Last10K.com

Global Water Resources, Inc. (GWRS) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Global Water Resources, Inc.

HISTORY TOOLS
CIK: 1434728 Ticker: GWRS


Exhibit 99.1
logo1a09.jpg
Global Water Resources Reports Fourth Quarter and Full Year 2018 Results

PHOENIX, AZ – March 6, 2019 – Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, reported results for the year ended December 31, 2018. All annual comparisons are to the previous year unless otherwise noted.
Full Year 2018 Financial Highlights
•
Revenues increased 13.8% to $35.5 million from $31.2 million, driven primarily by a $2.5 million recognition of revenue under infrastructure coordination and financing agreements (ICFAs) in connection with the substantial completion of capital improvements that increased the capacity of Palo Verde's wastewater reclamation facility. The increase in revenue was also due to growth in active connections of 12.0% and approved rate increases, partially offset by rate reductions due to tax reform.
•
Secured a two-year revolving line of credit of up to $8.0 million to support the company's growth strategy.
•
Raised net proceeds of $14.6 million from equity raise. The company used and anticipates further using the net proceeds from the offering to fund acquisitions and for working capital and other general corporate purposes.
•
Received an extension from the Internal Revenue Service (IRS) to defer the remaining gain realized from the disposition of the Valencia Water Company facility until the end of 2019.
Full Year 2018 Operational Highlights
•
Total active connections increased 12.0% to 43,687 at December 31, 2018 from 38,997 at December 31, 2017, with organic connections up 5.2%.
•
Acquired and successfully on-boarded Global Water - Turner Ranches Irrigation, LLC, a non-potable irrigation water utility in Mesa, Arizona. Turner added 963 connections and approximately seven square miles of service area at the time of the acquisition.
•
Acquired and successfully on-boarded Global Water - Red Rock Utilities, LLC, an operator of a water and a wastewater utility with service areas in Pima and Pinal counties of Arizona. Red Rock added more than 1,650 connections and approximately nine square miles of service area at the time of acquisition.
•
Named finalist in 2018 Environmental Excellence Awards by Arizona Forward for our effective implementation of Total Water Management (TWM).
Management Commentary

“Our strong organic growth plus recent acquisitions drove continued topline growth for the quarter and the year,” said Global Water Resources' president and CEO, Ron Fleming. “We believe our focus on consolidating, improving, and automating water and wastewater utilities provides great benefits to our customers.

“We see organic and acquisitive growth opportunities ahead, as demand for innovative water and wastewater services continues to increase in the fast-growing Metropolitan Phoenix area. For the communities we serve, our customers continue to benefit from our focus on customer service, efficient operations, and the implementation of Total Water Management, or TWM, a holistic approach of achieving meaningful conservation. We believe our strategic growth initiatives, which includes broader adoption of TWM, will allow Global Water and its customers to realize the benefits of regional consolidated water, wastewater, and recycled water service in areas of water scarcity.”


1
The following information was filed by Global Water Resources, Inc. (GWRS) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Global Water Resources, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Global Water Resources, Inc..

Continue

Assess how Global Water Resources, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Global Water Resources, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Legal
Other
Filter Subcategory:
All
Shares
Product
Expense
Earnings
Income
Dividend
Geography
Cash Flow
Debt
Other
Inside Global Water Resources, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Shareholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accounts Receivable
Accounts Receivable - Summary Of Accounts Receivable (Details)
Accounts Receivable - Summary Of Allowance For Doubtful Accounts Activity (Details)
Accounts Receivable (Tables)
Accrued Expenses
Accrued Expenses - Schedule Of Accrued Expenses (Details)
Accrued Expenses (Tables)
Acquisitions (Details)
Acquisitions (Notes)
Acquisitions (Tables)
Acquisitions Net Assets Acquired (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Debt
Debt - Additional Information (Details)
Debt - Schedule Of Aggregate Annual Maturities Of Debt And Minimum Lease Payments Under Capital Lease Obligations (Details)
Debt - Schedule Of Outstanding Balances And Maturity Dates For Short Term And Long Term Debt (Details)
Debt (Tables)
Debt - Additional Information (K Only) (Details)
Deferred Compensation Awards
Deferred Compensation Awards - Additional Information (Details)
Deferred Compensation Awards - Schedule Of Estimated Future Compensation Expense (Details)
Deferred Compensation Awards - Schedule Of Recipients Of Sars Awards, Grant Date, Units Granted, Exercise Price, Outstanding Shares And Amounts Paid (Details)
Deferred Compensation Awards - Schedule Of Total Awards Granted And Number Of Units Outstanding (Details)
Deferred Compensation Awards (Tables)
Deferred Compensation Awards Schedule Of Share-Based Compensation Stock-Option Activity (Details)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements - Basis Of Presentation (10K Only) (Details)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements - Change In Accounting Principle (10K Only) (Details)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements - Corporate Transactions (Details)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements - Description Of Business (10K Only) (Details)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements - Immaterial Correction Of An Error In Previously Issued Financial Statements (Details)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements - Significant Accounting Policies (10K Only) (Details)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements (Policies)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements (Tables)
Description Of Business, Basis Of Presentation, Corporate Transactions, Significant Accounting Policies, And Recent Accounting Pronouncements - Significant Accounting Policies (Details)
Equity Method Investment
Equity Method Investment - Additional Information (Details)
Fair Value (Details)
Fair Value (Notes)
Fair Value (Tables)
Goodwill &Amp; Intangible Assets - Additional Information (Details)
Goodwill &Amp; Intangible Assets - Intangible Assets (Details)
Goodwill &Amp; Intangible Assets (Tables)
Goodwill And Intangible Assets
Income Taxes
Income Taxes - Additional Information1 (Details)
Income Taxes - Schedule Of Income Tax Benefit Computed Using Federal Statutory Income Tax Rate (Details)
Income Taxes - Schedule Of Income Tax Benefit From Continuing Operations (Details)
Income Taxes - Summary Of Deferred Tax Assets And Deferred Tax Liabilities Including Valuation Allowance (Details)
Income Taxes (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Details)
Regulatory Decision And Related Accounting And Policy Changes
Regulatory Decision And Related Accounting And Policy Changes - Additional Information (Details)
Regulatory Decision And Related Accounting And Policy Changes - Summary Of Collective Revenue Requirement Phased-In Over Time (Details)
Regulatory Decision And Related Accounting And Policy Changes (Tables)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Subsequent Event - Additional Information (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information - Schedule Of Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Transactions With Related Parties
Transactions With Related Parties - Additional Information (Details)
Ticker: GWRS
CIK: 1434728
Form Type: 10-K Annual Report
Accession Number: 0001434728-19-000051
Submitted to the SEC: Thu Mar 07 2019 9:39:09 AM EST
Accepted by the SEC: Thu Mar 07 2019
Period: Monday, December 31, 2018
Industry: Water Supply

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/gwrs/0001434728-19-000051.htm