BluMetric Delivers Continued Profitability in Q1 FY2019
Ottawa, Ontario--(Newsfile Corp. - March 1, 2019) - BluMetric Environmental Inc. (TSXV: BLM) is pleased to announce continued profitability for the quarter ended December 31, 2018, reporting revenue of $7.6 million and net earnings of $189,000.
Earnings before provision for income tax were $267,000 and net earnings were $189,000 at December 31, 2018, compared to earnings before income tax and net earnings of $101,000 in the same quarter of the previous year.
EBITDA (see Note 1 definition below) increased to $429,000 at December 31, 2018 from $301,000 at December 31, 2017, representing a 43% increase.
Revenue and gross margin for the quarter remained consistent at $7.6 million and 22%, when compared to the same quarter of the previous year.
Operating costs decreased slightly to $1.3 million from $1.4 million in the same quarter of the prior year.
"Building on strong annual results for FY2018, our first quarter of 2019 produced solid improvement in our net earnings and EBITDA as we improve the quality of our client portfolio," said Scott MacFabe, CEO of BluMetric. "By focusing on markets where we offer elite technical expertise and clients where we see the opportunity to develop deep, meaningful partnerships, we are laying the groundwork for solid success in coming quarters and positioning BluMetric for sound, sustained growth."
During the quarter, BluMetric continued to show operational improvements in its major business segments demonstrating the success of its FY2018 strategic alignment, which coupled with a refined focus involves targeting markets where the Company enjoys the strongest competitive positioning and sees the most potential for long-term development.
Mining: On the mining front, with a focus on the delivery of multifaceted engineering solutions, BluMetric was pleased to initiate a substantial FEL2 site characterization project for a major mining client in Northern Ontario. The Company also advanced detailed engineering design work for remedial projects and upgrading water control infrastructure at several mine facilities.
Military: BluMetric's military business continued to thrive during the quarter. Projects for the Royal Canadian Navy included various challenging assignments abroad for field support services and the delivery of numerous Shipboard Reverse Osmosis Desalination units. In addition, as reported in a November 7, 2018 press release, the Company was awarded and has now launched a major contract with Seaspan Shipyards for the provision of highly specialized water purification systems aboard Royal Canadian Navy Joint Support Ships (JSS).
Government: BluMetric moved forward with its project delivery efforts in Canada's Arctic during the quarter, successfully completing a number of large scale environmental site assessments on time and on budget despite the challenges associated with such programs late in the calendar year in extreme northern conditions. The Company also completed Phase 2 of a landfill capacity reclamation project for a Municipal client in Ontario, further expanding the waste disposal capacity of the facility for approximately 7 years at a cost substantially lower than a traditional footprint expansion.
Commercial and Industrial: BluMetric continues to innovate in line with its enhanced focus on research and development. In particular, the Company's strength within the geomatics and data management field was highlighted during the period with the completion of numerous Unmanned Aerial Vehicle (UAV) flights generating Orthophoto production, high resolution topography and volumetric calculations for over 21 sites for aggregate resource clients in Ontario and Quebec.
Propelled by a more strategic approach to business and corporate development, BluMetric continues to build on its successes, strengthen its technical offerings and align its sales and marketing efforts.
| ||Three Months Ended |
December 31, 2018
|Three Months Ended |
December 31, 2017
|Gross margin %||22%||22%|
|Earnings before provision for income tax||267||101|
|Deferred income tax expense||78||-|
|Earnings per share - basic||0.01||(0.00)|
|Earnings 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.
The full results are available at www.sedar.com.
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is a publicly traded environmental consulting and engineered treatment systems company with expertise across disciplines and technologies that allow for the design and delivery of elegant solutions to environmental challenges. Headquartered in Ottawa, Ontario, BluMetric's team of industry experts serves clients in Canada and the United States.
For more information, visit www.blumetric.ca, or please contact:Scott MacFabe, CEO
BluMetric Environmental Inc.
BluMetric Environmental Inc.
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.
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