,310
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          26,632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          25,356
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          116,776
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          131,468
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Regulatory and Other Assets
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          56,071
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          47,183
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 25.0px; text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          <b>Total Assets</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $1,526,097
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $1,501,433
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Capitalization and Liabilities</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $842,570
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $839,310
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          107,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          146,585
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Other Credits
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          575,897
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          515,538
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 25.0px; text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          <b>Total Capitalization and Liabilities</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $1,526,097
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          $1,501,433
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2019
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2018
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $64,723
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,629
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          26,381
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          20,484
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <b>Total operating revenues</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>101,733</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          13,140
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,538
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,746
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,704
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,372
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,571
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,672
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,832
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,566
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,896
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          12,245
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          9,972
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          81,538
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>20,195</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (6,317
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          942
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1,342
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          42
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <b>Total other income and expenses</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (4,033
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>16,162</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Income tax expense
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          3,310
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          2,564
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          <b>Net Income</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>$12,852</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>$10,782</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>36,773</b>
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>36,951</b>
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>$0.275</b>
        </td>
        <td>

        </td>
        <td>

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

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

    </p>
    <p>
      CONTACT:<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>
