American States Water Company Announces Delay in Filing of Form 10-K with the Securities and Exchange Commission.Business Editors SAN DIMAS, Calif.--(BUSINESS WIRE)--March 31, 2003 American States Water Company, (NYSE NYSE See: New York Stock Exchange :AWR AWR Automatic Workload Repository (Oracle database) AWR Applied Wave Research (El Segundo, CA) AWR Adventist World Radio AWR Advanced Warranty Replacement AWR American Warmblood Registry ) announced that it has filed Form 12b-25 with the Securities and Exchange Commission with respect to its filing of Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended December 31, 2002. The Company stated that it would file its Form 10-K on or before April 15, 2003. American States Water Company stated that the additional time is required to complete its analysis of its deferred and current tax accounts and to restate its financial statements for prior years. In addition, since Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing was the Company's previous accountants and are not in a position to audit the restatement, the Company's new independent accountants will need to re-audit the financial statements for the years ended December 31, 2001 and 2000. This analysis was undertaken in connection with a deferred tax study initiated in 2002 and that spans a period of 20 years. As a result of this study, the Company has preliminarily identified a cumulative total of approximately $4.5 million of previously recognized current and deferred tax expense which should not have been recognized in 2001 and earlier periods. The Company expects to report a corresponding reduction in taxes on income for prior periods presented along with an increase in beginning retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. in 2000. Certain matters discussed in this news release with regard to the Company's expectations may be forward-looking statements that involve risks and uncertainties. The assumptions and risk factors that could cause actual results to differ materially include those described in the filings of the Company with the Securities and Exchange Commission. The Company does not undertake any obligation to publicly update or otherwise revise any forward-looking statement. American States Water Company is a holding company that, through its subsidiaries, provides water service to 1 out of 30 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and to approximately 12,000 customers in the city of Fountain Hills, Arizona Fountain Hills is a town in Maricopa County, Arizona, USA. It incorporated as an independent municipality in 1989, after spending most of its history as a master planned development on the far northern end of (now neighboring) Scottsdale. and portions of Scottsdale, Arizona. The Company also distributes electricity to approximately 22,000 customers in the Big Bear recreational area of California and contracts with various municipalities in both California and Arizona to provide services to an additional 91,500 customers. |
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