Project delays at Clearford Water Systems played a role in the company's “disappointing” third-quarter financial results, the firm’s president and CEO said Wednesday.
But Kevin Loiselle said the Ottawa-based company’s Clearford One wastewater collection and treatment system, introduced in the second quarter, has been well-received, and a recent acquisition is also good news for the company.
“The addition of UV Pure, which is the last component in our Clearford One system before wastewater is discharged back into the environment, is expected to increase the interest in our products, particularly in Ontario, where wastewater discharge regulations are very rigorous," Mr. Loiselle said in a statement.
Clearford (TSX-V: CLI) posted revenue for the quarter of just over $32,000, down from just over $86,000 in the previous quarter and $678,000 for the same quarter last year.
The company posted an operating loss before financing costs of just over $950,000, down from last quarter but higher than the same quarter last year.
Net financing costs in the quarter were up to more than $415,000, resulting in a net loss of $1.4 million or two cents per share.