Key Developments: Southwest Water Company (SWWC.O)
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Latest Key Developments
Southwest Water Company Names Ben Smith Interim Chief Financial Officer
Southwest Water Company announced that it has named Ben Smith Interim Chief Financial Officer, succeeding David B. Stanton, who is no longer with the Company.
Southwest Water Company Announces Management Change
Southwest Water Company announced that its Board of Directors elected H. Fredrick Christie as the new independent Chairman of the Board. The Board also appointed Chief Executive Officer, Mark A. Swatek, as President and David B. Stanton was appointed Chief Financial Officer. Stanton had been serving as the interim Chief Financial Officer since April 2009.
Southwest Water Company Doubles Cash Dividend On Common Stock
Southwest Water Company announced that its Board of Directors has raised the Company's quarterly cash dividend on its common stock to $0.05 per share from $0.025 per share, representing a 100% increase. The Company also announced that its Board also declared a quarterly cash dividend of $0.65625 per share on the company's Series A preferred stock. Both dividends will be paid November 20, 2009, to stockholders of record on November 4, 2009.
Southwest Water Company Awarded 10-Year Services Contract Renewal With Horizon Regional Municipal Utility District
Southwest Water Company announced a 10-year contract renewal with its long-term client Horizon Regional Municipal Utility District (HRMUD) in Horizon City, Texas. Under the new contract, SouthWest Water will continue to operate and maintain HRMUD`s water and wastewater systems and manage its meter reading, billing and collections.
Southwest Water Company Receives Nasdaq Notice Letter
Southwest Water Company announced that on August 11, 2009, it received a Nasdaq Staff Deficiency Letter indicating an additional basis for delisting of the Company's securities from the Nasdaq Stock Market as a result of non-compliance with Nasdaq Marketplace Rule 5250(c)(1), due to the delayed filing of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2009. The letter indicated that the Company had until August 18, 2009 to present its views with respect to this additional deficiency to the Nasdaq Hearing Panel.
Southwest Water Company Declares Cash Dividends
Southwest Water Company announced that it has declared quarterly cash dividends of $0.025 per share of common stock and $0.65625 per share of Series A preferred stock. The dividends are payable on August 12, 2009 to stockholders of record as of July 27, 2009.
Southwest Water Company Completes Comprehensive Financial Review of Prior Years' Financial Results
Southwest Water Company announced that it has completed its comprehensive financial review. Restatement of prior period financial statements include the years ended December 31, 2006 and 2007 and the quarters ended March 31, 2008 and June 30, 2008. The table below shows the restated periods` revenue and net income (loss) as compared to previously reported numbers. For the periods prior to January 1, 2006, the cumulative adjustments to correct errors are recorded as adjustments to retained earnings at December 31, 2005.
Southwest Water Company Announces Update On Filing Of 2008 Form 10-K
Southwest Water Company announced that it continues to work to complete its comprehensive financial review of prior periods. Accordingly, the Company did not file its 2008 Annual Report on Form 10-K on July 1, 2009, the date set in its recently amended credit facility. The Company stated that it is in contact with its banking syndicate and working on an amendment to gain the additional time needed to file its 2008 Form 10-K.
Southwest Water Company Announces Update On Filing Of 2008 Form 10-K
Southwest Water Company announced that it continues to work to complete its comprehensive financial review of prior periods. Accordingly, the Company will not file its 2008 Annual Report on Form 10-K today, the date set in its recently amended credit facility.
Southwest Water Company Delays Filing First Quarter 2009 Form 10-Q
Southwest Water Company announced that it will file a Form 12b-25 with the Securities and Exchange Commission (SEC) indicating that it will not be able to file its quarterly report on Form 10-Q for the period ending March 31, 2009 by May 18, 2009, the extended due date of the filing. The delay in filing 2009 first quarter results is due to the previously announced restatement of prior period financial results after management discovered certain errors. The Company expects to file its first quarter 2009 results as soon as practical after it completes the restatement of prior period statements and files its Form 10-K for the year ended December 31, 2008 and Form 10Q for the quarter ended September 30, 2008.
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