SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported)..February 25, 1999
BIRMINGHAM UTILITIES, INC.
(Exact name of registrant as specified in its charter)
Connecticut 0-6028 06-0878647
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
Incorporation)
230 Beaver Street, Ansonia, CT 06401-0426
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 735-1888
(Former name or former address, if changed since last report)
Item 5. Other Events.
On February 25, 1999, Birmingham Utilities, Inc. (the "Company")
announced net earnings for the twelve months ended December 31, 1998 of
$3,911,000 or $5.10 per share basic versus $688,000, or $0.88 per share
basic, for the comparable 1997 period. The Company's performance in 1998
was highlighted by sales of three large parcels of excess land, totaling
889 acres, to the City of Derby, Connecticut and the Towns of Seymour and
Oxford, Connecticut. Those sales contributed $3,335,000 to net income in
1998. Current land sales contributed $195,000 to net income in 1997.
Net proceeds from the sale of land by water companies in Connecticut are
required by law to be reinvested in the water supply system.
Net income from the Company's water utility operations also
increased in 1998 to $403,000, a 35% increase over net income from
operations of $297,000 in 1997.
As of December 31, 1998, the Company still has approximately 360
acres of excess land currently classified as non-watershed land available
for sale. In addition, the Company has recently received approval from
the Connecticut Department of Health for the five-year update of the
Company's statutorily required Comprehensive Water Supply Plan. The
Company's updated Plan calls for the abandonment of its Quillinan
Reservoir. Approval of the Plan, with the proposed abandonment, was a
statutory precondition to the Company's application for a permit to
abandon that reservoir and to reclassify the approximately 600 acres of
land associated with it, located primarily in Ansonia, Connecticut, from
"watershed" to "non-watershed." Receipt of an abandonment permit would
make that land also available for sale. The Company has applied to the
Commissioner of Health for the abandonment permit and, although no
assurances can be given, the Company knows of no reason why such permit
should not be issued in due course.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused the report to be signed on its behalf by the
undersigned hereunto duly authorized.
BIRMINGHAM UTILITIES, INC.
(Registrant)
Date: February 26, 1999 By /s/ John S. Tomac
John S. Tomac, President
