CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2012 2011
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(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
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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
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Total assets $ 148,094,077 $ 160,859,431
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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
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Total current liabilities 8,583,379 23,304,985
Long term debt 5,628,421 6,852,660
Other liabilities 411,035 420,430
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Total liabilities 14,622,835 30,578,075
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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
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Total Consolidated Water Co. Ltd.
stockholders' equity 131,503,981 128,724,827
Non-controlling interests 1,967,261 1,556,529
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Total equity 133,471,242 130,281,356
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Total liabilities and equity $ 148,094,077 $ 160,859,431
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CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
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2012 2011 2012 2011
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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
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Total revenues 15,840,136 12,806,652 48,799,642 41,549,144
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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
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Total cost of revenues 10,605,142 8,797,802 32,205,099 27,038,533
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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
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Income from operations 1,145,419 976,899 5,541,710 4,505,366
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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
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Other income
(expense), net 221,655 324,749 339,023 1,066,431
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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
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Net income attributable
to Consolidated Water
Co. Ltd. stockholders $ 1,304,843 $ 1,286,068 $ 5,605,001 $ 5,208,740
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Basic earnings per
common share
attributable to
Consolidated Water Co.
Ltd. common
stockholders $ 0.09 $ 0.09 $ 0.38 $ 0.36
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Diluted earnings per
common share
attributable to
Consolidated Water Co.
Ltd. common
stockholders $ 0.09 $ 0.09 $ 0.38 $ 0.36
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Dividends declared per
common share $ 0.075 $ 0.075 $ 0.225 $ 0.225
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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
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Diluted earnings per
share 14,617,195 14,590,509 14,604,398 14,595,668
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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.