For Immediate Release
Energy West, Incorporated Announces Earnings for the First Quarter Ending September 30, 2007
Great Falls, Mont., November 14, 2007/ PRNewswire – First Call/ – ENERGY
WEST, INCORPORATED (NASDAQ: EWST – News), a natural gas distribution
and energy marketing company serving the Rocky Mountain states, today filed
its Form 10-Q for its first quarter ended September 30, 2007. The company
reported consolidated net income for the quarter of $74,809 or $.03 per share. For
its first quarter ended September 30, 2006, Energy West reported a net loss
of $194,508 or $.07 per share, including a net loss from discontinued operations
of $199,305 or $0.07 per share, and net income from continuing operations of
$4,797, or $0.00 per share.
About Energy West
Energy West, Incorporated distributes and sells natural gas and propane to
end-use residential, commercial, and industrial customers in the United States.
It distributes approximately 8.4 billion cubic feet of natural gas to approximately
35,000 customers through regulated and unregulated utilities operating in and
around Great Falls and West Yellowstone, in Montana, Cody in Wyoming, and Elkin
in North Carolina. The company markets approximately 2.5 billion cubic
feet of natural gas to commercial and industrial customers in Montana and Wyoming.
It also has an ownership interest in approximately 163 natural gas producing
wells and gas gathering assets. In addition, the company owns the Shoshone
interstate and the Glacier gathering pipeline located in Montana and Wyoming.
Energy West was incorporated in 1909 and is headquartered in Great Falls, Montana.
Safe Harbor Regarding Forward-Looking Statements
Energy West is including the following cautionary statement in the release to make applicable and to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of Energy West. Forward-looking statements are all statements other than statements of historical fact, including without limitation those that are identified by the use of the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” and similar expressions. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed. Factors that may affect forward-looking statements and the Company’s business generally include but are not limited risks associated with contracts accounted for as derivatives, changes in the utility regulatory environment, wholesale and retail competition, weather conditions, litigation risk and various other matters, many of which are beyond Energy West’s control, the risk factors and cautionary statements made in the Company’s public filings with the Securities and Exchange Commission, and other factors that the Company is currently unable to identify or quantify, but may exist in the future. Energy West expressly undertakes no obligation to update or revise any forward-looking statement contained herein to reflect any change in Energy West’s expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
Further, preparation of financial statements requires Energy West’s management to make significant estimates. The deferred tax asset, valuation allowance and related extraordinary gain require a significant amount of judgment. Under federal tax laws, the estimate is based on projected future tax deductions, future taxable income, estimated limitations, the valuation allowance, and other assumptions. It is possible that this estimate could change and the change could be material.
For additional information or clarification respecting Energy West, please contact: James W. Garrett, President and Chief Operating Officer at 1-440-205-1987.
Our toll-free number is 1-800-570-5688. Our web address is www.energywest.com. Our address is P.O. Box 2229, Great Falls, MT 59403-2229.