Philadelphia Suburban Corporation: Investment to Yield Additional Three Cents Per Share in Fourth Quarter
Philadelphia Suburban Corporation: Investment to Yield Additional Three Cents Per Share in Fourth Quarter
December 1, 2000
Philadelphia Suburban Corporation: Investment to Yield Additional Three Cents Per Share in Fourth Quarter BRYN MAWR, Pa. Dec. 1, 2000 - Philadelphia Suburban Corporation (NYSE:PSC) announced today that it has realized a gain of approximately three cents per share (on approximately 53 million shares outstanding after today's five-for-four stock split) in its fourth quarter earnings as a result of the sale of a water utility company investment as part of PSC's acquisition program.
Company Chairman Nicholas DeBenedictis said, PSC began buying shares of E'Town Corporation--formerly NYSE:ETW and parent company of Elizabethtown {New Jersey} Water Company--as part of its growth-through-acquisition program. We continued to hold the shares as an investment even after it became clear a merger was not possible.
E'Town Corporation announced November 29 that Thames Water of London has completed its acquisition of E'Town at a price of $68 per share.
PSC is one of the nation's largest investor-owned water utilities serving nearly two million residents in Pennsylvania, Illinois, Ohio, New Jersey and Maine.
PSC is a publicly-traded company listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol PSC and has been committed to the preservation and improvement of the environment throughout its history, which spans more than 100 years.
--30--SW/ph*
CONTACT:
Philadelphia Suburban Corporation
Keya Epps, 610/645-1084
eppsk@suburbanwater.com
Company Chairman Nicholas DeBenedictis said, PSC began buying shares of E'Town Corporation--formerly NYSE:ETW and parent company of Elizabethtown {New Jersey} Water Company--as part of its growth-through-acquisition program. We continued to hold the shares as an investment even after it became clear a merger was not possible.
E'Town Corporation announced November 29 that Thames Water of London has completed its acquisition of E'Town at a price of $68 per share.
PSC is one of the nation's largest investor-owned water utilities serving nearly two million residents in Pennsylvania, Illinois, Ohio, New Jersey and Maine.
PSC is a publicly-traded company listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol PSC and has been committed to the preservation and improvement of the environment throughout its history, which spans more than 100 years.
--30--SW/ph*
CONTACT:
Philadelphia Suburban Corporation
Keya Epps, 610/645-1084
eppsk@suburbanwater.com