Business
Blue Earth Resources, Inc. Reports Financial Results For The Fiscal Year Ended February 28, 2022
Blue Earth Resources, Inc. Reports Financial Results For The Fiscal Year Ended February 28, 2022.
About this update from Blue Earth Resources, Inc.
[{"type":"text","content":"\n Knoxville, TN, May 26, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Blue Earth Resources, Inc. (“Blue Earth”) (OTCMKTS: BERI), a U.S. fuel marketer, announced its annual financial results for the fiscal year ended February 28, 2022 in its filing with OTCIQ on May 20, 2022. Financial highlights for the year included: The annual financial statements for the fiscal years ended February 28, 2022 and 2021 include an opinion from an Independent Registered Public Accounting Firm. The audits were conducted in accordance with the standards of the Public Company Accounting Oversight Board (“PCAOB”). We elected to have the audits performed under PCAOB standards in anticipation of a future filing with the U.S. Securities and Exchange Commission 2022 net sales increase $25,999,817 over 2021 2022 gross gallons sold increase 9,103,968 over 2021 $1,694,000 in capital raised from the sale of our common stock 2022 quarterly sales in dollars and gallons:   Sales Dollars  Sales Gallons Q1 - May 31, 2021 $5,395,011   2,092,377 Q2 - August 31, 2021  3,804,159   1,487,165 Q3 - November 30, 2021  8,766,954   3,185,825 Q4 - February 28, 2022  10,728,638   3,711,022 Fiscal Year 2022 Total $28,694,762   10,476,389  Scott M. Boruff, CEO of Blue Earth, commented “As a start-up just completing our first full year of operations, we are happy, but not content, with our accomplishments. Increasing sales growth, in both dollars and gallons, in a very challenging credit environment is a testament to our leadership team in those areas. Our primary goal the first year has always been to expand our customer base and increase our credit limits with quality suppliers. I feel like we have accomplished that goal. Obviously, we aren’t satisfied with our net margin, and that will be emphasized more going forward. Our goal is to beat industry averages.” In general, the retail sales of refined fuels is heavily based on high volume, low margin transactions. Blue Earth had a net profit margin of approximately $0.022/gallon for the year, as compared to the industry average of approximately $0.024/gallon. Obtaining credit on favorable terms from the most advanta...