$GWRS
Global Water Resources, Inc.

2016 Q2 Form 10-Q Financial Statement

#000156459016023986 Filed on August 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $7.589M $9.082M
YoY Change -16.44%
Cost Of Revenue $470.0K $620.0K
YoY Change -24.19%
Gross Profit $7.120M $8.460M
YoY Change -15.84%
Gross Profit Margin 93.82% 93.15%
Selling, General & Admin $4.590M $3.860M
YoY Change 18.91%
% of Gross Profit 64.47% 45.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.610M $2.320M
YoY Change -30.6%
% of Gross Profit 22.61% 27.42%
Operating Expenses $6.664M $6.180M
YoY Change 7.83%
Operating Profit $925.0K $2.280M
YoY Change -59.43%
Interest Expense $7.458M $2.050M
YoY Change 263.8%
% of Operating Profit 806.27% 89.91%
Other Income/Expense, Net -$6.388M -$1.685M
YoY Change 279.11%
Pretax Income -$5.463M $595.0K
YoY Change -1018.15%
Income Tax -$1.931M $192.0K
% Of Pretax Income 32.27%
Net Earnings -$3.532M $403.0K
YoY Change -976.43%
Net Earnings / Revenue -46.54% 4.44%
Basic Earnings Per Share -$0.18 $0.02
Diluted Earnings Per Share -$0.18 $0.02
COMMON SHARES
Basic Shares Outstanding 19.17M shares 18.32M
Diluted Shares Outstanding 19.17M shares 18.32M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.60M $450.0K
YoY Change 5588.89%
Cash & Equivalents $25.58M $3.564M
Short-Term Investments
Other Short-Term Assets $900.0K $50.00K
YoY Change 1700.0%
Inventory
Prepaid Expenses
Receivables $3.400M
Other Receivables $300.0K
Total Short-Term Assets $30.13M $500.0K
YoY Change 5926.6%
LONG-TERM ASSETS
Property, Plant & Equipment $194.8M
YoY Change
Goodwill
YoY Change
Intangibles $12.77M
YoY Change
Long-Term Investments $503.0K $57.92M
YoY Change -99.13%
Other Assets $13.50M
YoY Change
Total Long-Term Assets $208.3M $57.92M
YoY Change 259.57%
TOTAL ASSETS
Total Short-Term Assets $30.13M $500.0K
Total Long-Term Assets $208.3M $57.92M
Total Assets $238.4M $58.42M
YoY Change 308.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.001M $270.0K
YoY Change 270.74%
Accrued Expenses $6.961M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $9.748M $460.0K
YoY Change 2019.13%
LONG-TERM LIABILITIES
Long-Term Debt $114.5M
YoY Change
Other Long-Term Liabilities $904.0K $230.0K
YoY Change 293.04%
Total Long-Term Liabilities $212.9M $230.0K
YoY Change 92447.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.748M $460.0K
Total Long-Term Liabilities $212.9M $230.0K
Total Liabilities $222.6M $2.330M
YoY Change 9453.95%
SHAREHOLDERS EQUITY
Retained Earnings -$5.571M
YoY Change
Common Stock $21.28M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.79M $24.31M
YoY Change
Total Liabilities & Shareholders Equity $238.4M $58.42M
YoY Change 308.08%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$3.532M $403.0K
YoY Change -976.43%
Depreciation, Depletion And Amortization $1.610M $2.320M
YoY Change -30.6%
Cash From Operating Activities -$4.910M $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$1.260M -$590.0K
YoY Change 113.56%
Acquisitions
YoY Change
Other Investing Activities $2.350M $870.0K
YoY Change 170.11%
Cash From Investing Activities $1.090M $280.0K
YoY Change 289.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.98M -1.430M
YoY Change -1357.34%
NET CHANGE
Cash From Operating Activities -4.910M 0.000
Cash From Investing Activities 1.090M 280.0K
Cash From Financing Activities 17.98M -1.430M
Net Change In Cash 14.16M -1.150M
YoY Change -1331.3%
FREE CASH FLOW
Cash From Operating Activities -$4.910M $0.00
Capital Expenditures -$1.260M -$590.0K
Free Cash Flow -$3.650M $590.0K
YoY Change -718.64%

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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
759000
us-gaap Proceeds From Advances For Construction
ProceedsFromAdvancesForConstruction
175000
us-gaap Proceeds From Advances For Construction
ProceedsFromAdvancesForConstruction
144000
us-gaap Payments Of Dividends
PaymentsOfDividends
2403000
us-gaap Payments Of Dividends
PaymentsOfDividends
2293000
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
96000
us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
29000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16825000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2715000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
14068000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3013000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6577000
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3564000
CY2015 gwrs Revenue Threshold To Qualify Emerging Growth Company
RevenueThresholdToQualifyEmergingGrowthCompany
1000000000
CY2016Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
100.68
CY2013Q3 gwrs Gross Amount To Be Received From Transfer Of Project Agreement
GrossAmountToBeReceivedFromTransferOfProjectAgreement
4100000
gwrs Proceeds From Transfer Of Project Agreement
ProceedsFromTransferOfProjectAgreement
2800000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3300000
CY2015Q2 gwrs Proceeds From Transfer Of Project Agreement
ProceedsFromTransferOfProjectAgreement
296000
gwrs Remaining Amount To Be Received From Transfer Of Project Agreement
RemainingAmountToBeReceivedFromTransferOfProjectAgreement
1000000
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
758000
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2200000
CY2012Q3 gwrs Number Of Utilities To Adjust Revenue Requirement
NumberOfUtilitiesToAdjustRevenueRequirement
7
CY2012Q3 us-gaap Public Utilities Requested Rate Increase Decrease Percentage
PublicUtilitiesRequestedRateIncreaseDecreasePercentage
0.28
us-gaap Public Utilities Approved Rate Increase Decrease Amount
PublicUtilitiesApprovedRateIncreaseDecreaseAmount
3600000
CY2016Q2 gwrs Collective Revenue Requirement Phase In Year One
CollectiveRevenueRequirementPhaseInYearOne
1083000
CY2016Q2 gwrs Collective Revenue Requirement Phase In Year Two
CollectiveRevenueRequirementPhaseInYearTwo
887000
CY2016Q2 gwrs Collective Revenue Requirement Phase In Year Three
CollectiveRevenueRequirementPhaseInYearThree
335000
CY2016Q2 gwrs Collective Revenue Requirement Phase In Year Four
CollectiveRevenueRequirementPhaseInYearFour
335000
CY2016Q2 gwrs Collective Revenue Requirement Phase In Year Five
CollectiveRevenueRequirementPhaseInYearFive
335000
CY2016Q2 gwrs Collective Revenue Requirement Phase In Year Six
CollectiveRevenueRequirementPhaseInYearSix
335000
CY2016Q2 gwrs Collective Revenue Requirement Phase In Year Seven
CollectiveRevenueRequirementPhaseInYearSeven
335000
CY2016Q2 gwrs Cumulative Revenue Requirement Increase In First Year
CumulativeRevenueRequirementIncreaseInFirstYear
1083000
CY2016Q2 gwrs Cumulative Revenue Requirement Increase In Second Year
CumulativeRevenueRequirementIncreaseInSecondYear
1970000
CY2016Q2 gwrs Cumulative Revenue Requirement Increase In Third Year
CumulativeRevenueRequirementIncreaseInThirdYear
2305000
CY2016Q2 gwrs Cumulative Revenue Requirement Increase In Fourth Year
CumulativeRevenueRequirementIncreaseInFourthYear
2640000
CY2016Q2 gwrs Cumulative Revenue Requirement Increase In Fifth Year
CumulativeRevenueRequirementIncreaseInFifthYear
2975000
CY2016Q2 gwrs Cumulative Revenue Requirement Increase In Sixth Year
CumulativeRevenueRequirementIncreaseInSixthYear
3310000
CY2016Q2 gwrs Cumulative Revenue Requirement Increase In Seventh Year
CumulativeRevenueRequirementIncreaseInSeventhYear
3645000
us-gaap Public Utilities Approved Return On Equity Percentage
PublicUtilitiesApprovedReturnOnEquityPercentage
0.095
CY2013 gwrs Infrastructure Coordination And Financing Agreements Receipts Percentage Of Hook Up Fee Liability
InfrastructureCoordinationAndFinancingAgreementsReceiptsPercentageOfHookUpFeeLiability
0.70
CY2013 gwrs Infrastructure Coordination And Financing Agreements Receipts Percentage Of Deferred Revenue
InfrastructureCoordinationAndFinancingAgreementsReceiptsPercentageOfDeferredRevenue
0.30
CY2013 gwrs Infrastructure Coordination And Financing Agreements Receipts Fee Description
InfrastructureCoordinationAndFinancingAgreementsReceiptsFeeDescription
The Company is responsible for assuring the full HUF value is paid from ICFA proceeds, and recorded in its full amount, even if it results in recording less than 30% of the ICFA fee as deferred revenue.
us-gaap Regulatory Asset Amortization Period
RegulatoryAssetAmortizationPeriod
P3Y
CY2010Q1 gwrs Intangible Assets Offset By Regulatory Liability
IntangibleAssetsOffsetByRegulatoryLiability
11200000
CY2014 gwrs Percentage Reversal Of Regulatory Liability
PercentageReversalOfRegulatoryLiability
0.30
CY2014 gwrs Reversal Of Regulatory Liability
ReversalOfRegulatoryLiability
3400000
gwrs Percentage Of Regulatory Liability Non Current
PercentageOfRegulatoryLiabilityNonCurrent
0.70
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
103000
gwrs New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Equity Tax
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnEquityTax
38000
CY2016Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
1794000
CY2015Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
1326000
CY2016Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
256000
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
194000
CY2016Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
1538000
CY2015Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
1132000
CY2014Q4 us-gaap Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
0.080
CY2014Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1000000
CY2016Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1545000
CY2015Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1545000
CY2016Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
25384000
CY2016Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14157000
CY2016Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11227000
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
25384000
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14157000
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11227000
CY2016Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
26929000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2016Q2 gwrs Employee Medical Claims Paid
EmployeeMedicalClaimsPaid
122000
CY2015Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
26929000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2015Q2 gwrs Employee Medical Claims Paid
EmployeeMedicalClaimsPaid
134000
gwrs Employee Medical Claims Paid
EmployeeMedicalClaimsPaid
401000
gwrs Employee Medical Claims Paid
EmployeeMedicalClaimsPaid
190000
CY2016Q2 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
1453000
CY2015Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
598000
CY2016Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
976000
CY2015Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
958000
CY2016Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
487000
CY2015Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
452000
CY2016Q2 us-gaap Interest Payable Current
InterestPayableCurrent
385000
CY2015Q4 us-gaap Interest Payable Current
InterestPayableCurrent
877000
CY2016Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1938000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2252000
CY2016Q2 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
143000
CY2015Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
109000
CY2016Q2 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
244000
CY2015Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
178000
CY2016Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
758000
CY2015Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2233000
CY2016Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
115000000
CY2016Q2 us-gaap Long Term Debt
LongTermDebt
115000000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
165000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
134000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
88000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
49000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
436000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
49000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
387000
CY2016Q2 gwrs Long Term Debt And Capital Lease Obligations Before Debt Issuance Costs
LongTermDebtAndCapitalLeaseObligationsBeforeDebtIssuanceCosts
115000000
CY2015Q4 gwrs Long Term Debt And Capital Lease Obligations Before Debt Issuance Costs
LongTermDebtAndCapitalLeaseObligationsBeforeDebtIssuanceCosts
104700000
CY2016Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
115000000
CY2015Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
116700000
CY2016Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
8500
CY2015Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
8500
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3696
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3942
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
47422
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
47422
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y3M
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.65
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
325000
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
The options vest over a two year period, with 50% vesting on May 2017 and 50% vesting on May 2018.
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P3Y
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2100000
CY2016Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.7969
us-gaap Interest Paid
InterestPaid
3484000

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