Business
BluMetric Announces Profitable Q2 FY2019 Financial Results and Top 75 Defence Market Ranking
Ottawa, Ontario--(Newsfile Corp. - May 29, 2019) - BluMetric Environmental Inc. (TSXV: BLM), a...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Announces Profitable Q2 FY2019 Financial Results and Top 75 Defence Market RankingOttawa, Ontario--(Newsfile Corp. - May 29, 2019) - BluMetric Environmental Inc. (TSXV: BLM), a full-service environmental consulting and engineering clean tech firm, today reported continued profitability for the period ended March 31, 2019, recording revenue of $7.0 million and net earnings of $112,000. Highlighting BluMetric's ability to compete with the best in Canada's defence market, the Company was recently ranked as one of the top 75 defence companies in Canada by Canadian Defence Review magazine in its Special CANSEC Edition.Q2 FY2019 Financial Highlights Earnings before provision for income tax were $162,000 and net earnings were $112,000 for the three months ended March 31, 2019, compared to earnings before income tax and net earnings of $169,000 in the same quarter of the previous year. EBITDA (see Note 1 definition below) decreased to $311,000 for the three months ended March 31, 2019 from $325,000 for the three months ended March 31, 2018, representing a 4% decrease.Gross margin for the quarter remained consistent at 21% compared to the same quarter of the previous year.Revenue for the quarter declined to $7.0 million from $7.7 million when compared to the same quarter of the previous year for a decline of 9%.Operating costs decreased slightly to $1.2 million from $1.3 million in the same quarter of the previous year.\"During the quarter we continued with an emphasis on integrating BluMetric's services and tightening our operational disciplines in order to be more targeted in our offerings, markets and geographic focus; a strategy that is proving very successful,\" said Scott MacFabe, CEO of BluMetric. \"With these new systems now coming into place, we are looking outward to expansion, creating new opportunities through our technical sophistication and unique ability to deliver full spectrum, tailored solutions to even the most complex environmental challenges.\"Operational HighlightsBluMetric now conducts business across four key business segments where it experiences market leadership and sees the most potential for meaningful, sustained growth:Military - BluMetric was recently ranked among Canada's top 75 defence companies, an accomplishment that confirms the Company's place as an important competitor in the Defence Market...