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 third quarter and nine
months ended September 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).
Third Quarter 2022 Financial Highlights
- Total revenue increased 53% to $25.1
million.
- Retail revenue increased 20% to $6.3
million.
- Bulk revenue increased 26% to $8.7
million.
- Services revenue increased 172% to
$8.7 million.
- Net income from continuing
operations attributable to company stockholders was $824,000 or
$0.05 per share.
- Paid quarterly cash dividend of
$0.085 per share ($0.34 on an annualized basis), totaling $1.2
million in dividends in the third quarter of 2022.
- As of September 30, 2022, cash and
cash equivalents totaled $51.1 million, up $2.0 million from $49.1
million as of June 30, 2022, with working capital at $71.1 million,
debt of only $0.2 million, and stockholders’ equity totaling $158.8
million.
- Secured a $10 million revolving
credit line with Scotia Bank to assist with short-term financing
and working capital needs.
Third Quarter 2022 Operational Highlights
- Commenced construction of $82
million advanced water treatment plant in Goodyear, Arizona.
- Completed the design and preliminary
construction permitting for the 2.64 million gallon per day
seawater desalination plant in the Cayman Islands.
- In August, all COVID-related travel
restrictions to enter the Cayman Islands were eliminated by the
Cayman Islands government, indicating that the 2023 tourist season
and the associated volume of water sold will return to more
historical levels.
Management Commentary
“Our 53% increase in revenue in Q3 reflected strong growth
across three of our four business segments,” commented Consolidated
Water CEO, Rick McTaggart. “However, certain higher G&A
expenses last quarter affected net income, including employee bonus
accruals resulting from our strengthened financial performance,
higher salaries due to cost-of-living increases that were given
earlier this year, and bank fees related to the transfer of our
profits from our Bahamas subsidiary.
“Our retail water segment benefited from a 14% increase in the
volume of water sold in Grand Cayman that was due to the continued
return of tourist activity to the Cayman Islands. Our services
segment revenue increased by $5.5 million, due primarily to PERC
Water’s ongoing construction of an $82 million advanced water
treatment plant in Goodyear, Arizona. We anticipate reporting
additional revenue from this project in the fourth quarter and
throughout 2023, and until the construction is completed by June
2024 as planned.
“Also in Q3, we completed the design and preliminary permitting
activities for the new desalination plant we are constructing on
Grand Cayman under the 10-year design, build and operate contract
with the island’s water authority. While the revenue generated by
the design phase of this project was minimal in Q3, we broke ground
last month and expect to recognize significant additional revenue
beginning in the fourth quarter.
“We expect revenue generated over the approximate 11.5-year term
of the water authority contract to total about $20 million (based
on January 2022 values). We expect the majority of the revenue to
be generated by the construction and sale of the plant during the
first 18 months, with the rest earned from bulk water sales over
the following 10 years.
“We are finally seeing some increased activity in the Caribbean
market for seawater desalination and are following some
opportunities there. We are also awaiting the resolution of the
design, build, operate bidding process for a 1.7 million gallon per
day seawater plant in Honolulu, Hawaii, which has been extended to
the end of this year.
“Our California-based subsidiary, PERC Water, has been working
on some exciting wastewater recycling projects in the Southwestern
U.S. In October, we announced that PERC was awarded an expanded
10-year, $49.2 million contract to operate and maintain two
advanced water treatment facilities in Southern California.
“This milestone win is the longest-term operation and
maintenance contract PERC has ever signed, and represents an
affirmation of the world-class services that PERC provides. This
win also supports our plans for growing this segment of our
business in the Western U.S., a region that has been experiencing
unprecedented drought conditions.
“Also in October, we exercised our option to purchase the
remaining 39% minority interest in PERC. The purchase price will be
based upon a third-party valuation which is currently underway.
“While we saw some quarterly and year-over-year growth in our
manufacturing segment in Q3, it continued to be held back by supply
chain constraints as well as challenging economic conditions that
increased costs. However, we began to see improvement last month,
which allowed us to advance more of our large order backlog through
the manufacturing process. Our contracted manufacturing backlog
increased over the past three months to a record $20 million, and
we anticipate most of this will be booked as revenue next year.
“Looking ahead with our retail water operations, while visitor
numbers to the Cayman Islands remain below pre-COVID-19 levels, we
are encouraged by recent indications that the 2023 tourist season
will return to more historical levels. In August, all COVID-related
restrictions for travel to the Cayman Islands were eliminated by
the Cayman Islands government. Then earlier this month, Cayman
Airlines resumed its nonstop flights from Los Angeles to Grand
Cayman.
“In all, we see many positive factors driving continued growth
for Consolidated Water over the coming quarters, from continued
recovery of tourism in Grand Cayman and ongoing construction
projects there and in the U.S., to our manufacturing backlog and
the increased project bidding activity in the U.S. and the
Caribbean. We expect that the more than $150 million in major
multi-year projects that we secured this year will have a greater
positive impact to our earnings in future quarters, while
supporting our outlook for continued growth in our services
segment. All of these activities and trends represent strong
catalysts for growth and positive returns ahead.”
Third Quarter 2022 Financial Summary
Revenue for the third quarter of 2022 was $25.1 million, up 53%
compared to $16.4 million in the same year-ago period. The increase
was primarily driven by increases of $1.0 million in the retail
segment, $1.8 million in the bulk segment, $5.5 million in the
services segment and $291,000 in the manufacturing segment.
The increase in retail revenue reflects a 14% 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, with most of the revenue increase resulting
from PERC’s progress on its contract with Liberty Utilities for the
construction of a water treatment plant in Goodyear, Arizona.
The increase in manufacturing segment revenue was due to
slightly greater project activity.
Gross profit for the third quarter of 2022 was $6.8 million or
27.3% of total revenue, up 20% from $5.7 million or 34.7% of total
revenue for the same year-ago period.
Net income from continuing operations attributable to
Consolidated Water stockholders for the third quarter of 2022 was
$824,000 or $0.05 per basic and diluted share, compared to net
income of $1.4 million or $0.09 per basic and diluted share for the
same year-ago period.
Net income attributable to Consolidated Water stockholders for
the third quarter of 2022, which includes the results of
discontinued operations, was $318,000 or $0.02 per basic and fully
diluted share, up from net income of $286,000 or $0.02 per basic
and fully diluted share for the same year-ago period.Cash and cash
equivalents totaled $51.1 million as of September 30, 2022, as
compared to $49.1 million as of June 30, 2022. The increase was due
to cash generated from operating activities.
First Nine Months 2022 Financial Summary
Revenue for the first nine months of 2022 was $65.7 million, up
31% compared to $50.2 million in the same year-ago period. The
increase was primarily driven by increases of $2.5 million in the
retail segment, $4.6 million in the bulk segment, $8.0 million in
the services segment and $345,000 in the manufacturing segment.
Retail revenue increased primarily due to a 10% 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, with most of the revenue increase resulting
from PERC’s progress on its contract with Liberty Utilities for the
construction of a water treatment plant in Goodyear, Arizona.
The increase in manufacturing segment revenue was due to
slightly greater project activity.
Gross profit for the first nine months of 2022 was $21.5 million
or 32.7% of total revenue, up 20% from $17.9 million or 35.6% of
total revenue in the same year-ago period.
Net income from continuing operations attributable to
stockholders for the first nine months of 2022 was $5.9 million or
$0.38 per basic and diluted share, compared to net income of $1.2
million or $0.07 per basic and diluted share in the same year-ago
period.
Net income attributable to Consolidated Water stockholders for
the first nine months of 2022, which includes the results of
discontinued operations, was $4.3 million or $0.28 per basic and
fully diluted share, up from a net loss of $390,000 or $(0.03) per
basic and fully diluted share in the same year-ago period.
Third Quarter Segment Results
|
|
Three Months Ended
September 30, 2022 |
|
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
Revenue |
|
$ |
6,274,650 |
|
|
$ |
8,667,931 |
|
$ |
8,731,124 |
|
$ |
1,378,000 |
|
|
$ |
25,051,705 |
|
Cost of
revenue |
|
|
3,231,973 |
|
|
|
6,446,549 |
|
|
7,333,982 |
|
|
1,195,428 |
|
|
|
18,207,932 |
|
Gross
profit |
|
|
3,042,677 |
|
|
|
2,221,382 |
|
|
1,397,142 |
|
|
182,572 |
|
|
|
6,843,773 |
|
General
and administrative expenses |
|
|
3,818,459 |
|
|
|
473,534 |
|
|
936,708 |
|
|
381,949 |
|
|
|
5,610,650 |
|
Gain on
asset dispositions |
|
|
1,499 |
|
|
|
2,000 |
|
|
— |
|
|
— |
|
|
|
3,499 |
|
Income
(loss) from operations |
|
$ |
(774,283 |
) |
|
$ |
1,749,848 |
|
$ |
460,434 |
|
$ |
(199,377 |
) |
|
|
1,236,622 |
|
Other
income (loss), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(168,980 |
) |
Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,067,642 |
|
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,616 |
|
Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,041,026 |
|
Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
217,415 |
|
Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
823,611 |
|
Loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(505,917 |
) |
Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
317,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2021 |
|
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
Revenue |
|
$ |
5,247,042 |
|
|
$ |
6,868,134 |
|
$ |
3,210,584 |
|
$ |
1,087,386 |
|
|
$ |
16,413,146 |
|
Cost of
revenue |
|
|
2,745,796 |
|
|
|
4,628,386 |
|
|
2,410,430 |
|
|
937,935 |
|
|
|
10,722,547 |
|
Gross
profit |
|
|
2,501,246 |
|
|
|
2,239,748 |
|
|
800,154 |
|
|
149,451 |
|
|
|
5,690,599 |
|
General
and administrative expenses |
|
|
3,067,696 |
|
|
|
313,420 |
|
|
758,540 |
|
|
219,384 |
|
|
|
4,359,040 |
|
Gain on
asset dispositions |
|
|
612 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
612 |
|
Income
(loss) from operations |
|
$ |
(565,838 |
) |
|
$ |
1,926,328 |
|
$ |
41,614 |
|
$ |
(69,933 |
) |
|
|
1,332,171 |
|
Other
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
152,168 |
|
Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,484,339 |
|
Income
tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,230 |
) |
Net
income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,495,569 |
|
Income
attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131,609 |
|
Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,363,960 |
|
Loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,078,367 |
) |
Net
income attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
285,593 |
|
First Nine Months Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2022 |
|
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
Revenue |
|
$ |
19,114,653 |
|
|
$ |
24,442,324 |
|
$ |
18,530,427 |
|
$ |
3,589,333 |
|
|
$ |
65,676,737 |
|
Cost of revenue |
|
|
9,404,124 |
|
|
|
16,781,251 |
|
|
14,849,029 |
|
|
3,177,299 |
|
|
|
44,211,703 |
|
Gross profit |
|
|
9,710,529 |
|
|
|
7,661,073 |
|
|
3,681,398 |
|
|
412,034 |
|
|
|
21,465,034 |
|
General and administrative
expenses |
|
|
10,613,975 |
|
|
|
1,187,909 |
|
|
2,554,721 |
|
|
1,046,853 |
|
|
|
15,403,458 |
|
Gain on asset
dispositions |
|
|
2,699 |
|
|
|
2,000 |
|
|
16,538 |
|
|
— |
|
|
|
21,237 |
|
Income (loss) from
operations |
|
$ |
(900,747 |
) |
|
$ |
6,475,164 |
|
$ |
1,143,215 |
|
$ |
(634,819 |
) |
|
|
6,082,813 |
|
Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
548,729 |
|
Income before income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,631,542 |
|
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,041 |
|
Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,548,501 |
|
Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
691,042 |
|
Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,857,459 |
|
Loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,533,064 |
) |
Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,324,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2021 |
|
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
Revenue |
|
$ |
16,633,137 |
|
|
$ |
19,826,075 |
|
$ |
10,514,669 |
|
|
$ |
3,244,106 |
|
|
$ |
50,217,987 |
|
Cost of
revenue |
|
|
8,235,699 |
|
|
|
13,170,333 |
|
|
8,010,767 |
|
|
|
2,919,226 |
|
|
|
32,336,025 |
|
Gross
profit |
|
|
8,397,438 |
|
|
|
6,655,742 |
|
|
2,503,902 |
|
|
|
324,880 |
|
|
|
17,881,962 |
|
General
and administrative expenses |
|
|
9,757,179 |
|
|
|
994,779 |
|
|
2,152,145 |
|
|
|
943,727 |
|
|
|
13,847,830 |
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
(246,028 |
) |
|
|
1,500 |
|
|
(433 |
) |
|
|
(2,900,000 |
) |
|
|
(3,144,961 |
) |
Income
(loss) from operations |
|
$ |
(1,605,769 |
) |
|
$ |
5,662,463 |
|
$ |
351,324 |
|
|
$ |
(3,518,847 |
) |
|
|
889,171 |
|
Other
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
699,890 |
|
Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,589,061 |
|
Income
tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,735 |
) |
Net
income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,609,796 |
|
Income
from continuing operations attributable to non-controlling
interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
457,540 |
|
Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,152,256 |
|
Loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,542,540 |
) |
Net loss
attributable to Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(390,284 |
) |
Conference Call
Consolidated Water management will host a conference call
tomorrow to discuss these results, followed by a
question-and-answer period.
Date: Tuesday, November 15, 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: 8640208
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 November 22, 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: 8640208
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 Grant StudeCMATel (949) 432-7566Email
ContactMedia Contact:Tim RandallCMATel (949)
432-7572Email Contact
CONSOLIDATED WATER
CO. LTD.CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2022 |
|
2021 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
51,085,289 |
|
$ |
40,358,059 |
|
Certificate of deposit |
|
|
— |
|
|
2,500,000 |
|
Accounts receivable, net |
|
|
24,352,487 |
|
|
27,349,307 |
|
Inventory |
|
|
4,053,662 |
|
|
2,504,832 |
|
Prepaid expenses and other current assets |
|
|
4,696,845 |
|
|
2,558,822 |
|
Contract assets |
|
|
1,658,912 |
|
|
489,961 |
|
Net asset arising from put/call options |
|
|
157,000 |
|
|
128,000 |
|
Current assets of discontinued operations |
|
|
500,661 |
|
|
1,173,741 |
|
Total current
assets |
|
|
86,504,856 |
|
|
77,062,722 |
|
Property, plant and equipment,
net |
|
|
50,236,746 |
|
|
52,946,539 |
|
Construction in progress |
|
|
2,618,972 |
|
|
710,863 |
|
Inventory, noncurrent |
|
|
4,882,659 |
|
|
4,733,010 |
|
Investment in OC-BVI |
|
|
1,538,743 |
|
|
1,715,905 |
|
Goodwill |
|
|
10,425,013 |
|
|
10,425,013 |
|
Intangible assets, net |
|
|
2,959,166 |
|
|
3,401,666 |
|
Operating lease right-of-use
assets |
|
|
2,179,159 |
|
|
2,681,137 |
|
Other assets |
|
|
2,525,864 |
|
|
2,204,013 |
|
Long-term assets of
discontinued operations |
|
|
21,139,574 |
|
|
21,146,186 |
|
Total
assets |
|
$ |
185,010,752 |
|
$ |
177,027,054 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
|
$ |
6,332,647 |
|
$ |
2,831,925 |
|
Accounts payable - related parties |
|
|
569,088 |
|
|
163,947 |
|
Accrued compensation |
|
|
2,061,131 |
|
|
1,435,542 |
|
Dividends payable |
|
|
1,377,540 |
|
|
1,320,572 |
|
Current maturities of operating leases |
|
|
555,300 |
|
|
592,336 |
|
Current portion of long-term debt |
|
|
85,533 |
|
|
62,489 |
|
Contract liabilities |
|
|
3,753,488 |
|
|
513,878 |
|
Deferred revenue |
|
|
408,534 |
|
|
583,646 |
|
Current liabilities of discontinued operations |
|
|
237,675 |
|
|
182,322 |
|
Total current
liabilities |
|
|
15,380,936 |
|
|
7,686,657 |
|
Long-term debt,
noncurrent |
|
|
145,852 |
|
|
152,038 |
|
Deferred tax liabilities |
|
|
1,114,809 |
|
|
1,236,723 |
|
Noncurrent operating
leases |
|
|
1,721,643 |
|
|
2,137,394 |
|
Other liabilities |
|
|
141,000 |
|
|
141,000 |
|
Long-term liabilities of
discontinued operations |
|
|
691 |
|
|
7,819 |
|
Total
liabilities |
|
|
18,504,931 |
|
|
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 34,409 and 28,635 shares,
respectively |
|
|
20,645 |
|
|
17,181 |
|
Class A common stock, $0.60 par value. Authorized 24,655,000
shares; issued and outstanding 15,292,108 and 15,243,693 shares,
respectively |
|
|
9,175,265 |
|
|
9,146,216 |
|
Class B common stock, $0.60 par value. Authorized 145,000 shares;
none issued |
|
|
— |
|
|
— |
|
Additional paid-in capital |
|
|
88,614,319 |
|
|
87,812,432 |
|
Retained earnings |
|
|
61,020,487 |
|
|
60,603,056 |
|
Total Consolidated Water Co.
Ltd. stockholders' equity |
|
|
158,830,716 |
|
|
157,578,885 |
|
Non-controlling interests |
|
|
7,675,105 |
|
|
8,086,538 |
|
Total
equity |
|
|
166,505,821 |
|
|
165,665,423 |
|
Total liabilities and
equity |
|
$ |
185,010,752 |
|
$ |
177,027,054 |
|
CONSOLIDATED WATER
CO. LTD.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (LOSS)(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
25,051,705 |
|
|
$ |
16,413,146 |
|
|
$ |
65,676,737 |
|
|
$ |
50,217,987 |
|
Cost of
revenue (including purchases from related parties of
$685,481 and $104,813 for the three months ended, and $2,165,850
and $390,196 for the nine months ended, September 30, 2022 and
2021, respectively) |
|
|
18,207,932 |
|
|
|
10,722,547 |
|
|
|
44,211,703 |
|
|
|
32,336,025 |
|
Gross
profit |
|
|
6,843,773 |
|
|
|
5,690,599 |
|
|
|
21,465,034 |
|
|
|
17,881,962 |
|
General and
administrative expenses (including purchases from related
parties of $24,231 and $24,231 for the three months ended, and
$72,693 and $52,959 for the nine months ended, September 30, 2022
and 2021, respectively) |
|
|
5,610,650 |
|
|
|
4,359,040 |
|
|
|
15,403,458 |
|
|
|
13,847,830 |
|
Gain (loss) on asset
dispositions and impairments, net |
|
|
3,499 |
|
|
|
612 |
|
|
|
21,237 |
|
|
|
(3,144,961 |
) |
Income from
operations |
|
|
1,236,622 |
|
|
|
1,332,171 |
|
|
|
6,082,813 |
|
|
|
889,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
56,701 |
|
|
|
168,880 |
|
|
|
348,304 |
|
|
|
503,889 |
|
Interest expense |
|
|
(2,042 |
) |
|
|
(2,216 |
) |
|
|
(8,847 |
) |
|
|
(7,714 |
) |
Profit-sharing income from OC-BVI |
|
|
6,075 |
|
|
|
6,075 |
|
|
|
24,300 |
|
|
|
16,200 |
|
Equity in the earnings of OC-BVI |
|
|
19,921 |
|
|
|
17,717 |
|
|
|
71,238 |
|
|
|
44,223 |
|
Net unrealized gain (loss) on put/call options |
|
|
(247,000 |
) |
|
|
(54,000 |
) |
|
|
29,000 |
|
|
|
108,000 |
|
Other |
|
|
(2,635 |
) |
|
|
15,712 |
|
|
|
84,734 |
|
|
|
35,292 |
|
Other income
(expense), net |
|
|
(168,980 |
) |
|
|
152,168 |
|
|
|
548,729 |
|
|
|
699,890 |
|
Income before income
taxes |
|
|
1,067,642 |
|
|
|
1,484,339 |
|
|
|
6,631,542 |
|
|
|
1,589,061 |
|
Income tax provision
(benefit) |
|
|
26,616 |
|
|
|
(11,230 |
) |
|
|
83,041 |
|
|
|
(20,735 |
) |
Net income from
continuing operations |
|
|
1,041,026 |
|
|
|
1,495,569 |
|
|
|
6,548,501 |
|
|
|
1,609,796 |
|
Income from continuing
operations attributable to non-controlling interests |
|
|
217,415 |
|
|
|
131,609 |
|
|
|
691,042 |
|
|
|
457,540 |
|
Net income from
continuing operations attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
823,611 |
|
|
|
1,363,960 |
|
|
|
5,857,459 |
|
|
|
1,152,256 |
|
Loss from discontinued
operations |
|
|
(505,917 |
) |
|
|
(1,078,367 |
) |
|
|
(1,533,064 |
) |
|
|
(1,542,540 |
) |
Net income (loss)
attributable to Consolidated Water Co. Ltd.
stockholders |
|
$ |
317,694 |
|
|
$ |
285,593 |
|
|
$ |
4,324,395 |
|
|
$ |
(390,284 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per common share attributable to Consolidated Water Co. Ltd. common
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
$ |
0.05 |
|
|
$ |
0.09 |
|
|
$ |
0.38 |
|
|
$ |
0.07 |
|
Discontinued
operations |
|
|
(0.03 |
) |
|
|
(0.07 |
) |
|
|
(0.10 |
) |
|
|
(0.10 |
) |
Basic earnings (loss)
per share |
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.28 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per common share attributable to Consolidated Water Co. Ltd.
common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
$ |
0.05 |
|
|
$ |
0.09 |
|
|
$ |
0.38 |
|
|
$ |
0.07 |
|
Discontinued
operations |
|
|
(0.03 |
) |
|
|
(0.07 |
) |
|
|
(0.10 |
) |
|
|
(0.10 |
) |
Diluted earnings
(loss) per share |
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.28 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common and redeemable preferred
shares |
|
$ |
0.085 |
|
|
$ |
0.085 |
|
|
$ |
0.255 |
|
|
$ |
0.255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used in the determination of: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
15,290,597 |
|
|
|
15,209,432 |
|
|
|
15,287,233 |
|
|
|
15,204,220 |
|
Diluted earnings per share |
|
|
15,450,276 |
|
|
|
15,351,882 |
|
|
|
15,440,261 |
|
|
|
15,345,120 |
|
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