Business
Global Water Resources Reports Second Quarter 2020 Results
PHOENIX, Aug. 05, 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, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, reported results for the second quarter ended June 30, 2020. All quarterly comparisons are to the same year-ago period unless otherwise noted.\n Q2 2020 Financial Highlights Revenues increased 8.4% to $9.9 million, driven by organic connection growth, increased consumption, and increased rates. Net loss totaled $0.1 million, or $(0.01) per share. The net loss was largely due to asset disposal costs of $0.5 million and restricted stock compensation expense of $0.6 million, both of which are non-cash and did not occur in the same year-ago quarter. Excluding the tax effected non-cash asset disposal costs and restricted stock compensation expense, adjusted net income was $0.8 million, or $0.03 per share in the second quarter of 2020 (see reconciliation of adjusted net income and adjusted earnings per common share, each, non-GAAP terms, to GAAP, below).Adjusted EBITDA increased to $4.8 million (see definition of adjusted EBITDA, a non-GAAP term, and its reconciliation to GAAP, below).Cash and cash equivalents totaled $15.5 million at June 30, 2020. During the quarter, the company replaced its previous credit line with a new two-year revolving $10 million credit line with more favorable terms to support its growth strategy. The full amount under this new credit line remains available to-date.Declared three monthly cash dividends of $0.0241 per common share (or $0.2892 per share on an annualized basis). Q2 2020 Operational Highlights Total active connections increased 4.2% to 46,573 at June 30, 2020 from 44,715 at June 30, 2019.Q2 annualized active connection growth rate was 3.3%.Appointed noted utility industry leader, Christopher D. Krygier, to the new position of chief strategy officer. Krygier brings more than 15 years of experience in operations management, regulatory strategy, and capital deployment for large projects and transactions, along with multi-state experience and industry knowledge.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 “In Q2, we continued to...