$CWCO
Consolidated Water Co. Ltd.

2012 Q2 Form 10-Q Financial Statement

#000114420412027639 Filed on May 10, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2012 Q1 2011 Q4
Revenue $16.23M $16.73M $13.61M
YoY Change 9.37% 20.29% 17.02%
Cost Of Revenue $10.82M $10.78M $9.090M
YoY Change 12.94% 24.55% 6.82%
Gross Profit $5.410M $5.948M $4.520M
YoY Change 2.85% 13.28% 44.87%
Gross Profit Margin 33.33% 35.55% 33.21%
Selling, General & Admin $3.450M $3.510M $3.650M
YoY Change 8.49% -7.39% 58.01%
% of Gross Profit 63.77% 59.01% 80.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.450M $3.520M $3.650M
YoY Change 8.15% -7.12% 58.01%
Operating Profit $1.960M $2.433M $870.0K
YoY Change -5.31% 66.86% 7.41%
Interest Expense $70.00K $383.6K $40.00K
YoY Change 16.67% 9.49% -20.0%
% of Operating Profit 3.57% 15.77% 4.6%
Other Income/Expense, Net $40.00K -$132.00 $70.00K
YoY Change -50.0% -100.02% 250.0%
Pretax Income $2.080M $2.430M $980.0K
YoY Change -5.88% 17.96% 11.36%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $1.960M $2.343M $900.0K
YoY Change 1.55% 17.54% -2.17%
Net Earnings / Revenue 12.08% 14.0% 6.61%
Basic Earnings Per Share $0.16
Diluted Earnings Per Share $134.3K $0.16 $61.64K
COMMON SHARES
Basic Shares Outstanding 14.58M shares 14.57M shares
Diluted Shares Outstanding 14.60M shares

Balance Sheet

Concept 2012 Q2 2012 Q1 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.20M $33.50M $46.10M
YoY Change -22.83% -30.35% 0.0%
Cash & Equivalents $30.63M $25.00M $37.62M
Short-Term Investments $8.500M $8.500M $8.500M
Other Short-Term Assets $1.300M $8.700M $9.400M
YoY Change -62.86% 357.89% 308.7%
Inventory $1.500M $1.601M $1.452M
Prepaid Expenses
Receivables $11.90M $15.10M $8.537M
Other Receivables $1.800M $1.800M $1.900M
Total Short-Term Assets $55.60M $60.83M $67.33M
YoY Change -17.99% -7.28% 5.7%
LONG-TERM ASSETS
Property, Plant & Equipment $62.40M $63.41M $64.19M
YoY Change 12.23% 14.87% 14.21%
Goodwill $3.588M $3.588M
YoY Change
Intangibles $1.724M $1.502M
YoY Change
Long-Term Investments $6.300M $6.563M $6.635M
YoY Change -8.7% -13.65% -14.94%
Other Assets $6.700M $2.737M $2.855M
YoY Change 1.52% -58.52% -56.74%
Total Long-Term Assets $90.60M $92.39M $93.53M
YoY Change 5.35% 6.32% 5.68%
TOTAL ASSETS
Total Short-Term Assets $55.60M $60.83M $67.33M
Total Long-Term Assets $90.60M $92.39M $93.53M
Total Assets $146.2M $153.2M $160.9M
YoY Change -4.94% 0.47% 5.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.100M $4.300M $4.600M
YoY Change -4.65% 10.26% 6.98%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $9.059M $17.53M
YoY Change 6.67% 547.1% 1152.22%
Total Short-Term Liabilities $6.800M $14.50M $23.30M
YoY Change -1.45% 123.14% 237.75%
LONG-TERM LIABILITIES
Long-Term Debt $6.000M $6.452M $6.853M
YoY Change -62.73% -60.9% -59.45%
Other Long-Term Liabilities $400.0K $414.8K $420.4K
YoY Change 0.0% 3.7% 5.11%
Total Long-Term Liabilities $6.400M $6.867M $7.273M
YoY Change -61.21% -59.37% -57.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.800M $14.50M $23.30M
Total Long-Term Liabilities $6.400M $6.867M $7.273M
Total Liabilities $15.10M $21.37M $30.58M
YoY Change -40.55% -14.86% 18.52%
SHAREHOLDERS EQUITY
Retained Earnings $39.28M $38.03M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.2M $130.2M $128.7M
YoY Change
Total Liabilities & Shareholders Equity $146.2M $153.2M $160.9M
YoY Change -4.94% 0.47% 5.69%

Cashflow Statement

Concept 2012 Q2 2012 Q1 2011 Q4
OPERATING ACTIVITIES
Net Income $1.960M $2.343M $900.0K
YoY Change 1.55% 17.54% -2.17%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $7.160M -$1.924M -$6.080M
YoY Change 40.12% -169.38% -932.88%
INVESTING ACTIVITIES
Capital Expenditures -$670.0K $1.103M -$3.810M
YoY Change -63.98% 112.43% 2141.18%
Acquisitions
YoY Change
Other Investing Activities $8.140M $300.0K -$7.050M
YoY Change 730.61% -74.58% -549.04%
Cash From Investing Activities $7.470M -$710.6K -$10.87M
YoY Change -948.86% -208.18% -876.43%
FINANCING ACTIVITIES
Cash Dividend Paid $1.094M
YoY Change 0.34%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $8.897M
YoY Change 2275.49%
Cash From Financing Activities -9.000M -9.994M 5.530M
YoY Change 512.24% 580.69% -473.65%
NET CHANGE
Cash From Operating Activities 7.160M -1.924M -6.080M
Cash From Investing Activities 7.470M -710.6K -10.87M
Cash From Financing Activities -9.000M -9.994M 5.530M
Net Change In Cash 5.630M -12.63M -11.42M
YoY Change 103.99% -743.53% -1856.92%
FREE CASH FLOW
Cash From Operating Activities $7.160M -$1.924M -$6.080M
Capital Expenditures -$670.0K $1.103M -$3.810M
Free Cash Flow $7.830M -$3.028M -$2.270M
YoY Change 12.34% -234.3% -352.22%

Facts In Submission

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<div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>2. Basis of presentation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The accompanying condensed consolidated financial statements include the accounts of the Company&#x2019;s (i) wholly-owned subsidiaries, Aquilex, Inc., Cayman Water Company Limited (&#x201C;Cayman Water&#x201D;), Consolidated Water (Belize) Limited (&#x201C;CW-Belize&#x201D;), Ocean Conversion (Cayman) Limited (&#x201C;OC-Cayman&#x201D;), DesalCo Limited (&#x201C;DesalCo&#x201D;), Consolidated Water Cooperatief, U.A. (&#x201C;CW-Coop&#x201D;); (ii) majority-owned subsidiary Consolidated Water (Bahamas) Ltd. (&#x201C;CW-Bahamas&#x201D;); and (iii) affiliates Consolidated Water (Bermuda) Limited (&#x201C;CW-Bermuda&#x201D;) and N.S.C. Agua, S.A. de C.V. (&#x201C;NSC&#x201D;), which are consolidated for financial reporting purposes because the Company has a controlling financial interest in these companies. The Company&#x2019;s investment in its other affiliate, Ocean Conversion (BVI) Ltd. (&#x201C;OC-BVI&#x201D;), is accounted for using the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The accompanying interim condensed consolidated financial statements are unaudited. These condensed consolidated financial statements reflect all adjustments (which are of a normal recurring nature) that, in the opinion of management, are necessary to fairly present the Company&#x2019;s financial position, results of operations and cash flows as of and for the periods presented. The results of operations for these interim periods are not necessarily indicative of the operating results for future periods, including the fiscal year ending December 31, 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> These condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States Securities and Exchange Commission (&#x201C;SEC&#x201D;) relating to interim financial statements and in conformity with accounting principles generally accepted in the United States of America (&#x201C;US GAAP&#x201D;). Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2011.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Certain amounts presented in the financial statements for prior periods have been reclassified to conform to the current period&#x2019;s presentation. These reclassifications had no effect on consolidated net income.</p> </div>
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<div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>1. Principal activity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Consolidated Water Co. Ltd., and its subsidiaries (collectively, the &#x201C;Company&#x201D;) use reverse osmosis technology to produce fresh water from seawater. The Company processes and supplies water to its customers in the Cayman Islands, Belize and the Bahamas. The Company sells water to a variety of customers, including public utilities, commercial and tourist properties, residential properties and government facilities. The base price of water supplied by the Company, and adjustments thereto, are determined by the terms of a license and supply contracts, which provide for adjustments based upon the movement in the price indices specified in the licenses and contracts, as well as monthly adjustments for changes in the cost of energy. The Company also provides engineering and design services for water plant construction and manages and operates water plants owned by others.</p> </div>
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14596480 shares
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9993773
CY2012Q1 us-gaap Cost Of Services
CostOfServices
82678
CY2012Q1 us-gaap Profit Loss
ProfitLoss
2433032
CY2012Q1 cwco Dividends Declared And Not Paid
DividendsDeclaredAndNotPaid
1095119
CY2012Q1 cwco Payments For Proceeds From Equity Affiliates
PaymentsForProceedsFromEquityAffiliates
242400
CY2012Q1 cwco Retail Water Revenue
RetailWaterRevenue
6566129
CY2012Q1 cwco Bulk Water Revenue
BulkWaterRevenue
10069217
CY2012Q1 cwco Cost Of Retail Water
CostOfRetailWater
3042747
CY2012Q1 cwco Cost Of Bulk Water
CostOfBulkWater
7655453

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0001144204-12-027639.txt Edgar Link pending
0001144204-12-027639-xbrl.zip Edgar Link pending
cwco-20120331.xml Edgar Link completed
cwco-20120331.xsd Edgar Link pending
cwco-20120331_cal.xml Edgar Link unprocessable
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