West Bay are both continuing. We are awaiting the  announcement of a ‘start date’ for the very large Dart  commercial/residential/marina development but, in  the meantime, we are supplying water for affiliated  nursery operations. Taking all these factors into  account, we look forward to further growth in  Cayman during the year 2001 and beyond. at a relatively low level but should accelerate as  various phases of the project are completed. We are  also in discussions with other developers and with  the Government, which has indicated an interest  in supplying the local population with fresh water  generated by our plant. Our 2000 results benefited from slightly more than  five months of operations in Belize, with a brief  interruption due to the arrival of Hurricane Keith.  Our plant was back in production, despite no public  electricity or telephone supplies, within 72 hours.  This reflects a truly remarkable performance by our  staff and the durability of our plant that, at the  height of the storm, was more than three feet under  water!. Sales following the storm were curtailed for  several weeks as hotels re-opened, but we are now  achieving considerably higher water deliveries than  before the storm. We expect an excellent full-year  contribution from our Belize operations during 2001. In 2000, the NASDAQ Composite Index was down  37% in a year that Barron’s magazine has called “the  worst small-cap bear market in history.” Our stock  price rose by 10% in the same period, and the  inclusion of cash dividends provided a total return to  our shareholders of close to 15%. I content myself  with the belief that this represented a ‘flight to quality’  but remain frustrated that we still trade at a  considerable P/E discount to comparable companies  in the water industry. We did, however, make progress  in narrowing that gap. Our secondary offering in  May, completed despite atrocious market conditions,  After several years of waiting for proposed developments  in the Bahamas to materialize, we recently announced  that production should commence around mid-year  2001 to supply a condominium/marina development  in the Bimini Islands. Initial water deliveries will be  Discussions are underway on a number of potential  projects in other water-scarce countries. For a variety  of reasons, three- to four-year lead times are common  on water projects but, since this has been an ongoing  process for at least that length of time, we expect  to secure one or more of these projects as the year  progresses and we move into 2002. Annual Report 2000 6 Consolidated Water  Net Income 96 97 98 99 00 US Dollars Millions 0.96 m 1.11 m 1.45 m 2.40 m 1.57 m 2.5 2.4 2.3 2.2 2.1 2.0 1.9 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 Stockholders’ Equity 96 97 98 99 00 US Dollars Millions 8.60 m 10.13 m 10.99 m 17.85 m 11.78 m 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1