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 ended
September 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).
Third Quarter 2023 Financial Highlights
- Total revenue increased 99% to $49.9
million.
- Retail revenue increased 15% to $7.2
million.
- Services revenue increased 237% to
$29.4 million, with recurring services revenue generated from
operations and maintenance contracts up 48% to $5.0 million.
- Manufacturing revenue increased to
$4.7 million.
- Net income from continuing
operations attributable to company stockholders was $8.8 million or
$0.55 per diluted share, as compared to $0.8 million or $0.05 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
$48.8 million and working capital was $83.1 million as of September
30, 2023.
Third Quarter 2023 Operational Highlights
- Received notice to proceed on the
first phase of a $204 million project to design, build, operate and
maintain a seawater desalination plant in Hawaii which was
announced in June.
- Volume of water sold in the
company’s Grand Cayman retail segment increased 16%, primarily due
to the greater return of tourist activity.
- Recognized $20.0 million in revenue
from PERC Water’s progress on the construction of a $82 million
water treatment plant in Goodyear, Arizona. This contract is
expected to be substantially completed by the end of the second
quarter of 2024.
- PERC commenced operations under a
new contract to operate a wastewater treatment plant at the Edwards
Air Force Base in Kern County, California. The annual contract
began in July and has four one-year extensions exercisable by the
customer. Revenue for the first year of the contract is expected to
total approximately $1.3 million.
- PERC also began operations under a
new contract to operate a wastewater treatment system for the City
of Avalon on Catalina Island, California. The engagement began in
July and will continue for 18 months, with extensions exercisable
by the city. Revenue for the first 18 months of the contract is
estimated at approximately $2.1 million.
- Rang the Nasdaq Opening Bell on
August 14 in commemoration of the company’s founding in August 1973
by a group of visionary Caymanian and international investors and
to celebrate 50 years of delivering world-class water
services.
Dividend Increase
In August 2023, the company increased its dividend by 11.8% and
declared a dividend of $0.095 per common share for the fourth
quarter of 2023. The dividend was paid on October 31, 2023 to
stockholders of record as of October 2, 2023.
Management Commentary
“In Q3, we reported another solid quarter of results for both
revenue and earnings,” stated Consolidated Water CEO, Rick
McTaggart. “The nearly 100% increase in revenue to $49.9 million
was due to strong growth across our services, retail water, and
manufacturing business segments.
“Retail benefited from a 16% increase in the volume of water
sold in Grand Cayman, with this reflecting the improved tourist
activity over last year which had been below historical levels due
to the lingering impact of the pandemic. The recent increase in the
number of new flight options to Grand Cayman being added by major
airlines indicates another strong tourist season ahead.
“The $20.7 million or 237% increase in services revenue was
primarily generated by the progress our PERC Water subsidiary has
made on the construction of an $82 million advanced water treatment
plant in Arizona. Construction remains on schedule, and we
anticipate generating additional revenue from the project until its
substantial completion in the second quarter of 2024.
“Progress in the design and construction of the new Red Gate
desalination plant on Grand Cayman also contributed to the increase
in services segment revenue. In the U.S., we commenced work on the
contract to design, build, operate and maintain a 1.7 MGD seawater
desalination plant in Oahu, Hawaii, which we announced in
June. We anticipate revenue generated over the approximate 24-year
base term of the contract to total about $204 million in current
dollars. The plant will be the 24th seawater reverse osmosis
desalination plant that Consolidated Water has constructed and the
first in the U.S.
“We believe this entrance into the U.S. desalination market
positions us well for other opportunities in the Western U.S., a
region that continues to experience unprecedented drought
conditions, combined with growing populations. According to U.S.
Drought Monitor, more than 22% of the Western U.S. has been
experiencing drought conditions, with this worsening by more than
51% since October of last year.
“PERC’s continued strong operating performance and revenue
growth has continued to significantly improve our top and bottom
line. Its strong operational presence in the Southwestern U.S. — a
region that urgently needs new fresh water sources due to the
unprecedented drought conditions — has set the stage for further
growth and development in this important segment of our
business.
“We expanded our footprint in the U.S. with our recently
announced acquisition by PERC of Ramey Environmental Compliance
(REC). REC operates and maintains water and wastewater treatment
plants and provides technical services—very similar to PERC’s
O&M business—and they bring to us more than 100 clients in the
Rocky Mountain and Eastern Plains regions of Colorado.
“In addition to strong synergies in culture and mission, REC
expands our operational presence to a new growth area in the
Western U.S. We anticipate that our greater financial resources and
additional management expertise will help REC qualify for larger
and potentially more complex O&M contracts in its home market.
The acquisition also creates an important new selling channel for
PERC’s unique approach to design-build projects in the growing
Colorado market.
“Looking ahead, we continue to remain optimistic about our
future growth prospects. We are encouraged by the continued
recovery of tourism to Grand Cayman, and our progress on the
several large construction projects underway. We believe our
continued efforts and successes, combined with the positive trends
and increased bidding activity in our markets, represent strong
drivers for continued growth, increased profitability, and further
strengthening of shareholder value.”
Third Quarter 2023 Financial Summary
Revenue for the third quarter of 2023 totaled $49.9 million, up
99% compared to $25.1 million in the same year-ago period. The
increase was driven by increases of $0.9 million in the retail
segment, $20.7 million in the services segment and $3.3 million in
the manufacturing segment.
Retail revenue increased primarily due to a 16% 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 was partially offset by a decrease of $179,000 in
the bulk segment, primarily due to a decrease in the price of
energy for CW-Bahamas that decreased the energy pass-through
component of rates. The decrease in bulk segment revenue was
partially offset by a 6% increase in CW-Bahamas’ volume of water
sold.
The increase in services segment revenue was due to an increase
in plant construction revenue. The company recognized approximately
$20.0 million in revenue in the third quarter of 2023 for the
construction of a water treatment plant in Goodyear, Arizona.
Revenue generated under operations and maintenance contracts
totaled $5.0 million in the third quarter of 2023, up 48% as
compared to $3.4 million in the same year-ago period.
The increase in manufacturing segment revenue was due to
increased production activity.
Gross profit for the third quarter of 2023 was $16.6 million or
33.3% of total revenue, up 143% from $6.8 million or 27.3% of total
revenue for the same year-ago period.
Net income from continuing operations attributable to
stockholders for the third quarter of 2023 was $8.8 million or
$0.55 per diluted share, compared to net income of $0.8 million or
$0.05 per diluted share for the same year-ago period.
Net income attributable to Consolidated Water stockholders for
the third quarter of 2023, which includes the results of
discontinued operations, was $8.6 million or $0.54 per diluted
share, up from a net income of $0.3 million or $0.02 per diluted
share for the same year-ago period.
Cash and cash equivalents totaled $48.8 million as of September
30, 2023, as compared to $47.7 million as of June 30, 2023, with
working capital at $83.1 million, debt of $0.2 million, and
stockholders’ equity totaling $178.0 million.
First Nine Months 2023 Financial Summary
Revenue for the first nine months of 2023 was $127.0 million, up
93% compared to $65.7 million in the same year-ago period. The
increase was primarily driven by increases of $3.4 million in the
retail segment, $1.5 million in the bulk segment, $47.7 million in
the services segment and $8.6 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 of
8% in the volume of water sold by CW-Bahamas.
The increase in services segment revenue was due to an increase
in plant construction revenue. The company recognized approximately
$44.1 million in revenue for the construction of a water treatment
plant in Goodyear, Arizona in the first nine months of 2023.
Revenue generated under operations and maintenance contracts
totaled $12.8 million in the first nine months of 2023, up 19% as
compared to $10.7 million in the same year-ago period.
The increase in manufacturing segment revenue was due to higher
project activity.
Gross profit for the first nine months of 2023 was $42.6 million
or 33.6% of total revenue, up 99% from $21.5 million or 32.7% of
total revenue in the same year-ago period.
Net income from continuing operations attributable to
stockholders for the first nine months of 2023 was $20.4 million or
$1.28 per diluted share, compared to net income of $5.9 million or
$0.38 per diluted share in the same year-ago period.
Net income attributable to Consolidated Water stockholders for
the nine months of 2023, which includes the results of discontinued
operations, was $19.7 million or $1.24 per diluted share, up from
net income of $4.3 million or $0.28 per diluted share in the same
year-ago period.
Third Quarter Segment Results
|
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|
|
|
|
|
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|
|
|
|
| |
|
Three Months Ended
September 30, 2023 |
| |
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
|
$ |
7,216,574 |
|
|
$ |
8,488,615 |
|
|
$ |
29,427,664 |
|
|
$ |
4,721,222 |
|
|
$ |
49,854,075 |
|
| Cost of
revenue |
|
|
3,371,891 |
|
|
|
5,835,837 |
|
|
|
20,174,645 |
|
|
|
3,857,274 |
|
|
|
33,239,647 |
|
| Gross
profit |
|
|
3,844,683 |
|
|
|
2,652,778 |
|
|
|
9,253,019 |
|
|
|
863,948 |
|
|
|
16,614,428 |
|
| General
and administrative expenses |
|
|
4,225,825 |
|
|
|
347,668 |
|
|
|
861,835 |
|
|
|
437,162 |
|
|
|
5,872,490 |
|
| Income
(loss) from operations |
|
$ |
(381,142 |
) |
|
$ |
2,305,110 |
|
|
$ |
8,391,184 |
|
|
$ |
426,786 |
|
|
|
10,741,938 |
|
| Other
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
236,066 |
|
| Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,978,004 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,976,453 |
|
| Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,001,551 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
163,428 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,838,123 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(232,994 |
) |
| Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,605,129 |
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
| |
|
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 and impairments, net |
|
|
1,499 |
|
|
|
2,000 |
|
|
|
— |
|
|
|
— |
|
|
|
3,499 |
|
| Income
(loss) from operations |
|
$ |
(774,283 |
) |
|
$ |
1,749,848 |
|
|
$ |
460,434 |
|
|
$ |
(199,377 |
) |
|
|
1,236,622 |
|
| Other
expense, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(168,980 |
) |
| Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,067,642 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,616 |
|
| Net
income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,041,026 |
|
| Income
attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
217,415 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
823,611 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(505,917 |
) |
| Net
income attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
317,694 |
|
| |
First Nine Months Segment Results
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended
September 30, 2023 |
| |
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
|
$ |
22,560,998 |
|
|
$ |
25,975,483 |
|
|
$ |
66,243,328 |
|
|
$ |
12,180,519 |
|
|
$ |
126,960,328 |
|
| Cost of revenue |
|
|
10,355,817 |
|
|
|
18,010,718 |
|
|
|
46,466,864 |
|
|
|
9,489,870 |
|
|
|
84,323,269 |
|
| Gross profit |
|
|
12,205,181 |
|
|
|
7,964,765 |
|
|
|
19,776,464 |
|
|
|
2,690,649 |
|
|
|
42,637,059 |
|
| General and administrative
expenses |
|
|
12,668,467 |
|
|
|
1,080,543 |
|
|
|
2,855,067 |
|
|
|
1,289,990 |
|
|
|
17,894,067 |
|
| Gain (loss) on asset
dispositions and impairments, net |
|
|
(7,287 |
) |
|
|
12,270 |
|
|
|
— |
|
|
|
1,933 |
|
|
|
6,916 |
|
| Income (loss) from
operations |
|
$ |
(470,573 |
) |
|
$ |
6,896,492 |
|
|
$ |
16,921,397 |
|
|
$ |
1,402,592 |
|
|
|
24,749,908 |
|
| Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
522,256 |
|
| Income before income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,272,164 |
|
| Provision for income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,366,005 |
|
| Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,906,159 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
463,775 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,442,384 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(699,858 |
) |
| Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
19,742,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 and impairments, net |
|
|
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 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,533,064 |
) |
| Net
income attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,324,395 |
|
Conference CallConsolidated Water management
will host a conference call tomorrow to discuss these results,
which will include a question-and-answer period.
Date: Friday, November 10, 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: 6524542
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 November 17, 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: 6524542
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 Contact
Investor Relations ContactRon Both or Grant
StudeCMA Investor RelationsTel (949) 432-7566Email Contact
Media Contact:Tim RandallCMA Media RelationsTel
(949) 432-7572Email Contact
|
CONSOLIDATED WATER CO. LTD.CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
| |
|
|
September 30, |
|
|
|
December 31, |
|
| |
|
|
2023 |
|
|
|
2022 |
|
| |
|
(Unaudited) |
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
48,845,606 |
|
|
$ |
50,711,751 |
|
|
Accounts receivable, net |
|
|
38,114,847 |
|
|
|
27,046,182 |
|
|
Inventory |
|
|
7,915,456 |
|
|
|
5,727,842 |
|
|
Prepaid expenses and other current assets |
|
|
5,430,079 |
|
|
|
5,643,279 |
|
|
Contract assets |
|
|
8,972,740 |
|
|
|
2,913,722 |
|
|
Current assets of discontinued operations |
|
|
298,591 |
|
|
|
531,480 |
|
| Total current
assets |
|
|
109,577,319 |
|
|
|
92,574,256 |
|
| Property, plant and equipment,
net |
|
|
50,063,524 |
|
|
|
52,529,545 |
|
| Construction in progress |
|
|
6,446,049 |
|
|
|
3,705,681 |
|
| Inventory, noncurrent |
|
|
5,048,222 |
|
|
|
4,550,987 |
|
| Investment in OC-BVI |
|
|
1,388,917 |
|
|
|
1,545,430 |
|
| Goodwill |
|
|
10,425,013 |
|
|
|
10,425,013 |
|
| Intangible assets, net |
|
|
2,408,888 |
|
|
|
2,818,888 |
|
| Operating lease right-of-use
assets |
|
|
1,720,637 |
|
|
|
2,058,384 |
|
| Other assets |
|
|
3,389,634 |
|
|
|
1,669,377 |
|
| Long-term assets of
discontinued operations |
|
|
21,129,288 |
|
|
|
21,129,288 |
|
| Total
assets |
|
$ |
211,597,491 |
|
|
$ |
193,006,849 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
|
$ |
11,436,484 |
|
|
$ |
8,438,315 |
|
|
Accounts payable - related parties |
|
|
— |
|
|
|
403,839 |
|
|
Accrued compensation |
|
|
2,697,033 |
|
|
|
2,267,583 |
|
|
Dividends payable |
|
|
1,570,319 |
|
|
|
1,375,403 |
|
|
Current maturities of operating leases |
|
|
471,506 |
|
|
|
546,851 |
|
|
Current portion of long-term debt |
|
|
114,964 |
|
|
|
114,964 |
|
|
Contract liabilities |
|
|
9,528,749 |
|
|
|
8,803,921 |
|
|
Deferred revenue |
|
|
391,558 |
|
|
|
315,825 |
|
|
Current liabilities of discontinued operations |
|
|
259,853 |
|
|
|
389,884 |
|
| Total current
liabilities |
|
|
26,470,466 |
|
|
|
22,656,585 |
|
| Long-term debt,
noncurrent |
|
|
133,770 |
|
|
|
216,117 |
|
| Deferred tax liabilities |
|
|
466,285 |
|
|
|
560,306 |
|
| Noncurrent operating
leases |
|
|
1,481,005 |
|
|
|
1,590,542 |
|
| Other liabilities |
|
|
153,000 |
|
|
|
219,110 |
|
| Total
liabilities |
|
|
28,704,526 |
|
|
|
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 45,209 and 34,383 shares,
respectively |
|
|
27,125 |
|
|
|
20,630 |
|
|
Class A common stock, $0.60 par value. Authorized 24,655,000
shares; issued and outstanding 15,746,552 and 15,322,875 shares,
respectively |
|
|
9,447,931 |
|
|
|
9,193,725 |
|
|
Class B common stock, $0.60 par value. Authorized 145,000 shares;
none issued |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
91,716,763 |
|
|
|
89,205,159 |
|
|
Retained earnings |
|
|
76,807,700 |
|
|
|
61,247,699 |
|
| Total Consolidated Water Co.
Ltd. stockholders' equity |
|
|
177,999,519 |
|
|
|
159,667,213 |
|
| Non-controlling interests |
|
|
4,893,446 |
|
|
|
8,096,976 |
|
| Total
equity |
|
|
182,892,965 |
|
|
|
167,764,189 |
|
| Total liabilities and
equity |
|
$ |
211,597,491 |
|
|
$ |
193,006,849 |
|
|
CONSOLIDATED WATER CO. LTD.CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Revenue |
|
$ |
49,854,075 |
|
|
$ |
25,051,705 |
|
|
$ |
126,960,328 |
|
|
$ |
65,676,737 |
|
| Cost of
revenue (including related party expense of $0 and
$685,481 for the three months ended, and $0 and $2,165,850 for the
nine months ended, September 30, 2023 and 2022, respectively) |
|
|
33,239,647 |
|
|
|
18,207,932 |
|
|
|
84,323,269 |
|
|
|
44,211,703 |
|
| Gross
profit |
|
|
16,614,428 |
|
|
|
6,843,773 |
|
|
|
42,637,059 |
|
|
|
21,465,034 |
|
| General and administrative
expenses (including related party expense of $0 and $24,231 for the
three months ended, and $0 and $72,693 for the nine months ended,
September 30, 2023 and 2022, respectively) |
|
|
5,872,490 |
|
|
|
5,610,650 |
|
|
|
17,894,067 |
|
|
|
15,403,458 |
|
| Gain on asset dispositions and
impairments, net |
|
|
— |
|
|
|
3,499 |
|
|
|
6,916 |
|
|
|
21,237 |
|
| Income from
operations |
|
|
10,741,938 |
|
|
|
1,236,622 |
|
|
|
24,749,908 |
|
|
|
6,082,813 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
196,567 |
|
|
|
56,701 |
|
|
|
396,348 |
|
|
|
348,304 |
|
|
Interest expense |
|
|
(34,020 |
) |
|
|
(2,042 |
) |
|
|
(108,111 |
) |
|
|
(8,847 |
) |
|
Profit-sharing income from OC-BVI |
|
|
12,150 |
|
|
|
6,075 |
|
|
|
38,475 |
|
|
|
24,300 |
|
|
Equity in the earnings of OC-BVI |
|
|
37,182 |
|
|
|
19,921 |
|
|
|
108,012 |
|
|
|
71,238 |
|
|
Net gain (loss) on put/call options |
|
|
— |
|
|
|
(247,000 |
) |
|
|
— |
|
|
|
29,000 |
|
|
Other |
|
|
24,187 |
|
|
|
(2,635 |
) |
|
|
87,532 |
|
|
|
84,734 |
|
| Other income
(expense), net |
|
|
236,066 |
|
|
|
(168,980 |
) |
|
|
522,256 |
|
|
|
548,729 |
|
| Income before income
taxes |
|
|
10,978,004 |
|
|
|
1,067,642 |
|
|
|
25,272,164 |
|
|
|
6,631,542 |
|
| Provision for income
taxes |
|
|
1,976,453 |
|
|
|
26,616 |
|
|
|
4,366,005 |
|
|
|
83,041 |
|
| Net income from
continuing operations |
|
|
9,001,551 |
|
|
|
1,041,026 |
|
|
|
20,906,159 |
|
|
|
6,548,501 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
163,428 |
|
|
|
217,415 |
|
|
|
463,775 |
|
|
|
691,042 |
|
| Net income from
continuing operations attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
8,838,123 |
|
|
|
823,611 |
|
|
|
20,442,384 |
|
|
|
5,857,459 |
|
| Total loss from
discontinued operations |
|
|
(232,994 |
) |
|
|
(505,917 |
) |
|
|
(699,858 |
) |
|
|
(1,533,064 |
) |
| Net income
attributable to Consolidated Water Co. Ltd.
stockholders |
|
$ |
8,605,129 |
|
|
$ |
317,694 |
|
|
$ |
19,742,526 |
|
|
$ |
4,324,395 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss)
per common share attributable to Consolidated Water Co. Ltd. common
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
|
$ |
0.56 |
|
|
$ |
0.05 |
|
|
$ |
1.30 |
|
|
$ |
0.38 |
|
| Discontinued
operations |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.05 |
) |
|
|
(0.10 |
) |
| Basic earnings per
share |
|
$ |
0.55 |
|
|
$ |
0.02 |
|
|
$ |
1.25 |
|
|
$ |
0.28 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings
(loss) per common share attributable to Consolidated Water Co. Ltd.
common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
|
$ |
0.55 |
|
|
$ |
0.05 |
|
|
$ |
1.28 |
|
|
$ |
0.38 |
|
| Discontinued
operations |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.04 |
) |
|
|
(0.10 |
) |
| Diluted earnings per
share |
|
$ |
0.54 |
|
|
$ |
0.02 |
|
|
$ |
1.24 |
|
|
$ |
0.28 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared per
common and redeemable preferred shares |
|
$ |
0.095 |
|
|
$ |
0.085 |
|
|
$ |
0.265 |
|
|
$ |
0.255 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of common shares used in the determination of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
15,742,854 |
|
|
|
15,290,597 |
|
|
|
15,734,234 |
|
|
|
15,287,233 |
|
|
Diluted earnings per share |
|
|
15,928,604 |
|
|
|
15,450,276 |
|
|
|
15,909,725 |
|
|
|
15,440,261 |
|
Consolidated Water (NASDAQ:CWCO)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Consolidated Water (NASDAQ:CWCO)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
