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This excerpt taken from the CTWS 10-K filed Mar 13, 2009. BASIS OF PRESENTATION – The
consolidated financial statements include the operations of Connecticut Water
Service, Inc. (the Company), an investor-owned holding company and its four
wholly-owned subsidiaries, listed below:
The
Connecticut Water Company (Connecticut Water)
Chester
Realty, Inc. (Chester Realty)
New
England Water Utility Services, Inc. (NEWUS)
Barnstable
Holding Company (Barnstable Holding)
Connecticut
Water is our sole public water utility company, which served 87,361 customers in
54 towns throughout Connecticut as of December 31, 2008. During 2006,
The Crystal Water Company of Danielson (Crystal) and The Unionville Water
Company (Unionville) subsidiaries were merged with and into Connecticut
Water.
Chester
Realty is a real estate company whose net profits from rental of property are
included in the Other Income (Deductions), Net of Taxes section of the
Consolidated Statements of Income in the Non-Water Sales Earnings
category.
NEWUS is
engaged in water-related services, including the Linebackerâ program, emergency
drinking water, pool water and contract operations. Its earnings are
included in the Non-Water Sales Earnings category of the Consolidated Statements
of Income.
Barnstable
Holding is an inactive holding company, which previously owned the stock of two
other inactive companies, Barnstable Water Company (Barnstable Water) and
BARLACO, Inc. (BARLACO) prior to their merger with and into Barnstable
Holding. BARLACO was a real estate company which held real estate for
sale. In February 2006, BARLACO sold all of its real estate holdings
to the Town of Barnstable, as disclosed in Note 2.
On June
29, 2007, the Company announced that its principal operating subsidiary,
Connecticut Water, and its unregulated subsidiary, NEWUS, have entered into
definitive purchase agreements to acquire the regulated water utility assets of
Eastern Connecticut Regional Water Company, Inc. (Eastern), a wholly-owned
subsidiary of Birmingham Utilities, Inc. (Birmingham) and the unregulated assets
of Birmingham H2O Services, Inc. (H2O). The agreements called for
Connecticut Water and NEWUS to pay a combined $3.5 million for the assets
acquired, which had a book value of $9.9 million. On November 16,
2007, the DPUC issued a final decision approving the
transactions. The transaction was completed January 16, 2008, at
which point all of the former customers of Eastern became customers of
Connecticut Water.
Intercompany
accounts and transactions have been eliminated.
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