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SOURCE BluMetric Environmental Inc.
OTTAWA, Feb. 28, 2018 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM) is pleased to announce revenue of $7.6 million and net income of $101,000 for the first quarter of fiscal 2018, ended December 31, 2017.
In light of its ongoing integration of services and products, BluMetric continues to focus on key markets and key clients to support its growth. The Mining, Government, Food & Beverage, Military, Industrial Wastewater, and Commercial/Land Development sectors are expanding, and the Company is active in all with steady successes this quarter.
BluMetric is in a good position to achieve organic growth with its established clients and substantial new growth in targeted sectors. Providing solutions that are both innovative and dependable for existing clients while using new technology to address emerging contaminants and secure new clients will drive the business forward.
"During the first quarter we began re-tasking the organization on two key initiatives," said Dan Scroggins, Interim CEO and Senior Vice President, Research & Innovation of BluMetric. "First, we concentrated a substantial portion of our efforts in areas such as government and mining, where we have been successful in the past. Second, we refocused our remaining resources on sectors with the greatest growth potential: industrial, commercial, and food and beverage. Scott MacFabe, our new CEO as of March 1, 2018, will add strength to these initiatives and we feel that BluMetric now has the tools and is well-positioned for significant client-centred growth."
Three Months Ended
Three Months Ended
Gross margin %
Earnings per share –basic
Earnings per share –diluted
Note 1: EBITDA is a non-IFRS measure and is calculated as net income before interest expense, income taxes, depreciation, and amortization.
Note 2: Adjusted EBITDA is a non-IFRS measure and is calculated as EBITDA, gain or loss on foreign exchange, stock-based compensation, gain or loss on sale of property plant and equipment, gain or loss on debt conversion, unrealized gains on investments held for sale, and impairment of goodwill.
The full results are available at www.sedar.com.
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is a publicly traded cleantech company with a portfolio of industry-leading products, processes, and services in the environment sciences and engineering sectors. BluMetric takes pride in its strong record of providing sustainable solutions to the world's environmental challenges. Headquartered in Ottawa, Ontario, BluMetric's team of industry experts serves clients in Canada, the United States, and Central America.
For more information, visit www.blumetric.ca
Some of the statements in this press release, including those relating to the Company's quarterly and annual results, future products, opportunities and cost initiatives, strategies, and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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