Cap Rock Energy Files Extension for March 31, 2005 Form 10-Q
May 17 2005 - 6:58PM
PR Newswire (US)
Cap Rock Energy Files Extension for March 31, 2005 Form 10-Q
MIDLAND, Texas, May 17 /PRNewswire-FirstCall/ -- Cap Rock Energy
Corporation (AMEX:RKE) is filing a Form 12b-25, Notification of
Late Filing, with the SEC for its first quarter of March 31, 2005,
subject to final review by its auditors. The Company estimates that
net income for the quarter ended March 31, 2005, will be $234,000
as compared to $2,062,000 for the comparative 2004 quarter.
Estimated earnings per share for the 2005 period are $.14 for both
basic and diluted, as compared to $1.32 and $1.27 for basic and
diluted, respectively, for the 2004 period. Earnings decreased by
$1.3 million in the first quarter of 2005 primarily because,
recovery of power costs were higher in revenues in 2004 related to
the rate making treatment of capital lease payments associated with
the transmission system which were passed through to rate payors.
Additionally, general and administrative costs increased $748,000
due to IT and other expenses. Those statements made in this release
that are not historical facts are forward-looking statements
intended to be covered by the safe harbor provisions of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Although the Company believes that the
assumptions underlying these statements are reasonable, investors
are cautioned that such forward-looking statements are inherently
uncertain and necessarily involve risks that may affect the
Company's business prospects and performance causing actual results
to differ from those discussed in the foregoing release. Such risks
and uncertainties include, by way of example and not limitation,
general business and economic conditions, regulatory uncertainties
and the legislative environment. These and other applicable risks
and uncertainties are more fully explained in the Company's latest
filings with the Securities and Exchange Commission. The Company
undertakes no obligation to update any forward-looking statements
in this release, whether as a result of new information or future
events. DATASOURCE: Cap Rock Energy Corporation CONTACT: Valerie
Newsom of Cap Rock Energy Corporation, +1-432-684-0301, or
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