San Jose, CA -- SJW Corp. (NYSE: SJW) today reported operating revenue of $41.3 million in the quarter ended March 31, 2008, compared to $39.0 million in 2007. The increase of $2.2 million was primarily attributable to cumulative rate increases of $2.5 million, $185,000 from new connections and $146,000 from other sources, partially offset by a $618,000 decrease in operating revenue due to lower customer usage.

Net income was $2.7 million in the first quarter. Diluted earnings per common share were $0.15, compared to net income of $2.1 million and $0.11 per share in the first quarter of 2007.

Water production costs for the quarter ended March 31, 2008 were $13.5 million compared to $13.8 million in 2007. Compared to the first quarter of 2007, unit costs for purchased water, groundwater extraction and energy were higher, but were more than offset by purchasing less water because of increased surface water supply and lower customer demand.

The decrease of $326,000 in water production costs quarter-to-quarter reflects $896,000 in higher per unit costs for purchased water, groundwater extraction and energy cost, offset by lower expenses of $922,000 due to increased surface water supply, and by $300,000 due to lower customer demand.

Nonwater production costs for the first quarter were $20.2 million compared to $19.4 in 2007. The increase of $821,000 was primarily attributable to an increase of $450,000 in depreciation expense, $252,000 in maintenance expenses and $119,000 in all other expenses. Income tax expense for the first quarter increased to $1.8 million in 2008 from $1.4 in 2007.

The Directors of SJW Corp. today declared a quarterly dividend on common stock of $0.16125 per share. The dividend is payable on June 1, 2008 to shareholders of record on May 12, 2008.

SJW Corp. is a publicly traded holding company headquartered in San Jose, California. SJW Corp. is the parent company of San Jose Water Company, Canyon Lake Water Service Company and SJW Land Company. Together, San Jose Water Company and Canyon Lake Water Service Company provide regulated and nonregulated water service to more than one million people in San Jose, California and nearby communities and in Canyon Lake, Texas. SJW Land Company owns and operates commercial buildings, has a majority interest in a real estate partnership, and has properties in the states of California, Florida, Connecticut, Texas, Arizona and Tennessee.

This press release may contain certain forward-looking statements including but not limited to statements relating to SJW Corp.'s plans, strategies, objectives, expectations and intentions, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of SJW Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The results for a quarter are not indicative of results for a full year due to seasonality. Certain factors that may cause actual results, performance or achievements to materially differ are described in SJW Corp.'s most recent reports on Form 10-K, Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. SJW Corp. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact:
SJW Corp.
Suzy Papazian, 408-279-7961
Corporate Secretary