American Premium Water Corp. (HIPH)

[fanglemeister]

What we are likely going to see reflected in the 4th and 1st Q financials is this: the extension of the Federal homebuyer tax credits into 2010 put a definite crimp on late 4th quarter revenues.

During the first half of the Q4-09, people were rushing to get their financing done, because they knew the tax credits were scheduled to terminate end of year. Around that time (early Q4) the money was rolling in at a healthy pace, and RR was hinting that Q4 results would be some of their best ever, this primarily because of the big tax credit stimulus.

But then around the Thanksgiving time period, the big tax credit deadline was extended into 2010. Result: people who were planning on buying or refinancing before the expiration date @ 12/31 suddenly decided to put off until after the new year, figuring they could receive '09 tax refunds to use as down-payments or help pay closing costs in 2010. This is purely conjecture on my part, but the theory seems to be well supported by the healthy double-digit uptick in real estate sales I posted prior to this.

I can think of no better reason why RR would decide to delay publication of Q4'09 fins as long as possible, while simultaneously rushing to release (preliminary?) Q1'10 results well ahead of schedule.