Good day, and welcome to today's Aqua America Incorporated Q3 2014 Earnings Call. Today's conference is being recorded. At this time, it's my pleasure to turn the conference over to your host for today's call, Brian Dingerdissen, Director of Investor Relations. Please go ahead.

Thank you, Jason. Good morning, everyone. Thank you for joining us for Aqua America's Third Quarter 2014 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 by calling Alex Whitelam at (610) 645-1196. 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 risk, 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 up the call for questions. Nick?

Thanks, Brian. Good morning everyone. I'm pleased to report another solid quarter with revenues up 4%; earnings from continuing operations up 9%, $0.38 versus $0.35; and expenses kept in check with a growth rate of about 1%. We had a slow start in Q1 due to the abnormally bitter winter weather, but Aqua is now on its way to our 15th consecutive year of record earnings. Effective with our third quarter dividend payment on September 1, we raised our dividend 8.6% to $0.66 annually, and that was the 24th increase in 23 years, representing an 8% CAGR growth over the past 10 years. Some areas I'd like to highlight to complement our press release. We're very pleased with the revenue growth of 4%. Breaking it down for you, 2% was from the 7 non-Pennsylvania states, where the traditional model is in effect. Capital investment, rate relief, acquisitions, and they were all positive factors during the quarter for those 7 states. We did see a 1% of our revenue growth come from Pennsylvania mainly due to a rebound in consumption over the depressed '13 summer. Although it wasn't a great summer, it was better than '13. And we did see some new growth in revenues from water and wastewater acquisitions we've done over the past year in Pennsylvania. And then the other 1% came from our profitable unregulated businesses. Our expanding unregulated business sector has grown from about 2% of revenues in '13, and we expect it to grow to about 3% of revenues in '14. Still small, but it's growing so rapidly, it's -- it does represent some of our revenue growth each year. Now our revenues, our 4% revenue growth increase was despite another quarter, we were able and positively to avoid any rate increases, therefore, revenue growth in…

[Operator Instructions] And we'll take our first question from Michael Gaugler with Brean Capital.

Got 2 questions for you, Nick. Kind of first on the joint venture since you kind of -- that was kind of your end commentary. Some new end market developments there. We've got a couple of new pipelines going into construction soon, Constitution pennies, Central Penn should all increase water demand. And then with oil prices falling, I would think that would drive activity more towards the dry shales like Marcellus. So just kind of wondering if you're hearing anything or seeing anything positive from customers about future demand given those developments?

Well, you have -- you've outlined exactly why we're still optimistic on the pipeline. Albeit it's -- it delayed optimism from where we were 3 years ago when we earned $0.01 the first year, and we thought it will go to $0.03, then $0.06, then $0.10 by '15. We're not -- none of what I mentioned earlier in projections assumes anything, but continuing to lose maybe $0.01 and have a slight drag on our -- now why is that? The pipeline works and it is absolutely replacing truck traffic, and when somebody drills, they use the pipeline. The problem is the wells are so prolific that they're drilling fewer wells because the pipeline capacity is utilized by the existing wells. You can't drill another one until there is space. EGI's big proposal to take gas to Jersey and to Philadelphia is moving ahead. They have the contracts with the LDCs, and it's going to happen, but you're looking at '17. There's 2 other pipelines, however, that are completing this month, which we think will take some of the relief off the pressure of the Marcellus. Marcellus actually sells less than the Henry Hub because you can't get that out, so they have to sell it to a select group of customers where there are pipelines and this new national pipelines, where the gas will actually flow the other way basically. I think we'll help at least levelize the pricing and, therefore, more drilling in the Marcellus. So it's -- as you know, how I feel, it's Pennsylvania's future. We are now the second largest producer of gas and we -- you need water to do the drilling. And although the legislature is talking about taxing these drillers more, and I assume they'll replace the tax they already pay, nobody is talking about like New York. We're not going to allow drillings. So I think there's a solid future. I just -- we just feel like our forecast, we don't act like there's going to be any kicks. So it's all upside, if you're right and the things are turning. Is that helpful?

It is. And then just one other question. Any update you can provide on when you're thinking about in terms of timing in the next PA rate case, would be helpful.

Well, the numbers are coming in so positively, and we're able to be so efficient in the way we're planning the CapEx. And with interest rates, we just renegotiated and came down again on some new debt. We're now under 5% for all our debt with an 18-year life and our last deal was 1.92%. Our carrying costs are very low, and that's allowing us to continue to earn our fair keep. So we now think the earliest would be sometime through the first half of 2015. So we don't see anything happening in '14 and nothing through the first half of '15. Now that could change in a minute when interest rates that's going up or if sales drop, but if sales come up and we continue to do acquisitions, they are profitable, and we keep stretching that out, even though we're putting records amount of capital in. It does hurt the traditional analysis of revenue is because remember, the earnings are coming in through the tax line, not the revenue line.

[Operator Instructions] And it appears at this time, that we have no further questions. I'd like to turn the call back over to Nick Benedictis for any additional or closing remarks.

I just thank you very much for your attention, and appreciate your time. Thank you.

This does conclude today's conference. We thank you for your participation.