92116--3/15/2006--Golden_State_Water

related topics

{cost, regulation, environmental}

{operation, natural, condition}

{cost, contract, operation}

{debt, indebtedness, cash}

{regulation, government, change}

{gas, price, oil}

{loan, real, estate}

{condition, economic, financial}

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 earnings are greatly affected by weather during different seasons Our liquidity and earnings may be adversely affected by changes in water supply costs Significant claims have been asserted against us in water quality litigation Our operating costs have increased and are expected to continue to increase as a result of groundwater contamination Environmental regulation has increased, and is expected to continue to increase our operating costs The adequacy of our water supplies depends upon a variety of factors beyond our control Our liquidity, and in certain circumstances, earnings, may be adversely affected by increases in electricity and natural gas prices in California Our business requires significant capital expenditures We operate in areas subject to natural disasters or that may be the target of terrorist activities The expansion of our contract operations under ASUS will expose us to different risks than those associated with our other utility operations Our military privatization contracts create certain risks that are different from that of our other utility operations We are a holding company that depends on cash flow from GSWC to meet our obligations and to pay dividends on our Common Shares Our operations are geographically concentrated in California

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92116--3/15/2006--Golden_State_Water_CO