Press release
Consolidated Water Reports 2021 Results
GEORGE TOWN, Cayman Islands, March 29, 2022 (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 29, 2022 (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, 2021. All comparisons are to the same year-ago period unless otherwise noted. The company will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below). 2021 Highlights Bulk revenue increased 10.2% to $26.8 million.Services revenue increased 7.3% to $13.9 million.Net income from continuing operations attributable to company stockholders was $3.4 million or $0.23 per share.As of December 31, 2021, cash and cash equivalents totaled $40.4 million, working capital was $69.2 million, debt was $0.2 million, with stockholders’ equity at $157.6 million.Paid quarterly cash dividend of $0.085 per share ($0.34 on an annualized basis), totaling $5.8 million in dividends paid in the full year of 2021.PERC Water continued to expand its recurring revenues by signing a five-year wastewater plant maintenance services contract with a gaming and live entertainment business in Southern California. Management Commentary “2021 was a year of both progress and unprecedented challenges,” commented Consolidated Water CEO, Rick McTaggart. “Our retail segment performed below historical levels due to the continued impact of the pandemic on tourism to Grand Cayman, while our manufacturing segment revenue declined due to challenging economic conditions. However, we made strong progress in other areas. We further diversified our manufacturing customer base and product offerings, revenue generated in our bulk segment increased by $2.5 million, and our services segment revenue was up by $947,000. “Also in 2021, we integrated our sales teams across our four business segments, which are now led by our recently promoted executive vice president of business development, Brent Brodie. This integrated sales approach is supporting further diversification of Aerex’s client base and geographical market, which will improve its future performance. “Our sales team has been focused on developing or redeveloping Aerex relationships with large engineering consultants and general contractors who provide design and construction services to the municipal water market. In...