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Press release from CNW Group

Blumetric announces third quarter fiscal 2013 results and operational update

Tuesday, July 30, 2013

Blumetric announces third quarter fiscal 2013 results and operational update

18:03 EDT Tuesday, July 30, 2013

OTTAWA, July 30, 2013 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM; "BluMetric" or the "Company") announces the following unaudited results for the three and nine months ended May 31, 2013 with comparative unaudited results for the equivalent periods in fiscal 2012.

  Three Months Ended
May 31
  Nine Months Ended
May 31
  2013 2012   2013 2012
  $000 $000   $000 $000
Revenue 7,267 5,831   19,630 17,257
Gross Margin 1,250 1,105   3,740 3,055
Net Income (Loss) (773) 9   (1,014) (779)
Income (Loss) per share (0.03) (0.03)   (0.03) (1.29)

The third quarter 2013 results reflect strong revenue growth relative to both the same period in 2012 (+25%) and also to the prior quarter in 2013 (+21%). Gross margins in the quarter were somewhat lower than expected due to the specific mix of revenue sources and the relatively late spring which temporarily suppressed the higher activity levels typically associated with warmer weather. Late in the quarter, and continuing into the fourth quarter and beyond, activity levels and margins appear to be recovering to more typical levels.

Operating costs were higher than the prior quarter and the equivalent period in 2012, reflecting an increase in headcount required to achieve and execute on anticipated business growth, increases in several overhead cost categories, some non-recurring costs associated with both the RTO and the debenture which closed after the quarter end, and an increase in amortization resulting from the amalgamation of WESA and Seprotech.

The company is aggressively pursuing growth opportunities in new and existing markets and expects certain costs to increase in advance of revenue growth.  That said, and in view of the increase in overhead costs since the RTO, the Company is as a matter of course reviewing all of its cost structures with a view to optimising internal efficiency.

The impact of the RTO on operations is expected to continue to be significant and positive. In light of the pre-existing synergies between the merged entities, we continue to build a robust project pipeline and are continuing to ramp up activities as is typical of the season.

About BluMetric

BluMetric 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, industrial hygiene, occupational health & safety, and renewable energy.  This division also operates under the names "WESA", "Envir-Eau", and "OEL-HydroSys"

  • 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) 523-1641
Fax: (613) 731-0851

Email: imalone@blumetric.ca

Robin M. Sundstrom
IRonside Investor Relations
Tel: (647) 822- 8111

Email: robin@ironsideir.com

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