Southwest Water Company Reports 2005 Financial Results; Revenues Increase 13%, Income from Continuing Operations up 56%
16 3์ 2006 - 11:00PM
Business Wire
Southwest Water Company (NASDAQ:SWWC) today reported revenue and
earnings for the year ended December 31, 2005. 2005 Financial
Highlights, Compared with 2004: -- Revenues increased 13% to $203.2
million from $179.6 million. -- Operating income increased 61% to
$18.1 million from $11.2 million. -- Income from continuing
operations increased 56% to $7.3 million from $4.7 million. --
Diluted earnings per share, excluding a loss from discontinued
operations, increased 42% to $0.34 from $0.24. -- Net income, which
includes a loss from discontinued operations of $4.9 million from
the June 2005 sale of a sub-metering subsidiary, was $2.4 million,
or $0.11 per diluted share, compared to $4.5 million, or $0.23 per
diluted share. -- Weighted average shares outstanding increased
11%, primarily as a result of the company's Direct Stock Purchase
Plan. Anton C. Garnier, Southwest Water chairman and chief
executive officer, said, "We are very pleased with the company's
2005 operating results. The Utility Group and the Services Group
both contributed to our strong performance by executing on our
strategic objectives of solid organic growth and the acquisition of
profitable entities. We would like to thank our employees for their
dedication and hard work." Operating income in the company's
Utility Group increased $4.5 million to $27.1 million in 2005
compared with $22.6 million in 2004, due largely to a full year of
operations of Monarch Utilities, acquired in mid-2004, organic
customer growth and a reduction in the average cost of water at the
company's California utility. Operating income in the Services
Group increased by $3.7 million to $3.6 million compared with a
loss of $100,000 in the prior year, primarily due to increased
contract and project work and the acquisition of an Alabama-based
contract operations company. Corporate SG&A expenses were $12.5
million, an increase from $11.2 million, and remained constant at
6.2% of revenues. Total company funded capital expenditures were
$33 million in 2005, representing on-going investment in increasing
the company's utility rate base. Additional Highlights of 2005: --
Expanded the Services Group with the acquisition of Novus
Utilities, Inc., a Birmingham, Alabama-based contract operations
company. -- Purchased a wastewater utility in a high growth area
south of Birmingham, Alabama. -- Signed more than 40 new service
contracts, including a $7 million annual contract in Burbank,
California, to operate and maintain an environmental remediation
water treatment plant. -- Continued organic customer growth in the
New Mexico and Texas utility service areas. -- Doubled the
company's credit capacity with a $100 million line of credit. --
Declared a 10% increase in the common share quarterly cash dividend
rate, along with a 5% stock dividend. Business Outlook Garnier,
commenting on the company's business outlook for 2006, stated,
"Looking forward to 2006, assuming normalized weather across our
geographic footprint, we anticipate revenue growth of 4% to 6% and
net income growth of 10% to 15% from 2005 income from continuing
operations. We believe our revenue mix will remain approximately
40% from the Utility Group and 60% from the Services Group. We will
continue to invest in our infrastructure, with company funded
capital expenditures expected to be approximately $30 million. We
anticipate our tax rate for 2006 to be 35%." Conference Call The
company will provide more detail regarding its 2005 results and
2006 business outlook in a conference call and Web cast to be held
today, March 16, 2005, at 4:30 p.m. Eastern time (1:30 p.m.
Pacific). The conference call can be accessed on the company's Web
site at www.swwc.com. For those unable to participate in the live
Web cast, a replay will be available shortly after the call on the
company's Web site. Southwest Water Company provides a broad range
of services, including water production, treatment and
distribution; wastewater collection and treatment; utility billing
and collection; utility infrastructure construction management; and
public works services. The company owns regulated public utilities
and also serves cities, utility districts and private companies
under contract. More than two million people from coast to coast
depend on Southwest Water for high-quality, reliable service.
Additional information may be found on the company's Web site:
www.swwc.com. This document contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements, including expectations relating to
future revenues and income and the company's ability to gain new
business and control costs, involve risks and uncertainties, as
well as assumptions that, if they prove incorrect or never
materialize, could cause the results of the company to differ
materially from those expressed or implied by such forward-looking
statements. Actual results may differ materially from these
expectations due to changes in regulatory, political, weather,
economic, business, competitive, market, environmental and other
factors. More detailed information about these factors is contained
in the company's filings with the Securities and Exchange
Commission, including the company's 2004 Annual Report on Form 10-K
and 2005 Annual Report on Form 10-K that the company anticipates
filing shortly. The company assumes no obligation to update these
forward-looking statements to reflect any change in future events.
-0- *T FINANCIAL HIGHLIGHTS -- SOUTHWEST WATER COMPANY (unaudited
and in thousands, except per share amounts) Three Months Ended
Years Ended December 31, December 31, 2005 2004 2005 2004
-------------------------------------- Operating revenues $ 52,000
$45,501 $203,181 $179,595 Operating income 4,030 942 18,134 11,244
Income from continuing operations 1,377 (80) 7,301 4,673 Net income
(loss) 1,377 (410) 2,399 4,534 Diluted earnings (loss) per common
share: Income from continuing operations $ 0.06 $ 0.00 $ 0.34 $
0.24 Net Income $ 0.06 $ (0.02) 0.11 0.23 Weighted average
outstanding common shares: Diluted 22,591 21,244 21,611 19,413
NOTE: Per share amounts and weighted average outstanding common
shares reflect a 5% stock dividend on January 1, 2006. CONSOLIDATED
BALANCE SHEET INFORMATION December 31, December 31, 2005 2004
------------------------------- Current assets $ 47,746 $ 58,091
Property, plant and equipment, net 344,821 301,835 Total assets $
444,725 $ 404,809 Current liabilities $ 40,579 $ 35,873 Long-term
debt 117,603 115,827 Contributions in aid of construction 94,660
89,623 Stockholders' equity 145,253 126,198 Total liabilities and
stockholders' equity $ 444,725 $ 404,809 *T
Southwest Water (NASDAQ:SWWC)
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Southwest Water (NASDAQ:SWWC)
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