SouthWest Water Company Reports Full Year and Fourth Quarter 2009 Financial Results

SouthWest Water Company (NASDAQ:SWWC), a leading provider of water, wastewater and public works services, today reported financial results for the fourth quarter and year ended December 31, 2009.

For 2009, the company reported operating revenue of $211.1 million compared with $210.7 million for 2008. Adjusted income from continuing operations after taxes (a non-GAAP financial measure), which excludes write-off of goodwill and other long-lived assets and certain other items that are not routine to operations, including costs associated with the restatement of historical financials, increased to $0.2 million, or $0.01 per share, compared with adjusted loss from continuing operations after taxes of $1.4 million, or $0.06 per share, for 2008. Including these charges, loss from continuing operations (GAAP) narrowed to $14.0 million, or $0.57 per share, from $27.6 million, or $1.13 per share, for 2008. A reconciliation table can be found at the end of this release. Net income was $4.0 million, or $0.17 per diluted share, versus a net loss of $31.9 million, or $1.31 per share, for the year ended December 31, 2008.

“Our operating results for both 2009 and 2008 were significantly impacted by expenses that are not routine to our operations, including the write off of certain assets and the professional fees associated with the company’s comprehensive financial review,” said Mark Swatek, president and chief executive officer. “Revenue from our utilities segments grew over the past year, despite customer conservation efforts in California and a difficult economic environment. As expected, our services segments reported lower revenue primarily due to terminated contracts and the sale of our environmental testing laboratory during the year.”

Fourth Quarter 2009 Results

The company reported revenue of $49.6 million in the fourth quarter of 2009 compared with $51.6 million in the fourth quarter of 2008. Adjusted loss from continuing operations after taxes (a non-GAAP financial measure), which excludes write-off of goodwill and other long-lived assets and certain other items that are not routine to operations, including costs associated with the restatement of historical financials, narrowed to $2.0 million, or $0.08 per share, compared with adjusted loss from continuing operations after taxes of $2.4 million, or $0.10 per share, for the fourth quarter of 2008. Including these charges, loss from continuing operations after taxes was $2.1 million, or $0.08 per share, versus $25.7 million, or $1.04 per share, in the fourth quarter of 2008. A reconciliation table can be found at the end of this release. Net loss was $1.7 million, or $0.06 per share, compared with a net loss in fourth quarter of 2008 of $30.0 million, or $1.21 per share.

Segment Full Year Results

Utilities

The principal operating trends driving the results of Utilities in 2009 were rate increases and increased costs of purchased water. In addition, general and administrative costs increased in 2009. The California utility, which is this segment’s largest, experienced reduced consumption due to customer conservation efforts without a corresponding reduction in expenses due to increased unit costs of delivered water driven by lower allowed pumping amounts from owned wells and higher costs of purchased water. Operating revenue increased $4.2 million, or 7%, to $65.2 million for the year ended December 31, 2009 compared with $60.9 million for the prior year. The net increase was primarily due to rate increases, principally at the company’s California utility, partially offset by reduced consumption in California due to conservation efforts. Operating income decreased $0.4 million, or 2%, to $19.3 million compared with $19.7 million for the prior year.

The Utilities segment no longer includes operations in New Mexico, which were sold in a settlement under threat of condemnation in May 2009 and are therefore reflected as discontinued operations. The company received $53.9 million in cash at closing and used the proceeds to pay down debt.

Texas Utilities

The principal operating trends driving the results of Texas Utilities in 2009 were rate increases and a multi-year drought that increased consumption and reduced aquifer levels. Operating revenue increased $1.7 million, or 5%, to $36.5 million for year ended December 31, 2009 from $34.8 million for the prior year. The net increase was primarily due to rate increases at three utilities and increased consumption due to weather. Operating income increased $26.5 million to $7.5 million from an operating loss of $19.0 million in the prior year. The most significant impact to operating income from items that are not routine to operations was a $25.2 million impairment of goodwill and other long-lived assets in 2008.

O&M Services

The principal operating trends driving results of O&M Services in 2009 were terminated contracts and increased operating efficiencies. Operating revenue decreased $3.5 million, or 9%, to $37.0 million for the year ended December 31, 2009 from $40.5 million for the prior year. The decrease was primarily due to terminated contracts, including some that management terminated due to underperformance. Operating income was $0.3 million compared with an operating loss of $2.9 million in the prior year. The improvement in operating income is primarily due to increased operating efficiencies and lower non-routine expenses.

Texas MUD Services

The principal operating trends driving results in Texas MUD Services in 2009 were terminated contracts, increased service order work and increased efficiencies. Operating revenue decreased $2.0 million, or 3%, to $72.4 million for year ended December 31, 2009 from $74.5 million for the prior year. The net decrease was primarily due to terminated contracts, as well as the sale of the company’s environmental laboratory services in April 2009. Operating loss narrowed to $1.4 million from $3.1 million for the prior year. The improvement was primarily due to increased operating efficiencies.

Corporate Expenses

General corporate expenses increased $15.6 million, or 72%, to $37.5 million for the year ended December 31, 2009, from $21.8 million for the prior year. The increase was primarily due to expenses incurred that are not routine to operations, which include $12.6 million of financial restatement related costs and $8.0 million from the write-off of Cornerstone business reengineering project assets, partially offset by reduced routine and other non-routine expenses.

Capital Expenditures

Total company funded capital expenditures were $16.5 million compared with $32.1 million in 2008, including $8.4 million related to the Cornerstone project which was suspended in late 2008.

Merger Agreement

On March 3, 2010, the company announced that it entered into a definitive merger agreement to be acquired for approximately $275 million in cash, or $11.00 per share, by institutional investors advised by J.P. Morgan Asset Management and Water Asset Management L.L.C. After taking into account the company’s outstanding debt, the transaction represents a total enterprise value of approximately $427 million.

Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding results of operations as determined by accounting principles generally accepted in the United States of America (“GAAP”), the company has disclosed certain non-GAAP information, which it believes provides useful information to investors. Reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures; income from continuing operations before the impairment charge and certain charges that are not routine to operations including restatement related charges, can be found at the end of this release. This non-GAAP financial measure supplements GAAP disclosures and should not be considered an alternative to the GAAP measure. In addition, this non-GAAP financial measure may be computed differently than similarly titled non-GAAP measures used by other companies.

Management believes that the presentation of this adjusted measure is useful to investors because it provides a means of evaluating the company’s operating performance without giving effect to impairment and other non-routine charges, which do not reflect the day-to-day operations of the company. Moreover, management believes that this presentation facilitates comparisons between the company and other companies in its industry. In preparing operating plans, budgets and forecasts, and in assessing historical performance, management relies, in part, on trends in the company’s historical results, exclusive of impairment and non-routine charges.

Conference Call

The company will hold a conference call with financial analysts to discuss the full year and fourth quarter 2009 results on March 16, 2010, at 11:00 a.m. Eastern time (8:00 a.m. Pacific). The call will be web cast live so that interested parties may listen over the Internet at the company’s website at www.swwc.com. For those unable to participate in the live web cast, a replay will be available shortly after the call on the company’s website. A telephonic replay will also be available beginning at 2:00 p.m. Eastern (11:00 a.m. Pacific) until midnight March 23, 2010 at 888.286.8010 (international callers 617.801.6888), passcode 53906748.

About SouthWest Water Company

SouthWest Water Company provides a broad range of services, including water production, treatment and distribution; wastewater collection and treatment; utility billing and collection; utility infrastructure construction management; and public works services. The company owns regulated public utilities and also serves cities, utility districts and private companies under contract. More than a million people in 9 states depend on SouthWest Water for high-quality, reliable service. Additional information may be found on the company’s website: www.swwc.com.

Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including expectations relating to future revenues and income, the company’s ability to gain new business and control costs, involve risks and uncertainties, as well as assumptions that, if they prove incorrect or never materialize, could cause the results of the company to differ materially from those expressed or implied by such forward-looking statements. Actual results may differ materially from these expectations due to changes in regulatory, political, weather, economic, business, competitive, market, environmental and other factors. More detailed information about these factors is contained in the company’s filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in the company’s 2009 Annual Report on Form 10-K. The company assumes no obligation to update these forward-looking statements to reflect any change in future events.

-Financial Tables to follow-

RECONCILIATION OF NON-GAAP INCOME FROM CONTINUING OPERATIONS

 

Three Months Ended December 31,

        
      
      
        
          ($ in thousands except per share)
        
        
        
        
        
        
        
        
          

2009

2008

        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
          Per Share
        
        
        
        
        
        
        
        
        
        
        
        
          Per Share
        
      
      
        
          

Loss from continuing operations after income taxes (GAAP)

($2,067

)

($0.08

)

($25,715

)

($1.04

)

Adjustments (non routine charges to operations) pre tax:

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Legal fees and various settlements
        
        
        
        
        
        
        
        
          153
        
        
        
        
        
        
          0.01
        
        
        
        
        
        
        
        
        
        
          1,145
        
        
        
        
        
        
          0.05
        
        
        
      
      
        
          Write-off of Goodwill and other long-lived assets
        
        
        
        
        
        
        
        
          -
        
        
        
        
        
        
          -
        
        
        
        
        
        
        
        
        
        
          26,028
        
        
        
        
        
        
          1.06
        
        
        
      
      
        
          Cornerstone project costs
        
        
        
        
        
        
        
        
          -
        
        
        
        
        
        
          -
        
        
        
        
        
        
        
        
        
        
          1,242
        
        
        
        
        
        
          0.05
        
        
        
      
      
        
          Restatement related
        
        
        
        
        
        
        
        
          -
        
        
           
        
        
           
        
        
          -
        
        
           
        
        
        
        
        
        
        
        
          351
        
        
           
        
        
           
        
        
          0.01
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          153
        
        
        
        
        
        
          0.01
        
        
        
        
        
        
          

 

        
        
        
        
          28,766
        
        
        
        
        
        
          1.17
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Tax effect related to Adjustments
        
        
        
        
        
        
        
        
          (53
        
        
          )
        
        
        
        
          (0.00
        
        
          )
        
        
        
        
        
        
        
        
          (5,496
        
        
          )
        
        
        
        
          (0.22
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          

Income from continuing operations after income taxes (adjusted)

($1,967

)

($0.08

)

($2,444

)

($0.10

)

        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Diluted shares outstanding used in calculations
        
        
        
        
        
        
        
        
          24,606
        
        
        
        
        
        
        
        
        
        
          24,607
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          

Year Ended December 31,

        
      
      
        
          ($ in thousands except per share)
        
        
        
        
        
        
        
        
          

2009

2008

        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
          Per Share
        
        
        
        
          

 

        
        
        
        
        
        
        
        
          Per Share
        
      
      
        
          

Loss from continuing operations after income taxes (GAAP)

($14,034

)

($0.57

)

($27,595

)

($1.13

)

Adjustments (non routine charges to operations) pre tax:

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Restatement related
        
        
        
        
        
        
        
        
          12,553
        
        
        
        
        
        
          0.51
        
        
        
        
        
        
        
        
        
        
          351
        
        
        
        
        
        
          0.01
        
        
        
      
      
        
          Write-off of Goodwill and other long-lived assets
        
        
        
        
        
        
        
        
          8,115
        
        
        
        
        
        
          0.33
        
        
        
        
        
        
        
        
        
        
          27,103
        
        
        
        
        
        
          1.11
        
        
        
      
      
        
          Legal fees and various settlements
        
        
        
        
        
        
        
        
          1,315
        
        
        
        
        
        
          0.05
        
        
        
        
        
        
        
        
        
        
          777
        
        
        
        
        
        
          0.03
        
        
        
      
      
        
          Suburban WRAM adjustment
        
        
        
        
        
        
        
        
          (207
        
        
          )
        
        
        
        
          (0.01
        
        
          )
        
        
        
        
        
        
        
        
          -
        
        
        
        
        
        
          -
        
        
        
      
      
        
          Cornerstone project costs
        
        
        
        
        
        
        
        
          -
        
        
        
        
        
        
          -
        
        
        
        
        
        
        
        
        
        
          3,400
        
        
        
        
        
        
          0.14
        
        
        
      
      
        
          Consulting expenses
        
        
        
        
        
        
        
        
          -
        
        
        
        
        
        
          -
        
        
        
        
        
        
        
        
        
        
          817
        
        
        
        
        
        
          0.03
        
        
        
      
      
        
          Strategic alternative evaluation
        
        
        
        
        
        
        
        
          -
        
        
        
        
        
        
          -
        
        
        
        
        
        
        
        
        
        
          719
        
        
        
        
        
        
          0.03
        
        
        
      
      
        
          Refund of sales tax
        
        
        
        
        
        
        
        
          -
        
        
           
        
        
           
        
        
          -
        
        
           
        
        
        
        
        
        
        
        
          (359
        
        
          )
        
        
           
        
        
          (0.01
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
          21,776
        
        
        
        
        
        
          0.89
        
        
        
        
        
        
        
        
        
        
          32,808
        
        
        
        
        
        
          1.34
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Tax effect related to Adjustments
        
        
        
        
        
        
        
        
          (7,556
        
        
          )
        
        
        
        
          (0.31
        
        
          )
        
        
        
        
        
        
        
        
          (6,598
        
        
          )
        
        
        
        
          (0.27
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          

Income from continuing operations after income taxes (adjusted)

$186

$0.01

($1,385

)

($0.06

)

        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Diluted shares outstanding used in calculations
        
        
        
        
        
        
        
        
          24,604
        
        
        
        
        
        
        
        
        
        
          24,446
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    
      
        
          

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

Years Ended December 31,

(In thousands, except per share data)

2009

2008

2007

        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Operating revenue
        
        
        
        
        
        
          

$

211,093

$

210,657

$

204,807

        
        
           
        
      
      
        
          Operating expenses:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Operations and maintenance
        
        
        
        
        
        
        
        
          199,957
        
        
        
        
        
        
        
        
        
        
        
        
          196,385
        
        
        
        
        
        
        
        
        
        
        
        
          181,252
        
        
        
      
      
        
          Depreciation and amortization
        
        
        
        
        
        
        
        
          14,857
        
        
        
        
        
        
        
        
        
        
        
        
          14,299
        
        
        
        
        
        
        
        
        
        
        
        
          11,177
        
        
        
      
      
        
          Impairment of goodwill and other long-lived assets
        
        
        
        
        
        
           
        
        
          

8,115

27,103

4,839

        
        
           
        
      
      
        
          Total expenses
        
        
        
        
        
        
           
        
        
          

222,929

237,787

197,268

        
        
           
        
      
      
        
          Operating income (loss)
        
        
        
        
        
        
        
        
          (11,836
        
        
          )
        
        
        
        
        
        
        
        
        
        
          (27,130
        
        
          )
        
        
        
        
        
        
        
        
        
        
          7,539
        
        
        
      
      
        
          Other income (expense):
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Interest expense
        
        
        
        
        
        
        
        
          (9,856
        
        
          )
        
        
        
        
        
        
        
        
        
        
          (8,402
        
        
          )
        
        
        
        
        
        
        
        
        
        
          (7,717
        
        
          )
        
      
      
        
          Interest income
        
        
        
        
        
        
        
        
          190
        
        
        
        
        
        
        
        
        
        
        
        
          520
        
        
        
        
        
        
        
        
        
        
        
        
          629
        
        
        
      
      
        
          Other, net
        
        
        
        
        
        
           
        
        
          

—

—

(64

)

        
      
      
        
          Income (loss) from continuing operations before income taxes
        
        
        
        
        
        
        
        
          (21,502
        
        
          )
        
        
        
        
        
        
        
        
        
        
          (35,012
        
        
          )
        
        
        
        
        
        
        
        
        
        
          387
        
        
        
      
      
        
          Provision for (benefit from) income taxes
        
        
        
        
        
        
           
        
        
          

(7,468

)

(7,417

)

1,836

        
        
           
        
      
      
        
          Income (loss) from continuing operations
        
        
        
        
        
        
        
        
          (14,034
        
        
          )
        
        
        
        
        
        
        
        
        
        
          (27,595
        
        
          )
        
        
        
        
        
        
        
        
        
        
          (1,449
        
        
          )
        
      
      
        
          Income (loss) from discontinued operations, net of tax
        
        
        
        
        
        
           
        
        
          18,101
        
        
           
        
        
        
        
        
        
        
        
           
        
        
          (4,322
        
        
          )
        
        
        
        
        
        
        
        
           
        
        
          3,038
        
        
           
        
      
      
        
          Net income (loss)
        
        
        
        
        
        
        
        
          4,067
        
        
        
        
        
        
        
        
        
        
        
        
          (31,917
        
        
          )
        
        
        
        
        
        
        
        
        
        
          1,589
        
        
        
      
      
        
          Preferred stock dividends
        
        
        
        
        
        
           
        
        
          

(18

)

(24

)

(24

)

        
      
      
        
          Net income (loss) applicable to common stockholders
        
        
        
        
        
        
          

$

4,049

$

(31,941

)

$

1,565

        
        
           
        
      
      
        
          Earning (loss) per common share:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Income (loss) from continuing operations
        
        
        
        
        
        
          $
        
        
          (0.57
        
        
          )
        
        
        
        
        
        
        
        
          $
        
        
          (1.13
        
        
          )
        
        
        
        
        
        
        
        
          $
        
        
          (0.06
        
        
          )
        
      
      
        
          Income (loss) from discontinued operations
        
        
        
        
        
        
           
        
        
          0.74
        
        
           
        
        
        
        
        
        
        
        
           
        
        
          (0.18
        
        
          )
        
        
        
        
        
        
        
        
           
        
        
          0.13
        
        
           
        
      
      
        
          Net income (loss) applicable to common stockholders
        
        
        
        
        
        
          

$

0.17

$

(1.31

)

$

0.07

        
        
           
        
      
      
        
          Diluted:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Income (loss) from continuing operations
        
        
        
        
        
        
          $
        
        
          (0.57
        
        
          )
        
        
        
        
        
        
        
        
          $
        
        
          (1.13
        
        
          )
        
        
        
        
        
        
        
        
          $
        
        
          (0.06
        
        
          )
        
      
      
        
          Income (loss) from discontinued operations
        
        
        
        
        
        
           
        
        
          0.74
        
        
           
        
        
        
        
        
        
        
        
           
        
        
          (0.18
        
        
          )
        
        
        
        
        
        
        
        
           
        
        
          0.13
        
        
           
        
      
      
        
          Net income (loss) applicable to common stockholders
        
        
        
        
        
        
          

$

0.17

$

(1.31

)

$

0.07

        
        
           
        
      
      
        
          Weighted average common shares outstanding:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic
        
        
        
        
        
        
        
        
          24,604
        
        
        
        
        
        
        
        
        
        
        
        
          24,446
        
        
        
        
        
        
        
        
        
        
        
        
          24,101
        
        
        
      
      
        
          Diluted
        
        
        
        
        
        
        
        
          24,604
        
        
        
        
        
        
        
        
        
        
        
        
          24,446
        
        
        
        
        
        
        
        
        
        
        
        
          24,101
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    
      
        
          

CONSOLIDATED BALANCE SHEETS

December 31,

(In thousands, except per share data)

2009

2008

ASSETS

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Current assets:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Cash and cash equivalents
        
        
        
        
        
        
          $
        
        
          2,874
        
        
        
        
        
        
        
        
        
        
          $
        
        
          1,112
        
        
        
      
      
        
          Accounts receivable, net
        
        
        
        
        
        
        
        
          26,968
        
        
        
        
        
        
        
        
        
        
        
        
          29,697
        
        
        
      
      
        
          Prepaid expenses and other current assets
        
        
        
        
        
        
           
        
        
          

12,909

26,902

        
        
           
        
      
      
        
          Total current assets
        
        
        
        
        
        
           
        
        
          

42,751

57,711

        
        
           
        
      
      
        
          Property, plant and equipment, net
        
        
        
        
        
        
        
        
          313,716
        
        
        
        
        
        
        
        
        
        
        
        
          427,458
        
        
        
      
      
        
          Other assets:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Goodwill
        
        
        
        
        
        
        
        
          16,434
        
        
        
        
        
        
        
        
        
        
        
        
          17,652
        
        
        
      
      
        
          Intangible assets
        
        
        
        
        
        
        
        
          2,966
        
        
        
        
        
        
        
        
        
        
        
        
          3,459
        
        
        
      
      
        
          Other assets
        
        
        
        
        
        
           
        
        
          

24,228

20,927

        
        
           
        
      
      
        
          Total assets
        
        
        
        
        
        
          

$

400,095

$

527,207

LIABILITIES AND STOCKHOLDERS’ EQUITY

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Current Liabilities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Accounts payable
        
        
        
        
        
        
          $
        
        
          14,130
        
        
        
        
        
        
        
        
        
        
          $
        
        
          16,139
        
        
        
      
      
        
          Current portion of long-term debt
        
        
        
        
        
        
        
        
          2,171
        
        
        
        
        
        
        
        
        
        
        
        
          2,213
        
        
        
      
      
        
          Other current liabilities
        
        
        
        
        
        
           
        
        
          

21,213

28,370

        
        
           
        
      
      
        
          Total current liabilities
        
        
        
        
        
        
           
        
        
          

37,514

46,722

        
        
           
        
      
      
        
          Other Liabilities and Deferred Credits:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Long-term debt, less current portion
        
        
        
        
        
        
        
        
          152,820
        
        
        
        
        
        
        
        
        
        
        
        
          190,578
        
        
        
      
      
        
          Deferred income taxes
        
        
        
        
        
        
        
        
          13,100
        
        
        
        
        
        
        
        
        
        
        
        
          23,750
        
        
        
      
      
        
          Advances for construction
        
        
        
        
        
        
        
        
          8,784
        
        
        
        
        
        
        
        
        
        
        
        
          8,910
        
        
        
      
      
        
          Contributions in aid of construction
        
        
        
        
        
        
        
        
          53,841
        
        
        
        
        
        
        
        
        
        
        
        
          117,113
        
        
        
      
      
        
          Other liabilities and deferred credits
        
        
        
        
        
        
        
        
          18,122
        
        
        
        
        
        
        
        
        
        
        
        
          26,334
        
        
        
      
      
        
          Commitments and Contingencies
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Stockholders’ Equity:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Preferred stock, $0.01 par value per share, 250 shares authorized,
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          9 shares issued and outstanding
        
        
        
        
        
        
        
        
          458
        
        
        
        
        
        
        
        
        
        
        
        
          458
        
        
        
      
      
        
          

Common stock, $0.01 par value per share, 75,000 shares authorized, 24,887and 24,897 shares issued and outstanding at December 31, 2009 and 2008,respectively

        
        
        
        
        
        
        
        
          249
        
        
        
        
        
        
        
        
        
        
        
        
          249
        
        
        
      
      
        
          Additional paid-in capital
        
        
        
        
        
        
        
        
          148,407
        
        
        
        
        
        
        
        
        
        
        
        
          147,775
        
        
        
      
      
        
          Accumulated deficit
        
        
        
        
        
        
        
        
          (33,200
        
        
          )
        
        
        
        
        
        
        
        
        
        
          (34,794
        
        
          )
        
      
      
        
          Accumulated other comprehensive income
        
        
        
        
        
        
           
        
        
          

—

112

        
        
           
        
      
      
        
          Total stockholders’ equity
        
        
        
        
        
        
           
        
        
          

115,914

113,800

        
        
           
        
      
      
        
          Total liabilities and stockholders’ equity
        
        
        
        
        
        
          

$

400,095

$

527,207