Overhead costs help fuel Southwest Water's 1Q loss

For the period ended March 31, Southwest posted a loss attributable to common shareholders of $607,000, or 2 cents per share, compared with earnings of $608,000, or 3 cents per share, in the year-ago period.

Revenue rose 6 percent to $50.8 million from $47.9 million.

Utility revenue jumped to $22.3 million from $20 million, and services revenue climbed to $33.6 million from $33.5 million.

Total expenses increased to $49 million from $44.8 million.

The loss was caused in part by a $1.8 million jump in corporate overhead costs and a "unique strategic opportunity that did not come to fruition," Chief Executive Officer and Chairman Mark A. Swatek said in a release.

The company's long-term debt jumped to $181.9 million from $145.4 million.

Shares fell 6 cents to $10.99 Monday morning. So far this year, the stock has lost 12 percent of its value.