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
November 9, 2015
(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 November 9, 2015, Consolidated Water
Co. Ltd. (the “Company”) issued a press release announcing its results of operations for the third quarter ended September
30, 2015. 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.
(d) Exhibits.
| Exhibit No. |
|
Title |
| |
|
|
| 99.1 |
|
Press release issued by the Company on November 9, 2015. |
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: November 10, 2015 |
|
|
EXHIBIT INDEX
| Exhibit |
|
Description |
| |
|
|
| 99.1 |
|
Press release issued by the Company on November 9, 2015. |
Exhibit 99.1
For Immediate Release
CONSOLIDATED WATER CO. LTD.
REPORTS THIRD QUARTER OPERATING RESULTS
GEORGE TOWN, Grand Cayman, Cayman Islands
(November 9, 2015) -- 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 third quarter and first nine months of 2015. The Company will host an investor conference call on Tuesday, November 10,
2015 at 11:00 a.m. Eastern Time (see details below) to discuss its operating results and other topics of interest.
Third Quarter Operating Results
Net income attributable to the Company’s
stockholders totaled $1,775,500, or $0.12 per diluted share, for the quarter ended September 30, 2015, compared with $1,882,692,
or $0.13 per diluted share, for the quarter ended September 30, 2014.
Total revenues declined by approximately
14% to $14.6 million in the third quarter of 2015, compared with approximately $17.0 million in the third quarter of 2014. The
decrease in revenues was attributable to lower revenues in all three of the Company’s business segments.
Retail water revenues totaled approximately
$5.8 million in the third quarter of 2015, compared with approximately $5.9 million in the prior-year period. While the volume
of water sold by the retail segment was comparable with prior-year levels, revenues declined due to a decrease in electricity prices
from 2014 to 2015 that reduced the energy component of the Company’s retail water rates. Under the terms of the Company’s
retail license, a portion of the rates it charges customers is adjusted upward or downward consistent with movements in the price
the Company pays for electricity.
Bulk water revenues were approximately
$7.9 million in the third quarter of 2015, compared with approximately $9.9 million in the year-earlier period. The decrease in
bulk revenues was attributable to both the Bahamas and Cayman operations, where revenues decreased by approximately $1,444,000
and $487,000, respectively, from the prior-year period. The 2015 revenue decrease for bulk operations resulted from declines of
14% and 4% in the volumes of water sold by the Bahamas and Cayman operations, respectively, as well as from significant decreases
in the prices of diesel fuel and electricity from 2014 to 2015 that reduced the energy component of the Company’s bulk water
rates. Lower volumes of water sold in the Bahamas reflected continuing water conservation and loss mitigation efforts by the Water
and Sewerage Corporation of the Bahamas. Lower volumes of water sold in the Cayman Islands resulted from a decrease in demand from
the Water Authority – Cayman (“WAC”).
Services segment revenues declined to $857,441
in the most recent quarter, compared with $1,178,710 a year earlier. The decrease was due to declines in plant construction revenues
and lower procurement services fees.
Consolidated gross profit decreased to
approximately $5.5 million (38% of total revenues) in the most recent quarter, versus approximately $5.7 million (33% of total
revenues) in the 2014 quarter. Gross profit on retail revenues increased slightly to approximately $3.1 million (53% of retail
revenues) in the three months ended September 30, 2015, compared with approximately $3.0 million (50% of retail revenues) in the
year-earlier period. The slight improvement in retail gross profit margin as a percentage of revenues was due to improved operating
efficiencies and lower energy costs in 2015 as compared to 2014. Gross profit on bulk revenues declined to approximately $2.3 million
(29% of bulk revenues), compared with approximately $2.8 million (28% of bulk revenues) a year earlier. Total gross profit dollars
from bulk operations decreased due to lower revenues in 2015. The services segment incurred a gross profit of $195,240 in the third
quarter of 2015, compared with a negative gross profit of ($83,236) in the prior-year quarter.
The retail segment contributed $442,809
and $250,658 to the Company’s income from operations in the third quarters of 2015 and 2014, respectively. The bulk segment
contributed $1,917,226 to income from operations in the third quarter of 2015, compared with $2,282,396 in the prior-year quarter.
The services segment incurred an operating loss of ($206,259) in the most recent quarter, versus an operating loss of ($817,695)
in the third quarter of 2014. The services segment is expected to continue to incur losses from operations while the Company continues
to fund the project development activities of its Mexico subsidiary, N.S.C. Agua, S.A. de C.V. (“NSC”), and/or until
such time as significant new management services or plant construction contracts are obtained.
Consolidated general and administrative
expenses (“G&A”) decreased to approximately $3.4 million in the third quarter of 2015, compared with approximately
$4.0 million a year earlier. The lower G&A expenses in the third quarter of 2015, relative to the prior-year quarter of 2014,
primarily resulted from a $163,000 decrease in legal fees related to retail license negotiations in the Cayman Islands and a $312,000
reduction in project development expenses incurred by NSC.
Interest income decreased to $270,830 in
the three months ended September 30, 2015, compared with $334,499 in the same 2014 quarter, due to lower interest earned on delinquent
receivables in 2015.
The Company recognized earnings and profit
sharing on its equity investment in Ocean Conversion (BVI) Ltd. (“OC-BVI”) of $101,644 in the third quarter of 2015,
compared with $111,855 in the third quarter of 2014. As a result of the projected declining cash flows from OC-BVI’s Bar
Bay contract, the Company recorded an impairment charge of $225,000 in the third quarter of 2015 to reduce the carrying value of
its equity investment in OC-BVI to its estimated fair value.
Other expense increased to $383,511 for
the third quarter of 2015 from $101,297 for the third quarter of 2014 due to incremental foreign currency losses of approximately
$225,000 recorded for the Company’s CW-Bali subsidiary.
Management Comments
“The improvement to income from operations
in the most recent quarter was due to a reduction in general and administrative expenses
related to our development project in Mexico,” stated Mr. Rick McTaggart, Chief Executive Officer of Consolidated Water Co.
Ltd. “However, net income declined slightly, from approximately $1.9 million in the third quarter of 2014 to $1.8 million
in the third quarter of 2015, due to a $225,000 non-cash impairment charge in the 2015 quarter against our investment in OC-BVI,
as well as higher foreign currency losses for our Bali, Indonesia operations.”
“I
am pleased to report that negotiations between the Company and the Cayman Islands Regulator for our new water utility license recommenced
in earnest this past quarter. Earlier this year, our existing license was extended through December 31, 2015 to facilitate negotiations
for the new license. We are encouraged by the present tone and the constructiveness of these renewed negotiations.”
“I
am also very pleased to announce that our 100 million gallon-per-day desalination plant project in Baja California, Mexico reached
two very important milestones within the past several months,” continued Mr. McTaggart.
“Firstly,
in response to our March 2015 APP Proposal, we received a letter dated June 30, 2015 from the Director General of the Baja California
State Water Commission (“CEA”), the state agency with responsibility for the Project, in which the CEA stated that
our project is in the public interest with high social benefits, and is consistent with the objectives of the State Development
Plan, and therefore the Project should proceed and the required public tender should be called.”
“Consequently,
on Friday, November 6, 2015, the State of Baja California, Mexico, officially commenced the tender for the Project and has set
March 23, 2016 as the tender submission date. The State tendering process requires that bidders provide certain legal, technical
and financial qualifications in order to obtain the tender documents. We are currently working through this process with our Project
partners and look forward to providing a fully responsive and competitive tender to the State. After spending more than five years
and approximately $37 million developing this very important project for the region, we are extremely pleased that the Rosarito
Project has reached these major milestones and we will keep investors updated on any material developments related to this Project,”
concluded Mr. McTaggart.
Nine-Month Operating Results
Net income attributable to the Company’s
stockholders increased 12% to $5,924,861, or $0.40 per diluted share, for the nine months ended September 30, 2015, compared with
$5,297,294, or $0.36 per diluted share, for the first nine months of 2014.
Total revenues were approximately $43.8
million in the first nine months of 2015, compared with approximately $50.3 million in the corresponding period of the previous
year. The decrease in revenues was attributable to lower revenues in all three of the Company’s business segments.
Retail water revenues declined modestly
to approximately $18.1 million for the nine months ended September 30, 2015, compared with approximately $18.5 million in the prior-year
period. The decrease in revenues was attributable to a decrease in electricity prices from 2014 to 2015 that reduced the energy
component of the Company’s retail water rates.
Bulk water revenues declined to approximately
$24.5 million in the nine months ended September 30, 2015, compared with approximately $29.8 million in the year-earlier period.
The decrease in bulk revenues was attributable to both the Bahamas and Cayman operations, where the volumes of water sold decreased
12% and 3%, respectively, from the prior-year period. Also, significant decreases in the prices of diesel fuel and electricity
from 2014 to 2015 reduced the energy component of the Company’s bulk water rates.
Services segment revenues totaled $1,151,810
in the first nine months of 2015, compared with $1,921,004 a year earlier. The decrease was due to declines in plant construction
revenues of approximately $549,000 and procurement services fees of approximately $220,000.
Consolidated gross profit declined to approximately
$17.5 million (40% of total revenues) in the most recent nine-month period, versus approximately $18.0 million (36% of total revenues)
in the first nine months of 2014. Gross profit on retail revenues remained consistent at approximately $9.7 million (54% of retail
revenues) in the nine months ended September 30, 2015, compared with approximately $9.6 million (51% of retail revenues) in the
year-earlier period. Gross profit on bulk revenues declined to approximately $7.8 million (32% of bulk revenues), compared with
approximately $8.7 million (29% of bulk revenues) a year earlier. The services segment incurred a negative gross profit of ($8,026)
in the first nine months of 2015, compared with a negative gross profit of ($222,595) in the prior-year period.
The retail segment contributed $1,640,683
and $1,080,496 to the Company’s income from operations in the first nine months of 2015 and 2014, respectively. The bulk
segment contributed $6,574,093 to income from operations in the first nine months of 2015, compared with $7,440,494 in the corresponding
period of 2014. The services business segment incurred an operating loss of ($1,501,944) in the nine months ended September 30,
2015, versus an operating loss of ($3,588,954) in the year-earlier period. The services segment is expected to continue to incur
losses from operations while the Company continues to fund the project development activities of its Mexico subsidiary, NSC, and/or
until such time as significant new management services or plant construction contracts are obtained.
Consolidated G&A declined to approximately
$10.8 million in the 2015 nine-month period, compared with approximately $13.1 million a year earlier. The decrease in G&A
expenses in the first nine months of 2015, relative to the 2014 period, of approximately $2.3 million, resulted primarily from
a $461,000 decrease in professional fees related to the judicial review conducted in connection with the retail license negotiations
in the Cayman Islands and an approximate $1,802,000 reduction in project development expenses incurred by NSC.
Interest expense decreased to $204,027
in the nine months ended September 30, 2015, compared with $413,783 in the 2014 period, reflecting the prepayment premium paid
for the early redemption in February 2014 on the remaining outstanding balance on the Company’s bonds payable and the amortization
of the related bond discount and deferred issuance costs.
As a result of the declining cash flows
projected from its Bar Bay contract, the Company recorded impairment charges during the first nine months of 2015 aggregating $810,000
to reduce the carrying value of its investment in OC-BVI to its estimated fair value.
Other expense increased to $530,618 for
the first nine months of 2015 from $20,804 for same period of 2014 due to incremental foreign currency losses of approximately
$471,000 recorded for CW-Bali.
Cash Dividends
On October 31, 2015, the Company paid a
quarterly cash dividend of $0.075 per share to shareholders of record at the close of business on October 1, 2015. 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 (EST) on Tuesday, November 10, 2015 to discuss its operating results for the third quarter and first
nine months of 2015, along with other topics of interest. 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. EST on Tuesday, November 10, 2015.
A replay of the conference call will
be available one hour after the call through 9:00 a.m. EST on Tuesday, November 17, 2015 by dialing 877-344-7529
(international/local participants dial 412-317-0088) and entering the conference ID # 10075644, 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
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
(Unaudited) |
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
40,766,125 |
|
|
$ |
35,713,689 |
|
| Certificate of deposit |
|
|
5,637,538 |
|
|
|
5,000,000 |
|
| Restricted cash |
|
|
433,218 |
|
|
|
456,083 |
|
| Accounts receivable, net |
|
|
9,914,534 |
|
|
|
11,773,744 |
|
| Inventory |
|
|
1,745,946 |
|
|
|
1,738,382 |
|
| Prepaid expenses and other current assets |
|
|
1,985,965 |
|
|
|
1,612,860 |
|
| Current portion of loans receivable |
|
|
1,812,261 |
|
|
|
1,726,310 |
|
| Costs and estimated earnings in excess of billings - construction projects |
|
|
1,499,384 |
|
|
|
1,090,489 |
|
| Total current assets |
|
|
63,794,971 |
|
|
|
59,111,557 |
|
| Property, plant and equipment, net |
|
|
53,761,233 |
|
|
|
56,396,988 |
|
| Construction in progress |
|
|
2,529,161 |
|
|
|
1,900,016 |
|
| Inventory, non-current |
|
|
4,478,029 |
|
|
|
4,240,977 |
|
| Loans receivable |
|
|
4,240,725 |
|
|
|
5,610,867 |
|
| Investment in OC-BVI |
|
|
4,686,670 |
|
|
|
5,208,603 |
|
| Intangible assets, net |
|
|
810,834 |
|
|
|
927,900 |
|
| Goodwill |
|
|
3,499,037 |
|
|
|
3,499,037 |
|
| Land held for development |
|
|
20,558,424 |
|
|
|
20,558,424 |
|
| Other assets |
|
|
2,793,238 |
|
|
|
3,005,462 |
|
| Total assets |
|
$ |
161,152,322 |
|
|
$ |
160,459,831 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Accounts payable and other current liabilities |
|
$ |
4,938,617 |
|
|
$ |
5,962,015 |
|
| Dividends payable |
|
|
1,192,867 |
|
|
|
1,190,325 |
|
| Demand loan payable |
|
|
7,500,000 |
|
|
|
9,000,000 |
|
| Total current liabilities |
|
|
13,631,484 |
|
|
|
16,152,340 |
|
| Other liabilities |
|
|
224,827 |
|
|
|
224,827 |
|
| Total liabilities |
|
|
13,856,311 |
|
|
|
16,377,167 |
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
| Consolidated Water Co. Ltd. stockholders' equity |
|
|
|
|
|
|
|
|
| Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 39,164 and 36,840 shares, respectively |
|
|
23,498 |
|
|
|
22,104 |
|
| Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 14,750,800 and 14,715,899 shares, respectively |
|
|
8,850,480 |
|
|
|
8,829,539 |
|
| Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued |
|
|
- |
|
|
|
- |
|
| Additional paid-in capital |
|
|
84,303,569 |
|
|
|
83,779,292 |
|
| Retained earnings |
|
|
51,601,238 |
|
|
|
49,000,621 |
|
| Cumulative translation adjustment |
|
|
(525,352 |
) |
|
|
(482,388 |
) |
| Total Consolidated Water Co. Ltd. stockholders' equity |
|
|
144,253,433 |
|
|
|
141,149,168 |
|
| Non-controlling interests |
|
|
3,042,578 |
|
|
|
2,933,496 |
|
| Total equity |
|
|
147,296,011 |
|
|
|
144,082,664 |
|
| Total liabilities and equity |
|
$ |
161,152,322 |
|
|
$ |
160,459,831 |
|
CONSOLIDATED WATER CO.
LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(UNAUDITED)
| |
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| Retail revenues |
|
$ |
5,828,288 |
|
|
$ |
5,936,623 |
|
|
$ |
18,116,111 |
|
|
$ |
18,548,841 |
|
| Bulk revenues |
|
|
7,919,920 |
|
|
|
9,905,723 |
|
|
|
24,489,509 |
|
|
|
29,831,653 |
|
| Services revenues |
|
|
857,441 |
|
|
|
1,178,710 |
|
|
|
1,151,810 |
|
|
|
1,921,004 |
|
| Total revenues |
|
|
14,605,649 |
|
|
|
17,021,056 |
|
|
|
43,757,430 |
|
|
|
50,301,498 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of retail revenues |
|
|
2,752,358 |
|
|
|
2,945,756 |
|
|
|
8,400,744 |
|
|
|
8,996,615 |
|
| Cost of bulk revenues |
|
|
5,644,699 |
|
|
|
7,113,039 |
|
|
|
16,727,592 |
|
|
|
21,120,498 |
|
| Cost of services revenues |
|
|
662,201 |
|
|
|
1,261,946 |
|
|
|
1,159,836 |
|
|
|
2,143,599 |
|
| Total cost of revenues |
|
|
9,059,258 |
|
|
|
11,320,741 |
|
|
|
26,288,172 |
|
|
|
32,260,712 |
|
| Gross profit |
|
|
5,546,391 |
|
|
|
5,700,315 |
|
|
|
17,469,258 |
|
|
|
18,040,786 |
|
| General and administrative expenses |
|
|
3,392,615 |
|
|
|
3,984,956 |
|
|
|
10,756,426 |
|
|
|
13,108,750 |
|
| Income from operations |
|
|
2,153,776 |
|
|
|
1,715,359 |
|
|
|
6,712,832 |
|
|
|
4,932,036 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
270,830 |
|
|
|
334,499 |
|
|
|
762,613 |
|
|
|
874,203 |
|
| Interest expense |
|
|
(66,566 |
) |
|
|
(70,515 |
) |
|
|
(204,027 |
) |
|
|
(413,783 |
) |
| Profit sharing income from OC-BVI |
|
|
28,350 |
|
|
|
30,375 |
|
|
|
76,950 |
|
|
|
81,000 |
|
| Equity in earnings of OC-BVI |
|
|
73,294 |
|
|
|
81,480 |
|
|
|
211,117 |
|
|
|
221,809 |
|
| Impairment of investment in OC-BVI |
|
|
(225,000 |
) |
|
|
- |
|
|
|
(810,000 |
) |
|
|
- |
|
| Other |
|
|
(383,511 |
) |
|
|
(101,297 |
) |
|
|
(530,618 |
) |
|
|
(20,804 |
) |
| Other income (expense), net |
|
|
(302,603 |
) |
|
|
274,542 |
|
|
|
(493,965 |
) |
|
|
742,425 |
|
| Net income |
|
|
1,851,173 |
|
|
|
1,989,901 |
|
|
|
6,218,867 |
|
|
|
5,674,461 |
|
| Income attributable to non-controlling interests |
|
|
75,673 |
|
|
|
107,209 |
|
|
|
294,006 |
|
|
|
377,167 |
|
| Net income attributable to Consolidated Water Co. Ltd. stockholders |
|
$ |
1,775,500 |
|
|
$ |
1,882,692 |
|
|
$ |
5,924,861 |
|
|
$ |
5,297,294 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders |
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
$ |
0.40 |
|
|
$ |
0.36 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders |
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
$ |
0.40 |
|
|
$ |
0.36 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared per common share |
|
$ |
0.075 |
|
|
$ |
0.075 |
|
|
$ |
0.225 |
|
|
$ |
0.225 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of common shares used in the determination of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
|
|
14,749,249 |
|
|
|
14,700,939 |
|
|
|
14,734,799 |
|
|
|
14,695,446 |
|
| Diluted earnings per share |
|
|
14,802,322 |
|
|
|
14,763,914 |
|
|
|
14,787,904 |
|
|
|
14,764,127 |
|
CONSOLIDATED WATER CO.
LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| |
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| Net income |
|
$ |
1,851,173 |
|
|
$ |
1,989,901 |
|
|
$ |
6,218,867 |
|
|
$ |
5,674,461 |
|
| Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation adjustment |
|
|
(2,475 |
) |
|
|
(29,873 |
) |
|
|
(45,226 |
) |
|
|
6,473 |
|
| Total other comprehensive income (loss) |
|
|
(2,475 |
) |
|
|
(29,873 |
) |
|
|
(45,226 |
) |
|
|
6,473 |
|
| Comprehensive income |
|
|
1,848,698 |
|
|
|
1,960,028 |
|
|
|
6,173,641 |
|
|
|
5,680,934 |
|
| Comprehensive income attributable to non-controlling interests |
|
|
75,550 |
|
|
|
105,716 |
|
|
|
291,745 |
|
|
|
377,491 |
|
| Comprehensive income attributable to Consolidated Water Co. Ltd. stockholders |
|
$ |
1,773,148 |
|
|
$ |
1,854,312 |
|
|
$ |
5,881,896 |
|
|
$ |
5,303,443 |
|
Consolidated Water (NASDAQ:CWCO)
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From Mar 2024 to Apr 2024
Consolidated Water (NASDAQ:CWCO)
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From Apr 2023 to Apr 2024
