Business
Global Water Resources Reports Fourth Quarter and Full Year 2019 Results
PHOENIX, March 04, 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, March 04, 2020 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, reported results for the year ended December 31, 2019. All annual comparisons are to the previous year unless otherwise noted.\n Full Year 2019 Financial Highlights Total revenues remained consistent at $35.5 million, primarily due to non-regulated, infrastructure coordination and financing agreements (ICFA) revenue recognized in 2018 that did not reoccur in 2019.Excluding the ICFA revenue, total revenues from the company's core business of regulated water, wastewater and recycled water services increased $2.4 million, or 7.3%, to $35.5 million for the full year 2019.Collected the final payment due of $1.0 million from the Loop 303 contract (for more information about the Loop 303 contract, see \"Other Expense\" section below).Extended the availability of the company's $8.0 million revolving line of credit by an additional two years (through April 30, 2022). The full amount remains available to-date.Received an extension from the Internal Revenue Service (IRS) to defer the remaining gain realized from the condemnation of the operations and assets of Valencia Water Company until the end of 2020.Increased the dividend to $0.2892 per share on an annualized basis. The first monthly dividend payment at the new rate was paid on December 30, 2019 to holders of record on December 16, 2019. Full Year 2019 Operational Highlights Total active connections increased 4.9% to 45,823 at December 31, 2019 from 43,687 at December 31, 2018.Brought customer service and billing operations in-house, allowing the company to provide a greater focus and control over customer service, as well as support its plans for growth and expansion.Partnered with City of Coolidge and Saint Holdings to bring integrated utility solutions to Southern Coolidge and Inland Port Arizona.Appointed David Rousseau to the company's board of directors, adding exceptional senior-level experience in utilities and water resources. Subsequent Event in January 2020 Raised net proceeds of approximately $11.6 million in an equity offering to fund acquisitions, and provide funds for working capital and general corporate purposes. Management Commentary “Strong organic growth along with recent acquisitions drove our record growth in regulate...