Net income at Connecticut Water Service was basically flat for the first quarter of 2016 compared to the same timeframe last year.
The Clinton-based utility announced net income of $3.14 million, or earnings per share of 28 cents, compared to $3.10 million, or 28 cents per share in the first quarter of 2015.
The water utility reported total revenues of $23.1 million in the first quarter of 2016 compared to $21.7 million in the same time frame in 2015
Eric W. Thornburg, the utility’s president and CEO, said cost controls helped Connecticut Water overcome a change in its effective tax rate on federal income tax from negative 34 percent in 2015 to positive 10 percent in 2016, a swing of $1.3 million.
