Press release
Consolidated Water Reports Q1 2019 Results; Total Revenues up 17% to $17.0 million, Net Income Increased to $6.2 million or $0.41 per Share
GEORGE TOWN, Cayman Islands, May 13, 2019 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator of
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"GEORGE TOWN, Cayman Islands, May 13, 2019 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator of seawater desalination plants, reported results for the quarter ended March 31, 2019. Quarterly comparisons are to the year-ago quarter unless otherwise noted.\n\n \nQ1 2019 Financial Highlights\nTotal revenues increased 17% to $17.0 million. Gross profit up 13% to $7.0 million. Net income attributable to stockholders increased to $6.2 million or $0.41 per diluted share. $1.3 million in dividends paid.Q1 2019 Operational Highlights\nAwarded a new seven-year bulk water supply agreement from the Water-Authority Cayman for its North Side Water Works desalination plant, effective July 1. Completed the sale of the company's Belize subsidiary for $7 million and repatriated more than $12 million in cash to be used to support growth and M&A initiatives. Completed the expansion of the water production and storage capacity of the Abel Castillo Water Works plant in Grand Cayman and began utilizing these new capabilities in March. Advanced the development of the project in Rosarito, Baja California, Mexico involving the construction and operation of a major seawater desalination plant and distribution pipeline. Company received notice of lender approval of up to $200 million of the debt financing required for the project. 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\"In Q1, we realized double-digit revenue and gross profit growth, which was driven primarily by increased production activity in our manufacturing business segment,\" commented Consolidated Water CEO, Rick McTaggart. \"We expect this growth in manufacturing activity, as compared to last year, to be maintained over the remainder of the year.\n\"During the quarter, we executed a new agreement with the Water-Authority Cayman for the North Side Water Works desalination plant. The agreement secures our position as the dominant desalinated water producer in the Cayman Islands for the next several years. Completing the expansion of the Abel Castillo Water Works plant ensures that we can meet ...