Can They Read?

Can they read?

In their annual report titled "Having the Vision," El Paso Water Utilities (EPWU) shows net income in nine out of ten years. Yet, in an open letter published in local newspapers on February 17, 2008, they say that "EPWU's financial statements are accurate - no profit is being made" and that their CPA has written a letter to confirm that EPWU "does not make any profit from revenues it receives."
Their annual report shows net income of $104,206,323 in ten years and they have been unable to produce a letter from their CPA that says they do not make any profit. Can they read their own financial statements? Can they read a letter from their CPA?