Business
BluMetric Delivers Continued Profitability in Q1 FY2019
Ottawa, Ontario--(Newsfile Corp. - March 1, 2019) - BluMetric Environmental Inc. (TSXV: BLM) i...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Delivers Continued Profitability in Q1 FY2019Ottawa, Ontario--(Newsfile Corp. - March 1, 2019) - BluMetric Environmental Inc. (TSXV: BLM) is pleased to announce continued profitability for the quarter ended December 31, 2018, reporting revenue of $7.6 million and net earnings of $189,000.Financial HighlightsEarnings before provision for income tax were $267,000 and net earnings were $189,000 at December 31, 2018, compared to earnings before income tax and net earnings of $101,000 in the same quarter of the previous year.EBITDA (see Note 1 definition below) increased to $429,000 at December 31, 2018 from $301,000 at December 31, 2017, representing a 43% increase.Revenue and gross margin for the quarter remained consistent at $7.6 million and 22%, when compared to the same quarter of the previous year.Operating costs decreased slightly to $1.3 million from $1.4 million in the same quarter of the prior year.\"Building on strong annual results for FY2018, our first quarter of 2019 produced solid improvement in our net earnings and EBITDA as we improve the quality of our client portfolio,\" said Scott MacFabe, CEO of BluMetric. \"By focusing on markets where we offer elite technical expertise and clients where we see the opportunity to develop deep, meaningful partnerships, we are laying the groundwork for solid success in coming quarters and positioning BluMetric for sound, sustained growth.\" Operational HighlightsDuring the quarter, BluMetric continued to show operational improvements in its major business segments demonstrating the success of its FY2018 strategic alignment, which coupled with a refined focus involves targeting markets where the Company enjoys the strongest competitive positioning and sees the most potential for long-term development. Mining: On the mining front, with a focus on the delivery of multifaceted engineering solutions, BluMetric was pleased to initiate a substantial FEL2 site characterization project for a major mining client in Northern Ontario. The Company also advanced detailed engineering design work for remedial projects and upgrading water control infrastructure at several mine facilities. Military: BluMetric's military business continued to thrive during the quarter. Projects for the Royal Canadian Navy included various challenging assignments abroad for field support services and the d...