Fresh off his participation in Mayor Watson’s trade mission to India, Clearford Water Systems CEO Kevin Loiselle said Monday the future looks bright for the water management and sanitation solution provider.
“International opportunities for Clearford, particularly in India where public policy has set priority on sanitation and clean water continue to look very positive,” Mr. Loiselle said in a statement. “With the completion of our first Clearford One system in Prime Minister (Narendra) Modi’s home state of Gujarat, our subsidiary Clearford India Pvt. Ltd. now has a live demonstration site of our technology. We believe the operational system in Gujarat will lead to additional contract signings in India.”
Mr. Loiselle said Clearford’s market position in Ontario, where municipalities can choose the pay for performance delivery model, is also strong.
Mr. Loiselle’s comments came as the firm released fourth-quarter and 2015 year-end results that saw revenue for the year climb to $3.9 million from $534,993 the year before.
The firm’s operating loss before net financing costs was $4.3 million for the year compared with $3.8 million for fiscal 2014. The 2015 net loss of $6.8 million or eight cents per share compared with $5.2 million or eight cents per share in the previous year.
Clearford’s cost of sales increased from $382,063 in 2014 to $2.8 million last year due to implementation of Clearford One systems and the addition of its subsidiary, UV Pure, for the full fiscal year.
UVPure, a water purification provider, was profitable in its first full year under Clearford, with revenues of $2.7 million, EBITDA of $156,033 and net income of $32,660.
Clearford ended the year with $585,885 in unrestricted cash, down from $710,299 the year before.