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C CONSOLIDATED WATER Consolidated Water Reports Q1 2021 Results GEORGE TOWN , Cayman Islands , May 17 , 2021 -- 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 first quarter ended March 31 , 2021. Quarterly comparisons are to the year - ago quarter 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 . ) Q1 2021 Highlights • Total revenue of $ 17.1 million . • Services revenue increased 13.7 % to $ 3.5 million . • Bulk segment gross profit up 11.5 % to $ 2.1 million . Net income from continuing operations attributable to Consolidated Water stockholders was $ 1.3 million or $ 0.08 per basic and fully diluted share . • As of March 31 , 2021 , cash and cash equivalents totaled $ 42.8 million , working capital was $ 67.4 million , debt was $ 0.2 million , with stockholders ' equity at $ 160.8 million . • Paid $ 1.3 million in dividends . Management Commentary " Our first quarter 2021 results reflect the company's continued focus on expanding our services segment to mitigate the negative effects of the pandemic , " said Consolidated Water CEO , Rick McTaggart . " Our services revenue increased 14 % to $ 3.5 million , which accounted for 21 % of our consolidated revenue compared to 15 % of consolidated revenue in the first quarter of 2020 . " PERC Water is the reason for the growth in our services segment , and generated about 70 % of its revenue through contracts with government entities in California this past quarter . We operate and maintain water treatment and reuse facilities under contracted engagements that range from one to five years with varying renewal options . The majority of these contracts have renewal dates beyond 2021 . " Our retail business segment continued to be adversely affected by the pandemic due to continuing travel restrictions to the Cayman Islands . The Cayman Islands government recently relaxed quarantine requirements for fully vaccinated people arriving to the Islands and we hope that a gradual reopening to tourism will continue over the coming months . " We continue to be excited and encouraged about the possibilities for PERC , which has been the best - performing area of our business throughout the pandemic . Bidding activity for potential design - build projects and operating contracts is at the busiest level we have seen since we acquired our majority ownership interest in PERC in late 2019. Potential clients in California and Arizona are seeking cost - effective solutions to their wastewater treatment and potable water challenges caused by unprecedented drought in the region . Arizona has also experienced population growth caused by the pandemic that is creating new water treatment opportunities .