A dramatic jump in revenues has Clearford Water Systems president and CEO Kevin Loiselle predicting big things for his company’s future.
“We are very pleased with our progress in the quarter,” Mr. Loiselle said in a statement on Friday morning after the Kanata-based clean-tech firm announced third-quarter earnings. “With Clearford One systems currently under construction in Ontario and India, we feel that the basis for strong sales growth is being put in place for the South Asian market and our P4P offering in Ontario.”
The company’s third-quarter revenue was $766,938, up from $32,469 reported in the same quarter last year.
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Clearford (TSXV: CLI) had an operating loss before finance costs of $1.3 million compared with an operating loss before finance costs of $978,338 for the third quarter of 2014. The company’s net loss for the quarter, at $1.9 million, was up from $1.4 million at this point last year, still translating to a loss of two cents per share.
As of Sept. 30, Clearford has $822,505 in unrestricted cash, up from $710,299 on Dec. 31, 2014.
Mr. Loiselle said international opportunities, particularly in India, continue to look positive. The company will install its first system in Indian Prime Minister Narendra Modi’s home state of Gujarat in the next quarter, and its subsidiary there will have a live demonstration site for the technology, he said.
“We believe the operational system in Gujarat will lead to additional contract signings in India,” he added.