Southwest Water Company Reports Fourth Quarter and Full Year 2006 Financial Results
16 3월 2007 - 10:00PM
Business Wire
Southwest Water Company (NASDAQ:SWWC) today reported financial
results for the fourth quarter and full year ended December 31,
2006. Fourth Quarter Results In the fourth quarter of 2006,
revenues increased 11% to $57.9 million from $52.0 million in the
fourth quarter of 2005. Operating income was up 60% to $6.4 million
versus $4.0 million in the same period of 2005. Net income grew
128% to $3.1 million, or $0.13 per diluted share, compared with
$1.4 million, or $0.06 per diluted share, for the fourth quarter
2005. Full Year Results For the full year, revenues rose 10% to
$224.2 million from $203.2 million in 2005. Operating income grew
22% to $22.2 million compared with $18.1 million in 2005. Income
from continuing operations was up 28% to $9.3 million, or $0.40 per
diluted share, compared with $7.3 million, or $0.34 per diluted
share, in 2005. Net income was $9.4 million compared to $2.4
million in 2005, which included a loss from discontinued operations
of $4.9 million. Weighted average diluted shares outstanding for
the year increased 8% to 23.4 million. �2006 was an excellent year
for both of our divisions,� said Mark A. Swatek, Southwest Water
chief executive officer and chairman. �In the second half of the
year, our Utility Group benefited from warm, dry weather and a rate
increase in California and continued organic customer growth in our
New Mexico and Texas utilities.� �Our Services Group,� continued
Swatek, �grew revenue through new contracts and enhanced their
bottom line through increased efficiencies and improved contract
pricing.� SG&A expenses for the year were $34.4 million versus
$30.8 million in 2005, remaining stable at 15% of revenues. Total
company funded capital expenditures in 2006 were $36.7 million,
representing on-going investment in the company�s water and
wastewater infrastructure. Division Results for Full Year 2006
Revenues in the Utility Group were $87.9 million in 2006, up from
$80.0 million in 2005, which include intersegment revenues of $1.6
million and $1.1 million, respectively. This 10% increase was
primarily due to increased consumption in California, rate
increases in California and Texas, increased connections in New
Mexico and Texas, and a full year of operations at a utility
acquired in Alabama in the fourth quarter of 2005. Utility Group
operating income in 2006 increased 15% to $31.2 million compared
with $27.1 million in 2005, primarily due to the company�s ability
to defer certain expenses of $2.2 million to a balancing account
for recovery in future rates in California, a full year of
operations at the Alabama utility, increased connections in New
Mexico and Texas and a reduction in expenses of $0.4 million from a
gain on sale of land in California. Services Group revenues were
$166.6 million in 2006, up from $146.3 million in 2005, which
include intersegment revenues of $40.4 million and $31.3 million,
respectively. This 14% increase was primarily due to increased
contract operations, maintenance and construction work from new
contracts and growth in customer base in existing contracts as a
result of increased housing starts. Operating income increased 23%
to $4.4 million, up from $3.6 million in 2005. Operating margin
improved as a result of increased sales with higher margins,
combined with improved pricing on several contracts that were
successfully renegotiated. Conference Call The company will provide
more detail regarding its fourth quarter and full year 2006 results
in a conference call and web cast to be held today, March 16, 2007,
at 4:30 p.m. Eastern time (1:30 p.m. Pacific). The conference call
can be accessed on the company�s website 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 website. A
telephonic replay will also be available beginning at 6:30 p.m.
Eastern (3:30 p.m. Pacific) until midnight March 23, 2007 at
888-286-8010 (international callers 617-801-6888), passcode
11952201. 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 website:
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, 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 under the caption �Risk Factors� in the
company�s 2005 Annual Report on Form 10-K and 2006 Annual Report on
Form 10-K, which the company anticipates filing shortly. The
company assumes no obligation to update these forward-looking
statements to reflect any change in future events. FINANCIAL
HIGHLIGHTS - SOUTHWEST WATER COMPANY (unaudited and in thousands,
except per share amounts) � Three Months Ended Years Ended December
31, December 31, 2006� � 2005� � 2006� � 2005� � Operating revenues
$57,879� $52,000� $224,182� $203,181� � Operating income 6,449�
4,030� 22,183� 18,134� � Income from continuing operations 3,139�
1,377� 9,328� 7,301� � Net income (loss) 3,139� 1,377� 9,399�
2,399� � Diluted earnings (loss) per common share: Income from
continuing operations $ 0.13� $ 0.06� $ 0.40� $ 0.34� Net Income $
0.13� $ 0.06� $ 0.40� $ 0.11� � Weighted average outstanding common
shares: Diluted 23,985� 22,591� 23,363� 21,611� CONSOLIDATED
BALANCE SHEET INFORMATION � December 31, December 31, 2006� � 2005�
� Current assets $ 48,257� $ 47,746� Property, plant and equipment,
net 389,625� 344,821� Total assets $491,693� $444,725� � Current
liabilities $ 35,830� $ 40,579� Long-term debt 128,624� 117,603�
Contributions in aid of construction 110,024� 94,660� Stockholders�
equity 166,527� 145,253� Total liabilities and stockholders� equity
$491,693� $444,725�
Southwest Water (NASDAQ:SWWC)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Southwest Water (NASDAQ:SWWC)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024