Clearford Water Systems (
TSX: V.CLI,
Forum) investors must have celebrated when the company announced its financial results for the three and nine months ended September 30, 2015 with condensed interim numbers in accordance with IFRS.
According to the
news release, the company was still in discussions with the Township Council of Adjala-Tosorontio. However Clearford is confident that they will receive a response by the end of the year regarding the path they need to follow to provide services under its Pay For Perormance (P4P™) delivery model.
Installation has begun of its Clearford One™ system in Fetherston with an expected completion date before the end of the current fiscal year. It also began installation of its first complete system in India which includes the Clearford One™ System with toilet blocks in Jambudiyapura, a small village in the state of Gujarat, India under the Corporate Social Responsibility ("CSR") program.
The quarter was especially productive as the company brought in consolidated revenues of $766,938, an increase of over 2200% over Q3 2014 which saw the company generate $32,469 in revenues. The company placed a quarterly net loss on the bottom line of $1,866,471 or $0.02 per share compared to a net loss of $1,408,158 or $0.02 per share reported in the matching 2014 period.
Company President and CEO, Kevin Loiselle, commented, “We are very pleased with our progress in the quarter. 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. "Our Clearford OneTM system has been short-listed in the Township of Adjala-Tosorontio and consideration of the Clearford proposal is continuing.”
He continued, “International opportunities for Clearford, particularly in India where public policy has set priority on sanitation and clean water continue to look very positive. With the completion of our first Clearford One™ system in Prime Minister Modi's home state of Gujarat next quarter, our subsidiary Clearford India Pvt. Ltd. will have a live demonstration site of our technology.”
He then concluded, “We believe the operational system in Gujarat will lead to additional contract signings in India.”
Clearford Water Systems was in the news recently when
the Ottawa, Ontario-based company announced back at the end of August that it had broke ground at Fetherston.
Currently there are 87.5m outstanding shares with a market cap of $36.8 million.
FULL DISCLOSURE: Clearford Water Systems is a Stockhouse Publishing client.