-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VfVDYvqU3RKmltObGTK/1iAb28YWDdKG2RI+386EbWUXvggnbUUfKIJLKe/3bGXV
 L2XOmengemdIgGO1XHGKeA==

<SEC-DOCUMENT>0000950144-04-001548.txt : 20040220
<SEC-HEADER>0000950144-04-001548.hdr.sgml : 20040220
<ACCEPTANCE-DATETIME>20040220152147
ACCESSION NUMBER:		0000950144-04-001548
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040218
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		04619170

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g87364e8vk.htm
<DESCRIPTION>CONSOLIDATED WATER CO LTD
<TEXT>
<HTML>
<HEAD>
<TITLE>Consolidated Water Co Ltd</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">






<P align="center"><FONT size="3">SECURITIES AND EXCHANGE COMMISSION</FONT>

<P align="center"><FONT size="2">Washington, D.C. 20549</FONT>

<P>
<HR width="30%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="4">FORM 8-K</FONT>

<DIV align="center"><FONT size="2">CURRENT REPORT</FONT></div>

<P align="center"><FONT size="2">PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</FONT>

<P align="center"><FONT size="2">February&nbsp;18, 2004<BR>
(Date of earliest event reported)</FONT>

<P align="center"><FONT size="5">CONSOLIDATED WATER CO. LTD.</FONT>

<DIV align="center"><FONT size="2">(Exact name of Registrant as specified in its charter)</FONT></div>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Cayman Islands, B.W.I.<BR>
(State of incorporation or<BR>
organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
0-25248<BR>
(Commission File No.)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">Not Applicable<BR>
(IRS Employer Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Trafalgar Place, West Bay Road<BR>
P.O. Box 1114 GT<BR>
Grand Cayman, Cayman Islands, B.W.I.<BR>
(Address of principal executive offices)</FONT>

<P align="center"><FONT size="2">(345)&nbsp;945-4277<BR>
(Registrant&#146;s telephone number, including area code)</FONT>

<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">




<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>







<P align="left"><FONT size="2"><B>ITEM 5. Other Events and Regulation&nbsp;FD Disclosure</B></FONT>

<P><FONT size="2">On February&nbsp;18, 2004, Consolidated Water Co. Ltd. (the &#147;Company&#148;) issued a
press release announcing that: (a)&nbsp;its board of directors declared a quarterly
cash dividend of $0.115 per share, representing an increase of approximately
10% from the quarterly dividend that was paid in the previous quarter, and (b)
the Company has updated its earnings guidance for the year ended December&nbsp;31,
2003 and for the year ending December&nbsp;31, 2004.
</FONT>
<P><FONT size="2">The quarterly cash dividend is payable on April&nbsp;30, 2004 to shareholders of
record at the close of business on March&nbsp;31, 2004.
</FONT>
<P><FONT size="2">The Company now expects to earn between $1.00 and $1.05 per diluted share in
2004, as compared to the Company&#146;s previous guidance of $1.25. In addition,
earnings per diluted share for the year ended December&nbsp;31, 2003 are expected to
range between $0.82 and $0.85, compared to the previous guidance of between
$0.85 to $0.90.
</FONT>
<P><FONT size="2">The reason for the reduction in earnings guidance for 2004 is two-fold. First,
under the terms of the new 23-year contract with the Company&#146;s customer in
Belize that distributes water to business and residential customers on
Ambergris Cay, the Company&#146;s selling prices were reduced, relative to the
prices under the previous contract. However, the 23-year term of the new
contract will allow the Company to justify an investment in a new energy
recovery system and other plant upgrades that will result in more efficient
operations and lower operating costs. The Company anticipates that such
investments will be completed in the fourth quarter of 2004 and should benefit
net income for 2005 and future years. In addition, the Company now expects to
incur additional legal and accounting costs associated with reporting
compliance under the Sarbanes-Oxley Act as well as the Company&#146;s preparation
for the transition to accelerated filer status in 2005 that were not
quantifiable in June 2003 when the existing guidance for 2004 was disclosed.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Financial Statements, Pro Forma Financial Statements and Exhibits</B></FONT>

<P align="left"><FONT size="2"><B>(c)&nbsp;Exhibits</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibit is filed as part of this report on Form&nbsp;8-K:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Title</B></FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR noshade size="1" width="8%" align="left"></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consolidated Water Co. Ltd. Press Release dated February&nbsp;18, 2004.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">2</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2">SIGNATURE</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
CONSOLIDATED WATER CO. LTD.</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By: /s/ Frederick W. McTaggart</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Name: Frederick W. McTaggart<BR>
Title: President</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Date: February&nbsp;20, 2004</FONT>

<P align="center"><FONT size="2">3</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Exhibit</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Description</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR noshade size="1" width="13%" align="left"></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated February&nbsp;18, 2004</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">4</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>g87364exv99w1.htm
<DESCRIPTION>PRESS RELEASE DATED FEBRUARY 18, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>Press Release dated February 18, 2004</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B>EXHIBIT 99.1</B></FONT>

<P align="left"><FONT size="2"><U>For Immediate Release</U></FONT>

<P align="center"><FONT size="2"><B>CONSOLIDATED WATER INCREASES QUARTERLY CASH DIVIDEND TO $0.115<br>
PER SHARE</B>
</FONT>
<P align="center"><FONT size="2"><B>COMPANY UPDATES EARNINGS GUIDANCE FOR 2004</B></FONT>

<P><FONT size="2">GEORGE TOWN, Cayman Islands, B.W.I. February&nbsp;18, 2004) &#151; Consolidated
Water Co. Ltd. (Nasdaq National Market: &#147;CWCO&#148;), 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 $0.115
per share. This represents an increase of approximately 10% from the
quarterly dividend that was paid in the previous quarter.
</FONT>
<P><FONT size="2">The dividend is payable April&nbsp;30, 2004 to holders of record at the close of
business March&nbsp;31, 2004. The Company has paid cash dividends to shareholders
every year since 1985. The annual rate of dividend payment has never been
reduced by the Company during this 18-year period.
</FONT>
<P><FONT size="2">The Company also today updated its earnings guidance for the year ending
December&nbsp;31, 2004. Management now expects to earn between $1.00 and $1.05 per
diluted share in 2004, versus management&#146;s previous guidance of $1.25.
Earnings per diluted share for the year ended December&nbsp;31, 2003 are expected to
range between $0.82 and $0.85.
</FONT>
<P><FONT size="2">The reason for the reduction in earnings guidance for 2004 is two-fold.
Firstly under the terms of the new 23-year contract with the Company&#146;s customer
in Belize that distributes water to business and residential customers on
Ambergris Cay, the Company&#146;s selling prices were reduced, relative to the
prices under the previous contract. However, the 23-year term of the new
contract will allow the Company to justify an investment in a new energy
recovery system and other plant upgrades that will result in more efficient
operations and lower operating costs. Such investments should be completed in
the fourth quarter of 2004 and should benefit net income in 2005 and future
years. In addition, the Company now expects to incur additional legal and
accounting costs associated with reporting and compliance under the
Sarbanes-Oxley Act as well as the Company&#146;s preparation this year for the
transition to accelerated filer status in 2005 that were not quantifiable in
June 2003 when the existing guidance was given.
</FONT>
<P><FONT size="2">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.
The Company currently operates reverse osmosis seawater conversion facilities
in the Cayman Islands, the British Virgin Islands, Barbados, Belize and the
Commonwealth of the Bahamas.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><FONT size="2">The common stock of Consolidated Water Co. Ltd. is traded on the Nasdaq
National Market under the symbol &#147;CWCO&#148;. Additional information on the Company
is available on its website at <U>htpp://www.cwco.com</U>.
</FONT>
<P><FONT size="2"><I>This press release includes statements that may constitute &#147;forward-looking&#148;
statements, usually containing the words &#147;believe,&#148; &#147;estimate,&#148; &#147;project,&#148;
&#147;intend,&#148; &#147;expect&#148; or similar expressions. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements inherently involve risks and uncertainties
that could cause actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such differences include,
but are not limited to, continued acceptance of the Company&#146;s products and
services in the marketplace, changes in its relationship with the Governments
of the jurisdictions in which it operates, the ability to successfully secure
contracts for water projects in other countries, the ability to develop and
operate such projects profitably, the Company&#146;s ability to manage growth and
other risks detailed in the Company&#146;s periodic report filings with the
Securities and Exchange Commission. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for revisions
or changes after the date of this release.</I>
</FONT>
<P align="center"><FONT size="2">For further information, please contact:</FONT>

<P align="center"><FONT size="2">Frederick W. McTaggart, President at (345)&nbsp;945-4277 or via e-mail at <i>info@cwcs.com</I><BR>
<I>http://www.cwco.com</I><BR>
or<BR>
RJ Falkner &#038; Company, Inc., Investor Relations Counsel at (800)&nbsp;377-9893 or via e-mail at <I>info@rjfalkner.com</I></FONT>


<P align="center"><FONT size="2">&nbsp;</FONT>




</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
