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, 2022Time: 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: 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:
1-877-344-7529International replay number: 1-412-317-0088Replay 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
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;
(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.
SasnettExecutive Vice President and CFOTel (954)
509-8200dsasnett@cwco.comInvestor Relations
ContactRon Both or Justin LumleyCMATel (949) 432-7566Email
ContactMedia Contact:Tim RandallCMATel (949)
432-7572Email 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 |
|
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