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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 16, 2007
AMERICAN STATES WATER COMPANY
(Exact name of registrant as specified in its charter)
California 001-14431 95-4676679
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
630 East Foothill Blvd.
San Dimas, California 91773
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (909) 394-3600
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GOLDEN STATE WATER COMPANY
(Exact name of registrant as specified in its charter)
California 001-12008 95-1243678
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
630 East Foothill Blvd.
San Dimas, California 91773
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (909) 394-3600
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing requirement of the registrant under any of the
following provisions (see General Instruction A.2 below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the exchange Act
(17 CFR 14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
San Dimas, California, November 21, 2007.... American States Water Company
(NYSE:AWR) announced that on November 16, 2007, the California Public Utilities
Commission gave final approval for rate increases in the Region II water
customer service area of its Golden State Water company subsidiary and to
recover general office expenses. The new rates will be retroactive to January 1,
2007.
This Form 8-K and the attached exhibit are filed with the Securities and
Exchange Commission.
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Section 9 - Financial Statement and Exhibits
Item 9.01. Financial Statements and Exhibits
Exhibit No. Description
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99.1 Press Release: American States Water Company Announces CPUC
Decision Approving Rate Increases
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN STATES WATER COMPANY
Date: November 21, 2007 /s/ Robert J. Sprowls
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Robert J. Sprowls
Sr. Vice President, Chief Financial
Officer, Treasurer and Corporate Secretary
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Exhibit 99.1
American States Water Company Announces CPUC Decision Approving Rate Increases
SAN DIMAS, Calif.--(BUSINESS WIRE)--Nov. 21, 2007--American States
Water Company (NYSE:AWR) announced that on November 16, 2007, the
California Public Utilities Commission ("CPUC") approved General Rate
Case increases for the Region II service area and to recover general
office expenses at the corporate headquarters of its Golden State
Water Company ("GSWC") unit.
Due to delays in issuing a decision on this application, the CPUC
had previously approved an interim rate increase totaling $1.2 million
that became effective January 1, 2007. Based on the decision issued by
the CPUC on November 16, 2007, the approved revenue increase for 2007
totals approximately $6.4 million and is retroactive to January 1,
2007. The final authorized rate increase of $6.4 million differs from
the $6.7 million increase in the proposed decision issued by the CPUC
on October 26, 2007, due to certain corrections made by the CPUC to
its work papers that support the decision. Additionally, the decision
also reflects a rate increase of approximately $3.0 million for 2007
to recover corporate headquarters' expenses allocated to Region III.
Similar to Region II, the CPUC had previously approved an interim rate
increase for Region III, totaling $135,000, which became effective
January 1, 2007. GSWC will record in the fourth quarter of 2007 the
revenue difference between the interim rates implemented on January 1,
2007 and the final rates authorized by the CPUC for the period from
January 1 to the implementation of the authorized rates.
The decision also changes the revenue requirement related to the
adopted rates for Region II supply cost memorandum accounts; also
retroactive to January 1, 2007. For the nine months ended September
30, 2007, an under-collection of $2.2 million was recorded in the
Region II supply cost memorandum account. We expect most of the
under-collected amount to be reversed, partially offsetting the
retroactive revenues to be recorded in the fourth quarter of 2007.
Had the CPUC decision and final rates been in place prior to the
end of September 30, 2007, the financial results for AWR for the nine
months ended September 30, 2007 would have included an increase in
revenues, offset by the reversal of previously recorded supply cost
under-collections, of approximately $3.3 million, or $0.11 per share.
This amount will be recorded in the fourth quarter of 2007 and a
surcharge will be implemented to recover the retroactive revenues.
The final decision also imposes an increased allocation of
corporate headquarters' expenses to American States Utility Services,
Inc. ("ASUS"), AWR's non-regulated subsidiary. This will result in an
increase in expenses allocated to ASUS. This adjustment is also
retroactive to January 1, 2007 and will be made in the fourth quarter,
thus negatively impacting ASUS' pretax income ranging from $450,000 to
$600,000 for the nine months ended September 30, 2007, and positively
impacting GSWC's pretax income by the same amount. While this
additional allocation to ASUS has no impact on the consolidated
earnings based on the new rates authorized by the CPUC, it should be
noted that revenue requirements would be higher for GSWC's Region II
and Region III, had the allocation of corporate headquarters' costs to
ASUS been lower.
Certain matters discussed in this news release with regard to the
Company's expectations may be forward-looking statements 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 and Form 10-K filed with the Securities and
Exchange Commission.
American States Water Company is the parent of Golden State 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 (approximately
255,000 customers) and to over 13,000 customers in the city of
Fountain Hills, Arizona and a small portion of Scottsdale, Arizona.
The Company also distributes electricity to over 23,000 customers in
the Big Bear recreational area of California. Through its
non-regulated subsidiary, American States Utility Services, the
Company contracts with the U.S. government and private entities to
provide various services, including water marketing and operation and
maintenance of water and wastewater systems.
CONTACT: American States Water Company
Robert J. Sprowls
Senior Vice President, Chief Financial Officer,
Treasurer and Corporate Secretary
909-394-3600, extension 647