New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 28, 2014
06:03 EDTAWRAmerican States Water upgraded to Buy from Hold at Brean Capital
Brean Capital upgraded American States Water with a $33 price target citing valuation following the company's Q4 results.
News For AWR From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 5, 2015
08:09 EDTAWRAmerican States Water receives approval of price redeterminations at ASUS
American States Water said that its American States Utility Services subsidiary has received approval from the U.S. government of various price redeterminations and contract modifications for additional construction projects at the military bases it serves. ASUS currently provides water and/or wastewater services, including construction management, to nine military installations throughout the country under 50-year contracts. The contract price for each of these contracts is subject to redetermination every three years. In September 2015, ASUS received successful resolution to its price redeterminations related to the contracts at Fort Jackson in South Carolina and the military bases it serves in Virginia, as well as an asset transfer at two of the Virginia bases. The approval of these filings will provide ASUS with additional revenues and the opportunity to continue generating positive earnings. These modifications issued by the U.S. government also provided for retroactive increases in management fees through June 30, 2015 totaling approximately $3.4 million on a pretax basis, of which $2.9 million is for periods prior to 2015. These retroactive amounts will be reflected in our 2015 third quarter results. The receipt of the modifications for the redeterminations and the asset transfer at this level had been anticipated in prior communications with the financial community when discussing 2015 expectations for ASUS. Furthermore, in addition to the renewal and replacement capital work which is included in the 50-year contracts, ASUS continues to receive contract modifications from the U.S. government for new construction projects at the military bases it serves. During the third quarter of 2015, the U.S. government awarded ASUS approximately $50 million for new construction projects, the majority of which are expected to be completed during the next twelve months. Earnings and cash flows from contract modifications to the original 50-year contracts with the U.S. government for additional construction projects may or may not continue in future periods.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use