-Quarter marked by revenue growth of
8.9%-
PHOENIX, AZ, May 12, 2015 /CNW/ - GWR Global Water Resources
Corp. (the "Company") (TSX: GWR) (OTCQX: GWGWF) today reported its
financial results for the quarter ended March 31, 2015. See information below
regarding today's conference call information.
The Company was established to acquire an equity interest in
Global Water Resources, Inc. ("Global Water"). Global Water
is a U.S., pure-play, water resource management company based in
Phoenix, Arizona, that owns and
operates water, wastewater and recycled water utilities. The
Company accounts for its investment in Global Water using the
equity method of accounting; therefore the financial information of
Global Water is not consolidated with that of the Company. All
references in this press release to consolidated financial
information refer to Global Water on a consolidated basis and,
unless otherwise indicated, all amounts are in U.S. dollars.
First Quarter Highlights
- Grew active service connections by 298 to 43,866 as of
March 31, 2015 compared with 43,568
at December 31, 2014. This represents
an annualized 2.74% increase;
- Year over year revenue increase of $0.6
million from $7.0 million in
quarter ended March 31, 2014 to
$7.6 million in the quarter ended
March 31, 2015. This represents
an 8.9% increase;
- Reduced operating expenses by $0.4
million in the first quarter of 2015 after excluding
depreciation expenses and the one-time impacts from the reversal of
the regulatory provision as a result of concluding the rate case in
the first quarter of 2014;
- Achieved approximately $3.2
million of Adjusted EBITDA for the quarter ended
March 31, 2015 compared to
$2.1 million for the quarter ended
March 31, 2014. This represents
a year over year increase of $1.1
million or 50.9%. Adjusted EBITDA excludes impacts of
equity investments, the loss in first quarter of 2015 associated
with assets held for sale, income related to a litigation
settlement recorded in first quarter of 2014, and the one-time
impacts from the gain on regulatory order as a result of concluding
the rate case in the first quarter of 2014;
- Announced a stipulated condemnation settlement agreement for
the sale of Valencia Water Company's assets to the City of Buckeye
for $55.0 million in up-front
payments and a 20 year growth premium with payments up to an
additional $45.0 million. The
transaction, which is subject to financing and approval by the
Maricopa County Superior Court, is expected to close in the second
half of 2015;
- Entered into an agreement to sell the assets of Willow Valley
Water Company for approximately $2.5
million, subject to certain post-closing adjustments. The
transaction, which is subject to approval by the Arizona
Corporation Commission (ACC), is anticipated to close in the second
half of 2015; and,
- Announced a second increase on the annual dividend to
$0.312 CAD, reflecting an approximate
8% increase.
Highlights Subsequent to Quarter End
- Announced a normal course issuer bid which allows the Company
to repurchase up to 87,500 common shares, representing
approximately 1% of the total issued and outstanding common shares,
between May 13, 2015 and May 12, 2016.
"In the first quarter of 2015, we realized strong revenue growth
primarily as a result of the first phase-in of new rates and
increased connection growth," stated Ron
Fleming, President and CEO of Global Water. "Additionally,
we have been able to materially reduce costs by creating
operational efficiencies and completing our executive transition
plan. We expect this trend to continue throughout the remainder of
2015."
"The results from our efforts to drive strong and predictable
financial performance are now becoming quite evident," continued
Mr. Fleming. "Once we complete the dispositions of our non-core
assets later this year, we will have further strengthened our
financial position and created additional value for our
shareholders while positioning ourselves for optimal long-term
results."
Summary of Financial Results
Consolidated Revenues
Consolidated revenues for the quarter ended March 31, 2015 were $7.6
million, compared to $7.0
million for the same period in the prior year, an increase
of $0.6 million, or 8.9%. This
increase is primarily attributed to the phase-in of incremental
revenues from the rate case settlement with the ACC, which was
concluded in 2014, and as a result of customer connection growth of
approximately 2.74% on an annualized basis.
Operating Expenses
Operating expenses for the first quarter of 2015 were
$6.8 million compared to $(43.4) million for the same period in the prior
year. This increase was primarily attributed to the $50.7 million gain on regulatory order that was
recognized in the first quarter of 2014.
Excluding the gain on regulatory order, operating expenses for
the period ended March 31, 2014 were
$7.2 million, compared to
$6.8 million for the period ended
March 31, 2015. This represents a 5%
decrease in operating expenses primarily attributed to the
operational efficiencies, executive transition plan and lower
deferred compensation expense.
Net Income
Global Water realized a net loss of $0.9
million for the period ended March
31, 2015, compared to a net income of $66.3 million for the same period in the previous
year.
The change in net loss for the three months ending March 31, 2015 compared to net income in the same
period in 2014 is primarily attributed to a $50.7 million gain on regulatory order, a
$16.1 million release of income tax
valuation allowance and income of $2.0
million related to a litigation settlement recorded in first
quarter of 2014.
EBITDA
EBITDA for the quarter ended March 31,
2015 was $2.9 million,
compared to $54.6 million for the
same period in the prior year. The decrease was primarily
attributed to the $50.7 million gain
on regulatory order recorded in 2014 regarding the ACC's
February 2014 rate decision.
Adjusted EBITDA for the quarter ended March 31, 2015 was $3.2
million, compared to $2.1
million for the three months ended March 31, 2014. The increase in Adjusted EBITDA
is primarily attributed to the phase-in of incremental revenues
from the rate case settlement with the ACC (which began in
January 2015) and the reduction in
operating expenses previously mentioned with respect to the period
ended March 31, 2015.
Business Outlook
Global Water's growth strategy for its regulated water,
wastewater and recycled water business is driven by increased
service connections, continued operating efficiencies and utility
rate increases approved by the ACC.
Arizona's Growth Corridor:
Positive Population Trends
Global Water's acquired utilities and monopolistic service
territories are located in Metropolitan Phoenix's growth corridor,
meaning the Company is well-positioned to benefit from expected
commercial and residential real estate development in the
region.
Positive population and community growth trends throughout 2014
and into 2015 have contributed to the increase of the Company's
total active service connections. In the first quarter of 2015,
Global Water grew its number of active service connections from
43,568 to 43,866 and decreased its vacant home connections to just
3.3% of its total connections.
Metropolitan Phoenix's growth
is fuelled by its low-cost housing options, excellent weather,
large and growing universities, diverse employment base and low tax
regime.
The Arizona Department of Administration – Office of Employment
and Population Statistics ("ADOA-EPS") predicts that Maricopa County will have a population of 4.5
million by 2020. Combined with six additional years of rate
phase-ins as approved in the last rate case, this will pave the way
for Global Water to meaningfully increase its active service
connections and regulated revenues for the foreseeable future.
Disposition of Non-Core Assets
In March 2015, Global Water
announced that it would divest its interests in two non-core
assets, namely the Valencia Water Company, Inc. and Willow Valley
Water Co. These dispositions will allow the Company to focus its
financial resources on assets aligned with its corporate and total
water management model.
Conference Call
Global Water will conduct a conference call on Tuesday, May 12, 2015, at 1:00p.m. EST. Interested persons may access
the call by dialing (647) 427-7450 or toll free at (888)
231-8191. Shortly after the conclusion of the call, a replay
will be available by dialing (416) 849-0833 or (855)
859-2056. The passcode is 36468550. The replay will expire at
midnight (ET) on May 27, 2015.
A copy of the transcript and an audio replay of the conference
call, once available, will be archived within the investor section
of the Company's web site at www.gwresources.com.
About GWR Global Water Resources Corp.
The Company was incorporated in British Columbia to acquire shares of U.S.
based Global Water and to actively participate in the management,
business and operations of Global Water through its representation
on the board of directors of Global Water and its shared management
of Global Water.
About Global Water
Global Water is a pure-play, high-growth water resources company
located in Phoenix, Arizona, that
owns and operates regulated water, wastewater and recycled water
utilities in the metropolitan Phoenix area.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain
forward-looking statements. These forward-looking statements
include, but are not limited to our plans, objectives, expectations
and intentions, and other statements contained in this release that
are not historical facts as well as statements identified by words
such as "expects", "anticipates", "intends", "plans", "believes",
"seeks", "estimates", or the negative of these terms, or other
words of similar meaning. These statements are based on our
current beliefs or expectations and are inherently subject to
significant uncertainties and changes in circumstances, many of
which are beyond our control. Actual results may differ
materially from these expectations due to changes in global
political, economic, business, competitive, market and regulatory
factors and other factors discussed under the heading "Risk
Factors" in the Company's most recent Annual Information Form. We
undertake no obligation to publicly update any forward-looking
statement, except as required by law, whether as a result of new
information, future developments or otherwise.
Cautionary Note Regarding Non-GAAP
Measures
This press release contains references to
"EBITDA". EBITDA is defined for the purposes of this press release
as income or loss from continuing operations before interest
expense, income tax expense, depreciation and amortization.
Management believes that EBITDA is a useful supplemental measure of
Global Water's operating performance. However, EBITDA is not
a recognized earnings measure under U.S. GAAP or Canadian GAAP and
do not have a standardized meaning prescribed by U.S. GAAP or
Canadian GAAP. Therefore, EBITDA may not be comparable to
similar measures presented by other issuers. EBITDA should
not be construed as an alternative to net income or loss. See
"Consolidated Statements of Operations for the eight quarters end
December 31, 2014" in the attached
schedules for a reconciliation of EBITDA to net income, the nearest
comparable U.S, GAAP measure.
|
GWR GLOBAL WATER
RESOURCES CORP.
|
|
BALANCE
SHEETS
|
|
As of March 31,
2015 and December 31, 2014
|
|
(Unaudited)
|
|
|
|
|
|
|
|
March 31,
2015
|
|
December 31,
2014
|
|
ASSETS
|
|
(in thousands of US$,
except share data)
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,107
|
|
$
|
189
|
|
Other current
assets
|
|
55
|
|
18
|
|
|
Total current
assets
|
|
1,162
|
|
207
|
|
|
|
|
|
|
|
|
Equity method
investment
|
|
58,634
|
|
59,794
|
|
TOTAL
ASSETS
|
|
$
|
59,796
|
|
$
|
60,001
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
Dividends Payable,
accounts payable and accrued expenses
|
|
$
|
247
|
|
$
|
212
|
|
Due to related
party
|
|
924
|
|
-
|
|
Other noncurrent
liabilities
|
|
182
|
|
155
|
|
Deferred tax
liability
|
|
1,554
|
|
1,666
|
|
|
Total
liabilities
|
|
2,907
|
|
2,033
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
SHAREDHOLDERS'
EQUITY:
|
|
|
|
|
|
Common stock,
unlimited shares authorized, 8,754,612 shares
issued
|
|
|
|
|
|
and outstanding at
March 31, 2015 and December 31, 2014
|
|
55,807
|
|
55,807
|
|
Retained earnings
(accumulated deficit)
|
|
1,082
|
|
2,161
|
|
|
Total shareholders'
equity
|
|
56,889
|
|
57,968
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
$
|
59,796
|
|
$
|
60,001
|
|
GWR GLOBAL WATER
RESOURCES CORP.
|
|
STATEMENTS OF
OPERATIONS
|
|
For the Three
Months Ended March 31, 2015 and 2014
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
(in thousands of
US$)
|
|
|
|
|
|
|
|
GAIN (LOSS) FROM
EQUITY INVESTMENT
|
|
$
(440)
|
|
$
31,876
|
|
|
OPERATING
EXPENSES
|
|
234
|
|
146
|
|
|
OPERATING INCOME
(LOSS)
|
|
(674)
|
|
31,730
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(674)
|
|
31,730
|
|
|
INCOME TAX
EXPENSE
|
|
113
|
|
(1,837)
|
|
|
NET INCOME
(LOSS)
|
|
$
(561)
|
|
$
29,893
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
SHARES:
|
|
|
|
|
|
|
Basic
|
|
8,754,612
|
|
8,754,612
|
|
|
Diluted
|
|
8,754,612
|
|
8,754,823
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER
SHARE:
|
|
|
|
|
|
|
Basic
|
|
$
(0.06)
|
|
$
3.41
|
|
|
Diluted
|
|
$
(0.06)
|
|
$
3.41
|
|
|
|
GLOBAL WATER
RESOURCES, INC.
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
As of March 31,
2015 and December 31, 2014
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
March 31,
2015
|
|
December 31,
2014
|
|
|
|
|
(in thousands of US$,
except share data)
|
|
PROPERTY, PLANT
AND EQUIPMENT:
|
|
|
|
|
|
Property, plant and
equipment
|
|
$
314,122
|
|
$
318,995
|
|
Less accumulated
depreciation
|
|
(78,524)
|
|
(78,571)
|
|
|
Net property, plant
and equipment
|
|
235,598
|
|
240,424
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
4,707
|
|
6,577
|
|
Accounts receivable –
net
|
|
1,188
|
|
1,365
|
|
Due from related
party
|
|
586
|
|
457
|
|
Accrued
revenue
|
|
1,892
|
|
1,762
|
|
Prepaid expenses and
other current assets
|
|
1,354
|
|
541
|
|
Deferred tax assets -
current
|
|
1,663
|
|
1,591
|
|
Assets held for
sale
|
|
2,971
|
|
-
|
|
|
Total current
assets
|
|
14,361
|
|
12,293
|
|
|
|
|
|
|
|
|
OTHER
ASSETS:
|
|
|
|
|
|
Goodwill
|
|
12,683
|
|
13,082
|
|
Intangible assets –
net
|
|
12,772
|
|
12,772
|
|
Regulatory
assets
|
|
367
|
|
400
|
|
Deposits
|
|
19
|
|
25
|
|
Bond service fund and
other restricted cash
|
|
9,932
|
|
9,927
|
|
Debt issuance costs -
net
|
|
2,654
|
|
2,722
|
|
Equity method
investment
|
|
1,106
|
|
1,150
|
|
Deferred tax
assets
|
|
15,262
|
|
14,806
|
|
|
Total other
assets
|
|
54,795
|
|
54,884
|
|
TOTAL
|
|
$
304,754
|
|
$
307,601
|
|
LIABILITIES AND
EQUITY (DEFICIT)
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Accounts
payable
|
|
$
1,687
|
|
$
1,531
|
|
Accrued
expenses
|
|
6,627
|
|
6,832
|
|
Deferred
revenue
|
|
14
|
|
13
|
|
Customer and meter
deposits
|
|
2,437
|
|
2,601
|
|
Long-term debt –
current portion
|
|
2,676
|
|
2,653
|
|
Liabilities held for
sale
|
|
521
|
|
-
|
|
|
Total current
liabilities
|
|
13,962
|
|
13,630
|
|
|
|
|
|
|
|
|
NONCURRENT
LIABILITIES:
|
|
|
|
|
|
Long-term
debt
|
|
127,329
|
|
127,491
|
|
Deferred regulatory
gain
|
|
19,730
|
|
19,730
|
|
Regulatory
liability
|
|
7,859
|
|
7,859
|
|
Advances in aid of
construction
|
|
89,172
|
|
89,206
|
|
Contributions in aid
of construction – net
|
|
16,438
|
|
17,096
|
|
Acquisition
liability
|
|
4,688
|
|
4,688
|
|
Other noncurrent
liabilities
|
|
131
|
|
221
|
|
Total noncurrent
liabilities
|
|
265,347
|
|
266,291
|
|
|
Total
liabilities
|
|
279,309
|
|
279,921
|
|
Commitments and
contingencies
|
|
|
|
|
|
EQUITY
(DEFICIT):
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01
par value, 1,000,000 shares authorized, 182,050 shares
issued and outstanding at March 31, 2015 and December 31,
2014
|
|
2
|
|
2
|
|
Paid in
capital
|
|
49,319
|
|
50,639
|
|
Accumulated
deficit
|
|
(23,876)
|
|
(22,961)
|
|
|
Total equity
(deficit)
|
|
25,445
|
|
27,680
|
|
TOTAL
|
|
$
304,754
|
|
$
307,601
|
|
|
GLOBAL WATER
RESOURCES, INC.
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
For the Three Months Ended March 31, 2015 and
2014
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
(in thousands of
US$)
|
|
REVENUES:
|
|
|
|
|
|
Water
services
|
|
$
|
3,893
|
|
$
|
3,617
|
|
Wastewater and
recycled water services
|
|
3,602
|
|
3,365
|
|
Unregulated
revenues
|
|
127
|
|
14
|
|
|
Total
revenues
|
|
7,622
|
|
6,996
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
Operations and
maintenance
|
|
2,471
|
|
2,483
|
|
General and
administrative
|
|
2,064
|
|
2,489
|
|
Gain on regulatory
order
|
|
-
|
|
(50,664)
|
|
Depreciation
|
|
2,312
|
|
2,244
|
|
|
Total operating
expenses
|
|
6,847
|
|
(43,448)
|
|
OPERATING
INCOME
|
|
775
|
|
50,444
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
Interest
income
|
|
2
|
|
19
|
|
Interest
expense
|
|
(2,079)
|
|
(2,224)
|
|
Other
|
|
(141)
|
|
1,921
|
|
|
Total other income
(expense)
|
|
(2,218)
|
|
(284)
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(1,443)
|
|
50,160
|
|
INCOME TAX BENEFIT
(EXPENSE)
|
|
528
|
|
16,125
|
|
NET INCOME
(LOSS)
|
|
$
|
(915)
|
|
$
|
66,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
and EBITDA per Share Information for the Three Months Ended March
31, 2015
|
|
|
(amounts in
thousands of US dollars, except share data):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31, 2015
|
|
|
|
|
Net
Loss
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount for the period
ended March 31, 2015
|
|
$
|
(915)
|
|
$
|
2,946
|
|
Weighted average
number of GWRI shares outstanding during the period ended March 31,
2015
|
|
182,050
|
|
182,050
|
|
GWRI per share
amount
|
|
$
|
(5.03)
|
|
$
|
16.18
|
|
|
|
|
|
|
GWRI per share, excluding loss on assets held for
sale and loss on equity method
investment
|
|
$
|
(3.82)
|
|
$
|
17.39
|
|
GLOBAL WATER
RESOURCES, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
For the Eight
Quarters Ended March 31, 2015
(Unaudited)
|
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
|
|
Q1
|
|
Q4
|
Q3
|
Q2
|
Q1
|
|
Q4
|
Q3
|
Q2
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Water
services
|
|
$
|
3,893
|
|
$
|
4,245
|
$
|
5,087
|
$
|
5,127
|
$
|
3,617
|
|
$
|
4,223
|
$
|
5,405
|
$
|
4,973
|
|
Wastewater and
recycled water services
|
|
3,602
|
|
3,551
|
3,584
|
3,612
|
3,365
|
|
3,498
|
3,536
|
3,482
|
|
Unregulated
revenues
|
|
127
|
|
117
|
124
|
116
|
14
|
|
45
|
49
|
634
|
|
|
Total
revenues
|
|
7,622
|
|
7,913
|
8,795
|
8,855
|
6,996
|
|
7,766
|
8,990
|
9,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations and
maintenance
|
|
2,471
|
|
2,563
|
2,677
|
2,695
|
2,483
|
|
2,460
|
3,043
|
3,338
|
|
General and
administrative
|
|
2,064
|
|
2,199
|
1,841
|
2,280
|
2,489
|
|
1,671
|
2,608
|
2,535
|
|
Gain on regulatory
order
|
|
-
|
|
-
|
-
|
-
|
(50,664)
|
|
-
|
-
|
-
|
|
Depreciation
|
|
2,312
|
|
2,279
|
2,255
|
2,427
|
2,244
|
|
2,134
|
2,306
|
2,664
|
|
|
Total operating
expenses
|
|
6,847
|
|
7,041
|
6,773
|
7,402
|
(43,448)
|
|
6,265
|
7,957
|
8,537
|
|
OPERATING INCOME
(LOSS)
|
|
775
|
|
872
|
2,022
|
1,453
|
50,444
|
|
1,501
|
1,033
|
552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
2
|
|
15
|
23
|
22
|
19
|
|
20
|
20
|
6
|
|
Interest
expense
|
|
(2,079)
|
|
(3,025)
|
(2,111)
|
(2,152)
|
(2,224)
|
|
(2,351)
|
(2,209)
|
(2,136)
|
|
Other
|
|
(141)
|
|
781
|
23
|
(147)
|
1,921
|
|
978
|
1,818
|
(1,964)
|
|
|
Total other income
(expense)
|
|
(2,218)
|
|
(2,229)
|
(2,065)
|
(2,277)
|
(284)
|
|
(1,353)
|
(371)
|
(4,094)
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(1,443)
|
|
(1,357)
|
(43)
|
(824)
|
50,160
|
|
148
|
662
|
(3,542)
|
|
INCOME TAX
BENEFIT (EXPENSE)
|
|
528
|
|
518
|
17
|
335
|
16,125
|
|
(11)
|
(2)
|
(1)
|
|
NET INCOME
(LOSS)
|
|
$
|
(915)
|
|
$
|
(839)
|
$
|
(26)
|
$
|
(489)
|
$
|
66,285
|
|
$
|
137
|
$
|
660
|
$
|
(3,543)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
$
|
(528)
|
|
$
|
(518)
|
$
|
(17)
|
$
|
(335)
|
$
|
(16,125)
|
|
$
|
11
|
$
|
2
|
$
|
1
|
|
Interest
income
|
|
(2)
|
|
(15)
|
(23)
|
(22)
|
(19)
|
|
(20)
|
(20)
|
(6)
|
|
Interest
expense
|
|
2,079
|
|
3,025
|
2,111
|
2,152
|
2,224
|
|
2,351
|
2,209
|
2,136
|
|
Depreciation
|
|
2,312
|
|
2,279
|
2,255
|
2,427
|
2,244
|
|
2,134
|
2,306
|
2,664
|
|
EBITDA
|
|
$
|
2,946
|
|
$
|
3,932
|
$
|
4,300
|
$
|
3,733
|
$
|
54,609
|
|
$
|
4,613
|
$
|
5,157
|
$
|
1,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
3,166
|
|
$
|
3,314
|
$
|
4,367
|
$
|
3,966
|
$
|
2,098
|
|
$
|
3,767
|
$
|
3,346
|
$
|
3,261
|
|
Active Service
Connections
|
|
43,866
|
|
43,568
|
43,374
|
43,202
|
42,984
|
|
42,726
|
42,482
|
42,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA is
defined as EBITDA adjusted for the gain or loss related to
non-recurring events. Adjustments include: (a) the regulatory
gain related to Rate Decision 74364; (b) interest income related to
the SNR litigation; (c) income (loss) on equity investment; (d)
gain on sale 303 sale; (e) loss on sale of FATHOM; (f) loss on
assets held for sale
|
|
|
|
|
GLOBAL WATER
RESOURCES, INC.
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
For the Three
Months Ended March 31, 2015 and 2014
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
(in thousands of
US$)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
(915)
|
|
$
66,285
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Deferred
compensation
|
|
187
|
|
300
|
|
|
|
Depreciation
|
|
2,312
|
|
2,244
|
|
|
|
Amortization of
deferred debt issuance costs and discounts
|
|
56
|
|
87
|
|
|
|
Loss on equity method
investment
|
|
44
|
|
174
|
|
|
|
Gain on regulatory
order
|
|
-
|
|
(50,664)
|
|
|
|
Other gains and
losses
|
|
176
|
|
-
|
|
|
|
Provision for
doubtful accounts receivable
|
|
16
|
|
15
|
|
|
|
Deferred income tax
benefit
|
|
(528)
|
|
(16,125)
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
161
|
|
71
|
|
|
|
|
Other current
assets
|
|
(332)
|
|
227
|
|
|
|
|
Accounts payable and
other current liabilities
|
|
(463)
|
|
2,585
|
|
|
|
|
Other noncurrent
assets
|
|
50
|
|
9
|
|
|
|
|
Other noncurrent
liabilities
|
|
-
|
|
2,802
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
764
|
|
8,010
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Capital
expenditures
|
|
(419)
|
|
(106)
|
|
|
(Deposits)
withdrawals of restricted cash
|
|
(4)
|
|
197
|
|
|
Cash advance to
related party
|
|
(1,107)
|
|
-
|
|
|
Repayment of related
party cash advance
|
|
182
|
|
-
|
|
|
Deposits
received
|
|
6
|
|
1
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(1,342)
|
|
92
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Loan
repayments
|
|
(196)
|
|
(1,001)
|
|
|
Principal payments
under capital leases
|
|
(22)
|
|
(45)
|
|
|
Advances in aid of
construction
|
|
50
|
|
61
|
|
|
Dividends
paid
|
|
(1,112)
|
|
-
|
|
|
Refunds of advances
for construction
|
|
(12)
|
|
-
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(1,292)
|
|
(985)
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
|
(1,870)
|
|
7,117
|
|
|
CASH AND CASH
EQUIVALENTS – Beginning of period
|
|
6,577
|
|
1,960
|
|
|
CASH AND CASH
EQUIVALENTS – End of period .
|
|
$
4,707
|
|
$
9,077
|
|
SOURCE GWR Global Water Resources Corp.
