OTTAWA, May 22, 2014 /CNW/ - BluMetric Environmental Inc. (TSX-V: BLM) ("BluMetric" or the "Company"), an Ottawa-based cleantech company, announces the following unaudited results for the three and six months ended March 31, 2014 with comparative unaudited results for the equivalent periods in fiscal 2013.
|Three Months Ended||Six Months Ended|
|March 31||Feb 28||March 31||Feb 28|
|Net income (loss)||(985)||(490)||(967)||(314)|
|Income (loss) per share||(0.03)||(0.02)||(0.03)||(0.01)|
HIGHLIGHTS OF THE QUARTER:
- Sales up almost 10% in the quarter and 15% in the six-month period with modest improvements to gross margins;
- The second quarter, traditionally the Company's slowest, typically results in a loss. This year, the loss was less than $1 million and 30% better than forecast;
- Utilization rates for operational staff improved in both divisions;
- Completed the acquisition of 3096 Carp Road, adjacent to existing building, enabling consolidation of staff from three leased sites;
- Confirmed Roger Woeller as CEO and appointed Jim Hotchkies, membrane expert formerly with LG and GE, as VP, Commercial, Water Division;
- Appointed seasoned industry executive Jane Pagel to the BluMetric Board, following the autumn appointment of Murray Malley.
The second quarter of fiscal 2014, which is not exactly comparable to the previous year's quarter as a result of BluMetric's change in fiscal year end, reflects satisfactory revenue growth of almost 10% relative to the equivalent period in fiscal 2013. The Company also reported improvements in gross margins, for both the three- and six-month periods, of 6.0% and 22.1%, respectively, in what is typically the slowest period in the fiscal year for professional services activities.
Operating costs were higher than for the equivalent period in 2013, successive staff and other reductions not yet being fully reflected in overhead costs while severance costs were expensed at once rather than over several quarters, resulting in a loss in both the quarter and the six months of just under $1 million.
"Our goal for this year has been to stabilize operations, increase revenue beyond last year's $31 million, and deliver a positive bottom line. Given the difficult winter in Canada, I am pleased with the Company's results in this quarter," said Roger Woeller, CEO of BluMetric. "Work in Central and South America helped to fill out our usual slow second quarter, and we exceeded our top and bottom line expectations for the period.
"At the same time, I would like to thank the staff and management of BluMetric for their contributions through the past quarters," added Woeller. "They have consistently worked to provide solutions without additional compensation, and in the case of the executive accepted reductions in salary. They have given BluMetric a real vote of confidence."
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 abroad.
BluMetric operates through two divisions:
- Professional Services Division, providing environmental earth sciences and engineering solutions, including contaminated site remediation, water resource management, industrial hygiene, occupational health & safety, and renewable energy. This division also operates under the names "WESA" and "Envir-Eau"
- Water Division, focussed 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.
This press release may contain forward-looking statements regarding ongoing operations based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR www.sedar.com. BluMetric does not intend, and disclaims any obligation, except as required by law, to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
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.
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