Business
Global Water Resources Reports Third Quarter 2019 Results; Revenue up 10.5% to $9.9 million, Driving Net Income to $1.0 million or $0.05 per Share
PHOENIX, Nov. 06, 2019 (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, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, reported results for the third quarter ended September 30, 2019. Quarter and nine months comparisons are to the same year-ago period unless otherwise noted.\n Q3 2019 Financial Highlights Regulated revenues increased 10.5% to $9.9 million.Net income increased $0.4 million, or 65.4%, to $1.0 million, or $0.05 per share.Adjusted EBITDA increased 15.8% to $4.8 million.Cash and cash equivalents totaled $11.1 million.Declared three monthly cash dividends of $0.023861 per common share (or $0.286332 per share on an annualized basis). Q3 2019 Operational Highlights Total active connections increased 9.1% to 45,315 at September 30, 2019 from 41,546 at September 30, 2018, with organic connections up 4.8%.Partnered with City of Coolidge and Saint Holdings to bring integrated utility solution to Southern Coolidge and Inland Port Arizona. Subsequent EventThe company increased its dividend 1% to $0.2892 on an annualized basis from $0.0286332. This equates to a monthly dividend of $0.0241. The first dividend at the new monthly rate will be paid on December 30, 2019 to holders of record on December 16, 2019. Management Commentary “In Q3, top-line and bottom-line growth was primarily driven by organic connection growth, the addition of Red Rock customers, the phase-in of previously approved rate increases, and ongoing operating efficiencies,” said Global Water Resources president and CEO, Ron Fleming. “During the quarter, we signed agreements to bring our integrated utility solutions to Southern Coolidge and Inland Port Arizona. We look forward to providing updates as this major project advances.” “As we round out 2019 and plan for next year, we continue to prepare ourselves for future development activity in existing and new areas as well as pursuing acquisitions,” said Fleming. “Meanwhile, developers are continuing to build-out residential and commercial properties within our service areas, driving organic connection growth. In these areas of population growth, we see continued adoption of our Total Water Management solution that supports sustainable communities through managing valuable water resources for the benefit of all.” 2019 Financial Summary Revenues Regulated revenues in the third quarter ...