LeakBird

(Jan. 3, 2009, San Bernardino Sun)

On Friday, American States Water Co. reported $4.5 million in earnings for its third quarter, which ended Sept. 30.

The $590 million market- capitalized water and electricity retailer made $19.1 million in the first nine months of 2008 versus $22 million over the same period in 2007.

Robert Sprowls became president and CEO of the San Dimas-based company on Thursday.

Sprowls, who was formerly chief financial officer, replaces Floyd Wicks, who will receive a $105,000 cash bonus for his performance in 2008.

The company – founded in 1929 – saw its income and stock price steadily gain momentum since 1990. Earnings were almost $12 million in 2003 and grew to more than $28 million in 2007. Shares peaked at $45 in late 2007.

Most of American States Water Co.’s earnings comes from its Golden State Water division, which sells water to about 240,000 customers and distribute.

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