Business
Global Water Resources Reports Fourth Quarter and Full Year 2021 Results
PHOENIX, March 10, 2022 (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 10, 2022 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, reported results for the fourth quarter ended December 31, 2021. All comparisons are to the same year-ago period unless otherwise noted. The company will hold a conference at 1:00 p.m. Eastern time today to discuss the results (see dial-in information below.) Q4 2021 Financial Highlights Revenues increased $0.6 million, or 5.7%, to $10.3 million, driven primarily by organic connection growth, increased consumption, and increased rates.Net income totaled $0.3 million, or $0.02 per share, improving from a net loss of $0.3 million or $(0.01) per share.Adjusted EBITDA increased $1.1 million, or 30.9%, to $4.7 million (see definition of adjusted EBITDA, a non- GAAP term, and its reconciliation to GAAP, below).Cash and cash equivalents totaled $12.6 million at December 31, 2021.Increased the dividend to $0.29496 per share on an annualized basis. The first monthly dividend payment at the new rate was paid on December 30, 2021 to holders of record on December 16, 2021. Q4 2021 Operational Highlights Total active connections increased 10.2% to 53,882 at December 31, 2021 from 48,899 at December 31, 2020.Invested $6.5 million in infrastructure projects to support existing utilities and continued growth. This increased total full year 2021 capital investments to $18.3 million.Acquired Las Quintas Serenas Water Company, an operator of a water utility with service area in Pima County, Arizona, which added over 1,100 connections and approximately 2.5 square miles of service area. Subsequent Events In January 2022, the company completed two acquisitions: Twin Hawks Utility, Inc., an operator of a water utility with service area in Pinal County, Arizona; and Rincon Water Company, Inc., an operator of a water utility with service area in Pima County, Arizona. These acquisitions added a total of 91 connections and approximately 9.1 square miles of service area. Management Commentary \"2021 was an incredible year for Global Water Resources, with our increased top-line driven primarily by organic growth, completed acquisitions, and higher rates in a metropolitan region that continues to rapidly expand,\" said Global Water Resources president and CEO, Ron Fleming. “During the year, we continued to expand...