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, 2023. All comparisons are to the same prior year 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 2023 Financial Highlights
- Total revenue increased 110% to
$44.2 million.
- Retail revenue increased 16% to $7.6
million.
- Services revenue increased 377% to
$24.1 million, with recurring services revenue generated from
operation and maintenance contracts up 11% to $3.9 million.
- Manufacturing revenue increased to
$4.1 million.
- Net income from continuing
operations attributable to company stockholders was $7.5 million or
$0.47 per diluted share, up 178% from $2.7 million or $0.18 per
diluted share in the same year-ago period.
- Paid quarterly cash dividend of
$0.085 per share ($0.34 on an annualized basis).
- Cash and cash equivalents totaled
$47.7 million as of June 30, 2023.
Second Quarter 2023 Operational Highlights
- Signed $204 million contract to
design, build, operate and maintain a seawater desalination plant
in Hawaii.
- Volume of water sold in Grand Cayman
retail segment increased 14% primarily due to increased tourist
activity on Grand Cayman, with tourism in 2022 was lower than
historical levels due to the lingering impact of the COVID-19
pandemic.
- Recognized $17.6 million in revenue
from PERC Water’s progress on the construction of a $82 million
advanced water treatment plant in Goodyear, Arizona. The
construction is on track for completion next year.
Management Commentary
“I‘m truly gratified and excited to mark the company’s 50th
anniversary this month by reporting record quarterly and six-month
financial results,” commented Consolidated Water CEO, Rick
McTaggart. “In Q2, our revenue increased by 110% to $44.2 million,
reflecting another strong period of growth across all four of our
business segments. Our retail water segment benefited from a 14%
increase in the volume of water sold in Grand Cayman, which we
attribute to improved tourist activity over last year when tourism
was lower than historical levels due to the lingering impact of the
pandemic.
“Our services revenue grew by $19 million, mostly due to the
progress our PERC Water subsidiary has made on the construction of
an $82 million advanced water treatment plant in Goodyear, Arizona
that we announced in May of last year. Construction is progressing
as planned, and we anticipate generating significant additional
revenue from this project until the plant’s anticipated
commissioning and startup in mid-2024.
“PERC’s continued strong operating performance, revenue growth
and synergies with other areas of our business have significantly
improved our overall top and bottom line. Its strong operational
presence in the Southwestern U.S. — a region that urgently needs
new fresh water sources due to unprecedented drought conditions —
has positioned us for further growth and development in this
important segment of our business.
“In our Caribbean seawater desalination business, the revenue we
recognized from the design and construction of the 2.6 million
gallon per day Red Gate desalination plant for the Water Authority
of the Cayman Islands also contributed to the year-over-year
increase in services revenue. Construction remains on track and is
expected to be completed in early 2024.
“Our new Cayman Water 1 million gallon per day West Bay
desalination plant is replacing a 30-year-old plant and supplements
production capacity for our retail water business in Grand Cayman.
The plant is expected to go online next month in time to meet the
higher retail water demand we typically experience from
mid-December through April in Grand Cayman.
“In July, we entered the U.S. desalination market for the first
time with a $204 million contract to design, build, operate and
maintain a seawater desalination plant in Hawaii. We believe
winning this contract was due to our proven ability in designing,
building and operating some of the world’s most energy-efficient
seawater desalination plants, as well as the exceptional project
track record that our team was able to demonstrate to our new
client, the Board of Water Supply of Honolulu. We also believe this
entrance into the U.S. desalination plant market positions us well
for the additional opportunities we are pursuing in the Western
U.S.
“We will be commemorating our 50th year of operating with the
ringing of the Nasdaq opening bell on Monday. From our humble
beginnings, Consolidated Water has pursued a mission to provide
state-of-the-art water services to areas of the world where the
supply of potable water is scarce. Our dedicated team of engineers,
builders and operators have long recognized that fresh water is the
most precious resource in the world. Today, we produce more than 25
million gallons of potable water daily from our 11 seawater
desalination plants in the Caribbean, and operate 27 water and
wastewater treatment facilities in the Western U.S.
“We remain very optimistic about our further growth for numerous
reasons. This includes the recovery of tourism in Grand Cayman and
our ongoing construction projects underway there and in the U.S.,
as well as the increased project bidding activity we are seeing in
the U.S. We also anticipate that the more than $350 million in
major multi-year projects that we secured over the last 18 months
will have an increasing positive impact on our earnings in future
quarters.
“We believe these activities and achievements, combined with the
current positive trends in our markets, represent strong drivers
for continued growth, increased profitability, and further
strengthening of shareholder value.”
Second Quarter 2023 Financial Summary
Revenue for the second quarter of 2023 totaled $44.2 million, up
110% compared to $21.1 million in the same year-ago period. The
increase was driven by increases of $1.0 million in the retail
segment, $59,000 in the bulk segment, $19.0 million in the services
segment and $3.0 million in the manufacturing segment.
Retail revenue increased primarily due to a 14% increase in the
volume of water sold, as well as the result of higher energy costs
that increased the energy pass-through component of the company’s
water rates and a more favorable rate mix.
The increase in services segment revenue was due to an increase
in plant design and construction revenue. The company recognized
approximately $17.6 million in revenue in the second quarter of
2023 for the construction of a water treatment plant in Goodyear,
Arizona. Revenue generated under operations and maintenance
contracts totaled $3.9 million in the second quarter of 2023, up
11% as compared to $3.5 million in the same year-ago period.
The increase in manufacturing segment revenue was due to
increased production activity.
Gross profit for the second quarter of 2023 was $15.5 million or
35.0% of total revenue, up 107% from $7.5 million or 35.5% of total
revenue for the same year-ago period.
Net income from continuing operations attributable to
stockholders for the second quarter of 2023 was $7.5 million or
$0.47 per diluted share, compared to net income of $2.7 million or
$0.18 per diluted share for the same year-ago period.
Net income attributable to Consolidated Water stockholders for
the second quarter of 2023, which includes the results of
discontinued operations, was $7.3 million or $0.46 per fully
diluted share, up from a net income of $2.3 million or $0.15 per
basic and fully diluted share for the same year-ago period.
Cash and cash equivalents totaled $47.7 million as of June 30,
2023, as compared to $51.1 million as of March 31, 2023, with
working capital at $75.5 million, debt of $0.3 million, and
stockholders’ equity totaling $170.3 million.First Half
2023 Financial Summary
Revenue for the first half of 2023 was $77.1 million, up 90%
compared to $40.6 million in the same year-ago period. The increase
was primarily driven by increases of $2.5 million in the retail
segment, $1.7 million in the bulk segment, $27.0 million in the
services segment and $5.2 million in the manufacturing segment.
Retail revenue increased primarily due to a 17% increase in the
volume of water sold. The volume of water sold in the Cayman Water
license area increased by 15% and the remaining 2% increase in the
volume of water sold was due to water sales made by Cayman Water
directly to the WAC in January and February of 2023.
The retail revenue increased also as a result of higher energy
costs that increased the energy pass-through component of the
company’s retail 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 9% in the volume of water sold by
CW-Bahamas.
The increase in services segment revenue was due to an increase
in plant design and construction revenue. The company recognized
approximately $24.1 million in revenue for the construction of a
water treatment plant in Goodyear, Arizona in the first half of
2023. Revenue generated under operations and maintenance contracts
totaled $7.5 million in the first half of 2023, up 5% as compared
to $7.1 million in the same year-ago period.
The increase in manufacturing segment revenue was due to higher
project activity.
Gross profit for the first half of 2023 was $26.0 million or
33.7% of total revenue, up 78% from $14.6 million or 36.0% of total
revenue in the same year-ago period.
Net income from continuing operations attributable to
stockholders for the first half of 2023 was $11.6 million or $0.73
per diluted share, compared to net income of $5.0 million or $0.33
per diluted share in the same year-ago period.
Net income attributable to Consolidated Water stockholders for
the half of 2023, which includes the results of discontinued
operations, was $11.1 million or $0.70 per fully diluted share, up
from net income of $4.0 million or $0.26 per fully diluted share in
the same year-ago period.
Second Quarter Segment Results
|
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|
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| |
|
Three Months Ended June 30, 2023 |
| |
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
|
$ |
7,573,329 |
|
|
$ |
8,482,495 |
|
$ |
24,093,963 |
|
$ |
4,087,476 |
|
$ |
44,237,263 |
|
| Cost of
revenue |
|
|
3,433,132 |
|
|
|
5,931,735 |
|
|
16,248,141 |
|
|
3,160,706 |
|
|
28,773,714 |
|
| Gross
profit |
|
|
4,140,197 |
|
|
|
2,550,760 |
|
|
7,845,822 |
|
|
926,770 |
|
|
15,463,549 |
|
| General
and administrative expenses |
|
|
4,265,535 |
|
|
|
379,900 |
|
|
904,560 |
|
|
434,920 |
|
|
5,984,915 |
|
| Gain on
asset dispositions and impairments, net |
|
|
— |
|
|
|
1,000 |
|
|
— |
|
|
— |
|
|
1,000 |
|
| Income
(loss) from operations |
|
$ |
(125,338 |
) |
|
$ |
2,171,860 |
|
$ |
6,941,262 |
|
$ |
491,850 |
|
|
9,479,634 |
|
| Other
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
129,131 |
|
| Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,608,765 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,940,067 |
|
| Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,668,698 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137,226 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,531,472 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(207,701 |
) |
| Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,323,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,152 |
|
| Net
income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,941,916 |
|
| Income
attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
232,197 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,709,719 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(419,833 |
) |
| Net
income attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,289,886 |
|
First Half Segment Results
| |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended June 30, 2023 |
| |
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
|
$ |
15,344,424 |
|
|
$ |
17,486,868 |
|
$ |
36,815,664 |
|
$ |
7,459,297 |
|
$ |
77,106,253 |
|
| Cost of revenue |
|
|
6,983,926 |
|
|
|
12,174,881 |
|
|
26,292,219 |
|
|
5,632,596 |
|
|
51,083,622 |
|
| Gross profit |
|
|
8,360,498 |
|
|
|
5,311,987 |
|
|
10,523,445 |
|
|
1,826,701 |
|
|
26,022,631 |
|
| General and administrative
expenses |
|
|
8,442,642 |
|
|
|
732,875 |
|
|
1,993,232 |
|
|
852,828 |
|
|
12,021,577 |
|
| Gain (loss) on asset
dispositions and impairments, net |
|
|
(7,287 |
) |
|
|
12,270 |
|
|
— |
|
|
1,933 |
|
|
6,916 |
|
| Income (loss) from
operations |
|
$ |
(89,431 |
) |
|
$ |
4,591,382 |
|
$ |
8,530,213 |
|
$ |
975,806 |
|
|
14,007,970 |
|
| Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
286,190 |
|
| Income before income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,294,160 |
|
| Provision for income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,389,552 |
|
| Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,904,608 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300,347 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,604,261 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(466,864 |
) |
| Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,137,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
| Benefit
from income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,027,147 |
) |
| Net
income attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,006,701 |
|
Conference CallConsolidated Water management
will host a conference call tomorrow to discuss these results,
which will include a question-and-answer period.
Date: Friday, August 11, 2023Time: 11:00 a.m. Eastern time (8:00
a.m. Pacific time)Toll-free dial-in number:
1-844-875-6913International dial-in number:
1-412-317-6709Conference ID: 5868888
Please call the conference telephone number five minutes prior
to the start time. An operator will register your name and
organization. If you require any assistance connecting with the
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 18, 2023, as well as available
for replay via the Investors section of the Consolidated Water
website at www.cwco.com.
Toll-free replay number: 1-877-344-7529International replay
number: 1-412-317-0088Replay ID: 5868888
About Consolidated Water Co. Ltd.Consolidated
Water Co. Ltd. develops and operates advanced water supply and
treatment plants and water distribution systems. The company
designs, builds and operates seawater desalination facilities in
the Cayman Islands, The Bahamas and the British Virgin Islands, and
designs, builds and operates water treatment and reuse facilities
in the United States. The company recently entered the U.S.
desalination market with a contract to design, build, operate and
maintain a seawater desalination plant in Hawaii.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
StatementsThis 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;
and (v) 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. SasnettExecutive Vice President and
CFOTel (954) 509-8200Email ContactInvestor Relations
ContactRon Both or Grant StudeCMA Investor RelationsTel
(949) 432-7566Email ContactMedia Contact:Tim
RandallCMA Media RelationsTel (949) 432-7572Email Contact
CONSOLIDATED WATER
CO. LTD.CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
| |
|
|
June 30, |
|
|
December 31, |
|
| |
|
|
2023 |
|
|
2022 |
|
| |
|
(Unaudited) |
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
47,691,699 |
|
$ |
50,711,751 |
|
|
Accounts receivable, net |
|
|
30,302,638 |
|
|
27,046,182 |
|
|
Inventory |
|
|
9,844,600 |
|
|
5,727,842 |
|
|
Prepaid expenses and other current assets |
|
|
6,873,183 |
|
|
5,643,279 |
|
|
Contract assets |
|
|
8,192,770 |
|
|
2,913,722 |
|
|
Current assets of discontinued operations |
|
|
320,427 |
|
|
531,480 |
|
| Total current
assets |
|
|
103,225,317 |
|
|
92,574,256 |
|
| Property, plant and equipment,
net |
|
|
50,733,041 |
|
|
52,529,545 |
|
| Construction in progress |
|
|
5,890,363 |
|
|
3,705,681 |
|
| Inventory, noncurrent |
|
|
5,004,956 |
|
|
4,550,987 |
|
| Investment in OC-BVI |
|
|
1,339,585 |
|
|
1,545,430 |
|
| Goodwill |
|
|
10,425,013 |
|
|
10,425,013 |
|
| Intangible assets, net |
|
|
2,545,556 |
|
|
2,818,888 |
|
| Operating lease right-of-use
assets |
|
|
1,785,865 |
|
|
2,058,384 |
|
| Other assets |
|
|
3,001,292 |
|
|
1,669,377 |
|
| Long-term assets of
discontinued operations |
|
|
21,129,288 |
|
|
21,129,288 |
|
| Total
assets |
|
$ |
205,080,276 |
|
$ |
193,006,849 |
|
| |
|
|
|
|
|
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
|
$ |
10,156,003 |
|
$ |
8,438,315 |
|
|
Accounts payable - related parties |
|
|
— |
|
|
403,839 |
|
|
Accrued compensation |
|
|
1,869,351 |
|
|
2,267,583 |
|
|
Dividends payable |
|
|
1,411,753 |
|
|
1,375,403 |
|
|
Current maturities of operating leases |
|
|
547,297 |
|
|
546,851 |
|
|
Current portion of long-term debt |
|
|
114,964 |
|
|
114,964 |
|
|
Contract liabilities |
|
|
12,928,490 |
|
|
8,803,921 |
|
|
Deferred revenue |
|
|
409,670 |
|
|
315,825 |
|
|
Current liabilities of discontinued operations |
|
|
280,695 |
|
|
389,884 |
|
| Total current
liabilities |
|
|
27,718,223 |
|
|
22,656,585 |
|
| Long-term debt,
noncurrent |
|
|
161,409 |
|
|
216,117 |
|
| Deferred tax liabilities |
|
|
485,008 |
|
|
560,306 |
|
| Noncurrent operating
leases |
|
|
1,552,708 |
|
|
1,590,542 |
|
| Other liabilities |
|
|
153,000 |
|
|
219,110 |
|
| Total
liabilities |
|
|
30,070,348 |
|
|
25,242,660 |
|
| Commitments and
contingencies |
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
| Consolidated Water Co. Ltd.
stockholders' equity |
|
|
|
|
|
|
|
|
Redeemable preferred stock, $0.60 par value. Authorized 200,000
shares; issued and outstanding 48,088 and 34,383 shares,
respectively |
|
|
28,853 |
|
|
20,630 |
|
|
Class A common stock, $0.60 par value. Authorized 24,655,000
shares; issued and outstanding 15,736,041 and 15,322,875 shares,
respectively |
|
|
9,441,625 |
|
|
9,193,725 |
|
|
Class B common stock, $0.60 par value. Authorized 145,000 shares;
none issued |
|
|
— |
|
|
— |
|
|
Additional paid-in capital |
|
|
91,107,323 |
|
|
89,205,159 |
|
|
Retained earnings |
|
|
69,702,109 |
|
|
61,247,699 |
|
| Total Consolidated Water Co.
Ltd. stockholders' equity |
|
|
170,279,910 |
|
|
159,667,213 |
|
| Non-controlling interests |
|
|
4,730,018 |
|
|
8,096,976 |
|
| Total
equity |
|
|
175,009,928 |
|
|
167,764,189 |
|
| Total liabilities and
equity |
|
$ |
205,080,276 |
|
$ |
193,006,849 |
|
CONSOLIDATED WATER
CO. LTD.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenue |
|
$ |
44,237,263 |
|
|
$ |
21,067,127 |
|
|
$ |
77,106,253 |
|
|
$ |
40,625,032 |
|
| Cost of
revenue(including related party expenses of $0 and
$640,937 for the three months ended, and $0 and $1,480,369 for the
six months ended, June 30, 2023 and 2022, respectively) |
|
|
28,773,714 |
|
|
|
13,591,630 |
|
|
|
51,083,622 |
|
|
|
26,003,771 |
|
| Gross
profit |
|
|
15,463,549 |
|
|
|
7,475,497 |
|
|
|
26,022,631 |
|
|
|
14,621,261 |
|
| General and administrative
expenses (including related party expenses of $0 and $24,231 for
the three months ended, and $0 and $48,462 for the six months
ended, June 30, 2023 and 2022, respectively) |
|
|
5,984,915 |
|
|
|
4,926,691 |
|
|
|
12,021,577 |
|
|
|
9,792,808 |
|
| Gain on asset dispositions and
impairments, net |
|
|
1,000 |
|
|
|
5,280 |
|
|
|
6,916 |
|
|
|
17,738 |
|
| Income from
operations |
|
|
9,479,634 |
|
|
|
2,554,086 |
|
|
|
14,007,970 |
|
|
|
4,846,191 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
86,137 |
|
|
|
110,916 |
|
|
|
199,781 |
|
|
|
291,603 |
|
|
Interest expense |
|
|
(36,247 |
) |
|
|
(2,724 |
) |
|
|
(74,091 |
) |
|
|
(6,805 |
) |
|
Profit-sharing income from OC-BVI |
|
|
12,150 |
|
|
|
8,100 |
|
|
|
26,325 |
|
|
|
18,225 |
|
|
Equity in the earnings of OC-BVI |
|
|
35,272 |
|
|
|
19,551 |
|
|
|
70,830 |
|
|
|
51,317 |
|
|
Net gain on put/call options |
|
|
— |
|
|
|
201,000 |
|
|
|
— |
|
|
|
276,000 |
|
|
Other |
|
|
31,819 |
|
|
|
61,139 |
|
|
|
63,345 |
|
|
|
87,369 |
|
| Other income,
net |
|
|
129,131 |
|
|
|
397,982 |
|
|
|
286,190 |
|
|
|
717,709 |
|
| Income before income
taxes |
|
|
9,608,765 |
|
|
|
2,952,068 |
|
|
|
14,294,160 |
|
|
|
5,563,900 |
|
| Provision for income
taxes |
|
|
1,940,067 |
|
|
|
10,152 |
|
|
|
2,389,552 |
|
|
|
56,425 |
|
| Net income from
continuing operations |
|
|
7,668,698 |
|
|
|
2,941,916 |
|
|
|
11,904,608 |
|
|
|
5,507,475 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
137,226 |
|
|
|
232,197 |
|
|
|
300,347 |
|
|
|
473,627 |
|
| Net income from
continuing operations attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
7,531,472 |
|
|
|
2,709,719 |
|
|
|
11,604,261 |
|
|
|
5,033,848 |
|
| Total loss from
discontinued operations |
|
|
(207,701 |
) |
|
|
(419,833 |
) |
|
|
(466,864 |
) |
|
|
(1,027,147 |
) |
| Net income
attributable to Consolidated Water Co. Ltd.
stockholders |
|
$ |
7,323,771 |
|
|
$ |
2,289,886 |
|
|
$ |
11,137,397 |
|
|
$ |
4,006,701 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss)
per common share attributable to Consolidated Water Co. Ltd. common
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
|
$ |
0.48 |
|
|
$ |
0.18 |
|
|
$ |
0.74 |
|
|
$ |
0.33 |
|
| Discontinued
operations |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.07 |
) |
| Basic earnings per
share |
|
$ |
0.47 |
|
|
$ |
0.15 |
|
|
$ |
0.71 |
|
|
$ |
0.26 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings
(loss) per common share attributable to Consolidated Water Co. Ltd.
common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
|
$ |
0.47 |
|
|
$ |
0.18 |
|
|
$ |
0.73 |
|
|
$ |
0.33 |
|
| Discontinued
operations |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.07 |
) |
| Diluted earnings per
share |
|
$ |
0.46 |
|
|
$ |
0.15 |
|
|
$ |
0.70 |
|
|
$ |
0.26 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared per
common and redeemable preferred shares |
|
$ |
0.085 |
|
|
$ |
0.085 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of common shares used in the determination of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
15,736,041 |
|
|
|
15,285,523 |
|
|
|
15,729,852 |
|
|
|
15,285,523 |
|
|
Diluted earnings per share |
|
|
15,907,440 |
|
|
|
15,436,421 |
|
|
|
15,899,923 |
|
|
|
15,435,956 |
|
Consolidated Water (NASDAQ:CWCO)
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