Southwest Water Co. (SWWC) on Wednesday reported a wider net loss for the first quarter, as expenses increased year-over-year, in spite of an increase in operating revenues. The company reported a first-quarter net loss applicable to common stockholders of $3.23 million or $0.13 per share, sharply wider than a loss of $979 thousand or $0.04 per share reported in the same period last year.
Adjusted income from continuing operations increased to $649 thousand or $0.03 per share, from $68 thousand or $0.00 per share for the first quarter of 2008.
Operating revenue for the quarter increased to $52.40 million from $49.67 million in the first quarter of 2008.
For the Utilities segment, operating revenue increased 8% to $15.7 million from $14.6 million for the first quarter of 2008. At Texas Utilities segment, operating revenue increased 7% to $8.6 million from $8.0 million in the previous year.
At the O&M Services segment, operating revenue rose to $8.6 million from $8.0 million for the first quarter of 2008. The Texas MUD Services segment generated first-quarter operating revenue of $19.0 million, higher than $17.5 million reported for the first quarter of 2008.
Total operating expenses increased to $55.59 million from $48.89 million in the prior year.
SWWC closed Tuesday's regular trade at $4.84, down from the previous close of $5.07, on 80,700 shares.
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