CWCO - Consolidated Water Reports Second Quarter 2022 Results
GEORGE TOWN, Grand Cayman, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported results for the second quarter ended June 30, 2022. All comparisons are to the same year-ago period unless otherwise noted.
The company will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).
Second Quarter 2022 Financial Highlights
- Total revenue increased 26% to $21.1 million.
- Retail revenue increased 15% to $6.5 million.
- Bulk revenue increased 26% to $8.4 million.
- Services revenue increased 34% to $5.1 million.
- Manufacturing revenue increased to $1.1 million.
- Net income from continuing operations attributable to company stockholders was $2.7 million or $0.18 per share.
- Paid quarterly cash dividend of $0.085 per share ($0.34 on an annualized basis), totaling $1.3 million in dividends in the second quarter of 2022.
- As of June 30, 2022, cash and cash equivalents totaled $49.1 million, up $5.9 million from $43.1 million as of March 31, 2022, with working capital at $71.6 million, debt of only $0.3 million, and stockholders’ equity totaling $159.4 million.
Second Quarter 2022 Operational Highlights
- Entered into an $82 million agreement (through PERC Water Corporation) to construct and commission a four million gallon per day advanced wastewater treatment facility for Liberty Utilities in Goodyear, Arizona.
- Won desalination plant design, build and operate project in the Cayman Islands amounting to approximately $20 million in revenue backlog.
Management Commentary
“In Q2, we showed strong sales improvements across three of our business segments,” stated Consolidated Water CEO, Rick McTaggart. “As a result, our total revenue increased 26% to $21.1 million.
“Our retail segment's results so far this year have been encouraging and based on recent government data we believe tourism arrivals to Grand Cayman could eventually double from current levels to reach pre-pandemic levels.
“During the quarter, we announced two major contract wins. The first project announced was a 10-year, 2.64 million gallon per day seawater desalination plant contract with the Water Authority of the Cayman Islands, where we have been engaged to design, build, sell and subsequently operate a desalination plant in George Town on Grand Cayman. We commenced the permitting and design phase for this plant during this past quarter, and we expect to complete the construction of the plant and begin operations by the fourth quarter of 2023.
“We believe our in-house manufacturing capabilities at Aerex provided us a competitive advantage in winning the seawater desalination plant design, build and operate project in the Cayman Islands. Since 1973, our cost-effective water supply solutions have supported the growth and development of Grand Cayman by supplying safe and affordable potable water to residents and visitors.
“The second project we announced was through our subsidiary, PERC Water Corporation, to construct and commission a four million gallon per day advanced wastewater treatment facility for Liberty Utilities in Goodyear, Arizona. Our fees for the project are expected to total approximately $82 million, with the facility planned to be operational in December 2023 and fully completed by the end of the second quarter of 2024. Construction of this important project has already commenced and will begin to generate significant revenue beginning next quarter.
“With respect to our canceled Rosarito project, the Baja California, Mexico government confirmed publicly that we recently began discussions with the State to potentially resolve the issues related to the cancellation by the government of the project as well as potentially addressing the State’s acute water shortage issues. We cannot presently determine the outcome of the discussions and we have not terminated our efforts to obtain relief through the international arbitration process as a result of these discussions.
“Looking ahead, we see many positive factors driving continued growth in 2022. In addition to the further diminishing effects of the pandemic and the continuing return of tourism in Grand Cayman, we are also seeing increased project bidding activity in the United States and the Caribbean. It has been widely reported that the situation in the Colorado River basin is dire and this is driving water utilities and agricultural users in PERC’s service area to implement extraordinary measures to meet their water demands. All of these factors and trends will continue to drive growth across all of our business segments in the remainder of this year and beyond.”
Second Quarter 2022 Financial Summary
Revenue for the second quarter of 2022 was $21.1 million, up 26% compared to $16.7 million in the same year-ago period. The increase was primarily driven by increases of $852,000 in the retail segment, $1.7 million in the bulk segment, $1.3 million in the services segment and $510,000 in the manufacturing segment.
The increase in retail revenue reflects an 8% increase in the volume of water sold. The retail revenue also increased as a result of higher energy costs that increased the energy pass-through component of the company’s water rates, as well as a more favorable rate mix.
The increase in bulk segment revenue was attributable to an increase in energy costs for CW-Bahamas, which increased the energy pass-through component of CW-Bahamas’ rates.
The increase in services segment revenue was due to increases in both plant design and construction revenue and operating and maintenance revenue. The increase in manufacturing segment revenue was due to higher project activity.
Gross profit for the second quarter of 2022 was $7.5 million or 35.5% of total revenue, up 23% from $6.1 million or 36.3% of total revenue for the same year-ago period.
Net income from continuing operations attributable to Consolidated Water stockholders for the second quarter of 2022 was $2.7 million or $0.18 per basic and diluted share, compared to net loss of $1.5 million or $(0.10) per basic and diluted share for the same year-ago period.
Net income attributable to Consolidated Water stockholders for the second quarter of 2022, which includes the results of discontinued operations, was $2.3 million or $0.15 per basic and fully diluted share, up from net loss of $1.7 million or $(0.11) per basic and fully diluted share for the same year-ago period.
Cash and cash equivalents totaled $49.1 million as of June 30, 2022, as compared to $43.1 million as of March 31, 2022. The increase was due to cash generated from operating activities.
First Half 2022 Financial Summary
Revenue for the first half of 2022 was $40.6 million, up 20% compared to $33.8 million in the same year-ago period. The increase was primarily driven by increases of $1.5 million in the retail segment, $2.8 million in the bulk segment, $2.5 million in the services segment and $55,000 in the manufacturing segment.
Retail revenue increased primarily due to an 8% increase in the volume of water sold. The retail revenue also increased as a result of higher energy costs that increased the energy pass-through component of the company’s water rates, as well as a more favorable rate mix.
The increase in bulk segment revenue was due to an increase in energy costs for CW-Bahamas, which increased the energy pass-through component of CW-Bahamas’ rates and, to a lesser extent, an increase of 4% in the volume of water sold by CW-Bahamas.
The increase in services segment revenue was due to increases in both plant design and construction revenue and operating and maintenance revenue.
The increase in manufacturing segment revenue was due to higher project activity.
Gross profit for the first half of 2022 was $14.6 million or 36.0% of total revenue, up 20% from $12.2 million or 36.1% of total revenue in the same year-ago period.
Net income from continuing operations attributable to stockholders for the first half of 2022 was $5.0 million or $0.33 per basic and diluted share, compared to net loss of $212,000 or $(0.01) per diluted share in the same year-ago period.
Net income attributable to Consolidated Water stockholders for the half of 2022, which includes the results of discontinued operations, was $4.0 million or $0.26 per fully diluted share, up from net loss of $676,000 or $(0.04) per fully diluted share in the same year-ago period.
Second Quarter Segment Results
| Three Months Ended June 30, 2022 |
| Retail |
| Bulk |
| Services |
| Manufacturing |
| Total |
| Revenue |
| $ |
| 6,526,803 |
| $ |
| 8,423,749 |
| $ |
| 5,055,483 |
| $ |
| 1,061,092 |
| $ |
| 21,067,127 |
| Cost of revenue |
| 3,118,411 |
| 5,647,583 |
| 3,865,867 |
| 959,769 |
| 13,591,630 |
| Gross profit |
| 3,408,392 |
| 2,776,166 |
| 1,189,616 |
| 101,323 |
| 7,475,497 |
| General and administrative expenses |
| 3,345,109 |
| 404,072 |
| 838,040 |
| 339,470 |
| 4,926,691 |
| Gain on asset dispositions and impairments, net |
| 1,200 |
| — |
| 4,080 |
| — |
| 5,280 |
| Income (loss) from operations |
| $ |
| 64,483 |
| $ |
| 2,372,094 |
| $ |
| 355,656 |
| $ |
| (238,147 |
| ) |
| 2,554,086 |
| Other income, net |
| 397,982 |
| Income before income taxes |
| 2,952,068 |
| Income tax provision |
| 10,152 |
| Net income from continuing operations |
| 2,941,916 |
| Income from continuing operations attributable to non-controlling interests |
| 232,197 |
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |
| 2,709,719 |
| Loss from discontinued operations |
| (419,833 |
| ) |
| Net income attributable to Consolidated Water Co. Ltd. stockholders |
| $ |
| 2,289,886 |
| Three Months Ended June 30, 2021 |
| Retail |
| Bulk |
| Services |
| Manufacturing |
| Total |
| Revenue |
| $ |
| 5,674,790 |
| $ |
| 6,711,971 |
| $ |
| 3,763,239 |
| $ |
| 551,524 |
| $ |
| 16,701,524 |
| Cost of revenue |
| 2,781,909 |
| 4,386,794 |
| 2,878,409 |
| 589,559 |
| 10,636,671 |
| Gross profit |
| 2,892,881 |
| 2,325,177 |
| 884,830 |
| (38,035 |
| ) |
| 6,064,853 |
| General and administrative expenses |
| 3,318,473 |
| 303,856 |
| 671,585 |
| 430,390 |
| 4,724,304 |
| Gain (loss) on asset dispositions and impairments, net |
| 3,360 |
| — |
| — |
| (2,900,000 |
| ) |
| (2,896,640 |
| ) |
| Income (loss) from operations |
| $ |
| (422,232 |
| ) |
| $ |
| 2,021,321 |
| $ |
| 213,245 |
| $ |
| (3,368,425 |
| ) |
| (1,556,091 |
| ) |
| Other income, net |
| 233,114 |
| Loss before income taxes |
| (1,322,977 |
| ) |
| Income tax benefit |
| (6,845 |
| ) |
| Net loss from continuing operations |
| (1,316,132 |
| ) |
| Income attributable to non-controlling interests |
| 197,138 |
| Net loss from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |
| (1,513,270 |
| ) |
| Loss from discontinued operations |
| (151,379 |
| ) |
| Net loss attributable to Consolidated Water Co. Ltd. stockholders |
| $ |
| (1,664,649 |
| ) |
First Half Segment Results
| Six Months Ended June 30, 2022 |
| Retail |
| Bulk |
| Services |
| Manufacturing |
| Total |
| Revenue |
| $ |
| 12,840,003 |
| $ |
| 15,774,393 |
| $ |
| 9,799,303 |
| $ |
| 2,211,333 |
| $ |
| 40,625,032 |
| Cost of revenue |
| 6,172,151 |
| 10,334,702 |
| 7,515,047 |
| 1,981,871 |
| 26,003,771 |
| Gross profit |
| 6,667,852 |
| 5,439,691 |
| 2,284,256 |
| 229,462 |
| 14,621,261 |
| General and administrative expenses |
| 6,795,515 |
| 714,375 |
| 1,618,014 |
| 664,904 |
| 9,792,808 |
| Gain on asset dispositions and impairments, net |
| 1,200 |
| — |
| 16,538 |
| — |
| 17,738 |
| Income (loss) from operations |
| $ |
| (126,463 |
| ) |
| $ |
| 4,725,316 |
| $ |
| 682,780 |
| $ |
| (435,442 |
| ) |
| 4,846,191 |
| Other income, net |
| 717,709 |
| Income before income taxes |
| 5,563,900 |
| Income tax provision |
| 56,425 |
| Net income from continuing operations |
| 5,507,475 |
| Income from continuing operations attributable to non-controlling interests |
| 473,627 |
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |
| 5,033,848 |
| Loss from discontinued operations |
| (1,027,147 |
| ) |
| Net income attributable to Consolidated Water Co. Ltd. stockholders |
| $ |
| 4,006,701 |
| Six Months Ended June 30, 2021 |
| Retail |
| Bulk |
| Services |
| Manufacturing |
| Total |
| Revenue |
| $ |
| 11,386,095 |
| $ |
| 12,957,941 |
| $ |
| 7,304,085 |
| $ |
| 2,156,720 |
| $ |
| 33,804,841 |
| Cost of revenue |
| 5,489,903 |
| 8,541,947 |
| 5,600,337 |
| 1,981,291 |
| 21,613,478 |
| Gross profit |
| 5,896,192 |
| 4,415,994 |
| 1,703,748 |
| 175,429 |
| 12,191,363 |
| General and administrative expenses |
| 6,689,483 |
| 681,359 |
| 1,393,605 |
| 724,343 |
| 9,488,790 |
| Gain (loss) on asset dispositions and impairments, net |
| (246,640 |
| ) |
| 1,500 |
| (433 |
| ) |
| (2,900,000 |
| ) |
| (3,145,573 |
| ) |
| Income (loss) from operations |
| $ |
| (1,039,931 |
| ) |
| $ |
| 3,736,135 |
| $ |
| 309,710 |
| $ |
| (3,448,914 |
| ) |
| (443,000 |
| ) |
| Other income, net |
| 547,722 |
| Income before income taxes |
| 104,722 |
| Income tax benefit |
| (9,505 |
| ) |
| Net income from continuing operations |
| 114,227 |
| Income from continuing operations attributable to non-controlling interests |
| 325,931 |
| Net loss from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |
| (211,704 |
| ) |
| Loss from discontinued operations |
| (464,173 |
| ) |
| Net loss attributable to Consolidated Water Co. Ltd. stockholders |
| $ |
| (675,877 |
| ) |
Conference Call
Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.
Date: Friday, August 12, 2022
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Conference ID: 1591128
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 1:00 p.m. Eastern time on the same day through August 19, 2022, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com .
Toll-free replay number: 1-877-344-7529
International replay number: 1-412-317-0088
Replay ID: 1591128
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company operates water production facilities in the Cayman Islands, The Bahamas and the British Virgin Islands and operates water treatment facilities in the United States. The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit www.cwco.com .
Cautionary Note Regarding Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; (v) the possible adverse impact of the COVID-19 virus on the company’s business; and (vi) various other risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at http://ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
dsasnett@cwco.com
Investor Relations Contact
Ron Both or Justin Lumley
CMA
Tel (949) 432-7566
Email Contact
Media Contact:
Tim Randall
CMA
Tel (949) 432-7572
Email Contact
CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, |
| December 31, |
| 2022 |
| 2021 |
| (Unaudited) |
| ASSETS |
| Current assets |
| Cash and cash equivalents |
| $ |
| 49,093,162 |
| $ |
| 40,358,059 |
| Certificate of deposit |
| 2,518,493 |
| 2,500,000 |
| Accounts receivable, net |
| 22,680,801 |
| 27,349,307 |
| Inventory |
| 3,565,223 |
| 2,504,832 |
| Prepaid expenses and other current assets |
| 3,988,445 |
| 2,558,822 |
| Contract assets |
| 1,098,240 |
| 489,961 |
| Current assets of discontinued operations |
| 413,187 |
| 1,173,741 |
| Total current assets |
| 83,357,551 |
| 76,934,722 |
| Property, plant and equipment, net |
| 50,938,339 |
| 52,946,539 |
| Construction in progress |
| 2,034,413 |
| 710,863 |
| Inventory, noncurrent |
| 4,933,103 |
| 4,733,010 |
| Investment in OC-BVI |
| 1,512,747 |
| 1,715,905 |
| Goodwill |
| 10,425,013 |
| 10,425,013 |
| Intangible assets, net |
| 3,106,667 |
| 3,401,666 |
| Operating lease right-of-use assets |
| 2,298,165 |
| 2,681,137 |
| Net asset arising from put/call options |
| 404,000 |
| 128,000 |
| Other assets |
| 2,430,208 |
| 2,204,013 |
| Long-term assets of discontinued operations |
| 21,141,805 |
| 21,146,186 |
| Total assets |
| $ |
| 182,582,011 |
| $ |
| 177,027,054 |
| LIABILITIES AND EQUITY |
| Current liabilities |
| Accounts payable, accrued expenses and other current liabilities |
| $ |
| 4,049,709 |
| $ |
| 2,831,925 |
| Accounts payable - related parties |
| 766,775 |
| 163,947 |
| Accrued compensation |
| 1,238,127 |
| 1,435,542 |
| Dividends payable |
| 1,325,011 |
| 1,320,572 |
| Current maturities of operating leases |
| 563,643 |
| 592,336 |
| Current portion of long-term debt |
| 85,533 |
| 62,489 |
| Contract liabilities |
| 3,225,682 |
| 513,878 |
| Deferred revenue |
| 344,539 |
| 583,646 |
| Current liabilities of discontinued operations |
| 193,062 |
| 182,322 |
| Total current liabilities |
| 11,792,081 |
| 7,686,657 |
| Long-term debt, noncurrent |
| 166,272 |
| 152,038 |
| Deferred tax liabilities |
| 1,155,362 |
| 1,236,723 |
| Noncurrent operating leases |
| 1,850,860 |
| 2,137,394 |
| Other liabilities |
| 141,000 |
| 141,000 |
| Long-term liabilities of discontinued operations |
| 2,921 |
| 7,819 |
| Total liabilities |
| 15,108,496 |
| 11,361,631 |
| Commitments and contingencies |
| Equity |
| Consolidated Water Co. Ltd. stockholders' equity |
| Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 38,239 and 28,635 shares, respectively |
| 22,943 |
| 17,181 |
| Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 15,285,523 and 15,243,693 shares, respectively |
| 9,171,314 |
| 9,146,216 |
| Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued |
| — |
| — |
| Additional paid-in capital |
| 88,178,390 |
| 87,812,432 |
| Retained earnings |
| 62,004,903 |
| 60,603,056 |
| Total Consolidated Water Co. Ltd. stockholders' equity |
| 159,377,550 |
| 157,578,885 |
| Non-controlling interests |
| 8,095,965 |
| 8,086,538 |
| Total equity |
| 167,473,515 |
| 165,665,423 |
| Total liabilities and equity |
| $ |
| 182,582,011 |
| $ |
| 177,027,054 |
CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| Three Months Ended June 30, |
| Six Months Ended June 30, |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| Revenue |
| $ |
| 21,067,127 |
| $ |
| 16,701,524 |
| $ |
| 40,625,032 |
| $ |
| 33,804,841 |
| Cost of revenue (including purchases from related parties of $640,937 and $129,401 for the three months ended, and $1,480,369 and $285,383 for the six months ended, June 30, 2022 and 2021, respectively) |
| 13,591,630 |
| 10,636,671 |
| 26,003,771 |
| 21,613,478 |
| Gross profit |
| 7,475,497 |
| 6,064,853 |
| 14,621,261 |
| 12,191,363 |
| General and administrative expenses (including purchases from related parties of $24,231 and $24,299 for the three months ended, and $48,462 and $28,728 for the six months ended, June 30, 2022 and 2021, respectively) |
| 4,926,691 |
| 4,724,304 |
| 9,792,808 |
| 9,488,790 |
| Gain (loss) on asset dispositions and impairments, net |
| 5,280 |
| (2,896,640 |
| ) |
| 17,738 |
| (3,145,573 |
| ) |
| Income (loss) from operations |
| 2,554,086 |
| (1,556,091 |
| ) |
| 4,846,191 |
| (443,000 |
| ) |
| Other income (expense): |
| Interest income |
| 110,916 |
| 174,645 |
| 291,603 |
| 335,009 |
| Interest expense |
| (2,724 |
| ) |
| (2,638 |
| ) |
| (6,805 |
| ) |
| (5,498 |
| ) |
| Profit-sharing income from OC-BVI |
| 8,100 |
| 4,050 |
| 18,225 |
| 10,125 |
| Equity in the earnings of OC-BVI |
| 19,551 |
| 10,726 |
| 51,317 |
| 26,506 |
| Net unrealized gain on put/call options |
| 201,000 |
| 31,000 |
| 276,000 |
| 162,000 |
| Other |
| 61,139 |
| 15,331 |
| 87,369 |
| 19,580 |
| Other income, net |
| 397,982 |
| 233,114 |
| 717,709 |
| 547,722 |
| Income (loss) before income taxes |
| 2,952,068 |
| (1,322,977 |
| ) |
| 5,563,900 |
| 104,722 |
| Income tax provision (benefit) |
| 10,152 |
| (6,845 |
| ) |
| 56,425 |
| (9,505 |
| ) |
| Net income (loss) from continuing operations |
| 2,941,916 |
| (1,316,132 |
| ) |
| 5,507,475 |
| 114,227 |
| Income from continuing operations attributable to non-controlling interests |
| 232,197 |
| 197,138 |
| 473,627 |
| 325,931 |
| Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |
| 2,709,719 |
| (1,513,270 |
| ) |
| 5,033,848 |
| (211,704 |
| ) |
| Loss from discontinued operations |
| (419,833 |
| ) |
| (151,379 |
| ) |
| (1,027,147 |
| ) |
| (464,173 |
| ) |
| Net income (loss) attributable to Consolidated Water Co. Ltd. stockholders |
| $ |
| 2,289,886 |
| $ |
| (1,664,649 |
| ) |
| $ |
| 4,006,701 |
| $ |
| (675,877 |
| ) |
| Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders |
| Continuing operations |
| $ |
| 0.18 |
| $ |
| (0.10 |
| ) |
| $ |
| 0.33 |
| $ |
| (0.01 |
| ) |
| Discontinued operations |
| (0.03 |
| ) |
| (0.01 |
| ) |
| (0.07 |
| ) |
| (0.03 |
| ) |
| Basic earnings (loss) per share |
| $ |
| 0.15 |
| $ |
| (0.11 |
| ) |
| $ |
| 0.26 |
| $ |
| (0.04 |
| ) |
| Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders |
| Continuing operations |
| $ |
| 0.18 |
| $ |
| (0.10 |
| ) |
| $ |
| 0.33 |
| $ |
| (0.01 |
| ) |
| Discontinued operations |
| (0.03 |
| ) |
| (0.01 |
| ) |
| (0.07 |
| ) |
| (0.03 |
| ) |
| Diluted earnings (loss) per share |
| $ |
| 0.15 |
| $ |
| (0.11 |
| ) |
| $ |
| 0.26 |
| $ |
| (0.04 |
| ) |
| Dividends declared per common and redeemable preferred shares |
| $ |
| 0.085 |
| $ |
| 0.085 |
| $ |
| 0.26 |
| $ |
| 0.26 |
| Weighted average number of common shares used in the determination of: |
| Basic earnings per share |
| 15,285,523 |
| 15,201,682 |
| 15,285,523 |
| 15,201,571 |
| Diluted earnings per share |
| 15,436,421 |
| 15,201,682 |
| 15,435,956 |
| 15,201,571 |