UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
August 11, 2014
(Date of earliest event reported)
CONSOLIDATED WATER CO. LTD.
(Exact Name of Registrant as Specified in
Charter)
| Cayman Islands, B.W.I. |
0-25248 |
98-0619652 |
| (State or Other Jurisdiction of |
(Commission File No.) |
(IRS Employer Identification No.) |
| Incorporation) |
|
|
Regatta Office Park
Windward Three, 4th Floor
West Bay Road, P.O. Box 1114
Grand Cayman, KY1-1102
Cayman Islands
(Address of Principal Executive Offices)
(345) 945-4277
(Registrant’s telephone number, including
area code)
Not Applicable
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instructions A.2. below):
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. | Results of Operations
and Financial Condition. |
On August 11, 2014, Consolidated Water
Co. Ltd. (the “Company”) issued a press release announcing its results of operations for the second quarter ended June
30, 2014. A copy of the press release is attached as Exhibit 99.1 to this report. This information is not deemed to be “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities
Act registration statements.
| Item 9.01. | Financial Statements
and Exhibits. |
| Exhibit No. |
|
Title |
| |
|
|
| 99.1 |
|
Press release issued by the Company on August 11, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
CONSOLIDATED WATER CO. LTD. |
| |
|
|
| |
By: |
/s/ David W. Sasnett |
| |
Name: |
David W. Sasnett |
| |
Title: |
Executive Vice President & Chief Financial Officer |
| |
|
|
| Date: August 12, 2014 |
|
|
EXHIBIT INDEX
| Exhibit |
|
Description |
| |
|
|
| 99.1 |
|
Press release issued by the Company on August 11, 2014. |
Exhibit 99.1
CONSOLIDATED WATER CO. LTD.
REPORTS SECOND QUARTER OPERATING RESULTS
GEORGE TOWN, Grand Cayman, Cayman Islands
(August 11, 2014) — Consolidated Water Co. Ltd. (NASDAQ Global Select Market: “CWCO”) (“Consolidated Water”
or “the Company”), which develops and operates seawater desalination plants and water distribution systems in areas
of the world where naturally occurring supplies of potable water are scarce or nonexistent, today reported its operating results
for the second quarter and first half of 2014. The Company will host an investor conference call on Tuesday, August 12, 2014 at
11:00 a.m. EDT (see details below) to discuss its operating results and other topics of interest.
Second Quarter Operating Results
Net income attributable to the Company’s
stockholders totaled $2,759,693, or $0.19 per diluted share, for the three months ended June 30, 2014, compared with net income
attributable to CWCO stockholders of $2,853,850, or $0.19 per diluted share, for the three months ended June 30, 2013.
Total revenues for the second quarter of
2014 increased slightly (2%) to approximately $16.9 million, compared with approximately $16.6 million in the second quarter of
2013.
Retail water revenues increased 5% to approximately
$6.5 million (38% of total revenues) in the most recent quarter, versus approximately $6.2 million (37% of total revenues) in the
second quarter of 2013. The increase in retail revenues was due to an approximate 8% increase in the number of gallons of water
sold by the Company’s retail operations in the Cayman Islands and the Company’s facility in Bali, Indonesia.
Bulk water revenues declined slightly (2%)
to approximately $10.0 million (59% of total revenues) in the second quarter of 2014, compared with approximately $10.2 million
(61% of total revenues) in the prior-year quarter. The reduction in bulk water revenues was attributable to a decrease in the volume
of water sold by the Company’s Bahamas operations to the Water and Sewerage Corporation of The Bahamas (“WSC”).
In 2013, the WSC purchased water volumes from the Company’s Blue Hills plant that were significantly higher than the contracted
capacity of the plant. However, as a result of water conservation and loss mitigation efforts it has conducted since that time,
the WSC has lowered the amount of water lost by its distribution system and, consequently, in 2014 the WSC has reduced the volume
of water it purchased from the Blue Hills plant.
Services segment revenues rose 105% to
$466,381 in the quarter ended June 30, 2014, compared with $227,211 in the corresponding period of 2013, primarily due to construction
revenues generated from contracts with the Water Authority-Cayman to refurbish the Lower Valley plant and to build a plant on the
island of Cayman Brac.
Consolidated gross profit was relatively
unchanged at approximately $6.4 million (38% of total revenues) in the most recent quarter, versus approximately $6.4 million (39%
of total revenues) in the second quarter of 2013. Gross profit on retail revenues increased 2% to approximately $3.4 million (52%
of retail revenues) in the quarter ended June 30, 2014, compared with approximately $3.3 million (54% of retail revenues) in the
year-earlier period. The slight decrease in retail gross profit margin as a percentage of sales reflected a negative gross profit
for the Bali retail operations resulting from underutilization of the plant. Gross profit on bulk revenues declined 1% to approximately
$3.1 million (31% of bulk revenues), compared with approximately $3.1 million (31% of bulk revenues) a year earlier. The services
segment recorded a negative gross profit of ($80,008) in the second quarter of 2014, compared with a negative gross profit of ($27,127)
in the second quarter of 2013.
Consolidated general and administrative
expenses (“G&A”) increased 5% to approximately $3.8 million in the second quarter of 2014, compared with approximately
$3.6 million in the year-earlier quarter. Project development expenses incurred by the Company’s Mexico subsidiary, N.S.C.
Agua, S.A. de C.V. (“NSC”) increased by approximately $60,000, professional fees rose by approximately $142,000 (primarily
as a result of legal fees incurred for the judicial review conducted in connection with the Company’s Cayman Island retail
license negotiations), and employee costs were approximately $36,000 greater due to base salary increases.
Interest income increased to $366,772 for
the second quarter of 2014, up from $169,796 in the second quarter of 2013 due to the receipt of interest due on past due accounts
receivables from the WSC. Interest expense decreased to $47,531 for the three months ended June 30, 2014, versus $124,845 in the
prior-year quarter, reflecting the early redemption in February 2014 of the remaining outstanding balance on the Company’s
bonds payable.
The Company recognized earnings and profit
sharing on its investment in OC-BVI of $116,215 in the second quarter of 2014, compared with $103,984 in the second quarter of
2013.
Management Comments
“Our second
quarter net income was comparable with that for the prior-year period while we continue to make progress on the large seawater
desalination project that we are developing in northern Baja California, Mexico,” stated Rick McTaggart, Chief Executive
Officer of Consolidated Water Co. Ltd. “Our retail sales reversed a three-year declining trend and achieved an 8%
water volume increase in the second quarter and a 2% water volume increase year-to-date. This increase was primarily attributable
to higher irrigation demands from golf courses in our franchise areas on Grand Cayman, along with higher water production at our
newest seawater desalination plant, in Bali, Indonesia. Water sales by our operation in Bali increased as resorts and other properties
purchased more water to offset dry weather conditions and deteriorating quality of ground water wells.”
“In our bulk water business segment,
gross profits declined by approximately $45,000, or only 1 percent, in the most recent quarter, relative to the prior-year period,
despite a decrease of approximately $659,000 in water sales by our Bahamas operations. The revenue decline in the Bahamas resulted
from lower water volumes sold to WSC as a result of its successful efforts to reduce the amount of water lost by its distribution
system. The impact of this development was largely offset by higher bulk water volume sales in the Cayman Islands and Belize, as
well as improved operating efficiencies at our bulk water production facilities.”
“We reached an important milestone
in our 100 million gallon-per-day Rosarito desalination plant in Baja California, Mexico, during
this past quarter when we submitted environmental impact studies for the project to Mexican regulatory authorities,” continued
Mr. McTaggart. “We expect to receive comments on these studies within the next several weeks. We are also implementing a
second phase of source water quality monitoring and reporting, which is required by one of our proposed water customers, Otay Water
District, to support its permitting applications with state and federal authorities in the U.S.A.”
Six-Month Operating Results
Net income attributable to the Company’s
stockholders for the six months ended June 30, 2014 totaled $3,414,602, or $0.23 per diluted share, compared with net income attributable
to CWCO stockholders of $6,595,853, or $0.45 per diluted share, for the six months ended June 30, 2013.
Total revenues for the first half of 2014
increased slightly (less than 1%) to approximately $33.3 million, compared with approximately $33.1 million in the first half of
2013.
Retail water revenues were largely unchanged
at approximately $12.6 million (38% of total revenues) in the six months ended June 30, 2014, versus approximately $12.6 million
(38% of total revenues) in the corresponding period of the previous year. The volume of water sold by the retail segment increased
by approximately 2% in the first half of 2014 when compared with the prior-year period.
Bulk water revenues declined less than
0.5% to approximately $19.9 million (60% of total revenues) in the first half of 2014, compared with approximately $20.0 million
(60% of total revenues) in the prior-year period. The reduction in bulk water revenues was attributable to a decrease in the volume
of water sold by the Company’s Bahamas operations to the WSC, as discussed earlier in this press release.
Services segment revenues rose 40% to $742,294
in the six months ended June 30, 2014, compared with $530,706 in the corresponding period of 2013, primarily due to construction
revenues generated from contracts with the Water Authority-Cayman to refurbish the Lower Valley plant and to build a plant on the
island of Cayman Brac.
Consolidated gross profit declined 2% to
approximately $12.3 million (37% of total revenues) in the first half of 2014, versus approximately $12.6 million (38% of total
revenues) in the first half of 2013. Gross profit on retail revenues decreased 4% to approximately $6.6 million (52% of retail
revenues) in the six months ended June 30, 2014, compared with approximately $6.9 million (55% of retail revenues) in the year-earlier
period. Gross profit on bulk revenues improved 2% to approximately $5.9 million (30% of bulk revenues), compared with approximately
$5.8 million (29% of bulk revenues) a year earlier. The services segment recorded a negative gross profit of ($139,359) in the
2014 period, compared with a negative gross profit of ($36,157) in the first six months of 2013.
Consolidated G&A expenses increased
27% to approximately $9.1 million in the first half of 2014, compared with approximately $7.2 million in the year-earlier period.
Project development expenses incurred by NSC increased by approximately $1.6 million, professional fees rose by approximately $262,000
(primarily as a result of legal fees incurred for the judicial review conducted in connection with the Company’s Cayman Island
retail license negotiations), and employee costs increased by approximately $160,000 due to base salary increases.
Interest income increased to $539,704 for
the first half of 2014, from $349,884 in the year-earlier period due to the receipt of interest due on past due accounts receivables
from the WSC in the Bahamas. Interest expense increased to $343,268 in the six months ended June 30, 2014, versus $257,270 in the
prior-year period, reflecting the prepayment premium paid for the early redemption in February 2014 of the remaining outstanding
balance on the Company’s bonds payable and the amortization of the related bond discount and deferred issuance costs.
The Company recognized earnings and profit
sharing on its investment in OC-BVI of $190,954 in the six months ended June 30, 2014, compared with $1,179,304 in the corresponding
period of the previous year. The additional earnings and profit sharing recognized in 2013 from the equity investment in OC-BVI
resulted from the payment by the British Virgin Islands government to OC-BVI in January 2013 of $2.0 million of the amount awarded
to OC-BVI as a result of the Baughers Bay litigation.
Financial Condition
“The significant changes in our consolidated
balance sheet as of June 30, 2014, when compared with December 31, 2013, resulted from a reduction in accounts receivable and the
purchase of land by our Mexico subsidiary, NSC,” observed David Sasnett, Chief Financial Officer of the Company.
“During May and June 2014, the WSC
made significant incremental payments to the Company to reduce the past due amounts it owed to our Bahamian subsidiary,”
noted Mr. Sasnett. “As a result, our consolidated accounts receivable decreased by approximately $6.9 million from December
31, 2013 to June 30, 2014.”
“In May 2014, we paid $17.4 million
to liquidate the $10 million land purchase obligation reported on our December 31, 2013 consolidated balance sheet and to complete
the land purchases for NSC’s development project in Mexico. To fund this payment, we liquidated our marketable securities,
which had a balance of approximately $8.6 million as of December 31, 2013, and obtained a $10 million demand loan,” concluded
Mr. Sasnett.
Cash Dividends
On July 31, 2014, the Company paid a quarterly
cash dividend of $0.075 per share for the 21st consecutive quarter. The Company has paid cash dividends to shareholders
since 1985.
Investor Conference Call
The Company will host a conference call
at 11:00 a.m. Eastern Time (EDT) on Tuesday, August 12, 2014. Shareholders and other interested parties may participate in the
conference call by dialing 877-374-8416 (international/local participants
dial 412-317-6716) and requesting participation in the “Consolidated Water Co. Ltd. Conference Call” a few minutes
before 11:00 a.m. EDT on August 12, 2014.
A replay of the conference call will
be available one hour after the call through 9:00 a.m. EDT on Tuesday, August 19, 2014 by dialing 877-344-7529
(international/local participants dial 412-317-0088) and entering the conference ID # 10050540, and on the Company’s
website at www.cwco.com.
CWCO-E
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and
operates seawater desalination plants and water distribution systems in areas of the world where naturally occurring supplies of
potable water are scarce or nonexistent. The Company operates water production and/or distribution facilities in the Cayman Islands,
Belize, the British Virgin Islands, The Commonwealth of The Bahamas, and Bali, Indonesia.
Consolidated Water Co. Ltd. is headquartered
in George Town, Grand Cayman, in the Cayman Islands. The Company’s ordinary (common) stock is traded on the NASDAQ Global
Select Market under the symbol “CWCO”. Additional information on the Company is available on its website at http://www.cwco.com.
This press release includes statements
that may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”,
“project”, “intend”, “expect”, “should” 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, continued acceptance of the Company’s
products and services in the marketplace, changes in its relationships with the governments of the jurisdictions in which it operates,
the outcome of its negotiations with the Cayman government regarding a new retail license agreement, its ability to successfully
secure contracts for water projects, including the projects under development in Baja California, Mexico and Bali, Indonesia, its
ability to develop and operate such projects profitably, and its ability to manage growth and other risks detailed in the Company’s
periodic report filings with the Securities and Exchange Commission (“SEC”).
By making these forward-looking statements,
the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For further information, please contact:
Frederick W. McTaggart, President and CEO,
at (345) 945-4277 or David W. Sasnett, Executive Vice President and CFO, at (954) 509-8200 or via e-mail at info@cwco.com
or
RJ Falkner & Company, Inc., Investor
Relations Counsel at (800) 377-9893 or
via e-mail at info@rjfalkner.com
(Financial Highlights Follow)
CONSOLIDATED WATER CO.
LTD.
CONDENSED CONSOLIDATED
BALANCE SHEETS
| | |
June 30, | | |
December 31, | |
| | |
2014 | | |
2013 | |
| | |
(Unaudited) | | |
| |
| ASSETS | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 34,437,295 | | |
$ | 33,626,516 | |
| Certificate of deposit | |
| 5,000,000 | | |
| - | |
| Restricted cash | |
| 515,849 | | |
| - | |
| Marketable securities | |
| - | | |
| 8,587,475 | |
| Accounts receivable, net | |
| 11,952,964 | | |
| 18,859,560 | |
| Inventory | |
| 1,536,702 | | |
| 1,383,135 | |
| Prepaid expenses and other current assets | |
| 2,413,653 | | |
| 2,435,127 | |
| Current portion of loans receivable | |
| 1,671,287 | | |
| 1,691,102 | |
| Total current assets | |
| 57,527,750 | | |
| 66,582,915 | |
| Property, plant and equipment, net | |
| 57,186,662 | | |
| 58,602,886 | |
| Construction in progress | |
| 2,459,433 | | |
| 1,450,417 | |
| Inventory, non-current | |
| 4,366,968 | | |
| 4,204,089 | |
| Loans receivable | |
| 6,488,001 | | |
| 7,337,177 | |
| Investment in OC-BVI | |
| 6,087,202 | | |
| 6,623,448 | |
| Intangible assets, net | |
| 1,005,944 | | |
| 1,096,488 | |
| Goodwill | |
| 3,499,037 | | |
| 3,499,037 | |
| Investment in land | |
| 20,558,424 | | |
| 13,175,566 | |
| Other assets | |
| 2,831,273 | | |
| 2,792,831 | |
| Total assets | |
$ | 162,010,694 | | |
$ | 165,364,854 | |
| | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable and other current liabilities | |
$ | 7,464,657 | | |
$ | 7,157,896 | |
| Dividends payable | |
| 1,166,962 | | |
| 1,164,026 | |
| Demand loan payable | |
| 10,000,000 | | |
| - | |
| Current portion of long term debt | |
| - | | |
| 5,205,167 | |
| Land purchase obligation | |
| - | | |
| 10,050,000 | |
| Total current liabilities | |
| 18,631,619 | | |
| 23,577,089 | |
| Other liabilities | |
| 264,827 | | |
| 289,392 | |
| Total liabilities | |
| 18,896,446 | | |
| 23,866,481 | |
| Commitments and contingencies | |
| | | |
| | |
| Equity | |
| | | |
| | |
| Consolidated Water Co. Ltd. stockholders' equity | |
| | | |
| | |
| Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 41,853 and 37,408 shares, respectively | |
| 25,112 | | |
| 22,445 | |
| Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 14,698,499 and 14,686,197 shares, respectively | |
| 8,819,099 | | |
| 8,811,718 | |
| Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued or outstanding | |
| - | | |
| - | |
| Additional paid-in capital | |
| 83,640,224 | | |
| 83,381,387 | |
| Retained earnings | |
| 48,360,630 | | |
| 47,155,548 | |
| Cumulative translation adjustment | |
| (437,454 | ) | |
| (471,983 | ) |
| Total Consolidated Water Co. Ltd. stockholders' equity | |
| 140,407,611 | | |
| 138,899,115 | |
| Non-controlling interests | |
| 2,706,637 | | |
| 2,599,258 | |
| Total equity | |
| 143,114,248 | | |
| 141,498,373 | |
| Total liabilities and equity | |
$ | 162,010,694 | | |
$ | 165,364,854 | |
CONSOLIDATED WATER CO.
LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(UNAUDITED)
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Retail water revenues |
|
$ |
6,499,257 |
|
|
$ |
6,179,597 |
|
|
$ |
12,612,218 |
|
|
$ |
12,574,609 |
|
| Bulk water revenues |
|
|
9,966,194 |
|
|
|
10,162,572 |
|
|
|
19,925,930 |
|
|
|
20,019,262 |
|
| Services revenues |
|
|
466,381 |
|
|
|
227,211 |
|
|
|
742,294 |
|
|
|
530,706 |
|
| Total revenues |
|
|
16,931,832 |
|
|
|
16,569,380 |
|
|
|
33,280,442 |
|
|
|
33,124,577 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of retail revenues |
|
|
3,119,483 |
|
|
|
2,870,175 |
|
|
|
6,050,859 |
|
|
|
5,704,927 |
|
| Cost of bulk revenues |
|
|
6,895,914 |
|
|
|
7,047,346 |
|
|
|
14,007,459 |
|
|
|
14,234,759 |
|
| Cost of services revenues |
|
|
546,389 |
|
|
|
254,338 |
|
|
|
881,653 |
|
|
|
566,863 |
|
| Total cost of revenues |
|
|
10,561,786 |
|
|
|
10,171,859 |
|
|
|
20,939,971 |
|
|
|
20,506,549 |
|
| Gross profit |
|
|
6,370,046 |
|
|
|
6,397,521 |
|
|
|
12,340,471 |
|
|
|
12,618,028 |
|
| General and administrative expenses |
|
|
3,781,161 |
|
|
|
3,594,762 |
|
|
|
9,123,794 |
|
|
|
7,163,698 |
|
| Income from operations |
|
|
2,588,885 |
|
|
|
2,802,759 |
|
|
|
3,216,677 |
|
|
|
5,454,330 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
366,772 |
|
|
|
169,796 |
|
|
|
539,704 |
|
|
|
349,884 |
|
| Interest expense |
|
|
(47,531 |
) |
|
|
(124,845 |
) |
|
|
(343,268 |
) |
|
|
(257,270 |
) |
| Profit sharing income from OC-BVI |
|
|
30,375 |
|
|
|
27,652 |
|
|
|
50,625 |
|
|
|
315,111 |
|
| Equity in earnings of OC-BVI |
|
|
85,840 |
|
|
|
76,332 |
|
|
|
140,329 |
|
|
|
864,193 |
|
| Other |
|
|
(117,803 |
) |
|
|
63,544 |
|
|
|
80,493 |
|
|
|
152,677 |
|
| Other income (expense), net |
|
|
317,653 |
|
|
|
212,479 |
|
|
|
467,883 |
|
|
|
1,424,595 |
|
| Net income |
|
|
2,906,538 |
|
|
|
3,015,238 |
|
|
|
3,684,560 |
|
|
|
6,878,925 |
|
| Income attributable to non-controlling interests |
|
|
146,845 |
|
|
|
161,388 |
|
|
|
269,958 |
|
|
|
283,072 |
|
| Net income attributable to Consolidated Water Co. Ltd. stockholders |
|
$ |
2,759,693 |
|
|
$ |
2,853,850 |
|
|
$ |
3,414,602 |
|
|
$ |
6,595,853 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders |
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
$ |
0.23 |
|
|
$ |
0.45 |
|
| Diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders |
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
$ |
0.23 |
|
|
$ |
0.45 |
|
| Dividends declared per common share |
|
$ |
0.075 |
|
|
$ |
0.075 |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of common shares used in the determination of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
|
|
14,698,499 |
|
|
|
14,636,916 |
|
|
|
14,692,654 |
|
|
|
14,617,613 |
|
| Diluted earnings per share |
|
|
14,760,159 |
|
|
|
14,684,515 |
|
|
|
14,764,058 |
|
|
|
14,659,593 |
|
CONSOLIDATED WATER CO.
LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Net income |
|
$ |
2,906,538 |
|
|
$ |
3,015,238 |
|
|
$ |
3,684,560 |
|
|
$ |
6,878,925 |
|
| Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation adjustment |
|
|
(64,110 |
) |
|
|
(50,558 |
) |
|
|
36,346 |
|
|
|
(73,261 |
) |
| Total other comprehensive income (loss) |
|
|
(64,110 |
) |
|
|
(50,558 |
) |
|
|
36,346 |
|
|
|
(73,261 |
) |
| Comprehensive income |
|
|
2,842,428 |
|
|
|
2,964,680 |
|
|
|
3,720,906 |
|
|
|
6,805,664 |
|
| Comprehensive income attributable to the non-controlling interest |
|
|
143,639 |
|
|
|
158,860 |
|
|
|
271,775 |
|
|
|
279,409 |
|
| Comprehensive income attributable to Consolidated Water Co. Ltd. stockholders |
|
$ |
2,698,789 |
|
|
$ |
2,805,820 |
|
|
$ |
3,449,131 |
|
|
$ |
6,526,255 |
|
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