Press release
Consolidated Water Reports Third Quarter 2022 Results
GEORGE TOWN, Grand Cayman, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"GEORGE TOWN, Grand Cayman, Nov. 14, 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 third quarter and nine months ended September 30, 2022. 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). Third Quarter 2022 Financial Highlights Total revenue increased 53% to $25.1 million.Retail revenue increased 20% to $6.3 million.Bulk revenue increased 26% to $8.7 million.Services revenue increased 172% to $8.7 million.Net income from continuing operations attributable to company stockholders was $824,000 or $0.05 per share.Paid quarterly cash dividend of $0.085 per share ($0.34 on an annualized basis), totaling $1.2 million in dividends in the third quarter of 2022.As of September 30, 2022, cash and cash equivalents totaled $51.1 million, up $2.0 million from $49.1 million as of June 30, 2022, with working capital at $71.1 million, debt of only $0.2 million, and stockholders’ equity totaling $158.8 million.Secured a $10 million revolving credit line with Scotia Bank to assist with short-term financing and working capital needs. Third Quarter 2022 Operational Highlights Commenced construction of $82 million advanced water treatment plant in Goodyear, Arizona.Completed the design and preliminary construction permitting for the 2.64 million gallon per day seawater desalination plant in the Cayman Islands.In August, all COVID-related travel restrictions to enter the Cayman Islands were eliminated by the Cayman Islands government, indicating that the 2023 tourist season and the associated volume of water sold will return to more historical levels. Management Commentary “Our 53% increase in revenue in Q3 reflected strong growth across three of our four business segments,” commented Consolidated Water CEO, Rick McTaggart. “However, certain higher G&A expenses last quarter affected net income, including employee bonus accruals resulting from our strengthened financial performance, higher salaries due to cost-of-living increases that were given earlier this year, and bank fees related to the transfer of our profits from our Bahamas subsidiary. “Our reta...