Water Stock Blog

Badger Meter (BMI) maker of liquid flow and measurement technologies, posted fourth-quarter net income of $6.2 million, or 42 cents per share for the quarter ended December 31, up from $2.7 million, or 18 cents per share.

It also reported revenue of $67.6 million, up 18% from $57.2 million in the fourth quarter of 2007. For the full year, net income was $25.1 million, up more than 52% from $16.5 million. Analysts expected earnings per share of 26 cents per share on revenue of $59.8 million.

Richard A. Meeusen, chairman, president and CEO, said the weakening economy hurt Badger Meter's industrial markets, but the utility business, which contributed about 83 percent of sales, "did not experience any significant impact in 2008."

SouthWest Water Company (NASDAQ:SWWC) announced that it has reached a settlement in the legal proceedings between the Company's subsidiary, New Mexico Utilities Inc. (NMUI), and the Albuquerque Bernalillo County Water Utility Authority (ABCWUA).

The agreement calls for ABCWUA to acquire the assets of NMUI in settlement of condemnation for $60 million. The funds will be paid to SouthWest Water at closing which is expected within 120 days. ABCWUA also agreed to offer employment to NMUI employees.

In addition, the settlement resolves all other legal issues between NMUI and ABCWUA including the dispute over the sewer fee ABCWUA charged NMUI for the treatment of wastewater and the ownership of the return flow credits from that treated wastewater. As part of the settlement, NMUI will pay $7 million to ABCWUA at the time of closing to resolve the sewer fee issue. [ more ]

Flexible Solutions International Inc. (FSI) announced results from a potable water trial of its WaterSavr(TM) product on an Australian reservoir used to store drinking water. FSI is the developer and manufacturer of cost-effective, environmentally safe, biodegradable, and patented water technologies. FSI's evaporation control products are used to reduce water loss in arid climates, reduce energy loss from public and private swimming pools and cause spreading of desired particles across water surfaces. The Company's bio-polymers are utilized in agricultural nutrient availability, oil industry scale prevention and as suspension agents in the detergent industry. [ more ]

Universal Communication Systems Inc. (UCSY.OB) announced the development of a new AW-2000M, a larger Mobile Air to Water Generator capable of producing between 2000-3000 liters daily of clean, clear and purified drinking water for delivery to the authorities in Southern Africa. In addition, AirWater is to ship an upgraded version of the AW-1000M to Thailand for presentation and evaluation by the Thai Army and other Official bodies. [ more ]

Aqua America, Inc. (WTR) announced that it has reached an agreement with Utilities & Industries Corp., LLC to acquire New York Water Service Corporation in a transaction valued at $51 million. Aqua America will pay $28 million in cash to acquire the stock of the company and assume $23 million in debt.

New York Water Service provides public water to approximately 135,000 residents in the well established, populated area of southeastern Nassau County, Long Island, New York in the communities of Merrick, North Merrick, Bellmore, North Bellmore, Wantagh, Seaford, and portions of Levittown and Massapequa. [ more ]

Connecticut Water Service Inc. (CTWS) announced that it agreed to buy up to 1 million gallons of water a day from the South Central Connecticut Regional Water Authority.

Financial details of the agreement were not disclosed. Connecticut Water said that it would have cost much more to develop access and obtain the permits to tap an additional 1 million gallons of water per day for customers in Guilford.

The agreement lasts for 50 years, and can be renewed in 20-year blocks thereafter. Connecticut Water shares rose 27 cents to $25.63 in afternoon trading on the New York Stock Exchange.