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.
Net income Loss
Loss per share
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
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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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
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
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
Robin M. Sundstrom
IRonside Investor Relations
Tel: (647) 822- 8111