Cap Rock Energy Files 2nd Quarter 10-Q and Amended Filings; Complies With AMEX Listing Requirements
October 06 2005 - 5:03PM
PR Newswire (US)
MIDLAND, Texas, Oct. 6 /PRNewswire-FirstCall/ -- Cap Rock Energy
Corporation (AMEX:RKE) today announced that it had filed with the
Securities and Exchange Commission (SEC) its quarterly report on
Form 10-Q for the quarter ended June 30, 2005, and amended Forms
10-K and 10-Q for the year ended December 31, 2005, and the quarter
ended March 31, 2005, respectively. The Company had previously
disclosed that it was not able to file its Form 10-Q for the
quarter ended June 30, 2005, while it was determining the impact of
a technical tax issue relating to the taxable status of one of its
subsidiaries. The Company's management and Audit Committee decided
to treat the subsidiary as a taxable entity rather than a tax
exempt entity as previously done and made the amended filings to
reflect that change. The change in taxable status of the subsidiary
will not have an immediate impact on cash flows because the Company
had generated net operating losses in earlier periods that would be
used to offset the change in the taxable nature of the subsidiary.
Use of the operating losses, earlier than expected, will reduce
their availability to the Company in future periods. Because of the
complex nature of the issue, the Company is in the process of
requesting guidance from the Internal Revenue Service regarding the
taxable nature of the entity. The Company was notified today by the
American Stock Exchange that the filing of the Form 10-Q for the
June 30, 2005, quarter satisfies its obligations under the
compliance plan, and the Company is now in compliance with the
continuing listing obligations of the exchange. The filings are
available on the SEC's website at http://www.sec.gov/ and on the
Company's website at http://www.caprockenergy.com/ . DATASOURCE:
Cap Rock Energy Corporation CONTACT: Ronnie Lyon of Cap Rock Energy
Corporation, +1-903-813-0377, or Web site: http://www.sec.gov/ Web
site: http://www.caprockenergy.com/
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