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Global Water Resources Reports Second Quarter 2023 Results and Surpasses 60,000 Connections
PHOENIX, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, reported results for
About this update from Global Water Resources, Inc.
[{"type":"text","content":"PHOENIX, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, reported results for the second quarter ended June 30, 2023. All comparisons are to the same year-ago period unless otherwise noted. The company will hold a conference call at 1:00 p.m. Eastern time tomorrow to discuss the results (see dial-in information below). Q2 2023 Financial Highlights Total revenue increased $1.3 million, or 11.0%, to $13.0 million.Net income decreased $0.4 million, or 17.5%, to $1.7 million, or $0.07 per share. The primary reason for the decrease is the approximate $0.7 million in tax benefit experienced during Q2-2022 related to the rate decision.Adjusted EBITDA increased $0.6 million, or 10.5%, to $6.7 million (see definition of adjusted EBITDA, a non-GAAP term, and its reconciliation to GAAP, below).Extended term of $15 million revolving line of credit through July 1, 2025.Declared three monthly cash dividends of $0.02483 per common share, or $0.29796 per common share on an annualized basis. Q2 2023 Operational Highlights Total active service connections increased 8.0% to 60,291 at June 30, 2023.Annualized active service connection growth rate was 14.3%.Water consumption increased 5.6% to 1.13 billion gallons.Invested $7.2 million in infrastructure projects to support existing utilities and continued growth.Saguaro District rate case application filed with the Arizona Corporation Commission for water rates. Subsequent Events A significant portion of the water and wastewater infrastructure in the company’s Pinal County southwest service area was put into service on or after July 1, 2023 with the remaining infrastructure to be put into service once sufficient flows are established. The total value of this investment is approximately $38.4 million.Related, on July 3, 2023, Global Water-Palo Verde Utilities Company, Inc. (Palo Verde) and Global Water-Santa Cruz Water Company, Inc. (Santa Cruz) filed an application with the ACC for approval of an accounting order to defer and record as a regulatory asset the depreciation expense for the newly activated Southwest Plant, plus the carrying cost at the authorized rate of return set in Palo Verde’s and Santa Cruz’s most recent rate order, until the plant is considered for recovery in the utilities’ next rate case. Management Com...