Cap Rock Energy (AMEX:RKE)
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Cap Rock Energy Files Extension for March 31, 2005 Form 10-Q
MIDLAND, Texas, May 17 /PRNewswire-FirstCall/ -- Cap Rock Energy Corporation
(AMEX:RKE) is filing a Form 12b-25, Notification of Late Filing, with the SEC
for its first quarter of March 31, 2005, subject to final review by its
auditors. The Company estimates that net income for the quarter ended March
31, 2005, will be $234,000 as compared to $2,062,000 for the comparative 2004
quarter. Estimated earnings per share for the 2005 period are $.14 for both
basic and diluted, as compared to $1.32 and $1.27 for basic and diluted,
respectively, for the 2004 period.
Earnings decreased by $1.3 million in the first quarter of 2005 primarily
because, recovery of power costs were higher in revenues in 2004 related to the
rate making treatment of capital lease payments associated with the
transmission system which were passed through to rate payors. Additionally,
general and administrative costs increased $748,000 due to IT and other
expenses.
Those statements made in this release that are not historical facts are
forward-looking statements intended to be covered by the safe harbor provisions
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Although the Company believes that the assumptions
underlying these statements are reasonable, investors are cautioned that such
forward-looking statements are inherently uncertain and necessarily involve
risks that may affect the Company's business prospects and performance causing
actual results to differ from those discussed in the foregoing release. Such
risks and uncertainties include, by way of example and not limitation, general
business and economic conditions, regulatory uncertainties and the legislative
environment. These and other applicable risks and uncertainties are more fully
explained in the Company's latest filings with the Securities and Exchange
Commission. The Company undertakes no obligation to update any forward-looking
statements in this release, whether as a result of new information or future
events.
DATASOURCE: Cap Rock Energy Corporation
CONTACT: Valerie Newsom of Cap Rock Energy Corporation, +1-432-684-0301,
or