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November 12, 2009

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LV firm’s loss widens

Wednesday, Aug. 1, 2001 | 11:08 a.m.

Southwest Gas Corp. today reported a loss of $11.14 million, or 35 cents per share, for the quarter ending June 30, 2001. That compares to a loss of $9.73 million, or 31 cents per share, recorded in the year-ago quarter.

Las Vegas-based Southwest Gas said losses for the second and third quarters are typical because of the seasonal nature of the natural gas business. The higher loss was caused by increases in operating expenses and financing costs. Operating revenues shot up 41 percent to $279 million.

Southwest said its operating margin (revenues minus cost of gas) rose 10 percent, primarily because of a 5 percent gain in customers served over the last year. However, operating expenses rose $10.9 million as Southwest stepped up its expansion efforts to keep up with this growth, while additional financing costs came from borrowings to finance construction and purchased gas costs.

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