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Cadiz Inc  (CDZI)
Other Ticker:  
 
    Sector  Utilities    Industry Water Supply
   Industry Water Supply
   Sector  Utilities
 
Price: $2.2500 $0.10 4.651%
Day's High: $2.27 Week Perf: -3.02 %
Day's Low: $ 2.15 30 Day Perf: -8.16 %
Volume (M): 257 52 Wk High: $ 5.80
Volume (M$): $ 578 52 Wk Avg: $3.41
Open: $2.17 52 Wk Low: $2.12



 Market Capitalization (Millions $) 186
 Shares Outstanding (Millions) 83
 Employees 10
 Revenues (TTM) (Millions $) 2
 Net Income (TTM) (Millions $) -31
 Cash Flow (TTM) (Millions $) -9
 Capital Exp. (TTM) (Millions $) 6

Cadiz Inc

We are a land and water resource development company with 45,000 acres of land in three areas of eastern San Bernardino County, California. Virtually all of this land is underlain by high-quality, naturally recharging groundwater resources, and is situated in proximity to the Colorado River and the Colorado River Aqueduct (“CRA”), a major source of imported water for Southern California. Our main objective is to realize the highest and best use of our land and water resources in an environmentally responsible way.

For more than 20 years, we have maintained an agricultural development at our 34,000-acre property in the Cadiz and Fenner valleys of eastern San Bernardino County, relying upon groundwater from the underlying aquifer system for irrigation. In 1993, we secured permits to develop agriculture on up to 9,600 acres of the Cadiz/Fenner Property and withdraw more than one million acre-feet of groundwater from the underlying aquifer system. Since that time, we have maintained various levels of agriculture at the property and this operation has provided our principal source of revenue.

One acre-foot is equal to approximately 326,000 gallons or the volume of water that will cover an area of one acre to a depth of one-foot. An acre-foot is generally considered to be enough water to meet the annual water needs of one average California household.

The primary factor driving the value of such projects is continuing pressure on water supplies throughout California which has led Southern California water providers to actively seek new, reliable supply solutions to plan for both short and long-term water needs. This includes environmental and regulatory restrictions on each of the State’s three main water sources: the State Water Project, which provides water supplies from Northern California to the central and southern parts of the state, the CRA and the Los Angeles Aqueduct. Southern California’s water providers rely on imports from these systems for a majority of their water supplies, but deliveries from all three into the region have been below capacity over the last several years.

In accordance with the California Environmental Quality Act (“CEQA”), the Water Project began an environmental review and permitting process in 2011 led by Santa Margarita Water District (“SMWD”), one of the Project participants. After an extensive review process, the SMWD Board of Directors certified the Final Environmental Impact Report on July 31, 2012 and became the first participating agency to convert its option agreement to a Water Purchase and Sale Agreement for firm supplies from the Water Project. On October 1, 2012, San Bernardino County (“County”), a Responsible Agency under CEQA, also adopted CEQA findings and approved the Project’s Groundwater Monitoring, Management and Mitigation Plan (‘GMMMP”, “Plan”) and the withdrawal of 50,000 acre-feet (AF) of water per year for 50 years.

Following receipt of these critical approvals, we were named as a real-party-in-interest in nine lawsuits brought by parties seeking a reconsideration of the environmental documents and limitation of the Project approvals granted by SMWD and the County. Three of these cases were subsequently dismissed or otherwise settled and six lawsuits brought by two petitioners proceeded to trial in Orange County Superior Court (“Court”) before one judge in December 2013. In September 2014, the Court issued final signed judgments (“Judgments”) formally denying all claims brought in the six lawsuits. The Judgments upheld the environmental review and approvals of the Water Project and also awarded costs to SMWD, the County, Cadiz and Fenner Valley Mutual Water Company as the prevailing parties in the cases. The Judgments served as the Court’s final actions in the six cases.

As described above (see “Water Resource Development”), we currently hold ownership rights to a 96-mile existing idle natural gas pipeline from the Cadiz/Fenner Property to Barstow, California that would be converted for the transportation of water.

In September 2011, we entered into an agreement with El Paso Natural Gas (“EPNG”), a subsidiary of Kinder Morgan Inc., providing us with rights to purchase approximately 220-miles of idle, natural gas pipelines between Bakersfield and Cadiz, California for $40 million.

Initial feasibility studies indicated that, upon conversion, the 30-inch line could transport between 20,000 and 30,000 acre-feet of water per year between the Water Project area and various points along the Central and Northern California water transportation network. In February 2012, we made a $1 million payment to EPNG to extend our option to purchase the 220-mile line until April 2013.

In December 2012, we entered into a new agreement with EPNG dividing the 220-mile pipeline in Barstow, California, with the Company gaining ownership rights to the 96-mile eastern segment between Barstow and the Cadiz Valley and returning to EPNG rights to the 124-mile western segment for its own use. The 96-mile eastern portion from the Cadiz Valley to Barstow was identified as the most critical segment of the line for accessing the state’s water transportation infrastructure. The Barstow area serves as a hub for water delivered from northern and central California to communities in Southern California’s High Desert.


The 96-mile Cadiz-Barstow pipeline creates significant opportunities for our water resource development efforts. Once converted to water use, the pipeline can be used to directly connect the Cadiz area to northern and central California water sources, serving a growing need for additional locations for storage of water south of the Bay Delta region. In addition, the 96-mile pipeline creates new opportunities to deliver water, either directly or via exchange, to potential customers in San Bernardino and Kern Counties, areas which do not currently have an interconnection point with the Project. When both the 96-mile line and the 43-mile pipeline to the CRA become operational, Cadiz would link the two major water delivery systems in California providing flexible opportunities for both supply and storage.

Within the Cadiz/Fenner Property, 9,600 acres have been zoned for agriculture and the Company has developed a total of 1,920 acres of the property for agricultural operations. The infrastructure currently includes six wells that are interconnected within a portion of this acreage for current agricultural use, and three additional production wells, with the nine wells together having total annual production capacity of approximately 20,000 acre-feet of water. Additionally, there are housing and kitchen facilities that support up to 300 employees. If the entire 9,600 acres were developed and irrigated, total water usage would be approximately 40,000 – 50,000 acre-feet per year depending on the crop mix. The underlying groundwater, fertile soil, and desert temperatures are well suited for a wide variety of fruits and vegetables.

We currently derive our agricultural revenues through direct farming and sale of our products into the market or through the lease of our agricultural properties to third parties for farming. The entire organic raisin crop grown at the property is farmed by the Company and we incur all of the costs required to produce and harvest the crop. The harvested raisins are then sold in bulk to a raisin processing facility.



   Company Address: 550 S. Hope Street, Suite 2850 Los Angeles 90071 CA
   Company Phone Number: 271-1600   Stock Exchange / Ticker: NASDAQ CDZI
   


Customers Net Income grew by CDZI's Customers Net Profit Margin grew to

64.3 %

8.03 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

5 Days Decrease / Increase
     
ARTNA        0.97% 
AWK        2.19% 
AWR        0.28% 
PCYO   -3.83%    
SJW        0.51% 
• View Complete Report
   



Cadiz Inc

Cadiz Inc Struggles with Profitability Despite Impressive Revenue Growth



Cadiz Inc, a water supply company, recently reported its financial results for the most recent fiscal period. While the company experienced a decline in revenue, partnerships with Fenner Gap Mutual Water Company and Victor Valley Water Agencies present an opportunity for strategic water management. This article explores the financial implications of these results and analyzes how the collaboration will impact Cadiz Inc's future.
Financial Results:
1. Deficit Expansion and Improved EPS:
- CDZI's deficit expanded by $-0.10 per share compared to $-0.09 the previous year.
- However, EPS improved from $-0.12 per share in the previous reporting period.

Products & Services

Fenner Gap and Victor Valley Water Agencies Launch One Water Plan, as Cadiz Inc Faces Revenue Decrease in Third Quarter

Published Fri, Jan 26 2024 2:47 PM UTC

In a move to enhance water quality and bolster the reliability of local water supplies, Fenner Gap Mutual Water Company and Victor Valley Water Agencies have joined forces to introduce the innovative One Water plan. With a focus on integrating High Desert infrastructure investments, this collaborative initiative aims to address pressing water challenges in the region. Set ag...

Dividend

Cadiz Inc. Showcases Strong Returns and Sustainable Growth with Series A Preferred Stock Dividend Announcement

Published Fri, Dec 22 2023 2:48 PM UTC

Cadiz Inc. Continues to Deliver Strong Returns with Dividend Announcement on Series A Preferred Stock
LOS ANGELES, Dec. 22, 2023 - Cadiz Inc. (NASDAQ: CDZI, NASDAQ: CDZIP) (the Company) has declared an impressive cash dividend on its 8.875% Series A Cumulative Perpetual Preferred Stock (the Series A Preferred Stock), reflecting the company's commitment to delivering valu...

Cadiz Inc

Cadiz Inc Experiences Dramatic Drop in Revenue, Sending Shockwaves Through the Market in Q3 2023

Investing in the stock market is a rollercoaster ride filled with twists and turns. As an investor, it is crucial to stay abreast of the latest financial results of companies to make informed decisions. One such company that recently released its third-quarter earnings report is Cadiz Inc.
Cadiz Inc, a leading water supply company, has seen some mixed results in its recent financials. On the positive side, the company managed to decrease its loss per share from $-0.15 to $-0.12 compared to the same period last year. Additionally, the earnings per share also improved slightly from $-0.13 in the previous reporting period. These are small improvements, but they show that Cadiz Inc is taking steps in the right direction.

Cadiz Inc

Cadiz Inc's Revenue Surges by 337.297% in Q2 2023, Yet Struggles to Turn Profit despite Epic Growth

Cadiz Inc, a water supply company, recently announced impressive revenue growth of 337.297% year on year, totaling $0.81 million in the second quarter of the 2023 earnings season. Although the company experienced a loss of $-0.13, its top-line growth surpassed that of its contemporaries within the water supply sector.
In contrast to Cadiz Inc's significant increase, most companies in the water supply sector saw a more modest growth rate of 0.07% in their top-line during the same quarter in 2022. Cadiz Inc's ability to outperform its competitors demonstrates its strong market presence and effective business strategies.






 

Cadiz Inc's Segments
 
 
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  Company Estimates  
  Revenue Outlook
Cadiz Inc does not provide revenue guidance.

Earnings Outlook
Cadiz Inc does not provide earnings estimates.

 
Geographic Revenue Dispersion




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