Consolidated Water Co. (NASDAQ: CWCO) reported Q1 EPS of $0.17, $0.02 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $17 million versus the consensus estimate of $16 million.

"In Q1, we realized double-digit revenue and gross profit growth, which was driven primarily by increased production activity in our manufacturing business segment,\" commented Consolidated Water CEO, Rick McTaggart. "We expect this growth in manufacturing activity, as compared to last year, to be maintained over the remainder of the year.

"During the quarter, we executed a new agreement with the Water-Authority Cayman for the North Side Water Works desalination plant. The agreement secures our position as the dominant desalinated water producer in the Cayman Islands for the next several years. Completing the expansion of the Abel Castillo Water Works plant ensures that we can meet future water supply needs of our retail water customers in Grand Cayman. The sale of our Belize subsidiary allowed us to repatriate more than $12 million in cash that we can use to fund our growth initiatives.

"Our Rosarito project had two major positive developments during the quarter: we were informed by a major lender that their credit committee had approved up to $200 million in debt financing for the project , and the Congress of the State of Baja California, Mexico renewed key authorizations required for the project. The authorizations allow the State to obtain the credit facility it needs for the project. We can now proceed to several important next steps before beginning the construction phase, including securing the remaining required debt financing and aqueduct rights-of-ways.

"Supported by a strong balance sheet and ample liquidity, both of which have continued to improve, we are focused on expanding our businesses into new markets and complementary product lines. This includes actively evaluating acquisition targets in North America that would expand our geographic footprint and diversify our revenue streams."

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