Consolidated Water Co. Ltd. Reports First Quarter Operating Results

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS RISES 52% AND DILUTED EPS
INCREASE 50% FROM PRIOR-YEAR LEVELS

GEORGE TOWN, Grand Cayman, Cayman Islands, May 11 /PRNewswire-FirstCall/ --
Consolidated Water Co. Ltd. (Nasdaq: CWCO) today reported its operating
results for the first quarter of 2009. The Company will host an investor
conference call tomorrow - Tuesday, May 12, 2009 - at 11:00 a.m. EDT (see
details below).

For the three months ended March 31, 2009, revenues increased 11% to
approximately $15.9 million, compared with revenues of approximately $14.3
million in the first quarter of 2008. Retail water sales rose 12% to
approximately $6.5 million, versus approximately $5.8 million in the quarter
ended March 31, 2008, reflecting a 7% increase in the volume of water sold and
annual price increases resulting from inflation adjustments. Bulk water
revenues declined 7% to approximately $6.4 million in the most recent quarter,
compared with approximately $6.9 million in year-earlier period, due to a 2%
decline in the volume of water sold and a reduction in energy costs passed
through to customers. Services revenues increased 87% to approximately $2.9
million in the first quarter of 2009, compared with approximately $1.6 million
in the first quarter of 2008, due to higher relative project construction
expenditures.

Net income attributable to common shareholders increased 52% to $2,550,158, or
$0.18 per diluted share, in the three months ended March 31, 2009, compared
with net income of $1,673,867, or $0.12 per diluted share, in the quarter
ended March 31, 2008. The improvement in net income during the most recent
quarter reflects higher gross profits for all three business segments.

Consolidated gross profit increased 32% to approximately $6.0 million, versus
$4.5 million in the prior-year quarter. Gross profit on Retail revenues
approximated $4.0 million (61% of revenues) in the quarter ended March 31,
2009, compared with approximately $3.3 million (56% of revenues) in the
quarter ended March 31, 2008. Gross profit on Bulk revenues increased to
approximately $1.4 million (22% of revenues), compared with approximately $1.0
million (15% of revenues) in the year-earlier period. Gross profit on
Services revenues approximated $0.6 million in the first quarter of 2009 and
$0.2 million in the first quarter of 2008.

General and administrative expenses approximated $2.5 million in both of the
first quarters of 2009 and 2008.

Interest income decreased substantially, from $452,690 in the first quarter of
2008 to $158,304 in the most recent quarter, primarily reflecting a reduction
in the rates of interest earned on average balances invested in
interest-bearing deposit accounts. Interest expense was relatively unchanged
at $426,229 in the quarter ended March 31, 2009, versus $446,558 in the
quarter ended March 31, 2008.

The Company's equity in the loss of its OC-BVI affiliate in the British Virgin
Islands totaled $608,999 in the most recent quarter, versus $497,497 in the
first quarter of 2008.

"Our 52% increase in net income attributable to common shareholders in the
first quarter of 2009 was driven primarily by improvements in gross profit
margins," noted Rick McTaggart, Chief Executive Officer of Consolidated Water
Co. Ltd. "In particular, gross margins in our Bulk water segment expanded
significantly, from 15% of revenues in last year's first quarter to 22% in the
most recent quarter, primarily due to efficiency improvements in our Bahamas
operations. These improvements were the result of capital projects that we
completed at the Windsor plant last October, and we expect to improve
efficiencies further when we complete the replacement of RO membranes on the
last two production units at the Windsor plant during the second quarter of
2009."

"Our Retail water segment recorded increases in both sales and gross margins
during the first quarter. The volume of water delivered to our retail
customers rose 7% from prior-year levels and was up almost 37% when compared
with the fourth quarter of 2008. We attribute the increase in Retail sales
primarily to drier weather conditions in the Cayman Islands during the quarter
ended March 31, 2009. Meanwhile, Retail gross margins expanded to 61% of
revenues in the most recent quarter, versus 56% a year earlier."

"Regarding the OC-BVI litigation, we are now able to report that a timetable
is developing that should lead to a resolution of our affiliate's dispute with
the Government of the British Virgin Islands," continued McTaggart. "OC-BVI
has been informed that the ownership lawsuit involving the Baughers Bay plant
should proceed to trial in June or July 2009. Meanwhile, the Bar Bay plant in
BVI began operating in January 2009 and is performing as expected. OC-BVI is
now delivering, on average, about 200,000 gallons of water per day to the BVI
government from the new plant. The BVI government will be required to
purchase a minimum of 600,000 gallons per day when OC-BVI completes work on
the pipeline to deliver water from the Bar Bay plant to the government's
reservoir in the second quarter of 2009."

The Company will host a conference call at 11:00 a.m. EDT tomorrow - Tuesday,
May 12, 2009. Shareholders and other interested parties may participate in
the conference call by dialing 800-860-2442 (international/local participants
dial 412-858-4600) and requesting participation in the "Consolidated Water
Conference Call" a few minutes before 11:00 a.m. EDT on May 12, 2009. A
replay of the conference call will be available one hour after the call
through May 19, 2009 by dialing 877-344-7529 (international/local participants
dial 412-317-0088) and entering the conference ID 430567.

CWCO-E

About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates seawater desalination plants
and water distribution systems in areas of the world where naturally occurring
supplies of potable water are scarce or nonexistent. The Company operates
water production and/or distribution facilities in the Cayman Islands, Belize,
the British Virgin Islands, The Commonwealth of The Bahamas and Bermuda.
Additional information on the Company is available on its website at .

Consolidated Water Co. Ltd. is headquartered in George Town, Grand Cayman, in
the Cayman Islands. The Company's ordinary (common) shares are traded on the
NASDAQ Global Select Market under the symbol "CWCO". Additional information
on the Company is available on its website at http://www.cwco.com.

This press release includes statements that may constitute "forward-looking"
statements, usually containing the words "believe", "estimate", "project",
"intend", "expect", "should" 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's products and services in the marketplace, changes in its
relationship with the Governments of the jurisdictions in which it operates,
the manner in which the disputed issues between OC-BVI and the BVI Government
are resolved, the ability to successfully secure contracts for water projects
in other countries, the ability to develop and operate such projects
profitably and the Company's ability to manage growth and other risks detailed
in the Company'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.

For further information, please contact:

Frederick W. McTaggart, President and CEO, at (345) 945-4277
or David W. Sasnett, Executive Vice President and CFO, at
(954) 427-6283 or via e-mail at info@cwco.com
http://www.cwco.com
or
RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893
or via e-mail at info@rjfalkner.com

(Financial Highlights Follow)

CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, December 31,
2009 2008
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $34,839,674 $36,261,345
Accounts receivable, net 15,863,303 13,911,312
Inventory 1,945,810 1,617,484
Prepaid expenses and other current assets 1,099,147 1,444,445
Current portion of loans receivable 657,053 768,803
Total current assets 54,404,987 54,003,389

Property, plant and equipment, net 58,451,133 58,937,980
Construction in progress 6,109,782 6,157,958
Costs and estimated earnings in excess of
billings - construction project 9,244,392 7,377,554
Inventory non-current 2,915,223 2,971,949
Loans receivable 1,471,952 1,560,420
Investment in and loan to affiliate 13,788,381 14,371,312
Intangible assets, net 2,051,634 2,144,162
Goodwill 3,587,754 3,587,754
Other assets 3,491,037 3,544,096
Total assets $155,516,275 $154,656,574
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and other current
liabilities $6,674,765 $7,310,327
Dividends payable 1,006,583 1,006,414
Current portion of long term debt 1,251,787 1,229,071
Total current liabilities 8,933,135 9,545,812
Long term debt 20,807,673 21,129,269
Other liabilities 413,633 430,717
Total liabilities 30,154,441 31,105,798
Stockholders' equity
Controlling interests:
Redeemable preferred stock, $0.60 par
value. Authorized 200,000 shares;
issued and outstanding 17,366 and
17,366 shares, respectively 10,420 10,420
Class A common stock, $0.60 par value.
Authorized 24,655,000 shares; issued
and outstanding 14,531,913 and
14,529,360 shares, respectively 8,719,148 8,717,616
Class B common stock, $0.60 par value.
Authorized 145,000 shares; none
issued or outstanding - -
Additional paid-in capital 80,568,872 80,461,942
Retained earnings 33,945,051 32,340,077
123,243,491 121,530,055
Noncontrolling interests 2,118,343 2,020,721
Total stockholders' equity 125,361,834 123,550,776
Total liabilities and stockholders' equity $155,516,275 $154,656,574

CONSOLIDATED WATER CO. LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

Three Months Ended March 31,
2009 2008

Retail water revenues $6,537,328 $5,816,938
Bulk water revenues 6,406,993 6,916,730
Services revenues 2,919,734 1,557,894

Total revenues 15,864,055 14,291,562

Cost of retail revenues 2,549,119 2,550,597
Cost of bulk revenues 4,986,569 5,888,691
Cost of services revenues 2,347,867 1,316,216

Total cost of revenues 9,883,555 9,755,504

Gross profit 5,980,500 4,536,058

General and administrative expenses 2,501,203 2,466,592

Income from operations 3,479,297 2,069,466

Other income (expense):
Interest income 158,304 452,690
Interest expense (426,229) (446,558)
Other income 45,407 24,282
Equity in earnings (loss) of affiliate (608,999) (497,497)

Other income (expense), net (831,517) (467,083)

Consolidated net income 2,647,780 1,602,383
Income (loss) attributable to
noncontrolling interests 97,622 (71,484)

Net income attributable to controlling
interests $2,550,158 $1,673,867

Basic earnings per common share $0.18 $0.12
Diluted earnings per common share $0.18 $0.12
Dividends declared per common share $0.065 $0.130

Weighted average number of common shares
used in the determination of:
Basic earnings per share 14,530,183 14,507,897
Diluted earnings per share 14,550,733 14,532,303

SOURCE Consolidated Water Co. Ltd.

Frederick W. McTaggart, President and CEO, +1-345-945-4277, or David W.
Sasnett, Executive Vice President and CFO, +1-954-427-6283, both of
Consolidated Water Co. Ltd., info@cwco.com; or RJ Falkner & Company, Inc.,
Investor Relations Counsel, 1-800-377-9893, info@rjfalkner.com, for
Consolidated Water Co. Ltd.