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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

 

ý            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2005

 

OR

 

o            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                             to                            

 

Commission file number: 0-8176

 

 

 

Southwest Water Company

 

 

 

(Exact name of registrant as specified in its charter)

 

 

 

Delaware

 

95-1840947

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

One Wilshire Building
624 South Grand Avenue, Suite 2900
Los Angeles, California

 

90017-3782

(Address of principal executive offices)

 

(Zip Code)

 

(213) 929-1800

(Registrant’s telephone number, including area code)

 

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 6, 2005, there were 19,468,298 common shares outstanding.

 

 


 

SOUTHWEST WATER COMPANY

 

INDEX

 

Part I.

Financial Information:

1

 

 

 

 

 

Item 1.

Financial Statements:

1

 

 

 

 

 

 

Condensed Consolidated Statements of Income (unaudited) –
Three Months Ended March 31, 2005 and 2004

1

 

 

 

 

 

 

Condensed Consolidated Balance Sheets (unaudited) –
March 31, 2005 and December 31, 2004

2

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) –
Three Months Ended March 31, 2005 and 2004

3

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

4

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

11

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

21

 

 

 

 

 

Item 4.

Controls and Procedures

22

 

 

 

 

Part II.

Other Information:

23

 

 

 

 

 

Item 1.

Legal Proceedings

23

 

 

 

 

 

Item 6.

Exhibits

23

 

 

 

 

Signatures

 

 

24

 


 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

SOUTHWEST WATER COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 

 

 

Three Months Ended
March 31,

 

 

 

2005

 

2004

 

 

 

(in thousands except per share data)

 

Revenues:

 

 

 

 

 

Utility group

 

$

15,459

 

$

13,063

 

Services group

 

31,407

 

26,664

 

 

 

46,866

 

39,727

 

Expenses:

 

 

 

 

 

Operating expenses - utility group

 

9,979

 

7,618

 

Operating expenses - services group

 

27,096

 

24,529

 

Selling, general and administrative expenses

 

8,312

 

6,647

 

 

 

45,387

 

38,794

 

 

 

 

 

 

 

Operating Income

 

1,479

 

933

 

 

 

 

 

 

 

Other Income (Expense):

 

 

 

 

 

Interest expense

 

(1,949

)

(1,077

)

Interest income

 

107

 

120

 

Other

 

(13

)

53

 

 

 

(1,855

)

(904

)

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

(376

)

29

 

Income Tax Provision (Benefit)

 

(135

)

11

 

Net Income (Loss)

 

(241

)

18

 

Dividends on Preferred Shares

 

6

 

7

 

Net Income (Loss) Applicable to Common Shareholders

 

$

(247

)

$

11

 

 

 

 

 

 

 

Earnings (Loss) Per Common Share:

 

 

 

 

 

Basic

 

$

(0.01

)

$

0.00

 

Diluted

 

$

(0.01

)

$

0.00

 

 

 

 

 

 

 

Weighted Average Outstanding Common Shares:

 

 

 

 

 

Basic

 

19,411

 

15,501

 

Diluted

 

19,411

 

16,470

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

1


 

SOUTHWEST WATER COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 

 

 

March 31, 2005

 

December 31, 2004

 

 

 

(in thousands)

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

5,258

 

$

1,933

 

Restricted cash

 

31

 

221

 

Trade accounts receivable, less allowance for doubtful accounts

 

24,994

 

23,935

 

Other current assets

 

15,939

 

19,198

 

 

 

46,222

 

45,287

 

Property, Plant and Equipment:

 

 

 

 

 

Utility property, plant and equipment—at cost

 

365,074

 

359,375

 

Non-regulated operations property, plant and equipment—at cost

 

17,652

 

18,485

 

 

 

382,726

 

377,860

 

Less accumulated depreciation and amortization

 

75,833

 

75,264

 

 

 

306,893

 

302,596

 

Other Assets:

 

 

 

 

 

Goodwill

 

33,921

 

32,837

 

Intangible assets, net

 

9,777

 

8,364

 

Other assets

 

16,924