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Global Water Resources Reports Third Quarter 2021 Results
PHOENIX, Nov. 08, 2021 (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. 08, 2021 (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, 2021. 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.) Q3 2021 Financial Highlights Revenues increased $0.6 million, or 6.0%, to $11.4 million, driven primarily by a $0.7 million recognition of revenue under infrastructure coordination and financing agreements (ICFAs).Net income increased $0.4 million, or 32.4%, to $1.5 million, or $0.07 per share, from $1.1 million, or $0.05 per share.Cash and cash equivalents totaled $21.2 million at September 30, 2021. Declared three monthly cash dividends of $0.02434 per common share, or $0.29208 per share on an annualized basis. Q3 2021 Operational Highlights Total active service connections increased 9.2% to 51,958 at September 30, 2021 from 47,594 at September 30, 2020.Q3 annualized active service connection growth rate was 8.3%.Invested $5.4 million in infrastructure projects to support existing utilities and continued growth. This increased total year-to-date capital investments to $11.8 million.Received approval from the Arizona Corporation Commission to extend our utility service area to an industrial development in Coolidge, Arizona covering approximately 388 acres.Completed the first phase of a water solution for Nikola’s new manufacturing plant in Coolidge, Arizona adjacent to Inland Port Arizona, allowing Global Water to activate water services. Subsequent Events The company completed the acquisition of Las Quintas Serenas Water Company, a water utility that provides services within Pima County, Arizona near existing company utilities. The acquisition added more than 1,100 active service connections and approximately two square miles of service area. Management Commentary “In Q3, we saw top-line and bottom-line growth compared to the same year-ago quarter,” said Global Water Resources president and CEO, Ron Fleming. “Revenues from wastewater and recycled water services increased, which was driven by organic growth in connections and increased rates, while revenue from water services decreased due to the highest precipitation we...