Business
BluMetric Announces Financial Results for Q1 FY2020
Ottawa, Ontario--(Newsfile Corp. - March 2, 2020) - BluMetric Environmental Inc. (TSXV: BLM), ...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Announces Financial Results for Q1 FY2020Ottawa, Ontario--(Newsfile Corp. - March 2, 2020) - BluMetric Environmental Inc. (TSXV: BLM), a full-service environmental consulting and engineering cleantech firm, today announced its financial results for the three months ended December 31, 2019, recording revenue of $6.3 million and net earnings of $844,000, which included a gain on sale of the Company's Ottawa office building of $948,000.\"During the quarter, we continued to see the positive effects of our efforts to enhance sector and income diversity through a more targeted approach to business development, including a focus on strategic partnerships and higher margin projects,\" said Scott MacFabe, CEO of BluMetric. \"We are now opening up new opportunities for sustained income growth and in particular we are pleased with increasing private sector revenues within our Commercial/Industrial and Mining markets and ongoing endeavours to build these lucrative client bases.\"While BluMetric's Q1 FY2020 revenues of $6.3 million were down from $7.6 million in Q1 FY2019, this was primarily due to lower Military sector income stemming from a significant one-time contract in last year's first quarter that did not repeat this year. The remaining decrease is attributed to a decline in the Company's Government sector work in connection with less federal and provincial site investigation and remediation projects from the summer months leading up to the Fall 2019 federal election. The drop in total revenues was slightly offset by an increase in BluMetric's Commercial/Industrial sector.Consistent with BluMetric's strategy to increase the significance of its private sector clients and projects, a number of meaningful operational developments and significant contracts were secured in Q1 of FY2020, as described below, that are expected to benefit the Company going forward. Q1 FY2020 Operational HighlightsInvestments continued during the quarter to support the development of cost-effective water treatment technology related to the production of clean water in isolated locations or for emergency response deployment. BluMetric expects to commercialize this technology in FY2020.During the quarter, BluMetric's Commercial/Industrial projects continued to show strength with work focused around environmental site assessment, remediation and risk as...