GWR Global Water Resources Corp. reports third quarter 2011 results

PHOENIX, AZ, Nov. 8, 2011 /CNW/ - GWR Global Water Resources Corp. (the "Company") (TSX: GWR) today reported its financial results for the third quarter ended September 30, 2011. This is the third full quarter period for the Company since its initial public offering ("IPO") of common shares on December 30, 2010, and its related acquisition of an approximate 48.1% interest in Global Water Resources, Inc. ("Global Water", "we", "us" and "our").

Global Water is a leading water resource management and technology company based in Phoenix, Arizona that owns and operates water, wastewater and recycled water utilities, and provides data and water management services through its unique, award winning platform, FATHOM™ Utility-to-Utility (U2U™) Solutions.  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 the accounts of Global Water and its subsidiaries on a consolidated basis and, unless otherwise indicated, all amounts are in US dollars.

Highlights for Third Quarter 2011:

  • Global Water's revenues increased 45% compared to the third quarter of 2010
  • Global Water produced Adjusted EBITDA of $4.6 million representing a 32% increase compared to the corresponding period last year, which is effectively equivalent to $0.25 per common share of the Company, an increase of $0.06 per common share from the second quarter of 2011, and the highest ever quarterly Adjusted EBITDA on record since inception
  • Global Water increased the number of active service connections of its water utilities business at an annualized growth rate of approximately 4.1%
  • Global Water substantially completed the Advanced Metering Infrastructure and Asset Management implementations for the cities of Grass Valley and Covina, California
  • Global Water launched the U2YouTM customer portal website and the first ever iPhone application for water utilities
  • Global Water selected as a Silver partner for the ESRI Partner Network, ESRI - the market leader for GIS mapping for municipalities
  • Global Water signs a nationwide Aclara® distribution agreement for cities less than 30,000 meters, Aclara® - a dominant market leader in water Advanced Metering Infrastructure
  • Global Water participated in four League of City conferences in California, Arizona, Oregon and Texas to support our business development activities with municipalities related to FATHOM™

"Our regulated utilities continue to outpace our peers with a 4.1% annualized organic growth rate and the Company produced the best quarter ever, generating $4.6 million in Adjusted EBITDA.  We continued to expand our FATHOMTM reach through formalizing partnerships to expedite the penetration of the markets we are focused on and to strengthen our leading role in the Smart Grid for Water," said Trevor Hill, President and CEO for Global Water.  "Our new channel partnerships with ESRI Partner Network and Aclara® open up a very desirable means by which to access existing municipal relationships and provide for the opportunity to expand our reach nationally sooner than we had planned."

Consolidated revenues for the three months ended September 30, 2011 totaled $10.4 million compared to $7.1 million for the same period in 2010, an increase of 45%. Consolidated revenues for the nine months ended September 30, 2011 totaled $29.7 million compared to $19.3 million for the same period in 2010, an increase of 54%. Excluding non-recurring revenues, consolidated revenues increased 73% to $29.7 million for the nine months ended September 30, 2011 from $17.2 million for the nine months ended September 30, 2010.

Consolidated net loss for the three months ended September 30, 2011 totaled $0.1 million compared with a net loss of $26.2 million for the same period in 2010.   For the nine months ended September 30, 2011, consolidated net loss totaled $1.9 million compared with a net loss of $85.4 million for the same period in 2010.  The net loss reported for the nine months ended September 30, 2010, primarily reflects the impact of a $24.0 million goodwill impairment charge and a $55.2 million non-recurring charge resulting from the 2010 Regulatory Rate Decision (defined below). See footnote 3 in Global Water's Consolidated Financial Statements for the year ended December 31, 2010 for a more complete discussion of this non-recurring charge.

Adjusted EBITDA for the three months ended September 30, 2011 totaled $4.6 million compared to $3.5 million for the same period in 2010. For the nine months ended September 30, 2011, Adjusted EBITDA totaled $11.4 million compared to $7.2 million for the same period in 2010. The increased rates that Global Water is able to charge utility customers and the increased revenues generated by its unregulated business, primarily FATHOMTM, also had a significant positive effect on reducing net loss and increasing Adjusted EBITDA during the first three quarters of 2011.

The common stock of Global Water is not publically traded.  However, management believes that Global Water's net earnings (loss) per share and EBITDA per share data may be useful to some users of the financial statements as those users make decisions related to the Company, which holds an approximate 48.1% interest in Global Water.  Each share of Global Water is approximately equivalent to 100 shares of the Company.  Therefore, Global Water's net loss and EBITDA per share in terms of the Company's common shares is approximately $0.01 per share and $0.25 per share, respectively, for the three months ended September 30, 2011.  See computation in the attached schedules to this earnings release.  EBITDA and Adjusted EBITDA do not have standardized meanings prescribed by U.S. GAAP.   See "Cautionary Note Regarding Non-GAAP Measures" below.

Unregulated Business

Unregulated revenues totaled $2.1 million in the three months ended September 30, 2011 compared to $259,000 in the three months ended September 30, 2010.  Unregulated revenues primarily consist of revenues generated from customers of Global Water's FATHOMTM business. Approximately $1.1 million of the increase in unregulated revenues is attributable to the fees received for FATHOMTM product implementations compared to $96,000 in the three months ended September 30, 2010.  Recurring FATHOMTM revenues increased $352,000, or 240%, to $499,000 for the three months ended September 30, 2011 from the three months ended September 30, 2010.

For the nine months ended September 30, 2011, unregulated revenues totaled $7.8 million compared to $552,000 in the nine months ended September 30, 2010.  Approximately $4.4 million of the increase in unregulated revenues is attributable to the fees received for FATHOMTM product implementations.  Revenue from product implementations totaled $4.5 million in the nine months ended September 30, 2011 compared to $146,000 in the nine months ended September 30, 2010. Recurring FATHOMTM revenues increased $904,000, or 287%, to approximately $1.2 million for the nine months ended September 30, 2011 from the nine months ended September 30, 2010.

"Our recent announcement of winning the El Cajon, California RFP is further indication that FATHOMTM is gaining traction," said Mr. Hill. "This win represents just the first announcement of many RFP proposals we are progressing with nine municipalities representing 60,000 meters that we anticipate will make a decision during the next two quarters.  We are also seeing other benefits from the impact of our FATHOMTM business model on municipalities.  The increased revenue associated with new meters, new technology and cleansing of data records is proving to be a very compelling element of the implementation - in fact, in some cases more than sufficient incremental revenue to fund the entire FATHOMTM offering.  As a result of this we've been able to strengthen our selling proposition and provide municipalities with better clarity on the immediacy of the economic benefits that FATHOMTM brings."

Additionally as part of unregulated revenues, Global Water recognized $371,000 and $2.0 million of revenue in the three and nine months ended September 30, 2011, respectively, related to the sale of certain contractual rights compared to $0 in 2010.  Global Water had purchased these contractual rights from certain developers and then sold the rights to a third party investor.  We intend to pursue more opportunities for similar transactions.

Regulated Business

Revenues from the Regulated utilities business for the three months ended September 30, 2011 increased $1.4 million, or 20%, from $6.9 million for the same period in 2010 to $8.3 million in 2011.  For the nine months ended September 30, 2011, regulated revenues increased $5.2 million, or 31%, from $16.6 million for the same period in 2010 to $21.8 million in 2011.   As discussed in previous filings, on September 15, 2010, our primary regulator, the Arizona Corporation Commission ("ACC") issued its rate decision for the rate cases Global Water filed in 2009 for nine of its utility companies (the "2010 Regulatory Rate Decision").  The ACC established new rates for the utilities retroactive to August 1, 2010, including a phase-in of rates for one of the utilities on August 1, 2010, January 1, 2011, and January 1, 2012.

While water utility revenue growth during the third quarter of 2011 was primarily driven by the rate increases provided by the 2010 Regulatory Rate Decision, the water utilities business also benefited from an increase in the number of active service connections. Global Water's total service connections, including active service connections and vacant home connections, increased from 42,678 as of December 31, 2010, to 42,940 as of September 30, 2011. Global Water's active service connections increased from 38,459 as of December 31, 2010, to 39,644 as of September 30, 2011, representing a 4.1% annualized growth rate for 2011.  By comparison, active service connections as of September 30, 2010 totaled 38,923.

Business Outlook

Management has experienced a surge of interest in FATHOMTM in the second half of 2011.   The deepening financial pressures coupled with intensifying water scarcity issues continue to incent municipalities to examine their alternatives - outsourcing among them.  Our sales representatives visited dozens of municipalities this quarter and a majority are exploring the cost saving and revenue creating opportunities that FATHOMTM presents.  Management remained focused on the continuous refinement of the FATHOMTM selling process and motivating the municipalities to adopt technology, improve their efficiencies and restructure their organizations for the 21st century economy. We continued our efforts in market making in the southwestern states and continue to be reassured that the business model is gaining traction both through RFP procurement processes and municipalities engagement in a series of League of City conferences in California, Arizona, Oregon and Texas.

During the quarter, we launched our U2YouTM customer portal website and the first ever iPhone application for water utilities.  In many ways these customer facing tools are revolutionary for the sector, not only greatly improving a customer's ability to manage and pay their bills but also giving them unprecedented access to their own water consumption.  Customers can now see their daily water consumption in near real-time, as well as their consumption levels benchmarked against their neighbors, their street and their community.  In many areas, where conservation is critical, it is this information that has been proven to be very impactful on community water consumption.  Global Water's focus on customer facing tools is unique in the sector.  The FATHOMTM platform not only provides municipalities with incremental revenue and decreased costs but also opens a unique customer interface opportunity which in time will have the potential to add incremental revenue from our municipal clients and end-user customers alike.  Our continuous investment in the FATHOMTM platform provides for more automation in the business processes it provides, more analytical capabilities, improving customer service metrics and lower and lower costs of operations.

"Our strong organic growth in our regulated utilities has continued through the third quarter.  This growth is a function of the extreme affordability of housing and an abundance of building lots in our regions that are fully ready for home construction.  We believe this growth will continue as these two factors continue to influence the market in the fourth quarter and into the new year," concluded Hill.

The complete financial statements and management's discussion and analysis for the Company and Global Water will be available November 8, 2011, on the Company's SEDAR profile at www.sedar.com and on the Company's website at www.gwresources.com.

Conference Call and Webcast Information
Global Water will conduct a conference call on November 8, 2011, at 2:00 p.m. (ET.) You may access the call by dialing (647) 427‐7450 or toll free at 1 (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 23850017. The replay will expire at midnight (ET) on November 15, 2011. A copy of the transcript and a live audio recording of the call, once available, will be archived at www.gwresources.com.

Cautionary Note Regarding ForwardLooking Statements
This press release includes certain forwardlooking statements. These forwardlooking 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", "aims", "focuses", "continue", "should" 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, which is available on the Company's SEDAR profile at www.sedar.com. We undertake no obligation to publicly update any forwardlooking statement, except as required by law, whether as a result of new information, future developments or otherwise.

Cautionary Note Regarding NonGAAP Measures
This press release contains references to "EBITDA" and "Adjusted EBITDA". EBITDA is defined for the purposes of this press release as income or loss before interest, income taxes, depreciation and amortization. Adjusted EBITDA further excludes certain nonoperating, generally nonrecurring, activities which Global Water removes from net income (loss) to facilitate operating performance comparisons including amounts related to infrastructure coordination and financing agreement revenues and stored water credits as these amounts will not be recurring on a goforward basis. Management believes that EBITDA and Adjusted EBITDA are useful supplemental measures of Global Water's operating performance. However, EBITDA and Adjusted EBITDA are not recognized earnings measures under U.S. GAAP or Canadian GAAP and do not have standardized meanings prescribed by U.S. GAAP or Canadian GAAP. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similar measures presented by other issuers. EBITDA and Adjusted EBITDA should not be construed as alternatives to net income or loss. See "EBITDA" and "Adjusted EBITDA" in the attached schedules for a reconciliation of EBITDA and Adjusted EBITDA to net loss, the nearest comparable U.S. GAAP measure.

GWR GLOBAL WATER RESOURCES CORP.
BALANCE SHEETS
As of September 30, 2011 and December 31, 2010
(Unaudited)

    September 30,
2011
  December 31,
2010
    (in thousands of US$, except share data)
ASSETS        
         
CURRENT ASSETS:        
  Cash and cash equivalents  $  - $ -
  Other current assets          12         -
    Total current assets          12         -
           
  Equity method investment          54,739         51,632
TOTAL  ASSETS  $ 54,751 $ 51,632
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
LIABILITIES:        
  Accounts payable and accrued expenses  $ 12 $ 17
  Due to related party          226         -
  Other noncurrent liabilities          28         17
    Total liabilities          266         34
           
SHAREHOLDERS' EQUITY:        
  Common stock, unlimited shares authorized, 8,754,612 and
  8,185,001 shares outstanding at September 30, 2011 and
  December 31, 2010, respectively 
        55,670         51,659
  Accumulated deficit           (1,185)         (61)
    Total shareholders' equity          54,485         51,598
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $ 54,751 $ 51,632



GWR GLOBAL WATER RESOURCES CORP.
STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended September 30, 2011
(Unaudited)

    Three Months Ended
September 30, 2011
  Nine Months Ended
September 30, 2011
    (in thousands of US$, except
share and per share data)
         
LOSS FROM EQUITY INVESTMENT  $ (49) $ (904)
OPERATING EXPENSE          37   220
OPERATING LOSS          (86)   (1,124)
LOSS BEFORE INCOME TAXES          (86)   (1,124)
INCOME TAX EXPENSE (BENEFIT)          -   -
NET LOSS  $ (86) $ (1,124)
         
WEIGHTED AVERAGE SHARES:        
  Basic          8,754,612         8,698,227
  Diluted          8,754,612         8,698,227
         
LOSS PER SHARE:        
  Basic  $ (0.01) $ (0.13)
  Diluted  $ (0.01) $ (0.13)



GLOBAL WATER RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
As of September 30, 2011 and December 31, 2010
(Unaudited)

    September 30, 2011   December 31, 2010
    (in thousands of US$, except share data)
ASSETS        
         
PROPERTY, PLANT AND EQUIPMENT:        
  Property, plant and equipment  $ 316,765 $ 312,841
  Less accumulated depreciation          (48,856)         (40,348)
    Net property, plant and equipment          267,909         272,493
             
CURRENT ASSETS:        
  Cash and cash equivalents          458         10,163
  Accounts receivable - net          2,814         1,746
  Other receivables          399         270
  Accrued revenue          2,030         528
  Prepaid expenses and other current assets          689         651
  Deferred tax asset - current          1,277         1,244
    Total current assets          7,667         14,602
             
OTHER ASSETS:        
  Goodwill          13,082         13,082
  Intangible assets - net          1,545         1,545
  Regulatory assets          482         406
  Deposits          62         69
  Bond service fund and other restricted cash          9,279         9,225
  Debt issuance costs - net          3,062         3,192
  Deferred tax assets          27,999         26,848
    Total other assets          55,511         54,367
TOTAL ASSETS  $ 331,087 $ 341,462
         
LIABILITIES AND EQUITY        
         
CURRENT LIABILITIES:        
  Accounts payable  $ 4,483 $ 3,325
  Accrued expenses          6,748         5,371
  Deferred revenue          1         596
  Accrued acquisition payments          11,468         5,114
  Customer and meter deposits          2,171         1,969
  Long-term debt - current portion          2,023         11,702
    Total current liabilities          26,894         28,077
             
NONCURRENT LIABILITIES:        
  Long-term debt          117,026         117,361
  Advances in aid of construction          105,321         104,043
  Contributions in aid of construction - net          62,737         63,360
  Acquisition liability          4,688         15,799
  Other non-current liabilities          663         1,204
    Total noncurrent liabilities          290,435         301,767
    Total liabilities          317,329         329,844
             
SHAREHOLDERS' EQUITY:        
  Common stock, $0.01 par value, 1,000,000 shares authorized, 182,050 and 176,354 shares
  issued and outstanding at September 30, 2011 and December 31, 2010, respectively
  2   2
  Paid in capital          55,721         51,679
  Accumulated deficit          (41,965)         (40,063)
    Total equity          13,758         11,618
TOTAL  $ 331,087 $ 341,462



GLOBAL WATER RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended September 30, 2011 and 2010
(Unaudited)

           Three Months Ended
September 30,
     Nine Months Ended
September 30,
          2011      2010      2011   2010
          (in thousands of US$)
REVENUES:                                        
  Water services  $ 5,394 $ 4,810 $ 13,315 $ 11,164
  Wastewater and recycled water services       2,872         2,076         8,509         5,444
  Sale of stored water credits       -         -         -         2,151
  Unregulated revenues       2,121         259         7,837         552
    Total revenues       10,387         7,145         29,661         19,311
                    
OPERATING EXPENSES:                   
  Operations and maintenance       3,400         1,980         10,380         4,961
  Cost or stored water credits sold       -         -         -         2,008
  General and administrative       2,384         1,817         7,954         5,284
  Goodwill impairment       -         23,985         -         23,985
  Regulatory provision       -         -         -         55,169
  Depreciation       2,557         2,640         7,749         4,853
    Total operating expenses       8,341         30,422         26,083         96,260
OPERATING INCOME (LOSS)       2,046         (23,277)         3,578         (76,949)
                    
OTHER INCOME (EXPENSE):                   
  Interest income             -         -         2   -
  Interest expense, net of capitalized interest             (2,196)         (3,293)         (6,714)         (9,767)
  Other             (8)         8         55         68
    Total other income (expense)             (2,204)         (3,285)         (6,657)         (9,699)
LOSS BEFORE INCOME TAXES             (158)         (26,562)         (3,079)         (86,648)
INCOME TAX BENEFIT             56         323         1,177         1,240
NET LOSS    $ (102) $ (26,239) $ (1,902) $ (85,408)


Net Loss and EBITDA per Share Information for the Three and Nine Months Ended September 30, 2011 (amounts in thousands of US dollars, except share and per share data):

          Three Months Ended
September 30, 2011
     Nine Months Ended
September 30, 2011
          Net Loss   EBITDA   Net Loss   EBITDA
Amount for the period ended September 30, 2011  $ (102) $ 4,595 $ (1,902) $ 11,382
Weighted average number of Global Water shares
 outstanding during the period ended September 30, 2011 
           182,050         182,050   181,487   181,487
Global Water  per share amount  $ (0.56) $ 25.24 $ (10.48) $ 62.72



GLOBAL WATER RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Seven Quarters Ended September 30, 2011
(Unaudited)

      2011       2010  
    Q3 Q2 Q1   Q4 Q3 Q2 Q1
    (in thousands of US$, except service connections)
REVENUES:                            
  Water services  $ 5,394 $  4,497 $  3,424 $ 3,836 $   4,810 $   3,550 $   2,804
  Wastewater and recycled water services    2,872   2,866   2,771         2,219   2,076    1,708     1,660
  Sale of stored water credits    -   -   -         -         -         -    2,151
  Unregulated revenues    2,121   2,363   3,353         3,160        259       125        168
    Total revenues    10,387   9,726   9,548         9,215        7,145    5,383       6,783
                             
OPERATING EXPENSES:                            
  Operations and maintenance    3,400   3,523   3,457         3,681      1,980    1,683      1,298
  Cost of stored water credits sold    -   -   -         -         -         -       2,008
  General and administrative    2,384   2,678   2,892         1,778     1,817    1,668       1,799
  Goodwill impairment    -   -   -         -     23,985         -         -
  Regulatory provision    -   -   -         -         -         -     55,169
  Depreciation    2,557   2,580   2,612         2,619      2,640       2,288      (75)
    Total operating expenses    8,341   8,781   8,961         8,078     30,422        5,639     60,199
  OPERATING INCOME (LOSS)    2,046   945   587         1,137   (23,277)      (256)      (53,416)
                             
OPERATING INCOME (EXPENSE):                            
  Interest income    -   -   2         -       -        -         -
  Interest expense, net of capitalized interest    (2,196)   (2,202)   (2,316)         (3,428)   (3,293)      (3,200)      (3,274)
  Other    (8)   23   40         51         8         34         26
    Total other income (expense)    (2,204)   (2,179)   (2,274)         (3,377)    (3,285)       (3,166)       (3,248)
LOSS BEFORE INCOME TAXES    (158)   (1,234)   (1,687)         (2,240)    (26,562)         (3,422)     (56,664)
INCOME TAX BENEFIT    56   471   650         2,607         323         843         74
NET INCOME (LOSS)  $ (102) $   (763) $   (1,037) $ 367 $   (26,239) $  (2,579) $   (56,590)
                             
  Income tax benefit    (56)   (471)   (650)         (2,607)      (323)       (843)         (74)
  Interest income    -   -   (2)         -         -         -     -
  Interest expense    2,196   2,202   2,316         3,428       3,293       3,200      3,274
  Depreciation    2,557   2,580   2,612         2,619      2,640        2,288         (75)
EBITDA  $ 4,595 $  3,548 $  3,239 $ 3,807 $   (20,629) $   2,066 $ (53,465)
                             
  Sale of stored water credits    -   -   -         -         -       -    (2,151)
  Cost of stored water credits sold    -   -   -         -         -        -      2,008
  Goodwill impairment    -   -   -         -   23,985         -         -
  Regulatory provision    -   -   -         -         -         -     55,169
  Other regulatory and governmental fees    -   -   -         -    133         91         23
  Other, net    -   -   -         (51)    (8)        (34)      (26)
ADJUSTED EBITDA  $ 4,595 $   3,548 $   3,239 $ 3,756 $   3,481 $  2,123 $  1,558
                             
Active service connections at period end    39,644   39,342   39,011         38,459   38,923     38,665    38,492



GLOBAL WATER RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three and Nine Months Ended September 30, 2011 and 2010
(Unaudited)

           Three Months Ended
September 30,
  Nine Months Ended
September 30,
          2011   2010   2011   2010
           (in thousands of US$)    
CASH FLOWS FROM OPERATING ACTIVITIES:                   
  Net loss  $ (102) $ (26,239) $ (1,902) $ (85,408)
  Adjustments to reconcile net loss to net cash provided by operating activities:                         
    Deferred compensation             110         8         406         25
    Depreciation             2,557         2,640         7,749         4,853
    Amortization of deferred debt issuance costs and discounts             55         112         188         311
    Goodwill impairment       -         23,985         -         23,985
    Regulatory provision             -         -         -         55,169
    Loss on disposal of fixed and intangible assets             12         22         45         26
    Gain on advance in aid of construction purchase             -         (23)         (22)         (71)
    Gain on settlement of acquisition liability             -         -         (80)         -
    Imputed interest expense on deferred payments
  for acquisitions - net of cash paid 
           155         219         (348)         (413)
    Provision for doubtful accounts receivable             49         26         140         31
    Deferred income tax benefit             (56)         (323)         (1,177)         (1,240)
    Changes in assets and liabilities - excluding effects of acquisitions:                                     
      Accounts receivable             1,555         (923)         (1,207)         (936)
      Other current assets             (255)         (591)         (1,670)         (811)
      Stored water credits             -         -         -         2,005
      Accounts payable and other current liabilities             1,587         3,094         1,905         4,945
      Other noncurrent assets             (19)         2         (76)         (47)
      Other noncurrent liabilities             (12)         (24)         370         (33)
      Deferred stored water credits revenue             -         -         -         (2,151)
        Net cash provided by operating activities             5,636         1,985         4,321         240
                                
CASH FLOWS FROM INVESTING ACTIVITIES:                               
  Capital expenditures             (2,081)         (1,152)         (5,162)         (3,777)
  Proceeds from disposal of fixed and intangible assets             -         -         34         -
  Deposits of restricted cash             (10)         (23)         (54)         (61)
  Deposits received             3         -         8         4
  Acquisition of utilities - deferred acquisition payments             -         (357)         (4,381)         (2,634)
        Net cash used in investing activities             (2,088)         (1,532)         (9,555)         (6,468)
                                
CASH FLOWS FROM FINANCING ACTIVITIES:                               
  Loan borrowings             3,742         327         13,010         5,907
  Loan repayments             (6,765)         (69)         (21,841)         (2,416)
  Related-party loan proceeds             -         -         -         2,300
  Related-party loan repayments             -         (100)         -         (150)
  Debt issuance costs paid             -         -         (34)         (266)
  Contributions from members             -         371         -         3,204
  Distributions to members             -         (371)         -         (1,412)
  Proceeds from the sale of stock / Financing costs paid             -         (298)         4,011         (549)
  Advances in aid of construction, net of refunds paid             (349)         (72)         134         439
  Contributions in aid of construction under ICFA and other agreements             150         151         249         274
        Net cash provided by (used in) financing activities             (3,222)         (61)         (4,471)         7,331
                                
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS             326         392         (9,705)         1,103
CASH AND CASH EQUIVALENTS - Beginning of period             132         717         10,163         6
CASH AND CASH EQUIVALENTS - End of period  $ 458 $ 1,109 $ 458 $ 1,109

 

 

For further information:

Ross Marshall
Investor Relations
Tel: 416-815-0700 ext. 238
Email: rmarshall@equicomgroup.com
www.gwresources.com
www.gwfathom.com

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GWR Global Water Resources Corp.

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