CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2012 2011 -------------- -------------- (Unaudited) ASSETS Current assets Cash and cash equivalents $ 31,644,158 $ 37,624,179 Restricted cash - 7,500,000 Marketable securities 8,561,807 8,496,372 Accounts receivable, net 11,138,296 8,537,232 Inventory 1,531,158 1,451,639 Prepaid expenses and other current assets 3,286,960 1,880,105 Current portion of loans receivable 1,822,218 1,843,600 -------------- -------------- Total current assets 57,984,597 67,333,127 Property, plant and equipment, net 60,705,031 64,185,110 Construction in progress 1,164,081 141,204 Inventory, non-current 4,565,940 3,861,470 Loans receivable 9,488,846 10,758,873 Investment in OC-BVI 6,442,391 6,634,598 Intangible assets, net 1,544,841 1,501,824 Goodwill 3,587,754 3,587,754 Other assets 2,610,596 2,855,471 -------------- -------------- Total assets $ 148,094,077 $ 160,859,431 ============== ============== LIABILITIES AND EQUITY Current liabilities Accounts payable and other current liabilities $ 5,807,730 $ 4,617,770 Dividends payable 1,158,049 1,156,081 Current portion of long term debt 1,617,600 17,531,134 -------------- -------------- Total current liabilities 8,583,379 23,304,985 Long term debt 5,628,421 6,852,660 Other liabilities 411,035 420,430 -------------- -------------- Total liabilities 14,622,835 30,578,075 -------------- -------------- Equity Consolidated Water Co. Ltd. stockholders' equity Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 30,265 and 22,427 shares, respectively 18,159 13,456 Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 14,582,125 and 14,568,696 shares, respectively 8,749,275 8,741,217 Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued or outstanding - - Additional paid-in capital 82,385,735 81,939,211 Retained earnings 40,350,812 38,030,943 -------------- -------------- Total Consolidated Water Co. Ltd. stockholders' equity 131,503,981 128,724,827 Non-controlling interests 1,967,261 1,556,529 -------------- -------------- Total equity 133,471,242 130,281,356 -------------- -------------- Total liabilities and equity $ 148,094,077 $ 160,859,431 ============== ============== CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ------------------------ 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Retail water revenues $ 5,703,233 $ 5,283,676 $18,138,615 $18,212,067 Bulk water revenues 10,031,176 7,452,759 30,313,063 22,394,239 Services revenues 105,727 70,217 347,964 942,838 ----------- ----------- ----------- ----------- Total revenues 15,840,136 12,806,652 48,799,642 41,549,144 ----------- ----------- ----------- ----------- Cost of retail revenues 2,798,560 2,865,554 8,720,675 8,819,155 Cost of bulk revenues 7,777,247 5,807,061 23,301,186 17,739,995 Cost of services revenues 29,335 125,187 183,238 479,383 ----------- ----------- ----------- ----------- Total cost of revenues 10,605,142 8,797,802 32,205,099 27,038,533 ----------- ----------- ----------- ----------- Gross profit 5,234,994 4,008,850 16,594,543 14,510,611 General and administrative expenses 4,089,575 3,031,951 11,052,833 10,005,245 ----------- ----------- ----------- ----------- Income from operations 1,145,419 976,899 5,541,710 4,505,366 ----------- ----------- ----------- ----------- Other income (expense): Interest income 198,604 265,934 649,494 927,885 Interest expense (146,880) (170,659) (737,330) (864,944) Other income 69,999 70,224 225,166 211,768 Equity in earnings of OC-BVI 99,932 159,250 201,693 791,722 ----------- ----------- ----------- ----------- Other income (expense), net 221,655 324,749 339,023 1,066,431 ----------- ----------- ----------- ----------- Net income 1,367,074 1,301,648 5,880,733 5,571,797 Income attributable to non-controlling interests 62,231 15,580 275,732 363,057 ----------- ----------- ----------- ----------- Net income attributable to Consolidated Water Co. Ltd. stockholders $ 1,304,843 $ 1,286,068 $ 5,605,001 $ 5,208,740 =========== =========== =========== =========== Basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders $ 0.09 $ 0.09 $ 0.38 $ 0.36 =========== =========== =========== =========== Diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders $ 0.09 $ 0.09 $ 0.38 $ 0.36 =========== ========== =========== =========== Dividends declared per common share $ 0.075 $ 0.075 $ 0.225 $ 0.225 =========== =========== =========== =========== Weighted average number of common shares used in the determination of: Basic earnings per share 14,580,946 14,560,765 14,576,790 14,558,670 =========== =========== =========== =========== Diluted earnings per share 14,617,195 14,590,509 14,604,398 14,595,668 =========== =========== =========== ===========
For further information, please contact: Frederick W. McTaggart President and CEO (345) 945-4277 David W. Sasnett Executive Vice President and CFO (954) 509-8200 info@cwco.com or RJ Falkner & Company, Inc. Investor Relations Counsel (800) 377-9893 info@rjfalkner.com
Source: Consolidated Water Co. Ltd.