GEORGE TOWN, Cayman Islands, B.W.I., Feb. 25, 2002 -- Consolidated Water Co. Ltd., which develops and operates seawater conversion plants and water distribution systems in areas where natural supplies of drinking (i.e., potable) water are scarce, today announced that its Board of Directors has declared a quarterly cash dividend of $0.105 per share.
The dividend is payable April 30, 2002 to holders of record at the close of business March 31, 2002.
"We currently expect 2002 to be another record year for Consolidated Water, and this 5% increase in our cash dividend to an annualized rate of $0.42 per share is consistent with our Board's commitment to allow shareholders to share in the Company's earnings gains through dividend increases," commented Jeffrey M. Parker, Chairman and Chief Executive Officer of Consolidated Water Co. Ltd. "This represents the third time we have increased the quarterly cash dividend in recent years. In the fourth quarter of 1999, we doubled our quarterly dividend from $0.04 to $0.08, and we increased the dividend by a further 25% to $0.10 in the fourth quarter of 2000."
The Company has paid cash dividends to shareholders at a steadily increasing rate in every year since 1985. The annual rate of dividend payment has never been reduced by the Company during this 16-year period.
Consolidated Water Co. Ltd. is engaged in the development and operation of seawater conversion plants and water distribution systems in areas of the world where naturally occurring supplies of potable water are scarce or nonexistent. It currently operates a public water utility in certain areas of the Cayman Islands under a 20-year exclusive license from the Government of the Cayman Islands. The Company also operates reverse osmosis seawater conversion facilities on Ambergris Caye off the mainland of Belize, and in the Commonwealth of the Bahamas.
