American States Water Company Announces Earnings for the Three Months Ended March 31, 2005.SAN DIMAS, Calif. -- 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 ) today reported basic and fully diluted earnings of $0.22 per share for the three months ended March 31, 2005 as compared to basic and fully diluted earnings of $0.08 per share reported for the same period ended March 31, 2004. The increase in recorded results reflects water rate increases at its 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, Water Company ("SCW SCW Spanish Civil War SCW Syktyvkar (Russia) SCW Supercritical Water SCW Supercritical Water Oxidation SCW SEABEE Combat Warfare SCW Shibuya Custom Works (Western Arms Airsoft) SCW Sucking Chest Wound ") unit in 2004 and 2005 which generated additional revenues of approximately $4.1 million for the first quarter of 2005. Also impacting the results favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. is a significant increase in the unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on SCW's purchased power contracts due to increasing energy prices. This unrealized gain for the three months ended March 31, 2005 added approximately $0.10 per share to the first quarter of 2005, as compared to the unrealized gain of $0.02 per share for the same period of 2004. First Quarter 2005 Results - Total operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $49.8 million for the three months ended March 31, 2005 increased by $3.1 million compared to operating revenues of $46.7 million recorded for the three months ended March 31, 2004. Of the total increase in revenues, water revenues increased by 7.1% due to the rate increases discussed previously, partially offset by a 6.7% decrease in water consumption resulting from more rainfall experienced during the first quarter of 2005, as compared to the same period of 2004. Electric revenues decreased by 2.1% due to decreased customer usage. Other operating revenues increased by $545,000 due primarily to additional revenues associated with the operation of the water and wastewater systems at Fort Bliss Fort Bliss, U.S. army post, 1,122,500 acres (454,300 hectares), W Tex., E of El Paso; est. 1849 and named for Col. William Bliss, Gen. Zachary Taylor's adjutant in the Mexican War. Originally strategically located near the only ice-free pass through the Rocky Mts. , located near El Paso El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. , Texas that commenced in October 2004 pursuant to the terms of a 50-year contract with the U.S. Government. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased slightly to $41.3 million for the three months ended March 31, 2005 as compared to the $41.1 million recorded for the same period in 2004, reflecting (i) an increase in administrative and general expenses resulting from increased outside services primarily related to Sarbanes-Oxley compliance requirements Compliance requirements are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). and increased labor, pension and benefit costs, and (ii) higher taxes on income. These increases were offset by (i) an increase of approximately $2.5 million in the unrealized gain on purchased power contracts discussed earlier, (ii) a net gain of $760,000 on a settlement reached for the removal of wells at the Chaparral chaparral (chăpərăl`), type of plant community in which shrubs are dominant. It occurs usually in regions having from 10 to 20 in. (25–50 cm) of rainfall annually and with a Mediterranean-type climate. City Water Company ("CCWC CCWC Club Crew World Championships CCWC Certain Conventional Weapons Convention CCWC Castle Crown Wilderness Coalition (Alberta, Canada) CCWC Can't Cook Won't Cook CCWC Coffee Creek Watershed Conservancy ") subsidiary, and (iii) an overall decrease in water supply costs due to a decrease in customer demand and a favorable change in the supply mix. Interest charges increased to $4.7 million for the three months ended March 31, 2005 as compared to $4.3 million for the three months ended March 31, 2004. The increase is due primarily to increases in short-term borrowings. Other - Certain matters discussed in this news release with regard to the Company's expectations may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. The assumptions and risk factors that could cause actual results to differ materially include those described in the Company's Form 10-Q Form 10-Q See 10-Q. and 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. filed with the Securities and Exchange Commission. Q1 2005 Earnings Release Conference Call - The Company will host a conference call today, Tuesday, May 10, 2005 at 10:00 a.m. Pacific Time ("PT"), during which management will be making a brief presentation focusing on the Company's first quarter results, strategies, and operating trends. Interested parties can listen to the conference call over the Internet by logging on to www.aswater.com. The call will also be recorded and replayed beginning Tuesday, May 10, 2005 at 1:00 p.m. PT and will run through Tuesday, May 17, 2005. The dial-in number for the audio replay is (888) 203-1112, Passcode 2039242. American States Water Company is the parent company of Southern California Water Company, American States Utility Services, Inc. and Chaparral City Water Company. Through its subsidiaries, AWR provides water service to 1 out of 30 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California 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 Scottsdale (O'odham Vaṣai S-vaṣonĭ) is a city in Maricopa County, Arizona, United States, adjacent to Phoenix. Scottsdale has become internationally recognized as a premier and posh tourist destination, while maintaining its own identity and culture as " . The Company distributes electricity to approximately 22,000 customers in the Big Bear recreational area of California and contracts, either directly or through its wholly-owned subsidiary, American States Utility Services, Inc., with various municipalities, the U.S. Government and private entities to provide various water and wastewater services, including billing and meter reading, water marketing and operation and maintenance of water and wastewater systems.
American States Water Company
Consolidated
Comparative Condensed Balance Sheets
March 31, December 31,
(in thousands) 2005 2004
(Unaudited)
Assets
Utility Plant-Net $676,739 $664,165
Other Property and Investments 21,640 21,717
Current Assets 46,999 53,024
Regulatory and Other Assets 70,874 71,371
$816,252 $810,277
Capitalization and Liabilities
Capitalization $480,686 $480,367
Current Liabilities 85,149 86,336
Other Credits 250,417 243,574
$816,252 $810,277
Condensed Statements of Income
Three Months Ended
(in thousands, except per share amounts) March 31,
2005 2004
(Unaudited)
Operating Revenues $49,794 $46,651
Operating Expenses:
Operations $21,378 $21,907
Unrealized gain on purchased power
contracts (3,015) (557)
Gain on settlement for removal of
wells (760) -
Administrative and general expenses 10,129 9,079
Maintenance 2,466 2,327
Depreciation and amortization 5,635 5,177
Taxes on income 3,216 942
Property and other taxes 2,272 2,226
Total operating expenses $41,321 $41,101
Net operating income $8,473 $5,550
Other Income (Loss), net (49) (83)
Interest Charges 4,660 4,321
Net Income $3,764 $1,146
Earnings Available for Common Shareholders $3,764 $1,146
Weighted Average Shares Outstanding 16,761 15,224
Earnings Per Common Share $0.22 $0.08
Weighted Average Diluted Shares 16,805 15,255
Earnings Per Diluted Share $0.22 $0.08
Dividends Paid Per Common Share $0.225 $0.221
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