PHOENIX, November 9, 2022 (GLOBE NEWSWIRE) — Global Water Resources, Inc. GWRS, GWR, a pure water resources management company, reported results for the third quarter ended September 30, 2022. All comparisons are to the same prior-year period unless otherwise noted. The Company will host a conference call tomorrow at 1:00 p.m. ET to discuss the results (see dial-in information below).

Q3 and 9-month 2022 financial highlights

• Regulated revenue increased by $1.2 million, or 11.0%, to $11.9 million in the third quarter of 2022, with growth primarily driven by an 8.0% increase in active service connections and an increase in tariffs effective August 1, 2022 as a result of Tariff Decision #78644. For the first nine months of 2022, regulated revenue increased $2.8 million, or 8.9%, to $33.6 million, with the Increase also corresponds to the larger number of active service connections and the tariff increase.
• Net income increased $0.2 million, or 12.6%, to $1.7 million, or $0.07 per share, for the third quarter. For the first nine months, net income totaled $4.7 million, or $0.20 per share, an increase of $1.4 million, or 43.5%, compared to the same period last year.
• Adjusted EBITDA increased $1.1 million, or 21.0%, to $6.1 million in the third quarter (see the definition of Adjusted EBITDA, a non-GAAP term, and its reconciliation to GAAP below) . For the first nine months, Adjusted EBITDA increased $3.4 million, or 24.6%, to $17.4 million compared to the same period last year.
• Received net proceeds of approximately $14.9 million from a public offering of common stock for use by the Company for potential acquisitions, working capital and other general corporate purposes.
• Increased revolving credit facility with Northern Trust from $10.0 million to $15.0 million.
• Announced three monthly cash dividends of $0.02458 per common share, or $0.29496 per share on an annualized basis.

Operational Highlights of Q3 2022

• Total active service connections increased 8.0% to 56,134 at…