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Consolidated Water Co. Ltd. Reports Second Quarter Operating Results

GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS -- (Marketwired) -- 08/11/14 -- Consolidated Water Co. Ltd. (NASDAQ: CWCO) ("Consolidated Water" or "the Company"), which develops and operates seawater desalination plants and water distribution systems in areas of the world where naturally occurring supplies of potable water are scarce or nonexistent, today reported its operating results for the second quarter and first half of 2014. The Company will host an investor conference call on Tuesday, August 12, 2014 at 11:00 a.m. EDT (see details below) to discuss its operating results and other topics of interest.

Second Quarter Operating Results

Net income attributable to the Company's stockholders totaled $2,759,693, or $0.19 per diluted share, for the three months ended June 30, 2014, compared with net income attributable to CWCO stockholders of $2,853,850, or $0.19 per diluted share, for the three months ended June 30, 2013.

Total revenues for the second quarter of 2014 increased slightly (2%) to approximately $16.9 million, compared with approximately $16.6 million in the second quarter of 2013.

Retail water revenues increased 5% to approximately $6.5 million (38% of total revenues) in the most recent quarter, versus approximately $6.2 million (37% of total revenues) in the second quarter of 2013. The increase in retail revenues was due to an approximate 8% increase in the number of gallons of water sold by the Company's retail operations in the Cayman Islands and the Company's facility in Bali, Indonesia.

Bulk water revenues declined slightly (2%) to approximately $10.0 million (59% of total revenues) in the second quarter of 2014, compared with approximately $10.2 million (61% of total revenues) in the prior-year quarter. The reduction in bulk water revenues was attributable to a decrease in the volume of water sold by the Company's Bahamas operations to the Water and Sewerage Corporation of The Bahamas ("WSC"). In 2013, the WSC purchased water volumes from the Company's Blue Hills plant that were significantly higher than the contracted capacity of the plant. However, as a result of water conservation and loss mitigation efforts it has conducted since that time, the WSC has lowered the amount of water lost by its distribution system and, consequently, in 2014 the WSC has reduced the volume of water it purchased from the Blue Hills plant.

Services segment revenues rose 105% to $466,381 in the quarter ended June 30, 2014, compared with $227,211 in the corresponding period of 2013, primarily due to construction revenues generated from contracts with the Water Authority-Cayman to refurbish the Lower Valley plant and to build a plant on the island of Cayman Brac.

Consolidated gross profit was relatively unchanged at approximately $6.4 million (38% of total revenues) in the most recent quarter, versus approximately $6.4 million (39% of total revenues) in the second quarter of 2013. Gross profit on retail revenues increased 2% to approximately $3.4 million (52% of retail revenues) in the quarter ended June 30, 2014, compared with approximately $3.3 million (54% of retail revenues) in the year-earlier period. The slight decrease in retail gross profit margin as a percentage of sales reflected a negative gross profit for the Bali retail operations resulting from underutilization of the plant. Gross profit on bulk revenues declined 1% to approximately $3.1 million (31% of bulk revenues), compared with approximately $3.1 million (31% of bulk revenues) a year earlier. The services segment recorded a negative gross profit of ($80,008) in the second quarter of 2014, compared with a negative gross profit of ($27,127) in the second quarter of 2013.

Consolidated general and administrative expenses ("G&A") increased 5% to approximately $3.8 million in the second quarter of 2014, compared with approximately $3.6 million in the year-earlier quarter. Project development expenses incurred by the Company's Mexico subsidiary, N.S.C. Agua, S.A. de C.V. ("NSC") increased by approximately $60,000, professional fees rose by approximately $142,000 (primarily as a result of legal fees incurred for the judicial review conducted in connection with the Company's Cayman Island retail license negotiations), and employee costs were approximately $36,000 greater due to base salary increases.

Interest income increased to $366,772 for the second quarter of 2014, up from $169,796 in the second quarter of 2013 due to the receipt of interest due on past due accounts receivables from the WSC. Interest expense decreased to $47,531 for the three months ended June 30, 2014, versus $124,845 in the prior-year quarter, reflecting the early redemption in February 2014 of the remaining outstanding balance on the Company's bonds payable.

The Company recognized earnings and profit sharing on its investment in OC-BVI of $116,215 in the second quarter of 2014, compared with $103,984 in the second quarter of 2013.

Management Comments

"Our second quarter net income was comparable with that for the prior-year period while we continue to make progress on the large seawater desalination project that we are developing in northern Baja California, Mexico," stated Rick McTaggart, Chief Executive Officer of Consolidated Water Co. Ltd. "Our retail sales reversed a three-year declining trend and achieved an 8% water volume increase in the second quarter and a 2% water volume increase year-to-date. This increase was primarily attributable to higher irrigation demands from golf courses in our franchise areas on Grand Cayman, along with higher water production at our newest seawater desalination plant, in Bali, Indonesia. Water sales by our operation in Bali increased as resorts and other properties purchased more water to offset dry weather conditions and deteriorating quality of ground water wells."

"In our bulk water business segment, gross profits declined by approximately $45,000, or only 1 percent, in the most recent quarter, relative to the prior-year period, despite a decrease of approximately $659,000 in water sales by our Bahamas operations. The revenue decline in the Bahamas resulted from lower water volumes sold to WSC as a result of its successful efforts to reduce the amount of water lost by its distribution system. The impact of this development was largely offset by higher bulk water volume sales in the Cayman Islands and Belize, as well as improved operating efficiencies at our bulk water production facilities."

"We reached an important milestone in our 100 million gallon-per-day Rosarito desalination plant in Baja California, Mexico, during this past quarter when we submitted environmental impact studies for the project to Mexican regulatory authorities," continued Mr. McTaggart. "We expect to receive comments on these studies within the next several weeks. We are also implementing a second phase of source water quality monitoring and reporting, which is required by one of our proposed water customers, Otay Water District, to support its permitting applications with state and federal authorities in the U.S.A."

Six-Month Operating Results

Net income attributable to the Company's stockholders for the six months ended June 30, 2014 totaled $3,414,602, or $0.23 per diluted share, compared with net income attributable to CWCO stockholders of $6,595,853, or $0.45 per diluted share, for the six months ended June 30, 2013.

Total revenues for the first half of 2014 increased slightly (less than 1%) to approximately $33.3 million, compared with approximately $33.1 million in the first half of 2013.

Retail water revenues were largely unchanged at approximately $12.6 million (38% of total revenues) in the six months ended June 30, 2014, versus approximately $12.6 million (38% of total revenues) in the corresponding period of the previous year. The volume of water sold by the retail segment increased by approximately 2% in the first half of 2014 when compared with the prior-year period.

Bulk water revenues declined less than 0.5% to approximately $19.9 million (60% of total revenues) in the first half of 2014, compared with approximately $20.0 million (60% of total revenues) in the prior-year period. The reduction in bulk water revenues was attributable to a decrease in the volume of water sold by the Company's Bahamas operations to the WSC, as discussed earlier in this press release.

Services segment revenues rose 40% to $742,294 in the six months ended June 30, 2014, compared with $530,706 in the corresponding period of 2013, primarily due to construction revenues generated from contracts with the Water Authority-Cayman to refurbish the Lower Valley plant and to build a plant on the island of Cayman Brac.

Consolidated gross profit declined 2% to approximately $12.3 million (37% of total revenues) in the first half of 2014, versus approximately $12.6 million (38% of total revenues) in the first half of 2013. Gross profit on retail revenues decreased 4% to approximately $6.6 million (52% of retail revenues) in the six months ended June 30, 2014, compared with approximately $6.9 million (55% of retail revenues) in the year-earlier period. Gross profit on bulk revenues improved 2% to approximately $5.9 million (30% of bulk revenues), compared with approximately $5.8 million (29% of bulk revenues) a year earlier. The services segment recorded a negative gross profit of ($139,359) in the 2014 period, compared with a negative gross profit of ($36,157) in the first six months of 2013.

Consolidated G&A expenses increased 27% to approximately $9.1 million in the first half of 2014, compared with approximately $7.2 million in the year-earlier period. Project development expenses incurred by NSC increased by approximately $1.6 million, professional fees rose by approximately $262,000 (primarily as a result of legal fees incurred for the judicial review conducted in connection with the Company's Cayman Island retail license negotiations), and employee costs increased by approximately $160,000 due to base salary increases.

Interest income increased to $539,704 for the first half of 2014, from $349,884 in the year-earlier period due to the receipt of interest due on past due accounts receivables from the WSC in the Bahamas. Interest expense increased to $343,268 in the six months ended June 30, 2014, versus $257,270 in the prior-year period, reflecting the prepayment premium paid for the early redemption in February 2014 of the remaining outstanding balance on the Company's bonds payable and the amortization of the related bond discount and deferred issuance costs.

The Company recognized earnings and profit sharing on its investment in OC-BVI of $190,954 in the six months ended June 30, 2014, compared with $1,179,304 in the corresponding period of the previous year. The additional earnings and profit sharing recognized in 2013 from the equity investment in OC-BVI resulted from the payment by the British Virgin Islands government to OC-BVI in January 2013 of $2.0 million of the amount awarded to OC-BVI as a result of the Baughers Bay litigation.

Financial Condition

"The significant changes in our consolidated balance sheet as of June 30, 2014, when compared with December 31, 2013, resulted from a reduction in accounts receivable and the purchase of land by our Mexico subsidiary, NSC," observed David Sasnett, Chief Financial Officer of the Company.

"During May and June 2014, the WSC made significant incremental payments to the Company to reduce the past due amounts it owed to our Bahamian subsidiary," noted Mr. Sasnett. "As a result, our consolidated accounts receivable decreased by approximately $6.9 million from December 31, 2013 to June 30, 2014."

"In May 2014, we paid $17.4 million to liquidate the $10 million land purchase obligation reported on our December 31, 2013 consolidated balance sheet and to complete the land purchases for NSC's development project in Mexico. To fund this payment, we liquidated our marketable securities, which had a balance of approximately $8.6 million as of December 31, 2013, and obtained a $10 million demand loan," concluded Mr. Sasnett.

Cash Dividends

On July 31, 2014, the Company paid a quarterly cash dividend of $0.075 per share for the 21st consecutive quarter. The Company has paid cash dividends to shareholders since 1985.

Investor Conference Call

The Company will host a conference call at 11:00 a.m. Eastern Time (EDT) on Tuesday, August 12, 2014. Shareholders and other interested parties may participate in the conference call by dialing 877-374-8416 (international/local participants dial 412-317-6716) and requesting participation in the "Consolidated Water Co. Ltd. Conference Call" a few minutes before 11:00 a.m. EDT on August 12, 2014.

A replay of the conference call will be available one hour after the call through 9:00 a.m. EDT on Tuesday, August 19, 2014 by dialing 877-344-7529 (international/local participants dial 412-317-0088) and entering the conference ID # 10050540, and on the Company's website at www.cwco.com.

CWCO-E

About Consolidated Water Co. Ltd.

Consolidated Water Co. Ltd. develops and operates seawater desalination plants and water distribution systems in areas of the world where naturally occurring supplies of potable water are scarce or nonexistent. The Company operates water production and/or distribution facilities in the Cayman Islands, Belize, the British Virgin Islands, The Commonwealth of The Bahamas, and Bali, Indonesia.

Consolidated Water Co. Ltd. is headquartered in George Town, Grand Cayman, in the Cayman Islands. The Company's ordinary (common) stock is traded on the NASDAQ Global Select Market under the symbol "CWCO". Additional information on the Company is available on its website at http://www.cwco.com.

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should" 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, continued acceptance of the Company's products and services in the marketplace, changes in its relationships with the governments of the jurisdictions in which it operates, the outcome of its negotiations with the Cayman government regarding a new retail license agreement, its ability to successfully secure contracts for water projects, including the projects under development in Baja California, Mexico and Bali, Indonesia, its ability to develop and operate such projects profitably, and its ability to manage growth and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission ("SEC").

By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

(Financial Highlights Follow)


                        CONSOLIDATED WATER CO. LTD.
                   CONDENSED CONSOLIDATED BALANCE SHEETS

                                                  June 30,     December 31,
                                                    2014           2013
                                               -------------  -------------
                                                (Unaudited)
ASSETS
Current assets
  Cash and cash equivalents                    $  34,437,295  $  33,626,516
  Certificate of deposit                           5,000,000              -
  Restricted cash                                    515,849              -
  Marketable securities                                    -      8,587,475
  Accounts receivable, net                        11,952,964     18,859,560
  Inventory                                        1,536,702      1,383,135
  Prepaid expenses and other current assets        2,413,653      2,435,127
  Current portion of loans receivable              1,671,287      1,691,102
                                               -------------  -------------
Total current assets                              57,527,750     66,582,915
Property, plant and equipment, net                57,186,662     58,602,886
Construction in progress                           2,459,433      1,450,417
Inventory, non-current                             4,366,968      4,204,089
Loans receivable                                   6,488,001      7,337,177
Investment in OC-BVI                               6,087,202      6,623,448
Intangible assets, net                             1,005,944      1,096,488
Goodwill                                           3,499,037      3,499,037
Investment in land                                20,558,424     13,175,566
Other assets                                       2,831,273      2,792,831
                                               -------------  -------------
Total assets                                   $ 162,010,694  $ 165,364,854
                                               =============  =============

LIABILITIES AND EQUITY
Current liabilities
  Accounts payable and other current
   liabilities                                 $   7,464,657  $   7,157,896
  Dividends payable                                1,166,962      1,164,026
  Demand loan payable                             10,000,000              -
  Current portion of long term debt                        -      5,205,167
  Land purchase obligation                                 -     10,050,000
                                               -------------  -------------
Total current liabilities                         18,631,619     23,577,089
Other liabilities                                    264,827        289,392
                                               -------------  -------------
Total liabilities                                 18,896,446     23,866,481
                                               -------------  -------------
Commitments and contingencies
Equity
Consolidated Water Co. Ltd. stockholders'
 equity
  Redeemable preferred stock, $0.60 par value.
   Authorized 200,000 shares; issued and
   outstanding 41,853 and 37,408 shares,
   respectively                                       25,112         22,445
  Class A common stock, $0.60 par value.
   Authorized 24,655,000 shares; issued and
   outstanding 14,698,499 and 14,686,197
   shares, respectively                            8,819,099      8,811,718
  Class B common stock, $0.60 par value.
   Authorized 145,000 shares; none issued or
   outstanding                                             -              -
  Additional paid-in capital                      83,640,224     83,381,387
  Retained earnings                               48,360,630     47,155,548
  Cumulative translation adjustment                 (437,454)      (471,983)
                                               -------------  -------------
Total Consolidated Water Co. Ltd.
 stockholders' equity                            140,407,611    138,899,115
Non-controlling interests                          2,706,637      2,599,258
                                               -------------  -------------
Total equity                                     143,114,248    141,498,373
                                               -------------  -------------
Total liabilities and equity                   $ 162,010,694  $ 165,364,854
                                               =============  =============



                        CONSOLIDATED WATER CO. LTD.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                (UNAUDITED)

                            Three Months Ended         Six Months Ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
Retail water revenues    $ 6,499,257  $ 6,179,597  $12,612,218  $12,574,609
Bulk water revenues        9,966,194   10,162,572   19,925,930   20,019,262
Services revenues            466,381      227,211      742,294      530,706
                         -----------  -----------  -----------  -----------
  Total revenues          16,931,832   16,569,380   33,280,442   33,124,577
                         -----------  -----------  -----------  -----------

Cost of retail revenues    3,119,483    2,870,175    6,050,859    5,704,927
Cost of bulk revenues      6,895,914    7,047,346   14,007,459   14,234,759
Cost of services
 revenues                    546,389      254,338      881,653      566,863
                         -----------  -----------  -----------  -----------
  Total cost of revenues  10,561,786   10,171,859   20,939,971   20,506,549
                         -----------  -----------  -----------  -----------
Gross profit               6,370,046    6,397,521   12,340,471   12,618,028
General and
 administrative expenses   3,781,161    3,594,762    9,123,794    7,163,698
                         -----------  -----------  -----------  -----------
Income from operations     2,588,885    2,802,759    3,216,677    5,454,330
                         -----------  -----------  -----------  -----------

Other income (expense):
  Interest income            366,772      169,796      539,704      349,884
  Interest expense           (47,531)    (124,845)    (343,268)    (257,270)
  Profit sharing income
   from OC-BVI                30,375       27,652       50,625      315,111
  Equity in earnings of
   OC-BVI                     85,840       76,332      140,329      864,193
  Other                     (117,803)      63,544       80,493      152,677
                         -----------  -----------  -----------  -----------
    Other income
     (expense), net          317,653      212,479      467,883    1,424,595
                         -----------  -----------  -----------  -----------
Net income                 2,906,538    3,015,238    3,684,560    6,878,925
Income attributable to
 non-controlling
 interests                   146,845      161,388      269,958      283,072
                         -----------  -----------  -----------  -----------
Net income attributable
 to Consolidated Water
 Co. Ltd. stockholders   $ 2,759,693  $ 2,853,850  $ 3,414,602  $ 6,595,853
                         ===========  ===========  ===========  ===========

Basic earnings per
 common share
 attributable to
 Consolidated Water Co.
 Ltd. common
 stockholders            $      0.19  $      0.19  $      0.23  $      0.45
                         ===========  ===========  ===========  ===========
Diluted earnings per
 common share
 attributable to
 Consolidated Water Co.
 Ltd. common
 stockholders            $      0.19  $      0.19  $      0.23  $      0.45
                         ===========  ===========  ===========  ===========
Dividends declared per
 common share            $     0.075  $     0.075  $      0.15  $      0.15
                         ===========  ===========  ===========  ===========

Weighted average number
 of common shares used
 in the determination
 of:
  Basic earnings per
   share                  14,698,499   14,636,916   14,692,654   14,617,613
                         ===========  ===========  ===========  ===========
  Diluted earnings per
   share                  14,760,159   14,684,515   14,764,058   14,659,593
                         ===========  ===========  ===========  ===========



                        CONSOLIDATED WATER CO. LTD.
      CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                                (UNAUDITED)

                             Three Months Ended        Six Months Ended
                                  June 30,                  June 30,
                          ------------------------  -----------------------
                              2014         2013         2014        2013
                          -----------  -----------  ----------- -----------
Net income                $ 2,906,538  $ 3,015,238  $ 3,684,560 $ 6,878,925
Other comprehensive
 income (loss)
  Foreign currency
   translation adjustment     (64,110)     (50,558)      36,346     (73,261)
                          -----------  -----------  ----------- -----------
  Total other
   comprehensive income
   (loss)                     (64,110)     (50,558)      36,346     (73,261)
                          -----------  -----------  ----------- -----------
Comprehensive income        2,842,428    2,964,680    3,720,906   6,805,664
Comprehensive income
 attributable to the non-
 controlling interest         143,639      158,860      271,775     279,409
                          -----------  -----------  ----------- -----------
Comprehensive income
 attributable to
 Consolidated Water Co.
 Ltd. stockholders        $ 2,698,789  $ 2,805,820  $ 3,449,131 $ 6,526,255
                          ===========  ===========  =========== ===========


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