Business
BQE Water Reports Q3 2017 Results
(via TheNewswire) Vancouver, BC / TheNewswire / November 22, 2017 - BQE Water...
About this update from Bqe Water Inc
[{"type":"text","content":"BQE Water Reports Q3 2017 Results(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / November 22, 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 September 30, 2017.\n\n \n \n0.1Q3 2017 Financial Highlights:\n\n\n \n-Revenues as reported under GAAP were $1.6 million compared to $1.4 million in Q3 2016;\n\n\n \n-Proportional Revenues were $3.1 million compared to $2.4 million in Q3 2016;\n\n\n \n-Net income as reported under GAAP was $831,000 compared to $117,000 in Q3 2016;\n\n\n \n-Adjusted EBITDA was $1.1 million compared to $414,000 in Q3 2016;\n\n\n \n-Cash and cash equivalents reported under GAAP as of September 30, 2017 was $1.2 million compared to $2.2 million at December 31, 2016; and\n\n\n \n-Proportional cash and cash equivalents, which includes our share held in joint ventures, as of September 30, 2017 was $3.6 million compared to $3.0 million at the end of 2016.\n\n \n \n0.2Q3 2017 Operating Highlights:\n\n\n \nThe Raglan Project, Quebec\n\n\n \nThe Company operates three Water Treatment Plants (\"WTP\") at the Raglan Mine, an active nickel mine in Northern Quebec which is owned by Glencore Canada Corporation (\"Glencore\"). The three plants are: WTP using BQE Water's ChemSulphide(R) process, WTP using BQE Water's Met-IX(TM) process and WTP using conventional lime neutralization. Both WTP using ChemSulphide(R) and Met-IX(TM) not only treat water for environmental discharge but also recover nickel that is blended into the nickel concentrate produced by the mine. \n\n \n \nDuring Q2 2017, we commenced our 14th operating season at the site, under a newly extended contract which extends to the end of 2020. Due to the lack of precipitation at the mine site resulting in lower than usual inventory of water requiring treatment, BQE Water started up and operated only two of the three plants at site in 2017. Based on the volume of water requiring treatment at site in 2017, we anticipate that the total treated volume at the end of the year to be lower than 2016. Operating results of all three plants for the current quarter and the current year were as follows:\n\n \n\n(in '000s)\n\n\n\n\n3 months ended Sept. 30\n\n\n\n\n9 months ended Sept. 30\n\n\n \n\n\n2017\n\n\n\n\n2016\n\n\n\n\n2017\n\n\n\n\n2016\n\n\...