GWR Global Water Resources Corp. Reports Fourth Quarter and Year End 2013 Results
PHOENIX, March 25, 2014 /CNW/ - GWR Global Water Resources Corp. (the "Company") (TSX: GWR) today reported its financial results for the fourth quarter and year ended December 31, 2013. See information below regarding tomorrow's conference call.
The Company was established to acquire an equity interest in Global Water Resources, Inc. ("Global Water" or "GWRI"). 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.
Highlights:
- Grew active service connections to 42,726 at December 31, 2013, compared with 41,008 at December 31, 2012, representing a 4.2% annual increase.
- Achieved $4.8 million and $17.7 million in EBITDA for the three months and year ended December 31, 2013, respectively, within the Regulated Utilities business, compared to $3.9 million and $15.7 million for the corresponding periods in 2012.
- Received approval of the rate case settlement agreement by the Arizona Corporation Commission ("ACC"), subsequent to year end, which provides an overall cumulative revenue increase of $4.3 million, or 14%, with the majority of this revenue increase phased in over two years, beginning in January 2015. The settlement also restored greater than $60 million in rate base or future rate base, which will have the immediate impact of restoring significant shareholder equity on the balance sheet.
- Strategically divested of several non-core assets including FATHOM™ and the Loop 303 project.
"Our progress during 2013 lays the foundation for our new strategic plan for the Company going forward," said Trevor Hill, Chairman of the Board. "With the renewed growth in our service territories and our new rates, we are well positioned to generate strong, predictable and stable cash flows as a pure-play, high-growth, water and wastewater utility company."
Summary of Financial Results
Consolidated revenues for the three months ended December 31, 2013, decreased $0.7 million, or 7.8%, to $7.8 million compared to $8.4 million in the corresponding period in 2012. Consolidated revenues for the year ended December 31, 2013, decreased $0.1 million, or 0.3%, to $33.4 million compared to $33.5 million in fiscal 2012.
Excluding revenues of the Company's prior FATHOM™ business, which was sold on June 5, 2013, GWRI's revenues totaled $7.7 million and $7.5 million for the three months ended December 31, 2013 and 2012, respectively, and totaled $32.2 million and $30.7 million for the year ended December 31, 2013 and 2012, respectively. The increase primarily reflects the positive impact of growing active service connections within the regulated utilities business.
Consolidated EBITDA increased $1.4 million, or 45%, to $4.6 million for the three months ended December 31, 2013, compared to $3.2 million in the same period last year. EBITDA for the year ended December 31, 2013 totalled $12.7 million compared to $12.6 million for 2012.
Consolidated net income was $0.1 million for the three months ended December 31, 2013, compared to a net loss of $1.8 million for the same period in 2012. Consolidated net loss totaled $6.0 million for the year ended December 31, 2013, compared to $38.5 million for 2012. The change is predominantly due to a $32.7 million noncash charge attributed to a valuation allowance recorded against the Company's net deferred tax assets during 2012.
Business Outlook
Global Water's growth strategy for the regulated business is driven by increased service connections, utility rate increases approved by the ACC, and continued operating efficiencies. As previously discussed, population and community growth in the metropolitan Phoenix area served by Global Water's utilities have a direct impact on the Company's earnings.
The fourth quarter of 2013 continued the positive growth trend from a combination of new homes built and re-establishing service on previously vacant homes. As of December 31, 2013, total service connections increased to 44,608 from 43,623 as of December 31, 2012. Total active service connections increased 4.2% to 42,726 as of December 31, 2013, from 41,008 as of December 31, 2012. Of the 1,718 active connections added this year, 985 were new homes built and 733 were previously vacant homes.
During the economic downturn beginning in 2008, Global Water experienced an increase in the number of vacant homes in its utility areas, reaching 4,647 vacant connections, or 11.2%, at its peak in February of 2009. By comparison, the level of vacant connections was 1,882, or 4.2% of total service connections as of December 31, 2013; the lowest vacancy rate since April 2008.
Based on economic metrics and published analyses of industry experts, the metropolitan Phoenix area is expected to experience strong population and employment growth for the foreseeable future, which management believes will result in real estate development and connection growth in Global Water's utility service areas.
On February 10, 2014, the Company announced the approval of the rate case settlement agreement by the ACC, involving seven Global Water regulated utility subsidiaries.
The settlement agreement, which was wholly approved by the Commissioners, includes the following major terms:
- An overall cumulative revenue increase of $4.3 million, or 14%, for Global Water's utilities based on 2011 test year connections, with the majority of this revenue increase phased in over two years, beginning in January 2015.
- Full reversal of the imputation of Contributions in Aid of Construction ("CIAC") associated with funds previously received under Infrastructure Coordination and Financing Agreements ("ICFAs"). The imputation was required as part of Global Water's last rate case. The reversal restores approximately $60 million in rate base or future rate base, which will have the immediate impact of restoring significant shareholder equity on the balance sheet.
- Global Water will not enter into any new ICFAs. Existing ICFAs will remain in place, but a portion of future payments under the ICFAs will be used to fund hook-up fees, which are accounted for as CIAC once used to fund the construction of utility infrastructure.
- A 9.5% return on common equity will be adopted for the purpose of determining rates to be paid by customers.
- None of Global Water's utilities may file another rate application before May 31, 2016. Subsidiaries Santa Cruz Water Company and Palo Verde Utilities Company may not file for another rate increase before May 31, 2017.
The final Decision and Order is posted on the Company's website and at the ACC's eDocket website, http://edocket.azcc.gov under the docket number 12-0309. The settlement agreement is also posted in both locations.
The full financial statements and management's discussion and analysis for the Company and Global Water will be available March 26, 2014, on the Company's SEDAR profile at www.sedar.com or on the Company's website at www.gwresources.com.
Conference Call
Global Water will conduct a conference call on Wednesday, March 26, 2014, at 9:00 a.m. ET. 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 3004458. The replay will expire at midnight (ET) on Wednesday, April 9, 2014. 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 Resources, Inc. ("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 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 does 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, 2013" 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 December 31, 2013 and 2012 (Unaudited) |
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December 31, 2013 | December 31, 2012 | |||||||||||
(in thousands of US$, except share data) | ||||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | - | $ | - | ||||||||
Other current assets | - | 1 | ||||||||||
Total current assets | - | 1 | ||||||||||
Equity method investment | 30,962 | 34,852 | ||||||||||
TOTAL ASSETS | $ | 30,962 | $ | 34,853 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
LIABILITIES: | ||||||||||||
Accounts payable and accrued expenses | $ | 10 | $ | 32 | ||||||||
Other noncurrent liabilities | 72 | 41 | ||||||||||
Total liabilities | 82 | 73 | ||||||||||
SHAREHOLDERS' EQUITY: | ||||||||||||
Common stock, unlimited shares authorized, 8,754,612 shares issued and outstanding at December 31, 2013 and 2012 |
55,815 | 55,767 | ||||||||||
Accumulated deficit | (24,935) | (20,987) | ||||||||||
Total shareholders' equity | 30,880 | 34,780 | ||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 30,962 | $ | 34,853 | ||||||||
GWR GLOBAL WATER RESOURCES CORP. STATEMENTS OF OPERATIONS For the Three Months and Years Ended December 31, 2013 and 2012 (Unaudited) |
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Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands of US$, except share and per share amounts) | |||||||||||||||
INCOME (LOSS) FROM EQUITY INVESTMENT | $ | 66 | $ | (874) | $ | (3,628) | $ | (18,694) | |||||||
OPERATING EXPENSES | 59 | 64 | 320 | 397 | |||||||||||
OPERATING INCOME (LOSS) | 7 | (938) | (3,948) | (19,091) | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 7 | (938) | (3,948) | (19,091) | |||||||||||
INCOME TAX BENEFIT | - | - | - | - | |||||||||||
NET INCOME (LOSS) | $ | 7 | $ | (938) | $ | (3,948) | $ | (19,091) | |||||||
WEIGHTED AVERAGE SHARES: | |||||||||||||||
Basic | 8,754,612 | 8,754,612 | 8,754,612 | 8,754,612 | |||||||||||
Diluted | 8,754,612 | 8,754,612 | 8,754,612 | 8,754,612 | |||||||||||
LOSS PER SHARE: | |||||||||||||||
Basic | $ | (0.00) | $ | (0.11) | $ | (0.45) | $ | (2.18) | |||||||
Diluted | $ | (0.00) | $ | (0.11) | $ | (0.45) | $ | (2.18) | |||||||
LOSS, EXCLUDING GAIN ON SALE OF GWRI CONTRACTS, LOSS ON THE SALE OF FATHOM™ AND THE EFFECT OF GWRI'S INCOME TAX VALUATION ALLOWANCE |
$ | (548) | $ | (605) | $ | (4,600) | $ | (2,900) | |||||||
LOSS PER SHARE, EXCLUDING GAIN ON SALE OF GWRI CONTRACTS, LOSS ON THE SALE OF FATHOM™ AND THE EFFECT OF GWRI'S INCOME TAX VALUATION ALLOWANCE |
$ | (0.07) | $ | (0.07) | $ | (0.53) | $ | (0.33) | |||||||
GLOBAL WATER RESOURCES, INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2013 and 2012 (Unaudited) |
||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
(in thousands of US$, except share data) | ||||||||||||
ASSETS | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT: | ||||||||||||
Property, plant and equipment | $ | 317,319 | $ | 321,697 | ||||||||
Less accumulated depreciation | (68,309) | (61,461) | ||||||||||
Net property, plant and equipment | 249,010 | 260,236 | ||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | 1,960 | 3,816 | ||||||||||
Accounts receivable - net | 1,474 | 1,926 | ||||||||||
Other receivables | 8 | 215 | ||||||||||
Due from related party | 939 | - | ||||||||||
Accrued revenue | 1,809 | 1,599 | ||||||||||
Restricted cash | 197 | - | ||||||||||
Prepaid expenses and other current assets | 623 | 1,194 | ||||||||||
Total current assets | 7,010 | 8,750 | ||||||||||
OTHER ASSETS: | ||||||||||||
Goodwill | 13,082 | 13,082 | ||||||||||
Intangible assets - net | 1,545 | 1,545 | ||||||||||
Regulatory assets | 400 | 715 | ||||||||||
Deposits | 28 | 43 | ||||||||||
Bond service fund and other restricted cash | 11,383 | 11,383 | ||||||||||
Debt issuance costs - net | 3,361 | 3,643 | ||||||||||
Convertible note | 750 | - | ||||||||||
Equity method investment | 141 | - | ||||||||||
Total other assets | 30,690 | 30,411 | ||||||||||
TOTAL ASSETS | $ | 286,710 | $ | 299,397 | ||||||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Accounts payable | $ | 1,778 | $ | 3,676 | ||||||||
Accrued expenses | 3,793 | 4,263 | ||||||||||
Deferred revenue | 16 | 1,000 | ||||||||||
Customer and meter deposits | 2,579 | 2,565 | ||||||||||
Long-term debt - current portion | 4,172 | 3,203 | ||||||||||
Total current liabilities | 12,338 | 14,707 | ||||||||||
NONCURRENT LIABILITIES: | ||||||||||||
Long-term debt | 128,738 | 132,770 | ||||||||||
Advances in aid of construction | 97,253 | 100,192 | ||||||||||
Contributions in aid of construction - net | 74,774 | 71,879 | ||||||||||
Deferred income tax liability | 589 | 589 | ||||||||||
Acquisition liability | 4,688 | 4,688 | ||||||||||
Other non-current liabilities | 1,172 | 1,136 | ||||||||||
Total noncurrent liabilities | 307,214 | 311,254 | ||||||||||
Total liabilities | 319,552 | 325,961 | ||||||||||
SHAREHOLDERS' EQUITY (DEFICIT): | ||||||||||||
Common stock, $0.01 par value, 1,000,000 shares authorized, 182,050 shares issued and outstanding at December 31, 2013 and 2012 |
2 | 2 | ||||||||||
Paid in capital | 55,286 | 55,286 | ||||||||||
Accumulated deficit | (87,892) | (81,852) | ||||||||||
Total equity (deficit) | (32,842) | (26,564) | ||||||||||
TOTAL | $ | 286,710 | $ | 299,397 | ||||||||
GLOBAL WATER RESOURCES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months and Years Ended December 31, 2013 and 2012 (Unaudited) |
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Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(in thousands of US$) | ||||||||||||||||||
REVENUES: | ||||||||||||||||||
Water services | $ | 4,223 | $ | 4,156 | $ | 18,200 | $ | 17,417 | ||||||||||
Wastewater and recycled water services | 3,498 | 3,331 | 13,829 | 13,244 | ||||||||||||||
Unregulated revenues | 45 | 937 | 1,405 | 2,877 | ||||||||||||||
Total revenues | 7,766 | 8,424 | 33,434 | 33,538 | ||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||
Operations and maintenance | 2,460 | 2,862 | 11,995 | 11,994 | ||||||||||||||
General and administrative | 1,671 | 2,362 | 9,623 | 9,657 | ||||||||||||||
Depreciation | 2,134 | 2,866 | 9,801 | 10,899 | ||||||||||||||
Total operating expenses | 6,265 | 8,090 | 31,419 | 32,550 | ||||||||||||||
OPERATING INCOME (LOSS) | 1,501 | 334 | 2,015 | 988 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Interest income | 20 | 5 | 47 | 6 | ||||||||||||||
Interest expense | (2,351) | (2,085) | (8,935) | (9,565) | ||||||||||||||
Other | 978 | (14) | 849 | 757 | ||||||||||||||
Total other income (expense) | (1,353) | (2,094) | (8,039) | (8,802) | ||||||||||||||
LOSS BEFORE INCOME TAXES | 148 | (1,760) | (6,024) | (7,814) | ||||||||||||||
INCOME TAX (EXPENSE) BENEFIT | (11) | (6) | (16) | (30,667) | ||||||||||||||
NET LOSS | $ | 137 | $ | (1,766) | $ | (6,040) | $ | (38,481) |
Net Income (Loss) and EBITDA per Share Information for the Three Months and Year Ended December 31, 2013 (amounts in thousands of US dollars, except share data): |
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Three Months Ended December 31, 2013 |
Year Ended December 31, 2013 |
||||||||||||
Net Income (Loss) |
EBITDA | Net Loss | EBITDA | ||||||||||
Amount for the period ended December 31, 2013 | $ | 137 | $ | 4,613 | $ | (6,040) | $ | 12,665 | |||||
Weighted average number of Global Water shares outstanding during the period ended December 31, 2013 |
182,050 | 182,050 | 182,050 | 182,050 | |||||||||
Global Water per share amount | $ | 0.75 | $ | 25.34 | $ | (33.18) | $ | 69.57 | |||||
Global Water per share amount, excluding gain on Sale of 303 Contracts and the loss on the Sale of GWM |
$ | (5.59) | $ | 19.01 | $ | (40.62) | $ | 62.13 |
GLOBAL WATER RESOURCES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Eight Quarters Ended December 31, 2012 (Unaudited) |
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2013 | 2012 | |||||||||||||||||||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||
(in thousands of US$) | ||||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||
Water services | $ | 4,223 | $ | 5,405 | $ | 4,973 | $ | 3,599 | $ | 4,156 | $ | 4,863 | $ | 4,844 | $ | 3,554 | ||||||||||
Wastewater and recycled water services | 3,498 | 3,536 | 3,482 | 3,313 | 3,331 | 3,328 | 3,353 | 3,232 | ||||||||||||||||||
Unregulated revenues | 45 | 49 | 634 | 677 | 937 | 829 | 572 | 539 | ||||||||||||||||||
Total revenues | 7,766 | 8,990 | 9,089 | 7,589 | 8,424 | 9,020 | 8,769 | 7,325 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||||
Operations and maintenance | 2,460 | 3,043 | 3,338 | 3,154 | 2,862 | 3,276 | 2,919 | 2,937 | ||||||||||||||||||
General and administrative | 1,671 | 2,608 | 2,535 | 2,809 | 2,362 | 2,178 | 2,457 | 2,660 | ||||||||||||||||||
Depreciation | 2,134 | 2,306 | 2,664 | 2,697 | 2,866 | 2,662 | 2,706 | 2,665 | ||||||||||||||||||
Total operating expenses | 6,265 | 7,957 | 8,537 | 8,660 | 8,090 | 8,116 | 8,082 | 8,262 | ||||||||||||||||||
OPERATING INCOME (LOSS) | 1,501 | 1,033 | 552 | (1,071) | 334 | 904 | 687 | (937) | ||||||||||||||||||
OPERATING INCOME (EXPENSE): | ||||||||||||||||||||||||||
Interest income | 20 | 20 | 6 | 1 | 5 | 1 | - | - | ||||||||||||||||||
Interest expense | (2,351) | (2,209) | (2,136) | (2,239) | (2,085) | (2,245) | (3,005) | (2,230) | ||||||||||||||||||
Other | 978 | 1,818 | (1,964) | 17 | (14) | 723 | 54 | (6) | ||||||||||||||||||
Total other income (expense) | (1,353) | (371) | (4,094) | (2,221) | (2,094) | (1,521) | (2,951) | (2,236) | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 148 | 662 | (3,542) | (3,292) | (1,760) | (617) | (2,264) | (3,173) | ||||||||||||||||||
INCOME TAX (EXPENSE) BENEFIT | (11) | - | (1) | (2) | (6) | - | (31,885) | 1,224 | ||||||||||||||||||
NET INCOME (LOSS) | $ | 137 | $ | 660 | $ | (3,543) | $ | (3,294) | $ | (1,766) | $ | (617) | $ | (34,149) | $ | (1,949) | ||||||||||
Income tax expense (benefit) | $ | 11 | $ | - | $ | 1 | $ | 2 | $ | 6 | $ | - | $ | 31,885 | $ | (1,224) | ||||||||||
Interest income | (20) | (20) | (6) | (1) | (5) | (1) | - | - | ||||||||||||||||||
Interest expense | 2,351 | 2,209 | 2,136 | 2,239 | 2,085 | 2,245 | 3,005 | 2,230 | ||||||||||||||||||
Depreciation | 2,134 | 2,306 | 2,664 | 2,697 | 2,866 | 2,662 | 2,706 | 2,665 | ||||||||||||||||||
EBITDA | $ | 4,613 | $ | 5,157 | $ | 1,252 | $ | 1,643 | $ | 3,186 | $ | 4,289 | $ | 3,447 | $ | 1,722 | ||||||||||
LOSS, EXCLUDING GAIN ON SALE OF 303 CONTRACTS, LOSS ON THE SALE OF GWM AND TAX VALUATION ALLOWANCE |
$ | (1,017) | $ | (1,475) | $ | (1,609) | $ | (3,294) | $ | (1,073) | $ | (397) | $ | (1,394) | $ | (1,949) | ||||||||||
Active service connections at period end | 42,726 | 42,482 | 42,112 | 41,607 | 41,008 | 40,833 | 40,503 | 40,100 | ||||||||||||||||||
GLOBAL WATER RESOURCES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months and Years Ended December 31, 2013 and 2012 (Unaudited) |
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Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands of US$) | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net income (loss) | $ | 137 | $ | (1,766) | $ | (6,040) | $ | (38,481) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
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Deferred compensation | 180 | (5) | 576 | 357 | |||||||||||
Depreciation | 2,134 | 2,866 | 9,801 | 10,899 | |||||||||||
Amortization of deferred debt issuance costs and discounts | 179 | 42 | 435 | 353 | |||||||||||
Write-off of debt issuance costs | - | - | - | 618 | |||||||||||
(Gain) on sale of 303 contracts | (1,130) | - | (3,265) | - | |||||||||||
Loss on disposal of fixed and intangible assets | - | 19 | 2 | 19 | |||||||||||
Loss on disposal of GWM net assets | - | - | 1,934 | - | |||||||||||
(Gain) loss on equity method investment | 308 | - | 707 | - | |||||||||||
Imputed interest expense on deferred payments for acquisitions - net of cash paid |
- | - | - | (463) | |||||||||||
Provision for doubtful accounts receivable | (34) | 37 | 99 | 160 | |||||||||||
Deferred income tax expense (benefit) | 11 | 6 | 16 | 30,667 | |||||||||||
Changes in assets and liabilities - excluding effects of acquisitions: | |||||||||||||||
Accounts receivable | 309 | 416 | (302) | 658 | |||||||||||
Other current assets | 473 | (51) | (2,353) | (807) | |||||||||||
Accounts payable and other current liabilities | (4,109) | (1,462) | 213 | 829 | |||||||||||
Other noncurrent assets | 2 | (123) | 352 | (354) | |||||||||||
Other noncurrent liabilities | (4) | (5) | (106) | 613 | |||||||||||
Net cash provided by (used in) operating activities | (1,544) | (26) | 2,069 | 5,068 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Capital expenditures | (574) | (927) | (5,294) | (5,174) | |||||||||||
Proceeds from disposal of fixed and intangible assets | 1 | - | 13 | - | |||||||||||
Net cash received from the sale of GWM | - | - | 1,771 | - | |||||||||||
Proceeds received from the sale of 303 contracts | 1,130 | - | 3,130 | - | |||||||||||
(Deposits into) withdrawals from restricted cash | 590 | (3) | (197) | (2,645) | |||||||||||
Deposits received | 5 | - | 15 | - | |||||||||||
Net cash provided by (used in) investing activities | 1,152 | (930) | (562) | (7,819) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Proceeds from bonds | - | - | - | 14,000 | |||||||||||
Repayments of bonds | (2,475) | (2,090) | (2,475) | (2,090) | |||||||||||
Loan borrowings | - | - | - | 18,000 | |||||||||||
Loan repayments | (601) | (101) | (605) | (15,526) | |||||||||||
Principal payments under capital lease | (15) | (30) | (84) | (52) | |||||||||||
Deposit into escrow for debt service | - | - | - | (3,923) | |||||||||||
Redemption from escrow for debt service | - | - | - | 3,923 | |||||||||||
Related-party loan proceeds | - | - | - | 8,910 | |||||||||||
Related-party loan repayments | - | - | - | (8,910) | |||||||||||
Debt issuance costs paid | - | - | (195) | (1,465) | |||||||||||
Acquisition of utilities - deferred acquisition payments | - | - | - | (11,163) | |||||||||||
Advances in aid of construction | 71 | 381 | 460 | 760 | |||||||||||
Contributions in aid of construction under ICFA and other agreements | 221 | 500 | 221 | 2,421 | |||||||||||
Refunds of advances for construction | (180) | (42) | (685) | (551) | |||||||||||
Net cash provided by (used in) financing activities | (2,979) | (1,382) | (3,363) | 4,334 | |||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,371) | (2,338) | (1,856) | 1,583 | |||||||||||
CASH AND CASH EQUIVALENTS - Beginning of period | 5,331 | 6,154 | 3,816 | 2,233 | |||||||||||
CASH AND CASH EQUIVALENTS - End of period | $ | 1,960 | $ | 3,816 | $ | 1,960 | $ | 3,816 |
SOURCE: GWR Global Water Resources Corp.
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Ross Marshall
Investor Relations
Tel: 416.815.00700 ext. 238
Email: [email protected]
www.gwresources.com
www.gwfathom.com
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