American States Water Co. Form 8-K (10-30-03)
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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) October 30, 2003

AMERICAN STATES WATER COMPANY

(Exact name of registrant as specified in its charter)
         
California   333-47647   95-4676679
(State or other jurisdiction of
incorporation or organization)
  (Commission File Number)   (I.R.S. Employer 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


 


TABLE OF CONTENTS

Item 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1


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Item 12. Results of Operations and Financial Condition

On January 20, 2004, American States Water Company announced that it will book a $3.5 million pre-tax charge to 2003 earnings as a direct result of a Proposed Decision by the California Public Utilities Commission, received in late December, regarding the settlement agreement between Southern California Water Company and the City of Santa Monica over the Charnock Basin contamination. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

 


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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: January 20, 2004   /s/ McClellan Harris III

    McClellan Harris III
    Sr. Vice President, Chief Financial Officer,
    Treasurer and Secretary

 


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EXHIBIT INDEX

     
Exhibit No.   Description

 
99.1   Press Release dated January 20, 2004

 

EXHIBIT 99.1 [AMERICAN STATES WATER COMPANY LOGO] AMERICAN STATES WATER COMPANY ANNOUNCES CHARGE TO EARNINGS FOR 2003 San Dimas, California, January 20, 2004 .... American States Water Company (NYSE:AWR) today announced that it has booked a $3.5 million pre-tax charge to earnings in the fourth quarter of 2003 to reflect a proposed decision issued by the California Public Utilities Commission ("CPUC"). The charge relates to funds received from certain potentially responsible parties in actions brought by the company's subsidiary, Southern California Water Company, in connection with the contamination of its groundwater sources in the Charnock basin in Southern California. In making the announcement, Floyd E. Wicks, President and CEO stated, "As required by the CPUC's proposed decision issued on December 19, 2003, our Southern California Water Company unit will be required to refund to customers approximately $3.5 million in net proceeds received from potentially responsible parties since 1998 for the contamination of the Company's groundwater supply. The inclusion of this charge in 2003 results is expected to reduce reported earnings this year by approximately 15% below the consensus estimates currently available." Wicks further stated, "Looking forward, while the results of 2003 reflect cool weather, lack of timely rate relief and the charge required by the CPUC's proposed decision, we do not anticipate that the dividend policy of the Company will be negatively impacted. In addition, we do not expect that this charge will have any impacts on 2004 operating results." The Southern California Water Company unit of American States Water Company had previously negotiated a settlement agreement with the City of Santa Monica, California over water rights owned by both parties, in the Charnock basin. The Company had filed an application with the CPUC to provide for regulatory treatment of the sale of the water rights to the City of Santa Monica, pursuant to the terms of the settlement agreement. Sale of these assets to the City of Santa Monica is expected to result in a one-time gain that will be booked into income upon consummation of the settlement at a later date, not currently expected prior to 2005, according to the Proposed CPUC Decision.

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 a holding company that, through its subsidiaries, provides water service to 1 out of 30 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California and to approximately 12,000 customers in the city of Fountain Hills, Arizona and portions of Scottsdale, Arizona. The Company distributes electricity to approximately 22,000 customers in the Big Bear recreational area of California, and contracts with various municipalities and private entities in both California and Arizona to provide services to an additional 97,000 customers. CONTACT: McClellan Harris III Sr. Vice President and Chief Financial Officer Telephone: (909) 394-3600, ext. 705