92116--3/12/2010--AMERICAN_STATES_WATER

related topics

{cost, contract, operation}

{cost, regulation, environmental}

{operation, natural, condition}

{debt, indebtedness, cash}

{condition, economic, financial}

{gas, price, oil}

{regulation, government, change}

{system, service, information}

{loan, real, estate}

Our business is heavily regulated and, as a result, decisions by regulatory agencies and changes in laws and regulations can significantly affect our business Our costs involved in maintaining water quality and complying with environmental regulation have increased and are expected to continue to increase Additional Risks Associated with our Public Utility Operations Our operating costs have increased and are expected to continue to increase as a result of groundwater contamination The adequacy of our water supplies depends upon a variety of uncontrollable factors Our liquidity may be adversely affected by changes in water supply costs Our liquidity and earnings may be adversely affected by increases in maintenance costs due to our aging infrastructure Our liquidity and earnings may be adversely affected by our conservation efforts Our earnings may be affected, to some extent, by weather during different seasons Our liquidity, and in certain circumstances, earnings, may be adversely affected by increases in electricity and natural gas prices in California Our assets are subject to condemnation Additional Risks Associated with our Contracted Services Our operations and maintenance contracts on military bases create certain risks that are different from that of our regulated utility operations Risks associated with the collection of wastewater are different, in some respects, from that of our water utility operations Our contracts for the construction of infrastructure improvements on military bases create risks that are different, in some respects, from that of our operations and maintenance contracts We may be adversely affected by disputes with the U.S. government regarding our performance of contract services on military bases We depend, to some extent, upon subcontractors to assist us in the performance of contracted services on military bases We continue to incur costs associated with the expansion of our contract activities Our business requires significant capital expenditures We may be adversely impacted by a financial crisis Our failure to comply with the restrictive covenants in our long-term debt agreements and credit facility could trigger prepayment obligations We are a holding company that depends on cash flow from GSWC to meet our financial obligations and to pay dividends on our common shares We are increasingly dependent on the continuous and reliable operation of our information technology systems Our operations are geographically concentrated in California We operate in areas subject to natural disasters or that may be the target of terrorist activities Our electric business is subject to California law requiring procurement of renewable resources

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92116--3/12/2010--AMERICAN_STATES_WATER_CO