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| And our - the retail generated under operations and maintenance contracts in our Services segment also increased a total of $5 million in the third quarter this year, up 48%, as compared to $3.4 million in the third quarter of 2022, and this is attributable to both the better margins earned on our existing contracts and the addition of new contracts |
| We believe PERC's growth potential remains very high |
| We anticipate this diversification will facilitate improve results and provide greater consistency in future Manufacturing segment performance |
| Our Retail Water segment benefited from a 16% increase in the volume of water sold in Grand Cayman and we attribute this increase to improved tourist activity since third quarter last year, the island was still recovering from the lingering impacts of the pandemic |
| So that's very positive |
| We've managed to control our costs on this project much better than anticipated, resulting in improved gross margins for our Services segment |
| PERC continued strong operating performance and revenue growth, continue to significantly improve our top and bottom line |
| Its strong operational presence in the Southwestern U.S., a region that urgently needs new freshwater sources, due to unprecedented drought conditions, has positioned us for further growth and development in this important segment of our business |
| We've had very good experience there, John |
| John Bair Congratulations on a great quarter and really a very solid momentum that you have |
| The people at PERC have done a fantastic job both in efficiency - construction efficiency, addressing the labor storage issues that most of the other construction companies are having out there in Arizona, and they've done a good job of controlling cost So they - obviously, again, they've done a great job on the servo project today [indiscernible] |
| I think we've got a really good handle on the cost necessary to complete the project |
| Congratulations again on really strong momentum and very positive outlook so |
| Like last quarter, we're reporting record quarterly revenue and earnings as you saw in our press release yesterday, we reported a nearly 100% increase in revenue to $49.9 million, compared to the third quarter last year |
| We believe our strong results this past quarter once again reaffirm our growth strategy, which is the focus on the most water stressed areas of the United States and the Caribbean and provide not only desalination solutions, but also advanced wastewater treatment and recycling solutions, such as those provided by PERC in the Southwestern U.S |
| So looking ahead, we remain very optimistic about our future growth for many reasons |
| So operations there are very favorable to our company |
| So far this year, we've been successful obtaining wastewater treatment plant O&M contracts at Edwards Air Force Base and on Catalina Island in California, which contributed to the increase in O&M revenues that David mentioned earlier for PERC |
| desalination market positions us well for additional opportunities in the Western Continental U.S., a region that continues to experience unprecedented drought conditions combined with growing populations |
| PERC and CWCO greater financial capacity and incremental management expertise will help REC to qualify for larger and potentially more complex O&M contracts in its home market |
| REC brings deep experience and excellent relationships in the Colorado water and wastewater treatment industry, its commitment to delivering superior water and wastewater services has won numerous awards over the years, including national recognition for excellence by the EPA |
| We believe our recent activities and successes along with our current positive trends in the market, represent strong drivers for growth, increased profitability and further strengthening of our shareholders' value |
| These new projects have positively impacted our Services segment results this year and we expect that they will continue to do so through the coming year |
| Given these favorable indicators, we expect a strong tourism season in the Cayman Islands, which should help our retail business |
| Our third quarter results demonstrate how we have effectively applied our financial and management expertise to grow PERC business exponentially |
| I think we've got a chance to very significant growth in Colorado |
| David Sasnett And REC was a great opportunity for us, because they are a very well-respected company, great capabilities, but similar to PERC |
| It sounds like - you've been executing very well |
| Very good |
| As Rick mentioned, the revenue for the third quarter was up to $49.9 million which is a 99% increase, compared to the third quarter of last year |
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| So the initial margins were lower, because of the uncertainty in the anticipated additional cost |
| I think, I would be surprised that there is a significant amount of further margin adjustment in future quarters |
| When we proposed this project, it was a very scary kind of environment |
| Our bulk revenue decreased slightly, primarily due to a decrease in the price of energy paid by CW-Bahamas |
| Because it seems like the situation in the Western United States gets worse day-by-day |
| So it's something that we're going to have to be mindful of our margins and that sort of thing |
| I wasn't sure if it would trend down |
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