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StorageVault Posts Wider Q2 Loss, Revenue Tops Estimates

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StorageVault Canada (SVI.TO) after the market close on Wednesday reported a second-quarter loss of C$6.6 million, widening from a loss of C$6.2 million a year earlier.

The company said the quarterly result was affected by several non-cash and non-recurring items, including C$29.8 million in depreciation and amortization, C$1.2 million in interest accretion on convertible debentures, a C$0.2 million realized and unrealized gain on derivative financial instruments, and a C$1.3 million deferred tax recovery.

Revenue rose to C$91.1 million from C$83.5 million in the prior-year quarter, topping the FactSet consensus estimate of C$89.5 million.

StorageVault also raised its monthly dividend by 0.5% to C$0.003036 per common share.

In the second quarter, the company said it expanded its footprint with the completion of $8.9 million of acquisitions and 30,000 square feet of new space

Company's shares closed C$0.04 down to C$4.83 on Toronto Stock Exchange on Wednesday.

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