Press release
Consolidated Water Reports 2020 Revenue up 6% to $72.6 Million
GEORGE TOWN, Cayman Islands, March 31, 2021 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"GEORGE TOWN, Cayman Islands, March 31, 2021 (GLOBE NEWSWIRE) -- 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, 2020. All annual comparisons are to the previous year unless otherwise noted. 2020 Highlights Revenue increased 6% to a record $72.6 million.Services segment revenue increased to $12.9 million, with $12.5 million of the revenue due to acquiring a 51% controlling interest in PERC Water in October 2019.Services segment gross profit was $3.2 million versus $0.5 million in 2019.Net income from continuing operations attributable to stockholders was $8.6 million or $0.56 per diluted share.Cash and cash equivalents totaled $43.8 million as of December 31, 2020.Paid $5.1 million in dividends.Acquired an additional 10% of PERC Water in October 2020, increasing the company’s ownership to 61%.Acquired the remaining 49% interest in Aerex Industries, Consolidated Water’s specialty manufacturer of water treatment-related systems and products, in January 2020. Management Commentary “In 2020 we increased total revenue by 6% to a record $72.6 million, generated net income of $8.6 million and paid $5.1 million in dividends – all despite the unprecedented challenges caused by the global pandemic,” said Consolidated Water’s CEO, Rick McTaggart. “Our services segment, led by our PERC Water subsidiary, performed well during economic weakness in its marketplace. We expect PERC’s strong performance, including the expansion of its recurring revenue stream from operating and maintenance contracts, to continue in 2021. “We are currently in discussions with existing and potential clients in California that are seeking cost-effective solutions to their wastewater treatment and potable water challenges. We believe that the pandemic has adversely effected the finances of many communities across our service areas and they are increasingly looking for innovative public-private partnership arrangements to address their water challenges. PERC’s excellent reputation and strong track record of successfully delivering projects through a wide range of project delivery models, including public-private partnerships, is very attractive to resource-conscious municipalities and private operators. “We believe conditions...