Conference of Mayors Recognizes Public-Private Partnerships of AWWC Subsidiaries, Reports

Subsidiaries of the American Water Works Co. (AWWC), Inc. and three municipalities were recognized by the U.S. Conference of Mayors during its winter meeting in Washington, D.C. The recognition results from innovative public-private partnerships that have brought significant savings to utility customers and provided public water supply to residents in parts of West Virginia.The public-private partnership between American Water Works' subsidiary American Water Services, Inc. and the City of Buffalo, N.Y., received an Outstanding Achievement Award. American Water Services signed a five-year, full-service contract in 1997 with the City of Buffalo to operate its water treatment facilities that serve 320,000 people. The partnership reduced service prices to the consumer by 8 percent. A second public-private partnership between American Water Services and the City of Danville, Va., received a Best Practices Award. American Water Services signed a 10-year, full-service contract in 1998 with the City of Danville to operate the city's wastewater treatment that services 54,000 people. The partnership resulted in a more than $800,000 savings in its first year, and completion of a $7.5 million biosolids processing unit that reduces biosolids disposal costs and reduces odor. A third public-private partnership between American Water Works' subsidiary, West Virginia-American Water Co., and the City of Hinton, W.Va. In addition, AWWC announced net income of $148 million in common stock for 1999, excluding the one-time merger costs incurred to complete the acquisition of National Enterprises, Inc. (NEI), an increase from $147 million in 1998. Diluted earnings per common share for the year, excluding one-time merger costs, were $1.53, compared to $1.54 per common share in 1998. Revenues for the year increased to $1.261 billion, a 5 percent increase over 1998 revenues of $1.200 billion. (Source: American Water Works Co., Inc.)