The Company’s segments are strategic business units that are managed separately because, while all segments derive their revenues from desalination-related activities, each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins.

	Three Months Ended September 30, 2014
	Retail		Bulk		Services		Total
Revenues	$	5,936,623	$	9,905,723	$	1,178,710	$	17,021,056
Cost of revenues		2,945,756		7,113,039		1,261,946		11,320,741
Gross profit (loss)		2,990,867		2,792,684		(83,236)		5,700,315
General and administrative expenses		2,740,209		510,288		734,459		3,984,956
Income (loss) from operations	$	250,658	$	2,282,396	$	(817,695)		1,715,359
Other income, net								274,542
Consolidated net income								1,989,901
Income attributable to non-controlling interests								107,209
Net income attributable to Consolidated Water Co. Ltd. stockholders							$	1,882,692

Depreciation and amortization expenses for the three months ended September 30, 2014 for the retail, bulk and services segments were $592,261, $738,405 and $22,474, respectively.

	Three Months Ended September 30, 2013
	Retail		Bulk		Services		Total
Revenues	$	5,023,591	$	10,239,552	$	175,438	$	15,438,581
Cost of revenues		2,661,463		7,280,151		270,082		10,211,696
Gross profit (loss)		2,362,128		2,959,401		(94,644)		5,226,885
General and administrative expenses		2,656,217		372,812		1,279,822		4,308,851
Income (loss) from operations	$	(294,089)	$	2,586,589	$	(1,374,466)		918,034
Other income, net								132,465
Consolidated net income								1,050,499
Income attributable to non-controlling interests								141,809
Net income attributable to Consolidated Water Co. Ltd. stockholders							$	908,690

Depreciation and amortization expenses for the three months ended September 30, 2013 for the retail, bulk and services segments were $536,229, $805,641 and $73,181, respectively.

	Nine Months Ended September 30, 2014
	Retail		Bulk		Services		Total
Revenues	$	18,548,841	$	29,831,653	$	1,921,004	$	50,301,498
Cost of revenues		8,996,615		21,120,498		2,143,599		32,260,712
Gross profit (loss)		9,552,226		8,711,155		(222,595)		18,040,786
General and administrative expenses		8,471,730		1,270,661		3,366,359		13,108,750
Income (loss) from operations		1,080,496		7,440,494		(3,588,954)		4,932,036
Other income, net								742,425
Consolidated net income								5,674,461
Income attributable to non-controlling interests								377,167
Net income attributable to Consolidated Water Co. Ltd. stockholders							$	5,297,294

Depreciation and amortization expenses for the nine months ended September 30, 2014 for the retail, bulk and services segments were $1,823,757, $2,215,141 and $79,922, respectively.

	Nine Months Ended September 30, 2013
	Retail		Bulk		Services		Total
Revenues	$	17,598,200	$	30,258,814	$	706,144	$	48,563,158
Cost of revenues		8,366,391		21,514,909		836,945		30,718,245
Gross profit (loss)		9,231,809		8,743,905		(130,801)		17,844,913
General and administrative expenses		7,966,975		1,136,021		2,369,553		11,472,549
Income (loss) from operations		1,264,834		7,607,884		(2,500,354)		6,372,364
Other income, net								1,557,060
Consolidated net income								7,929,424
Income attributable to non-controlling interests								424,882
Net income attributable to Consolidated Water Co. Ltd. stockholders							$	7,504,542

Depreciation and amortization expenses for the nine months ended September 30, 2013 for the retail, bulk and services segments were $1,555,128, $2,337,766 and $219,544, respectively.

	As of September 30, 2014
	Retail		Bulk		Services		Total
Property plant and equipment, net	$	25,727,376	$	29,737,581	$	576,916	$	56,041,873
Construction in progress		1,862,644		997,758		-		2,860,402
Goodwill		1,170,511		2,328,526		-		3,499,037
Investment in land		-		-		20,557,353		20,557,353
Total assets		51,970,909		83,928,479		24,479,583		160,378,971

	As of December 31, 2013
	Retail		Bulk		Services		Total
Property plant and equipment, net	$	26,339,461	$	31,736,774	$	526,651	$	58,602,886
Construction in progress		1,181,628		98,807		169,982		1,450,417
Goodwill		1,170,511		2,328,526		-		3,499,037
Investment in land		-		-		13,175,566		13,175,566
Total assets		65,853,375		84,300,971		15,210,508		165,364,854