Consolidated Water announces increase in quarterly dividend

Monday, February 23, 2004

Consolidated Water Co Ltd recently announced that its Board of Directors has declared a quarterly cash dividend of $0.115 per share, an increase of approximately 10 percent from the quarterly dividend that was paid in the previous quarter.

The dividend is payable on 30 April to holders of record at the close of business on 31 March.

Consolidated Water, which develops and operates seawater conversion plants and water distribution systems in areas where natural supplies of drinking water are scarce, has paid cash dividends to shareholders every year since 1985. The company has never reduced the annual rate of dividend payment during this period.

The company also updated its earnings guidance for the year ending 31 December. Management now expects to earn between $1.00 and $1.05 per diluted share in 2004, versus management's previous guidance of $1.25. Earnings per diluted share for the year ended 31 December, 2003 are expected to range between $0.82 and $0.85.

Consolidated Water currently operates reverse osmosis seawater conversion facilities in the Cayman Islands, the British Virgin Islands, Barbados, Belize and the Commonwealth of the Bahamas.

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