UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number: 0-8176 |
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Southwest Water Company |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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95-1840947 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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One Wilshire Building |
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90017-3782 |
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(Address of principal executive offices) |
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(Zip Code) |
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(213) 929-1800 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. On May 5, 2004, there were 16,495,998 common shares outstanding.
SOUTHWEST WATER COMPANY AND SUBSIDIARIES
INDEX
PART I – FINANCIAL INFORMATION
SOUTHWEST WATER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
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Three Months Ended |
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2004 |
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2003 |
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(in thousands except per share data) |
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Revenues: |
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Services group |
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$ |
26,664 |
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$ |
25,188 |
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Utility group |
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13,063 |
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10,926 |
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39,727 |
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36,114 |
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Expenses: |
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Operating expenses - services group |
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25,071 |
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22,077 |
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Operating expenses - utility group |
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7,618 |
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7,359 |
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Selling, general and administrative expenses |
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6,105 |
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5,760 |
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38,794 |
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35,196 |
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Operating Income |
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933 |
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918 |
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Other Income (Expense): |
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Interest expense |
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(1,077 |
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(1,197 |
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Interest income |
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120 |
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46 |
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Other |
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53 |
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(10 |
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(904 |
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(1,161 |
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Income (Loss) Before Income Taxes |
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29 |
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(243 |
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Income Tax Provision (Benefit) |
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11 |
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(94 |
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Net Income (Loss) |
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18 |
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(149 |
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Dividends on Preferred Shares |
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7 |
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7 |
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Net Income (Loss) Available for Common Shares |
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$ |
11 |
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(156 |
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Earnings (Loss) Per Common Share: |
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Basic |
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$ |
0.00 |
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(0.01 |
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Diluted |
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$ |
0.00 |
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(0.01 |
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Weighted Average Outstanding Common Shares: |
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Basic |
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14,763 |
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13,028 |
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Diluted |
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15,686 |
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13,028 |
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See accompanying notes to unaudited condensed consolidated financial statements.
1
SOUTHWEST WATER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
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March 31, 2004 |
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December 31, 2003 |
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(in thousands) |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
712 |
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$ |
2,570 |
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Restricted cash |
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933 |
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2,806 |
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Trade accounts receivable, less allowance for doubtful accounts |
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20,491 |
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19,759 |
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Other current assets |
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10,684 |
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10,259 |
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32,820 |
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35,394 |
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Property, Plant and Equipment: |
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Utility property, plant and equipment—at cost |
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275,414 |
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271,502 |
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Non-regulated operations property, plant and equipment—at cost |
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17,150 |
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15,917 |
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292,564 |
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287,419 |
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Less accumulated depreciation and amortization |
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69,708 |
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67,900 |
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222,856 |
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219,519 |
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Other Assets: |
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Goodwill, net |
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21,466 |
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21,388 |
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Intangible assets, net |
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3,495 |
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2,026 |
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Other assets |
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16,472 |
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17,895 |
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$ |
297,109 |
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$ |
296,222 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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