Press release
Consolidated Water Reports 2019 Record Results; Total Revenue up 5% to $68.8 Million, Net Income up 8% to $12.2 Million
Company Sets Dates for Annual Shareholders' Meeting and Holders of Record GEORGE TOWN, Cayman Islands, March 16, 2020 /PRNewswire/ -- Consolidated Water Co.
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"Company Sets Dates for Annual Shareholders' Meeting and Holders of Record\n\n\nGEORGE TOWN, Cayman Islands, March 16, 2020 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported results for the year ended December 31, 2019. All annual comparisons are to the previous year unless otherwise noted.\n2019 Financial Highlights\nRevenue increased 5% to a record $68.8 million, driving gross profit up 6% to $28.3 million. Net income attributable to stockholders increased 8% to a record $12.2 million or $0.80 per diluted share. Cash and cash equivalents totaled $42.9 million at December 31, 2019. Paid $5.1 million in dividends in 2019.2019 Operational Highlights\nExpanded the company's product offerings and presence in the U.S. by acquiring a controlling interest in PERC Water Corporation, an innovative water infrastructure company, in October. Completed the sale of CW-Belize to the company's government-controlled Belize customer for $7.0 million in February. Generated a gain on asset dispositions of approximately $445,000 primarily from the sale of CW-Bali in June. Continued to advance the development project in Rosarito, Baja California, Mexico involving the construction and operation of a major seawater desalination plant and distribution pipeline. Designed to produce 100 million gallons per day of potable water, the plant is expected to be the largest of its kind in the Western Hemisphere and a major, much-needed new source of drinking water for the coastal region of Baja California for at least 37 years.Management Commentary\n\"2019 was a banner year for Consolidated Water, with strong progress made in many areas of our business driving record revenue and net income,\" commented Chief Executive Officer Rick McTaggart. \"Our retail segment increased its revenue and gross profit, while our bulk segment won two competitive tender processes for Grand Cayman that replaced expiring contracts. Our manufacturing segment increased sales by $6.3 million, and we dramatically expanded the offerings of our services segment through the acquisition of PERC Water. \n\"We also increased our cash balances by $11.6 million and our working capital by $10.8 million. From a financial condition perspective, the company has never been stronger,...