Clearford Q2 revenues up, losses down slightly

Ottawa-based Clearford Water Systems (TSXV: CLI) saw a big increase in revenue during its second quarter of 2016, but that didn’t have much effect on the company’s bottom line.

The company, which develops water management and sanitation systems as well as water purification systems, reported revenue of $1,041,011 during the three-month period that ended on June 30. That’s up from $785,913 during the same period last year.

The company’s net loss for the quarter was $1,446,641, down from $1,514,409 during the same period in 2015.

"We are very pleased with our continued progress in the quarter. Clearford One systems are now in operation in Ontario and India. These provide the key reference for customers in both of these markets, to support strong sales growth of our product in the South Asian market and our (pay-for-performance) offering in Ontario," Clearford president and CEO Kevin Loiselle said in a release.

Clearford, which has never turned a profit, took out a US$5.25-million, 10-year loan during the quarter.