Clearford revenue rises in 2015 Q2

The acquisition of UV Pure continues to pay dividends for Ottawa-based Clearford Water Systems.

Clearford’s second-quarter revenues rose to $785,913, compared with $86,378 for the second quarter of 2014, the company said Friday. Much of that growth came thanks to UV Pure, which had its second profitable quarter since Clearford acquired it in December 2014.

UV Pure has reported revenue of $1.4 million so far this year, with an EBITDA of $156,765 and net income of $93,264.

Clearford’s operating loss before finance costs fell to $823,912 from $977,238 from a year ago. The firm reported a net loss of $1.5 million, or two cents per share, which was up slightly from the $1.3-million loss it posted a year earlier. Net financing costs for the quarter were $689,715, an increase from $301,167 for the second quarter of 2014.

Clearford (TSXV: CLI) had consolidated year-to-date revenues of $1.6 million, up from $384,623 at this time last year.

The company’s operating loss before financing costs for the first six months of 2015 was $1.6 million, down from $1.7 million for the same period last year. It net loss year-to-date is $2.9 million, or four cents per share, compared with $2.3 million, or three cents per share, at the same point in 2014.

Net financing costs so far in 2015 are $1.2 million, compared with $600,439 last year.

Clearford has $552,796 in unrestricted cash as of June 30, down from $710,299 on Dec. 31.

CEO Kevin Loiselle said the company has been making “good progress” with its products in Ontario, with another formal announcement expected soon that will “make clear the impact of this product offering and how it will contribute to our revenue and earnings.”

International opportunities, particularly in India, are also looking very positive, he said, with a recent contract in the state of Gujarat just the beginning.

“We believe that an operational Clearford One system in Gujarat will lead to additional contract signings in India,” said Mr. Loiselle.