BluMetric revenues drop in 2014

Client-driven project delays played a significant role in lower 2014 fiscal fourth-quarter and year-end numbers for BluMetric, the Ottawa-based clean-tech company announced late Monday.

Revenues for the three months ending Sept. 30, 2014 came in at $6.6 million, compared with $11.9 million in the same quarter a year earlier. Revenues for fiscal 2014 were $27.3 million, down 14 per cent from $31.5 million the previous year.

BluMetric (TSXV: BLM) said its results were greatly affected by a $4.3-million non-cash impairment charge relating to carried goodwill and the current performance of the company’s Water Systems group. Still, the firm said it remains upbeat about the group’s future revenue potential.

The company posted a net loss of $5.7 million in the fourth quarter, or 23 cents per share, compared with a loss of $1.2 million, or five cents per share, in the same quarter in 2013. For the fiscal year, it reported a net loss of $6.9 million, or 28 cents per share, compared with a net loss of $2.3 million, or 10 cents per share, in 2013.

BluMetric CEO Roger Woeller said the company concentrated on building the base necessary for growth in 2014, adding it will take time to see the real results from BluMetric’s “cost containment initiatives.”

He said future quarters will see improvements in both sales and managing expenses.

Mr. Woeller said BluMetric is working to advance the client-driven project delays, “with most already having come on-line in fiscal year 2015.”

“The real upside for fiscal 2015 lies in the steady performance of the Professional Services group combined with substantially improved performance from the Water Systems group,” Mr. Woeller said in a statement. “Our overall goal for fiscal 2015 is simple: a significant increase in total revenue leading to positive earnings.”