GWR Global Water Resources Corp. reports first quarter 2015 results
-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. |
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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 |
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 |
||||||||
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 |
|||||||||||||||||||||
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.
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Marina Proskurovsky, Investor Relations | TMX Equicom, Tel: 416.815.0700 ext. 288, Email: [email protected], www.gwresources.com
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