Wednesday, Aug. 5, 2009 | 12:29 p.m.
Southwest Gas Corp. on Tuesday reported its second-quarter loss narrowed from a year ago.
The company, based in Las Vegas, serves 1.8 million customers in Nevada, Arizona and California.
It said operating revenue fell from $447.3 million in 2008's second quarter to $387.6 million in the 2009 quarter.
Its loss declined from $2.725 million or 6 cents per share to $594,000 or 1 cent. Losses in the second quarter are not unusual due to the seasonal nature of the business.
Southwest Gas stock was steady on the news Wednesday -- it was up 1 cent at $24.40 in midday trading.
Jeffrey Shaw, chief executive, said in a statement: "Second quarter results improved compared to the same period last year primarily due to increases in the return on investments this quarter versus declines in the corresponding prior-year quarter. Operationally, we are feeling the effects of the recession on our service areas and our company, particularly in regards to growth and declining customer usage, but we are encouraged by the progress we continue to make. Our improved cash flows and stronger balance sheet prompted Standard and Poor's to raise its corporate credit rating on Southwest Gas from BBB- to BBB in April of this year. We remain focused on providing safe and reliable service, controlling operating expenses and capital expenditures, and seeking stable returns through the regulatory process. We expect a decision in the pending $30.5 million Nevada general rate request by Nov. 1 ...''
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