OTTAWA, Feb. 28, 2017 /CNW Telbec/ - BluMetric
Environmental Inc. (TSXV: BLM), an Ottawa-based cleantech company, announced
sales growth of 4% and net income of $228,000 in its unaudited results for the first
quarter of fiscal 2017, ended December 31,
2016.
"We are pleased with the performance of BluMetric for the first
quarter of 2017," stated Roger
Woeller, CEO of BluMetric. "Our team excels in each of
the sectors that we support, and as each of these sectors evolves
and expands, our unique services, products, and systems will
continue to be well positioned to benefit."
Financial Highlights
- Net income for the quarter was $228,000 compared to a net income of $16,000 for the same quarter in fiscal
2016.
- Revenue for the quarter increased $0.4 million to $8.3
million compared to $7.9
million for the quarter ended December 31, 2015, representing a 4%
growth. Professional Services revenue increased $0.1 million quarter over quarter, while Water
Systems showed an increase of $0.3
million. The growth in the Water Systems revenue can
be mainly attributed to a rise in manufacturing and assembly
projects.
- Quarterly revenue was split $6.4
million from Professional Services and $1.9 million from Water Systems, compared to
$6.3 million from Professional
Services and $1.6 million from Water
Systems for the same period in the previous year.
- Gross margin increased slightly to 20% compared to 19%
for the same quarter in fiscal 2016, mostly as a result of improved
margin in Professional Services.
- Operating costs increased slightly to $1.3 million from $1.2
million for the same quarter in the prior year.
- EBITDA (see Note 1 definition below) increased to
$0.5 million from $0.4 million for the quarter compared to same
quarter in fiscal 2016. The increase is due to improvement in all
operational factors - higher net income but also slightly lower
depreciation and amortization costs and lower financing costs.
Operational Highlights
- BluMetric's sector-specific growth strategy continues to drive
new and existing contracts with both public and private sector
clients in mining, industrial and commercial water and wastewater,
and the government, especially in Northern Ontario and the Arctic.
- The Company has diversified and grown the services offered in
these areas to offset the historically seasonal nature of the
northern work. New product and service innovations, tailored to
client needs, are being developed and pursued.
- Ongoing service and maintenance contracts have proven to be a
steady source of revenue for projects in the Northern Ontario and the Arctic
Outlook
BluMetric is seeing exciting growth opportunities in projects in
metals and mining, food and beverage, resource recovery, and
government services. The Company will continue to build its
business base in the Americas and will refine its special skills
relating to the Arctic and remote and challenging
environments. Our research and innovation efforts will lead
to the commercialization of additional products which will be added
to our existing offerings. The first two of these are
expected to be introduced in the coming months.
Financial Summary
|
Three Months
Ended
December 31, 2016
|
Three Months
Ended
December 31, 2015
|
|
($000)
|
($000)
|
Revenue
|
8,288
|
7,937
|
Gross
profit
|
1,697
|
1,476
|
Gross margin
%
|
20%
|
19%
|
Operating
expenses
|
1,280
|
1,237
|
EBITDA1
|
515
|
381
|
Adjusted
EBITDA2
|
480
|
273
|
Net income
|
228
|
16
|
Income per share
–basic
|
0.01
|
0.00
|
Income per share
–diluted
|
0.01
|
0.00
|
Note 1: EBITDA is a non-IFRS measure and is calculated as net
income before interest expense, income taxes, depreciation, and
amortization.
Note 2: Adjusted EBITDA is a non-IFRS measure and is calculated
as EBITDA, gain or loss on foreign exchange, stock-based
compensation, gain or loss on sale of property plant and equipment,
unrealized gains on investments held for sale, and impairment of
goodwill.
The full results are available at www.sedar.com.
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is a publicly traded cleantech
company with a portfolio of industry-leading products, processes,
and services in the environment sciences and engineering
sectors. We take pride in our strong record of providing
sustainable solutions to the world's environmental
challenges. Headquartered in Ottawa, Ontario, BluMetric's award-winning
team of industry experts serves clients in Canada, the United
States, and Central America.
For more information, visit www.blumetric.ca
Forward-Looking Statements
Some of the statements in this press release, including those
relating to the Company's quarterly and annual results, future
products, opportunities and cost initiatives, 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.
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.
SOURCE BluMetric Environmental Inc.