Blumetric announces third quarter fiscal 2013 results and operational update

About this update from Blumetric Environmental Inc.

[{"type":"text","content":"\n\n\nOTTAWA, July 30, 2013 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM;\n \"BluMetric\" or the \"Company\") announces the following unaudited results\n for the three and nine months ended May 31, 2013 with comparative\n unaudited results for the equivalent periods in fiscal 2012.\n\n\n\n\n\n\n\n \n\n\nThree Months Ended\nMay 31\n\n \n\nNine Months Ended \nMay 31\n\n\n\n\n \n\n\n2013\n\n\n2012\n\n \n\n2013\n\n\n2012\n\n\n\n\n \n\n\n$000\n\n\n$000\n\n \n\n$000\n\n\n$000\n\n\n\n\nRevenue\n\n\n7,267\n\n\n5,831\n\n \n\n19,630\n\n\n17,257\n\n\n\n\nGross Margin\n\n\n1,250\n\n\n1,105\n\n \n\n3,740\n\n\n3,055\n\n\n\n\nNet Income (Loss)\n\n\n(773)\n\n\n9\n\n \n\n(1,014)\n\n\n(779)\n\n\n\n\nIncome (Loss) per share\n\n\n(0.03)\n\n\n(0.03)\n\n \n\n(0.03)\n\n\n(1.29)\n\n\n\n\n\n\n\nThe third quarter 2013 results reflect strong revenue growth relative to\n both the same period in 2012 (+25%) and also to the prior quarter in\n 2013 (+21%). Gross margins in the quarter were somewhat lower than\n expected due to the specific mix of revenue sources and the relatively\n late spring which temporarily suppressed the higher activity levels\n typically associated with warmer weather. Late in the quarter, and\n continuing into the fourth quarter and beyond, activity levels and\n margins appear to be recovering to more typical levels.\n\n\nOperating costs were higher than the prior quarter and the equivalent\n period in 2012, reflecting an increase in headcount required to achieve\n and execute on anticipated business growth, increases in several\n overhead cost categories, some non-recurring costs associated with both\n the RTO and the debenture which closed after the quarter end, and an\n increase in amortization resulting from the amalgamation of WESA and\n Seprotech.\n\n\nThe company is aggressively pursuing growth opportunities in new and\n existing markets and expects certain costs to increase in advance of\n revenue growth.  That said, and in view of the increase in overhead\n costs since the RTO, the Company is as a matter of course reviewing all\n of its cost structures with a view to optimising internal efficiency.\n\n\nThe impact of the RTO on operations is expected to continue to be\n significant and positive. In light of the pre-existing synergies\n between the merged entities, we c...

More updates from Blumetric Environmental Inc.