Business
BQE Water Reports Audited Year End 2019 Results
(via TheNewswire) VANCOUVER, BC - TheNewswire - June 3, 2020 - BQE Water ...
About this update from Bqe Water Inc
[{"type":"text","content":"BQE Water Reports Audited Year End 2019 Results(via TheNewswire)\n \n \nVANCOUVER, BC - TheNewswire - June 3, 2020 - BQE Water Inc. (TSXV:BQE), a leader in the management of mine wastewaters and metallurgical bleed streams, is pleased to release its audited consolidated financial results for the year ended December 31, 2019. The audited results do not contain any material differences when compared to the unaudited results reported previously on April 23, 2020.\n\n\n \n2019 FINANCIAL HIGHLIGHTS\n\n\n \n- Adjusted EBITDA increase of 46%, from $1.2 million in 2018 to $1.7 million in 2019;\n\n\n \n- Setting annual record highs in both Proportional Revenues and in revenues under GAAP, with Proportional Revenues of $11.2 million ($9.8 million in 2018) and revenues under GAAP of $5.6 million ($4.3 million in 2018); \n\n\n \n- Working capital increase of 42% year-over-year, from $1.3 million to $1.8 million as of December 31, 2019;\n\n\n \n- Net increase in cash of $635,000 over the 12-month period, from $1.4 million to $2.1 million at the end of 2019; and\n\n\n \n- Consecutive reporting of annual net earnings in the Company's history with net income of $242,000, growing from $150,000 in 2018.\n\n \n \n2019 OPERATIONAL SERVICES HIGHLIGHTS\n\n\n \nOur operational services consist of the operation of water treatment plants, which generate recurring revenues for the Company from two main sources: sales of recovered metals and water treatment fees.\n\n \n \nRevenues from Sales of Recovered Metals\n\n\n \nThe Company operates four water treatment plants that generate revenues from the sale of recovered metals, three plants operating under the JCC-BQE Joint Venture (\"JCC-BQE\") and one plant operating under the MWT-BQE Joint Venture (\"MWT-BQE\").\n\n \n \nJCC-BQE Joint Venture\n\n\n \nOur 50/50 joint venture with partner Jiangxi Copper Company (\"JCC\") operates water treatment plants at Dexing Mine and at Yinshan Mine in Jiangxi province of China. The volume of water treated and pounds of copper recovered by the plants fluctuate seasonally depending on precipitation levels in the region. The operating results for the 12 months ended December 31, 2019 are as follows:\n\n \n\n(in '000s)\n\n\n\n\n2019\n\n\n\n\n2018\n\n\n\n\nWater treated (cubic metres)\n\n\n\n\n22,052\n\n\n\n\n19,814\n\n\n\n\nCopper recovered (pounds)\n\n\n\n\n3,449\n\n\n\n\n...