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BluMetric Announces 2013 Fiscal Period End and Fourth Quarter Results
OTTAWA , Feb. 7, 2014 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM), an Ottawa -base...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"\n\n\nOTTAWA, Feb. 7, 2014 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM),\n an Ottawa-based cleantech company, announces the following unaudited\n results for the fourth quarter of 2013, and audited results for the\n thirteen-month fiscal period ended September 30, 2013.\n\n\n\n\n\n\n\n \n\n\nFour Months\nEnded\nSeptember 30\n2013\n\n\nThree Months\nEnded\nAugust 31\n2012\n\n\nThirteen Months\nEnded\nSeptember 30\n2013\n\n\nNine Months\nEnded\nAugust 31\n2012\n\n\n\n\n \n\n\n($000)\n\n\n($000)\n\n\n($000)\n\n\n($000)\n\n\n\n\nRevenue\n\n\n11,918\n\n\n6,327\n\n\n31,549\n\n\n16,646\n\n\n\n\nSG&A expenses\n\n\n2,367\n\n\n2,710\n\n\n6,501\n\n\n2,701\n\n\n\n\nNet income Loss\n\n\n(1,302)\n\n\n(393)\n\n\n(2,316)\n\n\n(114)\n\n\n\n\nLoss per share\n\n\n(0.05)\n\n\n(0.00)\n\n\n(0.10)\n\n\n(0.20)\n\n\n\n\n\n\n\n\nResults for the thirteen-month period ended September 30, 2013 were in\n line with expectations with respect to revenue, but below target with\n respect to margins. Revenues for the period were $31,549,194, growing\n by approximately 90% from $16,645,601 for the nine months ended August\n 31, 2012, and revenues of $11,918,000 for the four months ended\n September 30, 2013 grew by 88% compared with revenues of $6,327,000 for\n the three months ended August 31, 2012. Lower-than-targeted margins\n reflected a number of coincidental factors, such as lower utilization\n rates arising from slower conditions in a colder-than-usual spring\n period and sub-optimal performance with respect to several large\n contracts. In addition to the lower margins, Selling, General, and\n Administrative (SG&A) expenses were higher than expected, due to\n certain non-recurring costs associated with the reverse take-over and\n the integration process which followed.\n\n\nThe combination of lower margins and increased overhead meant that the\n Company reported a loss of $1,305,000 for the four months ended\n September 30, 2013 compared with a loss of $393,000 for the three\n months ended August 31, 2012, and a loss of $2,316,252 for the thirteen\n months ended September 30, 2013 compared with a loss of $114,104 for\n the nine months ended August 31, 2012.\n\n\n\"Accustomed to historically high levels of performance, we are not\n satisfied with these results,\" said Roger Woeller, co-CEO. \"Management\n has taken steps to identify and...