Ottawa’s BluMetric’s commitment to controlling costs, building sales and improving efficiencies paid off with encouraging third-quarter results, the cleantech company’s CEO, Roger Woeller, said Monday.
“We are doing what we said we would do and are energized by the results. We will continue to build on this success with a focus on sustained profitability,” Mr. Woeller said in a statement.
BluMetric (TSX-V: BLM) reported third-quarter revenue of $8.7 million, an increase of 34 per cent from the $6.5 million posted during the same quarter last year. The firm’s year-to-date revenue of $24.2 million is 17 per cent higher than at the same time in 2014.
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The company said the increased revenue so far in 2015 is “mainly a result of ongoing design/build projects, which typically yield higher margins than fee for service work.”
BluMetric had a gross margin of 23 per cent for the three months ending June 30, up from the 20 per cent posted in the same quarter last year.
The company’s EBITDA for both the quarter at $661,000 and year to date $1.8 million were up significantly compared with last year’s numbers of $54,000 for the quarter and a loss of $226,000 for the nine-month period.
BluMetric’s net income for the quarter was $322,068, compared with a loss last year of $291,397. Year-to-date, the company was also in the black, showing net income of $681,912 compared with a loss of $1.3 million as of June 30, 2014.
The quarter saw the firm win several new contracts and change its management structure. BluMetric said the changes will help the company continue to focus on delivering “innovative and holistic solutions.”