California Water Service Company, supplier of water to Los Altos and part of Los Altos Hills, reported a banner year for earnings and gross revenues.
For the 12 months ending Dec. 31, the net income was $19.067 million or $3.01 per common share. That's up 29 percent or $0.68 per share from last year.
In December, the Board of Directors passed a unanimous resolution to adopt a holding company structure. The new structure will give the company flexibility to meet challenges facing investor-owned water utilities in the 21st century. Officials said it will allow the company to be more competitive in providing utility services not regulated by the California Public Utilities Commission.
At its January meeting, the board announced plans for a two-for-one split of common and preferred stocks to occur in conjunction with the formation of a holding company. In addition, the board increased the annual dividend on common stock from $2.08 to $2.11 per share.
In the planned conversion, each share of California Water Service Company stock will be converted into two shares of stock in the new holding company.