Press release
Consolidated Water Reports Q2 2020 Results
Revenue up 4% to $19.1 Million, First Half 2020 Revenue up 13% to $39.8 Million GEORGE TOWN, Cayman Islands, Aug. 14, 2020 /PRNewswire/ -- Consolidated Water
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"Revenue up 4% to $19.1 Million, First Half 2020 Revenue up 13% to $39.8 Million\n\n\nGEORGE TOWN, Cayman Islands, Aug. 14, 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 three and six months ended June 30, 2020. Quarterly and first-half comparisons are to the year-ago period unless otherwise noted.\nFinancial Highlights\nRevenue in the second quarter increased 4% to $19.1 million, first half up 13% to $39.8 million. Gross profit in the first half increased 8% to $15.7 million. Net loss attributable to Consolidated Water stockholders for the second quarter of 2020 was $1.1 million or $(0.07) per basic and fully diluted share, as compared to net income of $2.5 million or $0.16 per basic and fully diluted share in the year-ago quarter. For the first half of 2020, net income attributable to Consolidated Water stockholders was $1.8 million or $0.12 per fully diluted share, down from $8.7 million or $0.57 per fully diluted share in the same year-ago period. Cash and cash equivalents totaled $35.0 million as of June 30, 2020. Paid $1.3 million in dividends in Q2 2020.Management Commentary\n\"In Q2, our core water production and distribution and manufacturing operations remained stable and profitable, although at reduced production levels due to the impact of the COVID-19 pandemic,\" commented Consolidated Water CEO, Rick McTaggart. \"This allowed our financial condition and liquidity to remain strong, with cash balances totaling $35.0 million at quarter end.\n\"Our services segment revenue was up by more than $3.3 million due to the contribution from PERC Water, our new majority-owned subsidiary that we acquired in the fourth quarter of last year. PERC has been performing better than we anticipated given the current market conditions created by the pandemic. During the quarter, PERC was awarded two new contracts and secured four contract renewals for operating and maintaining advanced water treatment plants in California. We expect PERC's two new O&M contracts to add incremental revenue of $1.7 million in the second half of this year.\n\"We continue to see attractive opportunities for PERC in a very active market. Its strong growth potential is largely due to its excellent product and service o...