ADDING and REPLACING SouthWest Water Company Reports First Quarter 2008 Financial Results
13 5월 2008 - 4:43AM
Business Wire
In the Condensed Consolidated Statements of Income, under Expenses,
add the following row below "Services operating expenses": � Three
Months Ended March 31, 2008 � � 2007 � Services intersegment
eliminations (5,216 ) (5,701 ) The corrected release reads:
SOUTHWEST WATER COMPANY REPORTS FIRST QUARTER 2008 FINANCIAL
RESULTS SouthWest Water Company (NASDAQ:SWWC) today reported
financial results for the first quarter ended March 31, 2008. For
the quarter, revenues increased 6% to $50.8 million from $47.9
million in the first quarter of 2007. Operating income declined to
$1.8 million compared with $3.1 million in 2007. Loss from
continuing operations was $314,000, or $0.01 per diluted share,
compared to income from continuing operations of $840,000, or $0.03
per diluted share, in the first quarter of 2007. Net loss was
$601,000, or $0.02 per share, which includes a loss from
discontinued operations, net of tax, of $287,000. This compares to
net income of $614,000, or $0.03 per share, which includes a loss
from discontinued operations, net of tax, of $226,000 in the 2007
first quarter. Weighted average shares outstanding used to compute
earnings per share for the quarter were 24.4 million. �Both our
Utility and Services businesses increased revenues and operating
income in the first quarter of 2008,� said Mark A. Swatek,
SouthWest Water chief executive officer and chairman. �Our bottom
line results were impacted by temporary increases of $1.8 million
in corporate overhead related to our business process improvements
and a unique strategic opportunity that did not come to fruition.�
Division Results Revenues in the Utility business were $22.3
million, up from $20.0 million in first quarter of 2007. This 12%
increase was primarily due to a fourth quarter 2007 interim rate
increase in Texas and acquisitions, principally the wastewater
treatment plant in Birmingham, Alabama, completed in the first
quarter of 2008. The increased revenues were partially offset by
reduced consumption in California due to wet weather. Operating
income increased 11% to $6.4 million compared with $5.8 million in
last year�s first quarter, primarily due to higher revenue.
Services business revenues were $33.6 million up from $33.5 million
in the first quarter of 2007, which includes intersegment revenues
of $6.3 million and $7.2 million, respectively. This increase was
due to new business and on-going efforts to re-price renewing
contracts, partially offset by reduced construction projects for
the company's Texas and New Mexico utilities, in part due to the
slow down in housing construction as well as less project work
performed. Operating income improved to $860,000, or 2.6% of
revenues, from $701,000, or 2.1% of revenues, in the first quarter
of 2007. �Our efforts to restructure the company and improve our
business processes are showing results,� commented Swatek. �The
margins in our Services business are improving, on-going overhead
costs have been reduced, and our revenue mix is becoming more
balanced between our Utility and our Service businesses.� SG&A
and Capital Expenditures On January 1, 2008, the company
implemented an Oracle-based, integrated financial module throughout
the entire organization as part of its Cornerstone business
reengineering project. As a result, the methodology of capturing
and reporting certain operating and selling, general and
administrative expenses, as well as the classification of expenses
between business segments, has changed. For the first quarter of
2008, consolidated SG&A expenses were $9.6 million,
representing 19% of revenues. Prior year amounts have not been
reclassified to conform to the 2008 presentation because the
information to do so is not available and the cost to develop it
would be excessive. The reclassification and changes primarily
affected the Services business by lowering its SG&A costs and
increasing its operating expenses. The Utility business and
corporate SG&A expenses were not significantly affected by the
reclassification. Corporate SG&A expenses were $5.4 million
compared with $3.4 million for the same period in the prior year.
The increases include $800,000 related to Cornerstone, which
commenced late in the second quarter of 2007; $700,000 in
professional fees associated with evaluating a strategic business
opportunity that did not materialize because of changes in market
conditions; and $300,000 in other temporary increases associated
with business process re-engineering projects. Total company funded
capital expenditures were $6.9 million, including $1.9 million
related to the Cornerstone project, compared to $6.7 million in the
first quarter of 2007. Conference Call The company will discuss its
first quarter results in a conference call and webcast to be held
today, May 12, 2008, at 4:00 p.m. Eastern time (1:00 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 webcast,
a replay will be available shortly after the call on the company�s
website. A telephonic replay will also be available beginning at
6:00 p.m. Eastern (3:00 p.m. Pacific) until midnight May 19, 2008
at 888-286-8010 (international callers 617-801-6888), passcode
41760667. 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 2007 Annual Report on Form 10-K. The company assumes no
obligation to update these forward-looking statements to reflect
any change in future events. Condensed Consolidated Statements of
Income (unaudited and in thousands, except per share amounts) �
Three Months Ended March 31, 2008 � 2007 Operating Revenues:
Utility $ 22,341 $ 20,034 Services 33,638 33,536 Less intersegment
eliminations � (5,216 ) � (5,701 ) Total revenues � 50,763 � �
47,869 � � Expenses: Utility operating expenses 13,441 11,809
Services operating expenses 31,126 30,143 Services intersegment
eliminations (5,216 ) (5,701 ) Selling, general and administrative
� 9,605 � � 8,530 � Total expenses � 48,956 � � 44,781 � �
Operating income 1,807 3,088 � Other income (expense) Interest
expense (2,361 ) (1,854 ) Interest income 122 135 Other, net � -- �
� (49 ) � Income (loss) from continuing operations before taxes
(432 ) 1,320 Provision (benefit) for income taxes � (118 ) � 480 �
� Income (loss) from continuing operations (314 ) 840 � Loss from
discontinued operations, net of tax � (287 ) � (226 ) � Net income
(loss) (601 ) 614 Preferred stock dividends � (6 ) � (6 ) Net
income (loss) applicable to common holders � (607 ) � 608 � �
Earnings per common share (Diluted): Income (loss) from continuing
operations $ (0.01 ) $ 0.03 Loss from discontinued operations �
(0.01 ) � -- � Net income (loss) applicable to common holders $
(0.02 ) $ 0.03 � Weighted average outstanding common shares
(diluted) 24,385 24,214 Consolidated Balance Sheet Information
(unaudited and in thousands) � March 31, � December 31, 2008 � 2007
� Current assets $ 62,686 $ 61,585 Property, plant and equipment,
net 445,110 417,903 Total assets $ 543,948 $ 516,409 � Current
liabilities $ 37,883 $ 46,184 Long-term debt 181,869 145,353
Contributions in aid of construction 114,789 115,442 Stockholders�
equity 158,126 159,194 Total liabilities and stockholders� equity $
543,948 $ 516,409
Southwest Water (NASDAQ:SWWC)
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Southwest Water (NASDAQ:SWWC)
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