New Zealand markets closed
  • NZX 50

    11,065.71
    -134.33 (-1.20%)
     
  • NZD/USD

    0.5714
    -0.0017 (-0.30%)
     
  • NZD/EUR

    0.5823
    -0.0009 (-0.16%)
     
  • ALL ORDS

    6,665.90
    -94.70 (-1.40%)
     
  • ASX 200

    6,464.00
    -91.00 (-1.39%)
     
  • OIL

    80.96
    -0.27 (-0.33%)
     
  • GOLD

    1,670.00
    +1.40 (+0.08%)
     
  • NASDAQ

    11,164.78
    -329.05 (-2.86%)
     
  • FTSE

    6,881.59
    -123.80 (-1.77%)
     
  • Dow Jones

    29,225.61
    -458.13 (-1.54%)
     
  • DAX

    11,975.55
    -207.73 (-1.71%)
     
  • Hang Seng

    17,154.48
    -11.39 (-0.07%)
     
  • NIKKEI 225

    25,866.04
    -556.01 (-2.10%)
     
  • NZD/JPY

    82.6130
    -0.1340 (-0.16%)
     

Consolidated Water Reports Second Quarter 2022 Results

·19-min read
Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd.

GEORGE TOWN, Grand Cayman, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported results for the second quarter ended June 30, 2022. All comparisons are to the same year-ago period unless otherwise noted.

The company will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).

Second Quarter 2022 Financial Highlights

  • Total revenue increased 26% to $21.1 million.

  • Retail revenue increased 15% to $6.5 million.

  • Bulk revenue increased 26% to $8.4 million.

  • Services revenue increased 34% to $5.1 million.

  • Manufacturing revenue increased to $1.1 million.

  • Net income from continuing operations attributable to company stockholders was $2.7 million or $0.18 per share.

  • Paid quarterly cash dividend of $0.085 per share ($0.34 on an annualized basis), totaling $1.3 million in dividends in the second quarter of 2022.

  • As of June 30, 2022, cash and cash equivalents totaled $49.1 million, up $5.9 million from $43.1 million as of March 31, 2022, with working capital at $71.6 million, debt of only $0.3 million, and stockholders’ equity totaling $159.4 million.

Second Quarter 2022 Operational Highlights

  • Entered into an $82 million agreement (through PERC Water Corporation) to construct and commission a four million gallon per day advanced wastewater treatment facility for Liberty Utilities in Goodyear, Arizona.

  • Won desalination plant design, build and operate project in the Cayman Islands amounting to approximately $20 million in revenue backlog.

Management Commentary

“In Q2, we showed strong sales improvements across three of our business segments,” stated Consolidated Water CEO, Rick McTaggart. “As a result, our total revenue increased 26% to $21.1 million.

“Our retail segment's results so far this year have been encouraging and based on recent government data we believe tourism arrivals to Grand Cayman could eventually double from current levels to reach pre-pandemic levels.

“During the quarter, we announced two major contract wins. The first project announced was a 10-year, 2.64 million gallon per day seawater desalination plant contract with the Water Authority of the Cayman Islands, where we have been engaged to design, build, sell and subsequently operate a desalination plant in George Town on Grand Cayman. We commenced the permitting and design phase for this plant during this past quarter, and we expect to complete the construction of the plant and begin operations by the fourth quarter of 2023.

“We believe our in-house manufacturing capabilities at Aerex provided us a competitive advantage in winning the seawater desalination plant design, build and operate project in the Cayman Islands. Since 1973, our cost-effective water supply solutions have supported the growth and development of Grand Cayman by supplying safe and affordable potable water to residents and visitors.

“The second project we announced was through our subsidiary, PERC Water Corporation, to construct and commission a four million gallon per day advanced wastewater treatment facility for Liberty Utilities in Goodyear, Arizona. Our fees for the project are expected to total approximately $82 million, with the facility planned to be operational in December 2023 and fully completed by the end of the second quarter of 2024. Construction of this important project has already commenced and will begin to generate significant revenue beginning next quarter.

“With respect to our canceled Rosarito project, the Baja California, Mexico government confirmed publicly that we recently began discussions with the State to potentially resolve the issues related to the cancellation by the government of the project as well as potentially addressing the State’s acute water shortage issues. We cannot presently determine the outcome of the discussions and we have not terminated our efforts to obtain relief through the international arbitration process as a result of these discussions.

“Looking ahead, we see many positive factors driving continued growth in 2022. In addition to the further diminishing effects of the pandemic and the continuing return of tourism in Grand Cayman, we are also seeing increased project bidding activity in the United States and the Caribbean. It has been widely reported that the situation in the Colorado River basin is dire and this is driving water utilities and agricultural users in PERC’s service area to implement extraordinary measures to meet their water demands. All of these factors and trends will continue to drive growth across all of our business segments in the remainder of this year and beyond.”

Second Quarter 2022 Financial Summary

Revenue for the second quarter of 2022 was $21.1 million, up 26% compared to $16.7 million in the same year-ago period. The increase was primarily driven by increases of $852,000 in the retail segment, $1.7 million in the bulk segment, $1.3 million in the services segment and $510,000 in the manufacturing segment.

The increase in retail revenue reflects an 8% increase in the volume of water sold. The retail revenue also increased as a result of higher energy costs that increased the energy pass-through component of the company’s water rates, as well as a more favorable rate mix.

The increase in bulk segment revenue was attributable to an increase in energy costs for CW-Bahamas, which increased the energy pass-through component of CW-Bahamas’ rates.

The increase in services segment revenue was due to increases in both plant design and construction revenue and operating and maintenance revenue. The increase in manufacturing segment revenue was due to higher project activity.

Gross profit for the second quarter of 2022 was $7.5 million or 35.5% of total revenue, up 23% from $6.1 million or 36.3% of total revenue for the same year-ago period.

Net income from continuing operations attributable to Consolidated Water stockholders for the second quarter of 2022 was $2.7 million or $0.18 per basic and diluted share, compared to net loss of $1.5 million or $(0.10) per basic and diluted share for the same year-ago period.

Net income attributable to Consolidated Water stockholders for the second quarter of 2022, which includes the results of discontinued operations, was $2.3 million or $0.15 per basic and fully diluted share, up from net loss of $1.7 million or $(0.11) per basic and fully diluted share for the same year-ago period.

Cash and cash equivalents totaled $49.1 million as of June 30, 2022, as compared to $43.1 million as of March 31, 2022. The increase was due to cash generated from operating activities.

First Half 2022 Financial Summary

Revenue for the first half of 2022 was $40.6 million, up 20% compared to $33.8 million in the same year-ago period. The increase was primarily driven by increases of $1.5 million in the retail segment, $2.8 million in the bulk segment, $2.5 million in the services segment and $55,000 in the manufacturing segment.

Retail revenue increased primarily due to an 8% increase in the volume of water sold. The retail revenue also increased as a result of higher energy costs that increased the energy pass-through component of the company’s water rates, as well as a more favorable rate mix.

The increase in bulk segment revenue was due to an increase in energy costs for CW-Bahamas, which increased the energy pass-through component of CW-Bahamas’ rates and, to a lesser extent, an increase of 4% in the volume of water sold by CW-Bahamas.

The increase in services segment revenue was due to increases in both plant design and construction revenue and operating and maintenance revenue.

The increase in manufacturing segment revenue was due to higher project activity.

Gross profit for the first half of 2022 was $14.6 million or 36.0% of total revenue, up 20% from $12.2 million or 36.1% of total revenue in the same year-ago period.

Net income from continuing operations attributable to stockholders for the first half of 2022 was $5.0 million or $0.33 per basic and diluted share, compared to net loss of $212,000 or $(0.01) per diluted share in the same year-ago period.

Net income attributable to Consolidated Water stockholders for the half of 2022, which includes the results of discontinued operations, was $4.0 million or $0.26 per fully diluted share, up from net loss of $676,000 or $(0.04) per fully diluted share in the same year-ago period.

Second Quarter Segment Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2022

 

Retail

 

Bulk

 

Services

 

Manufacturing

 

Total

Revenue

$

6,526,803

 

$

8,423,749

 

$

5,055,483

 

$

1,061,092

 

 

$

21,067,127

 

Cost of revenue

 

3,118,411

 

 

5,647,583

 

 

3,865,867

 

 

959,769

 

 

 

13,591,630

 

Gross profit

 

3,408,392

 

 

2,776,166

 

 

1,189,616

 

 

101,323

 

 

 

7,475,497

 

General and administrative expenses

 

3,345,109

 

 

404,072

 

 

838,040

 

 

339,470

 

 

 

4,926,691

 

Gain on asset dispositions and impairments, net

 

1,200

 

 

 

 

4,080

 

 

 

 

 

5,280

 

Income (loss) from operations

$

64,483

 

$

2,372,094

 

$

355,656

 

$

(238,147

)

 

 

2,554,086

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

397,982

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

2,952,068

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

10,152

 

Net income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

2,941,916

 

Income from continuing operations attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

232,197

 

Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

2,709,719

 

Loss from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

(419,833

)

Net income attributable to Consolidated Water Co. Ltd. stockholders

 

 

 

 

 

 

 

 

 

 

 

 

$

2,289,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

Retail

 

Bulk

 

Services

 

Manufacturing

 

Total

Revenue

$

5,674,790

 

 

$

6,711,971

 

$

3,763,239

 

$

551,524

 

 

$

16,701,524

 

Cost of revenue

 

2,781,909

 

 

 

4,386,794

 

 

2,878,409

 

 

589,559

 

 

 

10,636,671

 

Gross profit

 

2,892,881

 

 

 

2,325,177

 

 

884,830

 

 

(38,035

)

 

 

6,064,853

 

General and administrative expenses

 

3,318,473

 

 

 

303,856

 

 

671,585

 

 

430,390

 

 

 

4,724,304

 

Gain (loss) on asset dispositions and impairments, net

 

3,360

 

 

 

 

 

 

 

(2,900,000

)

 

 

(2,896,640

)

Income (loss) from operations

$

(422,232

)

 

$

2,021,321

 

$

213,245

 

$

(3,368,425

)

 

 

(1,556,091

)

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

233,114

 

Loss before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,322,977

)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,845

)

Net loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,316,132

)

Income attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

197,138

 

Net loss from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,513,270

)

Loss from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

(151,379

)

Net loss attributable to Consolidated Water Co. Ltd. stockholders

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,664,649

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Half Segment Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022

 

Retail

 

Bulk

 

Services

 

Manufacturing

 

Total

Revenue

$

12,840,003

 

 

$

15,774,393

 

$

9,799,303

 

$

2,211,333

 

 

$

40,625,032

 

Cost of revenue

 

6,172,151

 

 

 

10,334,702

 

 

7,515,047

 

 

1,981,871

 

 

 

26,003,771

 

Gross profit

 

6,667,852

 

 

 

5,439,691

 

 

2,284,256

 

 

229,462

 

 

 

14,621,261

 

General and administrative expenses

 

6,795,515

 

 

 

714,375

 

 

1,618,014

 

 

664,904

 

 

 

9,792,808

 

Gain on asset dispositions and impairments, net

 

1,200

 

 

 

 

 

16,538

 

 

 

 

 

17,738

 

Income (loss) from operations

$

(126,463

)

 

$

4,725,316

 

$

682,780

 

$

(435,442

)

 

 

4,846,191

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

717,709

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

5,563,900

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

56,425

 

Net income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

5,507,475

 

Income from continuing operations attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

473,627

 

Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

5,033,848

 

Loss from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,027,147

)

Net income attributable to Consolidated Water Co. Ltd. stockholders

 

 

 

 

 

 

 

 

 

 

 

 

$

4,006,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021

 

Retail

 

Bulk

 

Services

 

Manufacturing

 

Total

Revenue

$

11,386,095

 

 

$

12,957,941

 

$

7,304,085

 

 

$

2,156,720

 

 

$

33,804,841

 

Cost of revenue

 

5,489,903

 

 

 

8,541,947

 

 

5,600,337

 

 

 

1,981,291

 

 

 

21,613,478

 

Gross profit

 

5,896,192

 

 

 

4,415,994

 

 

1,703,748

 

 

 

175,429

 

 

 

12,191,363

 

General and administrative expenses

 

6,689,483

 

 

 

681,359

 

 

1,393,605

 

 

 

724,343

 

 

 

9,488,790

 

Gain (loss) on asset dispositions and impairments, net

 

(246,640

)

 

 

1,500

 

 

(433

)

 

 

(2,900,000

)

 

 

(3,145,573

)

Income (loss) from operations

$

(1,039,931

)

 

$

3,736,135

 

$

309,710

 

 

$

(3,448,914

)

 

 

(443,000

)

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

547,722

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

104,722

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,505

)

Net income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

114,227

 

Income from continuing operations attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

325,931

 

Net loss from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

(211,704

)

Loss from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

(464,173

)

Net loss attributable to Consolidated Water Co. Ltd. stockholders

 

 

 

 

 

 

 

 

 

 

 

 

$

(675,877

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conference Call

Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.

Date: Friday, August 12, 2022
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Conference ID: 1591128

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 1:00 p.m. Eastern time on the same day through August 19, 2022, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.

Toll-free replay number: 1-877-344-7529
International replay number: 1-412-317-0088
Replay ID: 1591128

About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company operates water production facilities in the Cayman Islands, The Bahamas and the British Virgin Islands and operates water treatment facilities in the United States. The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit www.cwco.com.

Cautionary Note Regarding Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; (v) the possible adverse impact of the COVID-19 virus on the company’s business; and (vi) various other risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at http://ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
dsasnett@cwco.com

Investor Relations Contact
Ron Both or Justin Lumley
CMA
Tel (949) 432-7566
Email Contact

Media Contact:
Tim Randall
CMA
Tel (949) 432-7572
Email Contact


CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

2022

 

2021

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

$

49,093,162

 

$

40,358,059

Certificate of deposit

 

2,518,493

 

 

2,500,000

Accounts receivable, net

 

22,680,801

 

 

27,349,307

Inventory

 

3,565,223

 

 

2,504,832

Prepaid expenses and other current assets

 

3,988,445

 

 

2,558,822

Contract assets

 

1,098,240

 

 

489,961

Current assets of discontinued operations

 

413,187

 

 

1,173,741

Total current assets

 

83,357,551

 

 

76,934,722

Property, plant and equipment, net

 

50,938,339

 

 

52,946,539

Construction in progress

 

2,034,413

 

 

710,863

Inventory, noncurrent

 

4,933,103

 

 

4,733,010

Investment in OC-BVI

 

1,512,747

 

 

1,715,905

Goodwill

 

10,425,013

 

 

10,425,013

Intangible assets, net

 

3,106,667

 

 

3,401,666

Operating lease right-of-use assets

 

2,298,165

 

 

2,681,137

Net asset arising from put/call options

 

404,000

 

 

128,000

Other assets

 

2,430,208

 

 

2,204,013

Long-term assets of discontinued operations

 

21,141,805

 

 

21,146,186

Total assets

$

182,582,011

 

$

177,027,054

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable, accrued expenses and other current liabilities

$

4,049,709

 

$

2,831,925

Accounts payable - related parties

 

766,775

 

 

163,947

Accrued compensation

 

1,238,127

 

 

1,435,542

Dividends payable

 

1,325,011

 

 

1,320,572

Current maturities of operating leases

 

563,643

 

 

592,336

Current portion of long-term debt

 

85,533

 

 

62,489

Contract liabilities

 

3,225,682

 

 

513,878

Deferred revenue

 

344,539

 

 

583,646

Current liabilities of discontinued operations

 

193,062

 

 

182,322

Total current liabilities

 

11,792,081

 

 

7,686,657

Long-term debt, noncurrent

 

166,272

 

 

152,038

Deferred tax liabilities

 

1,155,362

 

 

1,236,723

Noncurrent operating leases

 

1,850,860

 

 

2,137,394

Other liabilities

 

141,000

 

 

141,000

Long-term liabilities of discontinued operations

 

2,921

 

 

7,819

Total liabilities

 

15,108,496

 

 

11,361,631

Commitments and contingencies

 

 

 

 

 

Equity

 

 

 

 

 

Consolidated Water Co. Ltd. stockholders' equity

 

 

 

 

 

Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 38,239 and 28,635 shares, respectively

 

22,943

 

 

17,181

Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 15,285,523 and 15,243,693 shares, respectively

 

9,171,314

 

 

9,146,216

Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued

 

 

 

Additional paid-in capital

 

88,178,390

 

 

87,812,432

Retained earnings

 

62,004,903

 

 

60,603,056

Total Consolidated Water Co. Ltd. stockholders' equity

 

159,377,550

 

 

157,578,885

Non-controlling interests

 

8,095,965

 

 

8,086,538

Total equity

 

167,473,515

 

 

165,665,423

Total liabilities and equity

$

182,582,011

 

$

177,027,054

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

$

21,067,127

 

 

$

16,701,524

 

 

$

40,625,032

 

 

$

33,804,841

 

Cost of revenue (including purchases from related parties of $640,937 and $129,401 for the three months ended, and $1,480,369 and $285,383 for the six months ended, June 30, 2022 and 2021, respectively)

 

13,591,630

 

 

 

10,636,671

 

 

 

26,003,771

 

 

 

21,613,478

 

Gross profit

 

7,475,497

 

 

 

6,064,853

 

 

 

14,621,261

 

 

 

12,191,363

 

General and administrative expenses (including purchases from related parties of $24,231 and $24,299 for the three months ended, and $48,462 and $28,728 for the six months ended, June 30, 2022 and 2021, respectively)

 

4,926,691

 

 

 

4,724,304

 

 

 

9,792,808

 

 

 

9,488,790

 

Gain (loss) on asset dispositions and impairments, net

 

5,280

 

 

 

(2,896,640

)

 

 

17,738

 

 

 

(3,145,573

)

Income (loss) from operations

 

2,554,086

 

 

 

(1,556,091

)

 

 

4,846,191

 

 

 

(443,000

)

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

110,916

 

 

 

174,645

 

 

 

291,603

 

 

 

335,009

 

Interest expense

 

(2,724

)

 

 

(2,638

)

 

 

(6,805

)

 

 

(5,498

)

Profit-sharing income from OC-BVI

 

8,100

 

 

 

4,050

 

 

 

18,225

 

 

 

10,125

 

Equity in the earnings of OC-BVI

 

19,551

 

 

 

10,726

 

 

 

51,317

 

 

 

26,506

 

Net unrealized gain on put/call options

 

201,000

 

 

 

31,000

 

 

 

276,000

 

 

 

162,000

 

Other

 

61,139

 

 

 

15,331

 

 

 

87,369

 

 

 

19,580

 

Other income, net

 

397,982

 

 

 

233,114

 

 

 

717,709

 

 

 

547,722

 

Income (loss) before income taxes

 

2,952,068

 

 

 

(1,322,977

)

 

 

5,563,900

 

 

 

104,722

 

Income tax provision (benefit)

 

10,152

 

 

 

(6,845

)

 

 

56,425

 

 

 

(9,505

)

Net income (loss) from continuing operations

 

2,941,916

 

 

 

(1,316,132

)

 

 

5,507,475

 

 

 

114,227

 

Income from continuing operations attributable to non-controlling interests

 

232,197

 

 

 

197,138

 

 

 

473,627

 

 

 

325,931

 

Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders

 

2,709,719

 

 

 

(1,513,270

)

 

 

5,033,848

 

 

 

(211,704

)

Loss from discontinued operations

 

(419,833

)

 

 

(151,379

)

 

 

(1,027,147

)

 

 

(464,173

)

Net income (loss) attributable to Consolidated Water Co. Ltd. stockholders

$

2,289,886

 

 

$

(1,664,649

)

 

$

4,006,701

 

 

$

(675,877

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.18

 

 

$

(0.10

)

 

$

0.33

 

 

$

(0.01

)

Discontinued operations

 

(0.03

)

 

 

(0.01

)

 

 

(0.07

)

 

 

(0.03

)

Basic earnings (loss) per share

$

0.15

 

 

$

(0.11

)

 

$

0.26

 

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.18

 

 

$

(0.10

)

 

$

0.33

 

 

$

(0.01

)

Discontinued operations

 

(0.03

)

 

 

(0.01

)

 

 

(0.07

)

 

 

(0.03

)

Diluted earnings (loss) per share

$

0.15

 

 

$

(0.11

)

 

$

0.26

 

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common and redeemable preferred shares

$

0.085

 

 

$

0.085

 

 

$

0.26

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used in the determination of:

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

15,285,523

 

 

 

15,201,682

 

 

 

15,285,523

 

 

 

15,201,571

 

Diluted earnings per share

 

15,436,421

 

 

 

15,201,682

 

 

 

15,435,956

 

 

 

15,201,571