California Water Services Group News

California Water Service Group today announced its Board of Directors' plan to combine the roles of Chairman and President & Chief Executive Officer and have President & Chief Executive Officer Peter C. Nelson succeed retiring Chairman Robert W. Foy, effective May 22, 2012.

In trading on Wednesday, water utilities shares were relative laggards, down on the day by about 0.7%. Helping drag down the group were shares of Tri Tech Holding Ord , off about 6.7% and shares of California Water Service Group up about 0.2% on the day.

The first quarter of 2011 included a favorable one-time tax adjustment of $1.6 million, or $0.04 earnings per share while the first quarter of 2012 included a one-time recovery of $0.9 million or $0.02 earnings per share of deferred Water Revenue Adjustment Mechanism net income.