Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a
leading designer, builder and operator of advanced water supply and
treatment plants, reported results for the second quarter ended
June 30, 2024. All comparisons are to the same prior year period
unless otherwise noted.
Consolidated Water will hold a conference call at 11:00 a.m.
Eastern time tomorrow to discuss the results (see dial-in
information below).
Second Quarter 2024 Financial Key Points
- Total revenue declined 27% to $32.5
million.
- Retail revenue increased 8% to $8.2
million on higher sales volumes.
- Bulk revenue was relatively
consistent at $8.4 million.
- Manufacturing revenue was relatively
consistent at $3.9 million.
- Services revenue declined by 51% (or
approximately $12.2 million) to $11.9 million due to a $16.5
million decline in construction revenue that was partially offset
by an approximately $3 million increase in recurring operations and
maintenance revenue.
- Net income from continuing
operations attributable to company stockholders totaled $4.2
million or $0.26 per diluted share, compared to $7.5 million or
$0.47 per diluted share in the second quarter of 2023.
- Net income including discontinued
operations attributable to company stockholders totaled $15.9
million or $0.99 per diluted share, compared to $7.3 million or
$0.46 per diluted share in the second quarter of 2023.
- Cash and cash equivalents totaled
$96.7 million and working capital was $131.2 million as of June 30,
2024.
Second Quarter 2024 Operational Key Points
- Volume of retail water sold in the
company’s utility service area in Grand Cayman increased 10%
compared with the same period in 2023.
- Completed the construction and
commissioning of the new 2.6 million gallon per day Red Gate
desalination plant for the Water Authority of the Cayman Islands.
Began operating the facility under a 10-year operations and
maintenance agreement.
- Continued piloting, design and
permitting of a $147 million project to design, construct, operate
and maintain a seawater desalination plant for the Board of Water
Supply of Honolulu, Hawaii.
- Recognized $1.9 million in
operations and maintenance revenue from REC which Consolidated
Water acquired in October 2023 to provide a new channel for
expansion in water-stressed regions of Colorado.
- Settled a dispute with Mexico
involving the discontinued desalination project in Playas de
Rosarito, Mexico and recognized a gain of $12.1 million from the
sale of the project land and project documentation.
- Received Notice to Proceed under a
new 15-year agreement with the Water and Sewerage Corporation of
the Bahamas to design, build, own, operate and finance two seawater
desalination plants on Cat Island in the Bahamas.
Management Commentary
“Our second quarter results were fairly positive, especially
considering the inherent variability in our service segment revenue
and earnings due to the timing of our large design-build projects
in Grand Cayman, Arizona and Hawaii,” stated company CEO, Rick
McTaggart. “Our services revenue was down by about half due to the
anticipated reduction in construction-related revenue as the Grand
Cayman and Arizona projects were completed earlier this year.
“Meanwhile, development activities continue to ramp up on the
$147 million project to design, construct, operate and maintain a
seawater desalination plant for the Board of Water Supply of
Honolulu in Hawaii that we announced in June of last year. We are
currently in the piloting, design and permitting stage, which we
expect will lead into the full construction stage late next
year.
“The completion of the Hawaii project plant encompasses the
current two-year development phase followed by a two-year
construction phase. After construction and commissioning, we will
operate the plant under a 20-year operations and maintenance
agreement which has two additional 5-year extensions exercisable at
the client’s discretion.
“The reduction in construction-related revenue in the second
quarter was partially offset by an increase in the revenue
generated from operations and maintenance contracts by both PERC
and REC. We acquired REC last October to provide a new channel for
growth in the water-stressed regions of Colorado, and we’ve been
pleased with REC’s integration into our company and the new
opportunities we see developing in Colorado. Similar to our
acquisition of PERC, we anticipate that our greater financial and
management resources will enable REC to pursue larger projects that
will accelerate REC’s growth over time.
“Looking ahead to the remainder of the year and beyond, we
remain very excited about our prospects. Many positive
factors—including the consistent strong water sales growth in Grand
Cayman, the long-term recurring revenues from our Caribbean-based
bulk water and U.S.-based O&M businesses, stabilized
manufacturing revenue and earnings, and the anticipated revenue and
earnings from our $147 million design-build-operate project in
Hawaii—altogether provide a very solid base for the company in the
coming years.
“Supported by our exceptionally strong balance sheet, we will
continue to invest in new long-term projects such as two
desalination plants on Cat Island in the Bahamas, as well as new
infrastructure to serve the growing water needs of our utility
customer in the Cayman Islands. We see these projects ultimately
enhancing revenue growth.
“The market for design-build projects is also showing no sign of
slowing. While we are currently in a period between two large
projects, we believe our efficient and aesthetically pleasing plant
designs, our cost-efficient project delivery models and our
significant industry experience will help us secure new
projects.
“In fact, we recently signed master design-build service
agreements with two major national clients for a number of projects
they are contemplating. We anticipate this will positively impact
revenue and earnings in future periods. Combined with strong
industry tailwinds, we anticipate that all of these factors will
drive our long-term growth, enhance profitability, and further
strengthen shareholder value.”
Second Quarter 2024 Financial Summary
Revenue totaled $32.5 million, declining 27% from $44.2 million
in the second quarter of 2023. The decrease was primarily due to
decreases of $35,000 in the bulk segment, $12.2 million in the
services segment and $161,000 in the manufacturing segment. The
decreases were partially offset by an increase of $609,000 in the
retail segment.
Retail revenue increased primarily due to a 10% increase in the
volume of water sold. The volume of water sold increased due to a
5.5% increase in the number of customer accounts in the company’s
license area from June 30, 2023 to June 30, 2024. The increase was
also due to significantly less rainfall on Grand Cayman in April
and May of 2024 as compared to the same months a year ago.
The marginal decrease in bulk segment revenue was due to lower
energy costs, which decreased the energy pass-through component of
the company’s bulk water rates.
The decrease in services segment revenue was primarily due to
plant construction revenue decreasing from $19.8 million in 2023 to
$3.3 million in 2024 as the result of two construction projects
nearing completion during the quarter. Revenue generated under
operations and maintenance contracts totaled $7.1 million in the
second quarter of 2024, an increase of 75% from the second quarter
of 2023. Newly acquired REC contributed $1.9 million of the
increase, with the remainder related to PERC contracts.
Manufacturing segment revenue was relatively consistent at $3.9
million as compared to $4.1 million in the second quarter of
2023.
Gross profit for the second quarter of 2024 was $11.6 million
(36% of total revenue), as compared to $15.5 million (35% of total
revenue) in the second quarter of 2023.
Net income from continuing operations attributable to
Consolidated Water stockholders for the second quarter of 2024 was
$4.2 million or $0.26 per diluted share, compared to net income of
$7.5 million or $0.47 per diluted share in the second quarter of
2023.
Including discontinued operations, net income attributable to
Consolidated Water stockholders for the second quarter of 2024 was
$15.9 million or $0.99 per diluted share, up from net income of
$7.3 million or $0.46 per diluted share in the second quarter of
2023. The increase was primarily due to the gain on sale of the
land and documentation related to a discontinued project in Mexico
totaling $12.1 million in the second quarter of 2024.
Cash and cash equivalents totaled $96.7 million as of June 30,
2024, with working capital of $131.2 million, debt of $0.3 million,
and stockholders’ equity of $206.7 million.
First Half 2024 Financial Summary
Revenue for the first half of 2024 was $72.2 million, down 6%
compared to $77.1 million in the same year-ago period. The decrease
was primarily driven by decreases of $0.7 million in the bulk
segment and $7.5 million in the services segment. The decreases
were partially offset by increases of $1.5 million in the retail
segment and $1.8 million in the manufacturing segment.
Retail revenue increased primarily due to an 8% increase in the
volume of water sold. The volume of water sold increased due to a
5.5% increase in the number of customer accounts in the company’s
license area from June 30, 2023 to June 30, 2024.
The retail revenue increased also as a result of significantly
less rainfall on Grand Cayman in April and May of 2024 as compared
to the same months a year ago.
The decrease in bulk segment revenue was due to a decrease in
energy costs for CW-Bahamas, which decreased the energy
pass-through component of CW-Bahamas’ rates.
The decrease in services segment revenue was due to a $16.5
million decrease in plant construction revenue. Revenue generated
under operations and maintenance contracts totaled $14.2 million in
the first half of 2024, up 83% as compared to $7.7 million in the
same year-ago period.
The increase in manufacturing segment revenue was due to
increased production activity.
Gross profit for the first half of 2024 was $25.5 million (35%
of total revenue), down 2% from $26.0 million (34% of total
revenue) in the same year-ago period.
Net income from continuing operations attributable to
stockholders for the first half of 2024 was $11.2 million or $0.70
per diluted share, compared to net income of $11.6 million or $0.73
per diluted share for the first half of 2023.
Including discontinued operations, net income attributable to
Consolidated Water stockholders for the first half of 2024 was
$22.3 million or $1.40 per fully diluted share, up from net income
of $11.1 million or $0.70 per fully diluted share in the same
period of 2023. The increase was primarily due to a gain on sale of
land and project documentation of $12.1 million in the second
quarter of 2024.
Second Quarter Segment
Results
| |
|
Three Months Ended June 30, 2024 |
| |
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
|
$ |
8,181,884 |
|
|
$ |
8,447,958 |
|
|
$ |
11,922,469 |
|
|
$ |
3,926,847 |
|
|
$ |
32,479,158 |
|
| Cost of
revenue |
|
|
3,670,133 |
|
|
|
6,097,460 |
|
|
|
8,458,537 |
|
|
|
2,632,814 |
|
|
|
20,858,944 |
|
| Gross
profit |
|
|
4,511,751 |
|
|
|
2,350,498 |
|
|
|
3,463,932 |
|
|
|
1,294,033 |
|
|
|
11,620,214 |
|
| General
and administrative expenses |
|
|
4,378,816 |
|
|
|
363,268 |
|
|
|
1,196,624 |
|
|
|
667,586 |
|
|
|
6,606,294 |
|
| Gain (loss) on asset
dispositions and impairments, net |
|
|
(6,130 |
) |
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
(3,130 |
) |
| Income from operations |
|
$ |
126,805 |
|
|
$ |
1,987,230 |
|
|
$ |
2,270,308 |
|
|
$ |
626,447 |
|
|
|
5,010,790 |
|
| Other
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
418,426 |
|
| Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,429,216 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,063,933 |
|
| Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,365,283 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122,872 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,242,411 |
|
| Net
income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,607,846 |
|
| Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,850,257 |
|
| |
|
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
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
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 |
|
| |
First Half Segment Results
| |
|
Six Months Ended June 30, 2024 |
| |
|
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
|
$ |
16,806,822 |
|
|
$ |
16,790,052 |
|
|
$ |
29,340,080 |
|
|
$ |
9,231,594 |
|
|
$ |
72,168,548 |
|
| Cost of revenue |
|
|
7,221,477 |
|
|
|
11,662,718 |
|
|
|
21,127,476 |
|
|
|
6,658,640 |
|
|
|
46,670,311 |
|
| Gross profit |
|
|
9,585,345 |
|
|
|
5,127,334 |
|
|
|
8,212,604 |
|
|
|
2,572,954 |
|
|
|
25,498,237 |
|
| General and administrative
expenses |
|
|
8,483,148 |
|
|
|
707,409 |
|
|
|
2,794,478 |
|
|
|
1,185,288 |
|
|
|
13,170,323 |
|
| Gain (loss) on asset
dispositions and impairments, net |
|
|
(6,130 |
) |
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
(3,130 |
) |
| Income from operations |
|
$ |
1,096,067 |
|
|
$ |
4,419,925 |
|
|
$ |
5,421,126 |
|
|
$ |
1,387,666 |
|
|
|
12,324,784 |
|
| Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
836,610 |
|
| Income before income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,161,394 |
|
| Provision for income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,685,629 |
|
| Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,475,765 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291,940 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,183,825 |
|
| Net
income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,140,780 |
|
| Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,324,605 |
|
| |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call
Consolidated Water management will host a conference call
tomorrow to discuss these results, which will include a
question-and-answer period.
Date: Thursday, August 15, 2024Time: 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: 3791392
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 22, 2024, 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: 3791392
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, constructs and operates seawater desalination
facilities in the Cayman Islands, The Bahamas and the British
Virgin Islands, and designs, constructs 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, construct, 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 cwco.com.
Cautionary Note Regarding Forward-Looking
Statements
This 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 & Media Relations Contact:Ron Both
or Grant StudeCMA Investor & Media RelationsTel (949)
432-7566Email Contact
|
CONSOLIDATED WATER CO. LTD.CONDENSED
CONSOLIDATED BALANCE SHEETS |
| |
|
|
|
|
June 30, |
|
|
|
December 31, |
|
| |
|
|
2024 |
|
|
|
2023 |
|
| |
|
(Unaudited) |
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
96,670,206 |
|
|
$ |
42,621,898 |
|
|
Accounts receivable, net |
|
|
39,664,848 |
|
|
|
38,226,891 |
|
|
Inventory |
|
|
4,561,374 |
|
|
|
6,044,642 |
|
|
Prepaid expenses and other current assets |
|
|
2,945,174 |
|
|
|
4,056,370 |
|
|
Contract assets |
|
|
5,413,780 |
|
|
|
21,553,057 |
|
|
Current assets of discontinued operations |
|
|
1,503,473 |
|
|
|
211,517 |
|
| Total current
assets |
|
|
150,758,855 |
|
|
|
112,714,375 |
|
| Property, plant and equipment,
net |
|
|
54,368,951 |
|
|
|
55,882,521 |
|
| Construction in progress |
|
|
1,245,998 |
|
|
|
495,471 |
|
| Inventory, noncurrent |
|
|
4,999,102 |
|
|
|
5,045,771 |
|
| Investment in OC-BVI |
|
|
1,311,271 |
|
|
|
1,412,158 |
|
| Goodwill |
|
|
12,861,404 |
|
|
|
12,861,404 |
|
| Intangible assets, net |
|
|
3,025,000 |
|
|
|
3,353,185 |
|
| Operating lease right-of-use
assets |
|
|
3,532,430 |
|
|
|
2,135,446 |
|
| Other assets |
|
|
3,058,949 |
|
|
|
3,407,973 |
|
| Long-term assets of
discontinued operations |
|
|
— |
|
|
|
21,129,288 |
|
| Total
assets |
|
$ |
235,161,960 |
|
|
$ |
218,437,592 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
|
$ |
8,100,744 |
|
|
$ |
11,604,369 |
|
|
Accrued compensation |
|
|
2,759,353 |
|
|
|
3,160,030 |
|
|
Dividends payable |
|
|
1,559,669 |
|
|
|
1,572,655 |
|
|
Current maturities of operating leases |
|
|
618,705 |
|
|
|
456,865 |
|
|
Current portion of long-term debt |
|
|
170,867 |
|
|
|
192,034 |
|
|
Contract liabilities |
|
|
5,710,398 |
|
|
|
6,237,011 |
|
|
Deferred revenue |
|
|
217,618 |
|
|
|
317,017 |
|
|
Current liabilities of discontinued operations |
|
|
393,237 |
|
|
|
364,665 |
|
| Total current
liabilities |
|
|
19,530,591 |
|
|
|
23,904,646 |
|
| Long-term debt,
noncurrent |
|
|
115,033 |
|
|
|
191,190 |
|
| Deferred tax liabilities |
|
|
383,075 |
|
|
|
530,780 |
|
| Noncurrent operating
leases |
|
|
2,949,303 |
|
|
|
1,827,302 |
|
| Other liabilities |
|
|
153,000 |
|
|
|
153,000 |
|
| Deferred revenue |
|
|
29,459 |
|
|
|
— |
|
| Total
liabilities |
|
|
23,160,461 |
|
|
|
26,606,918 |
|
| Commitments and
contingencies |
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
| Consolidated Water Co. Ltd.
stockholders' equity |
|
|
|
|
|
|
|
|
|
Redeemable preferred stock, $0.60 par value. Authorized 200,000
shares; issued and outstanding 49,057 and 44,297 shares,
respectively |
|
|
29,434 |
|
|
|
26,578 |
|
|
Class A common stock, $0.60 par value. Authorized 24,655,000
shares; issued and outstanding 15,829,572 and 15,771,545 shares,
respectively |
|
|
9,497,743 |
|
|
|
9,462,927 |
|
|
Class B common stock, $0.60 par value. Authorized 145,000 shares;
none issued |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
92,723,287 |
|
|
|
92,188,887 |
|
|
Retained earnings |
|
|
104,455,633 |
|
|
|
85,148,820 |
|
| Total Consolidated Water Co.
Ltd. stockholders' equity |
|
|
206,706,097 |
|
|
|
186,827,212 |
|
| Non-controlling interests |
|
|
5,295,402 |
|
|
|
5,003,462 |
|
| Total
equity |
|
|
212,001,499 |
|
|
|
191,830,674 |
|
| Total liabilities and
equity |
|
$ |
235,161,960 |
|
|
$ |
218,437,592 |
|
|
CONSOLIDATED WATER CO. LTD.CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Revenue |
|
$ |
32,479,158 |
|
|
$ |
44,237,263 |
|
|
$ |
72,168,548 |
|
|
$ |
77,106,253 |
|
| Cost of
revenue |
|
|
20,858,944 |
|
|
|
28,773,714 |
|
|
|
46,670,311 |
|
|
|
51,083,622 |
|
| Gross
profit |
|
|
11,620,214 |
|
|
|
15,463,549 |
|
|
|
25,498,237 |
|
|
|
26,022,631 |
|
| General and administrative
expenses |
|
|
6,606,294 |
|
|
|
5,984,915 |
|
|
|
13,170,323 |
|
|
|
12,021,577 |
|
| Gain (loss) on asset
dispositions and impairments, net |
|
|
(3,130 |
) |
|
|
1,000 |
|
|
|
(3,130 |
) |
|
|
6,916 |
|
| Income from
operations |
|
|
5,010,790 |
|
|
|
9,479,634 |
|
|
|
12,324,784 |
|
|
|
14,007,970 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
380,854 |
|
|
|
86,137 |
|
|
|
714,996 |
|
|
|
199,781 |
|
|
Interest expense |
|
|
(33,438 |
) |
|
|
(36,247 |
) |
|
|
(66,939 |
) |
|
|
(74,091 |
) |
|
Profit-sharing income from OC-BVI |
|
|
12,150 |
|
|
|
12,150 |
|
|
|
32,400 |
|
|
|
26,325 |
|
|
Equity in the earnings of OC-BVI |
|
|
36,647 |
|
|
|
35,272 |
|
|
|
93,963 |
|
|
|
70,830 |
|
|
Other |
|
|
22,213 |
|
|
|
31,819 |
|
|
|
62,190 |
|
|
|
63,345 |
|
| Other income,
net |
|
|
418,426 |
|
|
|
129,131 |
|
|
|
836,610 |
|
|
|
286,190 |
|
| Income before income
taxes |
|
|
5,429,216 |
|
|
|
9,608,765 |
|
|
|
13,161,394 |
|
|
|
14,294,160 |
|
| Provision for income
taxes |
|
|
1,063,933 |
|
|
|
1,940,067 |
|
|
|
1,685,629 |
|
|
|
2,389,552 |
|
| Net income from
continuing operations |
|
|
4,365,283 |
|
|
|
7,668,698 |
|
|
|
11,475,765 |
|
|
|
11,904,608 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
122,872 |
|
|
|
137,226 |
|
|
|
291,940 |
|
|
|
300,347 |
|
| Net income from
continuing operations attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
4,242,411 |
|
|
|
7,531,472 |
|
|
|
11,183,825 |
|
|
|
11,604,261 |
|
| Net income (loss) from
discontinued operations |
|
|
11,607,846 |
|
|
|
(207,701 |
) |
|
|
11,140,780 |
|
|
|
(466,864 |
) |
| Net income
attributable to Consolidated Water Co. Ltd.
stockholders |
|
$ |
15,850,257 |
|
|
$ |
7,323,771 |
|
|
$ |
22,324,605 |
|
|
$ |
11,137,397 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss)
per common share attributable to Consolidated Water Co. Ltd. common
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
|
$ |
0.27 |
|
|
$ |
0.48 |
|
|
$ |
0.71 |
|
|
$ |
0.74 |
|
| Discontinued
operations |
|
|
0.73 |
|
|
|
(0.01 |
) |
|
|
0.70 |
|
|
|
(0.03 |
) |
| Basic earnings per
share |
|
$ |
1.00 |
|
|
$ |
0.47 |
|
|
$ |
1.41 |
|
|
$ |
0.71 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings
(loss) per common share attributable to Consolidated Water Co. Ltd.
common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
|
$ |
0.26 |
|
|
$ |
0.47 |
|
|
$ |
0.70 |
|
|
$ |
0.73 |
|
| Discontinued
operations |
|
|
0.73 |
|
|
|
(0.01 |
) |
|
|
0.70 |
|
|
|
(0.03 |
) |
| Diluted earnings per
share |
|
$ |
0.99 |
|
|
$ |
0.46 |
|
|
$ |
1.40 |
|
|
$ |
0.70 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common and redeemable preferred
shares |
|
$ |
0.095 |
|
|
$ |
0.085 |
|
|
$ |
0.19 |
|
|
$ |
0.17 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of common shares used in the determination of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
15,829,120 |
|
|
|
15,736,041 |
|
|
|
15,829,024 |
|
|
|
15,729,852 |
|
|
Diluted earnings per share |
|
|
15,983,671 |
|
|
|
15,907,440 |
|
|
|
15,984,154 |
|
|
|
15,899,923 |
|
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
