Business
Blue Earth Resources Reports 8% Growth to $23.3 Million Revenue for its First Quarter Ended May 31, 2023
Blue Earth Resources Reports 8% Growth to $23.3 Million Revenue for its First Quarter Ended May 31, 2023.
About this update from Blue Earth Resources, Inc.
[{"type":"text","content":"Increases in Rack and Bulk Fuel Sales Improved MarginsKNOXVILLE, TN / ACCESSWIRE / July 18, 2023 / Blue Earth Resources, Inc. (the "Company," "we," "our," or "us") (OTC PINK:BERI) and its wholly-owned subsidiaries, Fuel Trader Supply and Fuel Trader Resource Management, is pleased to announce its financial and operational results for its first quarter ended May 31, 2023. Blue Earth Resources filed its Quarterly Report on OTC Markets on July 16, 2023.Key Financial Highlights First Quarter Ended May 31, 2023 Compared to Prior Year PeriodRevenue increased 8% to $23.3 millionGross profit increased 196% to $0.5 millionGross margin increased 150 basis points to 2.35%Operating loss increased 180% to $0.8 millionNet loss increased to $3.2 million (including $2.4 million of interest expense)Adjusted EBITDA loss increased 53% to $0.3 millionManagement CommentaryScott M. Boruff, Chief Executive Officer of Blue Earth Resources, commented, "We are very pleased with our start to our fiscal year 2024. We shifted toward slightly higher margin business, which resulted in revenue growth of 8% and much improved gross profit by nearly 200% to $0.5 million. This is important as we will continue to focus on improving margin and believe profitability is well within our sight as we look to at least double revenue in our fiscal year 2024. We have a healthy pipeline of BP locations and our own BluePetro retail units expected to open over the coming months."Boruff, continued, "With all of our data points are trending positively, highlighted by growth in our volumes and customers, both leading to an increase in revenue, we are looking to improve our capital market positioning over the remainder of the year. This includes becoming an SEC reporting and compliant company, plans on an uplist to a major national exchange and increasing our visibility and awareness with more proactive and effective investor communication and relations."Financial Results for First Quarter Ended May 31, 2023Revenue for the first quarter ended May 31, 2023 increased by $1.6 million, or 8%, to $23.3 million, compared to $21.7 million for the first quarter ended May 31, 2022. This increase was primarily due to increases in fuels sales - rack and bulk;Gross profit for the first quarter ended May 31, 2023 increased by $0.4 mil...