BluMetric Announces Profit for the First Quarter of FY2017

BluMetric Environmental Inc. (TSXV: BLM) reported sales growth of 4 percent and net income of $228,000 in its unaudited results for the Q1 of fiscal 2017, ended December 31, 2016.
As quoted in the press release:

“We are pleased with the performance of BluMetric for the first quarter of 2017,” stated Roger Woeller, CEO of BluMetric.  “Our team excels in each of the sectors that we support, and as each of these sectors evolves and expands, our unique services, products, and systems will continue to be well positioned to benefit.”
Financial Highlights

• Net income for the quarter was $228,000 compared to a net income of $16,000 for the same quarter in fiscal 2016.
• Revenue for the quarter increased $0.4 million to $8.3 million compared to $7.9 million for the quarter ended December 31, 2015, representing a 4% growth.  Professional Services revenue increased $0.1 million quarter over quarter, while Water Systems showed an increase of $0.3 million.  The growth in the Water Systems revenue can be mainly attributed to a rise in manufacturing and assembly projects.
• Quarterly revenue was split $6.4 million from Professional Services and $1.9 million from Water Systems, compared to $6.3 million from Professional Services and $1.6 million from Water Systems for the same period in the previous year.
• Gross margin increased slightly to 20% compared to 19% for the same quarter in fiscal 2016, mostly as a result of improved margin in Professional Services.
• Operating costs increased slightly to $1.3 million from $1.2 million for the same quarter in the prior year.
• EBITDA (see Note 1 definition below) increased to $0.5 million from $0.4 million for the quarter compared to same quarter in fiscal 2016. The increase is due to improvement in all operational factors – higher net income but also slightly lower depreciation and amortization costs and lower financing costs.

Operational Highlights

• BluMetric’s sector-specific growth strategy continues to drive new and existing contracts with both public and private sector clients in mining, industrial and commercial water and wastewater, and the government, especially in Northern Ontario and the Arctic.

• The Company has diversified and grown the services offered in these areas to offset the historically seasonal nature of the northern work. New product and service innovations, tailored to client needs, are being developed and pursued.

• Ongoing service and maintenance contracts have proven to be a steady source of revenue for projects in the Northern Ontario and the Arctic

Click here for the full press release.