Business
Global Water Resources Reports Third Quarter 2022 Results
PHOENIX, Nov. 09, 2022 (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. 09, 2022 (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, 2022. 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 and 9-Month 2022 Financial Highlights Regulated revenues increased $1.2 million, or 11.0%, to $11.9 million during the third quarter of 2022 with the growth driven primarily by an 8.0% increase in active service connections and an increase in rates effective August 1, 2022, due to Rate Decision No. 78644. For the first nine months of 2022, regulated revenues increased $2.8 million or 8.9% to $33.6 million, with the increase also corresponding to the greater number of active service connections and the increase in rates.Net income increased $0.2 million or 12.6% to $1.7 million or $0.07 per share in the third quarter. In the first nine months, net income totaled $4.7 million or $0.20 per share, an increase of $1.4 million or 43.5% compared to the same year-ago period.Adjusted EBITDA increased $1.1 million or 21.0% to $6.1 million in the third quarter (see definition of adjusted EBITDA, a non-GAAP term, and its reconciliation to GAAP, below). In the first nine months, adjusted EBITDA increased $3.4 million or 24.6% to $17.4 million compared to the same year-ago period.Received net proceeds of approximately $14.9 million in a public offering of common stock, which the company plans to use the funds for potential acquisitions, working capital and other general corporate purposes.Increased revolving credit line with Northern Trust from $10.0 million to $15.0 million.Declared three monthly cash dividends of $0.02458 per common share, or $0.29496 per share on an annualized basis. Q3 2022 Operational Highlights Total active service connections increased 8.0% to 56,134 at September 30, 2022 from 51,958 at September 30, 2021.Received approval from the Arizona Corporation Commission (ACC) to, among other things, establish new water, wastewater, and recycled water rates for 96% of the company's active service connections. Effective August 1, 2022, the new rates will be phased-in over approximately two years and are expected to res...