BluMetric Announces Third Quarter Fiscal 2014 Results And Operational Update

About this update from Blumetric Environmental Inc.

[{"type":"text","content":"\n\nOTTAWA, Aug. 28, 2014 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM) announces the following unaudited results for the three and nine months ended June 30, 2014, with comparative unaudited results for the three- and nine-month periods ended May 31, 2013.\n\n\n\n\n\nThree Months EndedJune 30,2014\n\n\nThree Months EndedMay 31, 2013\n\n\nNine Months EndedJune 30, 2014\n\n\nNine Months EndedMay 31, 2013\n\n\n\n\n$000\n\n\n$000\n\n\n$000\n\n\n$000\n\n\n\nRevenue\n\n\n6,498\n\n\n7,267\n\n\n20,741\n\n\n19,599\n\n\n\nSG&A\n\n\n1,650\n\n\n1,971\n\n\n5,349\n\n\n4,465\n\n\n\nNet Loss\n\n\n(291)\n\n\n(773)\n\n\n(1,258)\n\n\n(1,087)\n\n\n\nLoss Per Share\n\n\n(0.01)\n\n\n(0.03)\n\n\n(0.05)\n\n\n(0.05)\n\n \n\nRevenues for the third quarter ended June 30, 2014 were $6,498,000 compared with $7,267,000 for the closest comparable period in 2013.  The reported revenues were comparable to the $6,618,000 reported in the second quarter of fiscal 2014.  Results were affected by two major projects experiencing start-up delays arising from client decisions over which the Company had no control. The anticipated revenue from these two projects is now expected to occur during the fourth quarter of 2014 and into fiscal 2015.\n\nDespite the slight reduction in revenues in the quarter, gross margins and income per share improved relative to both the third quarter of fiscal 2013 and the second quarter of 2014. \n\nOperating costs were substantially reduced from both the prior quarter of 2014 and the equivalent period in 2013, reflecting the previously reported measures to curtail expenses, particularly with respect to overhead.  Temporary labour was hired to meet the summer bulge in business activity. \n\nThe Company is nearing break-even on a cash basis, and expects a strong fourth quarter for both divisions.  In the short run, the Water division will focus on both cost control and working through the projects in the division's order backlog, which at $11 million represents a more than 10% improvement over fiscal 2013's total divisional sales. The Professional Services division will continue to focus on winning value-added contracts and building margins.\n\n\"BluMetric has significantly reduced its overhead, and is working to improve its margins,\" said Roger Woeller, CEO of BluMetric Environmental.  \"To that end, th...

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