Press release
Consolidated Water Reports Q1 2020 Results
Revenue up 22% to $20.7 million, Net Income from Continuing Operations Attributable to Stockholders Increased 13% to $2.9 million or $0.19 per Share GEORGE
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"Revenue up 22% to $20.7 million, Net Income from Continuing Operations Attributable to Stockholders Increased 13% to $2.9 million or $0.19 per Share\n\n\nGEORGE TOWN, Cayman Islands, May 15, 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 first quarter ended March 31, 2020. Quarterly comparisons are to the year-ago quarter unless otherwise noted.\nQ1 2020 Highlights\nRevenue increased 22% to $20.7 million. Gross profit up 21% to $8.4 million. Net income from continuing operations attributable to stockholders increased 13% to $2.9 million or $0.19 per diluted share. Cash and cash equivalents totaled $32.3 million as of March 31, 2020. Paid $1.3 million in dividends. Acquired remaining 49% interest in Aerex Industries, the company's custom and specialty manufacturer of water treatment-related systems and products based in Ft. Pierce, Florida.Management Commentary\n\"In Q1, we reported record quarterly revenue as a result of the addition of $3.0 million of revenue from PERC Water, our 51% owned subsidiary which we acquired in Q4 of 2019,\" commented Consolidated Water CEO, Rick McTaggart. \"Our retail segment and manufacturing segment also increased their revenue and gross profit from the first quarter of last year.\n\"Regional water management challenges are creating demand not only for potable water solutions, like desalination, but also for wastewater treatment and reuse projects. For states actively pursuing these projects, like California, Arizona, Texas and Florida, the anticipated demand for new wastewater treatment facilities and operations is actually several times higher than the corresponding category for potable water. In February, the U.S. Environmental Protection Agency issued its long-awaited National Reuse Action Plan in which it emphasizes the importance of water reuse for all industries.\n\"PERC supports our pursuit of these water reuse projects and other emerging opportunities, and has proven to be highly complementary and synergistic to our existing business and overall mission. PERC allows us to offer our customers a comprehensive solution for improving their water infrastructure, as well as provides a solid platform upon which we can expand our core business of designin...