Business
BQE Water Reports Q1 2017 Results
(via TheNewswire) VANCOUVER, BC / TheNewswire / May 25, 2017 - BQE Water Inc....
About this update from Bqe Water Inc
[{"type":"text","content":"BQE Water Reports Q1 2017 Results(via TheNewswire)\n \n \nVANCOUVER, BC / TheNewswire / May 25, 2017 - BQE Water Inc. (TSX-V: BQE), a leader in the treatment and management of mine impacted waters, releases its consolidated financial results for the quarter ending March 31, 2017.\n\n \n \nQ1 2017 Highlights\n\n\n \n-Revenues as reported under GAAP, which includes project activity but excludes joint venture activity, were $668,000 compared $391,000 in Q1 2016;\n\n\n \n-Proportional revenues, which includes both project and joint venture activity, were $1.1 million compared to $1.5 million in Q1 2016;\n\n\n \n-Net loss as reported under GAAP was $573,000 compared to $816,000 in Q1 2016;\n\n\n \n-Adjusted loss before interest, tax, depreciation and amortization (\"Adjusted EBITDA\") was $497,000 compared to a loss of $584,000 in Q1 2016;\n\n\n \n-Cash and cash equivalents reported under GAAP as of March 31, 2017 was $1.4 million compared to $2.2 million at December 31, 2016; and\n\n\n \n-Proportional cash and cash equivalents, which includes BQE Water's share held in joint ventures, as of March 31, 2017 was $1.7 million compared to $3 million at the end of 2016. The reduction in cash during the quarter was primarily due to settlement of accounts payables and liabilities.\n\n \n \nOperating Highlights\n\n\n \nJoint venture with Jiangxi Copper Company, China\n\n\n \nBQE Water's joint venture in China with partner Jiangxi Copper Company (\"JCC\") operated three plants during the quarter. Operating results for all three plants are as follows:\n\n \n\n(in '000s)\n\n\n\n\n3 months ended Mar. 31\n\n\n \n\n\n2017\n\n\n\n\n2016\n\n\n\n\nWater treated (cubic metres)\n\n\n\n\n1,934\n\n\n\n\n4,709\n\n\n\n\nCopper produced (pounds)\n\n\n\n\n303\n\n\n\n\n918\n\n\n \n \nThe reduction in water volume treated and copper recovered was mainly due to lower precipitation in the region and limited feedwater available to the plants. Subsequent to the end of the quarter, both have increased significantly and are now close to budgeted expectations on a year to date basis. This will be reflected in subsequent results.\n\n \n \nSales and Project Highlights\n\n\n \nSelen-IX(TM) Activity\n\n\n \nIn February 2017, BQE Water completed a pilot testing contract with a Canadian resource company which originally commenced in mid-2016. The pilot testing results demon...