Operator: Good day and welcome to the Aqua America, Incorporated Full Year 2012 Earnings Conference Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Mr. Brian Dingerdissen, Director of Investor Relations. Please go ahead, sir.
Brian Dingerdissen - Director, IR: Thank you, Angela. Good morning, everyone. Thank you for joining us for Aqua America's fourth quarter and full year 2012 earnings conference call. If you did not receive a copy of the press release, you can find it by visiting the Investor Relations section of our website at aquaamerica.com or call Emily Herman at 610-645-4271. There will also be a webcast of this event available on our site.
Presenting today is, Nicholas DeBenedictis, Chairman and President of Aqua America, along with David Smeltzer, the Company's Chief Financial Officer.
As a reminder, some of the matters discussed during this call may include forward-looking statements that involve risks, uncertainties and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. Please refer to our most recent 10-Q, 10-K, and other SEC filings for a description of such risks and uncertainties.
During the course of this call, reference may be made to certain non-GAAP financial measures. Reconciliation of these non-GAAP to GAAP financial measures are posted in the Investor Relations section of the Company's website.
At this time, I would like to turn the call over to Nick for his formal remarks, after which, we will open the call up for questions.
Nicholas DeBenedictis - Chairman, President and CEO: Thank you, Brian. Good morning, everyone and thank you for joining us for our conference call this morning to announce record breaking earnings for Aqua.
I'd like to also start by congratulating Jennifer Lawrence who won the Academies last night. Thanks to all the water she drank during the making of Silver Linings Playbook which was filmed less than a mile from our headquarters. Maybe someday she'll be our company's spokesman but we can't afford that.
If you put 2012 results in perspective it took 125 years for Aqua to break the $100 million net income mark that was in 2009. And I'm pleased to report today that in just three years, in 2012, we earned $197 million or $1.40 a share, up 37% for the year. Aqua expects to go over the $200 million mark in '13, achieving a new milestone in the Company's long history.
2012 marked a 13th straight year of record net income and the 20th year in my 21 years as CEO of increasing earnings. Since 2008, when we began to profitably assimilate the rapid growth we experienced in the mid-2000s and we started our successful pruning program. Our CAGR or net income has grown 15% compounded between '08 and '12. This is well in excess of the 10% expected by the Street, and as a matter of fact, we hit the 10% CAGR goal which would have occurred in '15, three years early in 2012, and I'd say the key ingredients for this strong net income showing at '12 was a solid year of operations complemented by the adoption of repair tax accounting change permitted in our 2012 Pennsylvania rate case. Our CFO, Dave Smeltzer will explain in detail this win-win tax and regulatory policy later in the call.