Business
Global Water Resources Reports Third Quarter 2020 Results
PHOENIX, Nov. 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, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, reported results for the third quarter and nine months ended September 30, 2020. All comparisons are to the same year-ago period unless otherwise noted.\n Q3 2020 Financial Highlights Revenues increased 8.2% to $10.8 million, driven by organic connection growth, increased consumption, and increased rates. Net income increased $0.1 million, or 8.0%, to $1.1 million, or $0.05 per share.Adjusted EBITDA increased $0.8 million to $5.5 million (see definition of adjusted EBITDA, a non-GAAP term, and its reconciliation to GAAP, below). Cash and cash equivalents totaled $18.1 million at September 30, 2020. Declared three monthly cash dividends of $0.0241 per common share, or $0.2892 per share on an annualized basis. Q3 2020 Operational Highlights Total active service connections increased 5.0% to 47,594 at September 30, 2020 from 45,315 at September 30, 2019.Volume of recycled water delivered increased 20.4%, to 273 million gallons.Submitted rate applications requesting a collective revenue requirement increase of $4.6 million or 13.4%, based on a 2019 test year, which, if approved, would be phased in over three years beginning January 1, 2022.Received favorable Arizona Corporation Commission (ACC) staff recommendation regarding application for a certificate of convenience and necessity (CC&N) permit to provide water and wastewater services to Inland Port Arizona.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. Awarded national recognition as a 'Utility of the Future Today' for the company's transformational work in community engagement, watershed stewardship and resources recovery. Subsequent Events On October 29, 2020, the company acquired Mirabell Water Co., a water utility that provides services within Pima County, Arizona, near existing company utilities. The acquisition added more than 60 active service connections. This acquisition and other potential acquisitions present capital investment opportunities to upgrade acquired facilities. The company increased its dividend 1% to $0.29208 ...