BluMetric Announces 2013 Fiscal Period End and Fourth Quarter Results

OTTAWA, Feb. 7, 2014 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM), an Ottawa-based cleantech company, announces the following unaudited results for the fourth quarter of 2013, and audited results for the thirteen-month fiscal period ended September 30, 2013.

  Four Months
Ended
September 30
2013
Three Months
Ended
August 31
2012
Thirteen Months
Ended
September 30
2013
Nine Months
Ended
August 31
2012
  ($000) ($000) ($000) ($000)
Revenue 11,918 6,327 31,549 16,646
SG&A expenses 2,367 2,710 6,501 2,701
Net income Loss (1,302) (393) (2,316) (114)
Loss per share (0.05) (0.00) (0.10) (0.20)


Results for the thirteen-month period ended September 30, 2013 were in line with expectations with respect to revenue, but below target with respect to margins. Revenues for the period were $31,549,194, growing by approximately 90% from $16,645,601 for the nine months ended August 31, 2012, and revenues of $11,918,000 for the four months ended September 30, 2013 grew by 88% compared with revenues of $6,327,000 for the three months ended August 31, 2012. Lower-than-targeted margins reflected a number of coincidental factors, such as lower utilization rates arising from slower conditions in a colder-than-usual spring period and sub-optimal performance with respect to several large contracts. In addition to the lower margins, Selling, General, and Administrative (SG&A) expenses were higher than expected, due to certain non-recurring costs associated with the reverse take-over and the integration process which followed.

The combination of lower margins and increased overhead meant that the Company reported a loss of $1,305,000 for the four months ended September 30, 2013 compared with a loss of $393,000 for the three months ended August 31, 2012, and a loss of $2,316,252 for the thirteen months ended September 30, 2013 compared with a loss of $114,104 for the nine months ended August 31, 2012.

"Accustomed to historically high levels of performance, we are not satisfied with these results," said Roger Woeller, co-CEO. "Management has taken steps to identify and correct the deficiencies and at the same time protect the inherent good practices and values of our organization. We implemented a range of corrective measures over the second half of the year and subsequent to the end of the fiscal period, and we have begun to see a positive impact on financial performance in 2014. These measures include a combination of selective staff changes and reductions to bring the firm back in line with the orders and work on hand, which have reached new highs in recent quarters. Management also implemented a stringent reduction of SG&A expenses and improvements to information and project management to return margins to appropriate levels."

The Company has now filed its audited financial statements for the thirteen months ended September 30, 2013 and related MD&A and CEO and CFO certifications on SEDAR, and is again in compliance with its continuous disclosure obligations.

For additional information on these financial results, please refer to the Company's filings at www.sedar.com.

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About BluMetric
BluMetric, a cleantech company, delivers sustainable solutions to complex environmental issues.  The Company serves clients in many industrial sectors, and at all levels of government, in Canada and abroad.

BluMetric operates through two divisions:

  • Professional Services, providing environmental earth sciences and engineering solutions, including site assessment, contaminated site remediation, environmental consulting and assessment, water resource management, and industrial hygiene, occupational health & safety, and renewable energy expertise.  This division also operates under the names "WESA" and "Envir-Eau"
  • Water, focussing on design-build and pre-engineered product solutions to industrial/commercial water and wastewater treatment needs.  This division also operates under the names "WESAtech" and "Seprotech".

More information can be obtained at www.blumetric.ca

Forward-looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.

SOURCE BluMetric Environmental Inc.

For further information:

Ian W. Malone, CFO
Tel: (613) 839-4028 x121
Fax: (613) 839-5376
Email: imalone@blumetric.ca 

Robin M. Sundstrom
IRonside Investor Relations
Tel: (647) 822- 8111
Email: robin@ironsideir.com