Revenues at Ottawa-based Clearford Water Systems fell 6.6 per cent in the second quarter as it wrapped up several large projects in Canada, India and Colombia, the company reported Friday.
The firm, which designs and sells sewage treatment and water purification systems, says it recorded $972,731 in revenues in the three-month period that ended June 30, down from $1.04 million during the same time a year earlier.
It reduced its second-quarter net loss to $1.35 million, an improvement on its $1.45-million loss a year earlier.
The company’s latest earnings come as Clearford starts work on a new business plan that it hopes will put the struggling company on more solid footing following years of losses.
Last month, it told shareholders that it wants to end its reliance on subcontractors by acquiring companies capable of bringing its wastewater treatment operations and services in-house.
“The new business model will position Clearford as a provider of water purification and complete wastewater solutions: collection; treatment; and systems operations,” CEO Kevin Loiselle said in a statement Friday.
A critical part of this plan involves finding financial backers to help Clearford fund its acquisitions, the first of which the company plans to complete before the end of the year.
Mr. Loiselle said he’s had discussions with lenders and equity interests about financing Clearford’s new business plan, but has not yet entered into any agreements.
Clearford’s stock was unchanged Friday on the TSX Venture Exchange, sitting at its 52-week low of five cents a share.