Business
Global Water Resources Reports First Quarter 2020 Results
PHOENIX, May 06, 2020 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, reported
About this update from Global Water Resources, Inc.
[{"type":"text","content":"PHOENIX, May 06, 2020 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, reported results for the first quarter ended March 31, 2020. All quarterly comparisons are to the same year-ago period unless otherwise noted.\n Q1 2020 Financial Highlights Revenues increased 6.6% to $8.2 million.Net income totaled $0.4 million or $0.02 per share.Cash and cash equivalents totaled $17.1 million. Subsequent to the end of the quarter, the company secured a new two-year revolving $10.0 million credit line to support its growth strategy, replacing the previous credit line with more favorable terms.Raised total net proceeds of approximately $11.5 million from an equity offering to fund acquisitions and for working capital and other general corporate purposes.Declared three monthly cash dividends of $0.0241 per common share (or $0.2892 per share on an annualized basis). Q1 2020 Operational Highlights Total active connections increased 4.7% to 46,227 at March 31, 2020 from 44,152 at March 31, 2019.Q1 annualized active connection growth rate was 3.5%.Continued to realize benefits from bringing customer service and billing in-house last December, including better control of long-term service costs, and benefits derived from a deeper focus on customer experience and enhanced scalability of operations. Management Commentary “Our top-line growth and strong bottom-line results for the first quarter were primarily driven by organic connection growth, approved rate increases, and reduced expenses,” commented Global Water Resources president and CEO, Ron Fleming. “We also maintained strong performance throughout our organization, including with compliance and safety, and we completed several significant improvement projects for the communities we serve. “Since we brought our customer service and billing in-house in December, we gained the ability to better control our long-term service costs, along with benefits derived from a deeper focus on customer experience and enhanced scalability of our operations. As one example, we have been able to proactively encourage customers to set up autopay with electronic payment, either by ACH or credit card, as a more convenient way to manage their account and make timely payments. So far, this effort has increased customers on autopay by 30% to no...