Delayed financial filing reveals big losses for BluMetric’s fiscal year

A large increase in revenue failed to stem a growing net loss for Ottawa-based BluMetric for its most recent fiscal year, the company announced late last week.

The environmental services and water treatment company lost $2.3 million during the 13-month period that ended on Sept. 30. That’s up from a net loss of $114,000 during the nine-month period that ended Aug. 31, 2012.

The company blamed the losses on lower margins and increased costs.

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“We are not satisfied with these results,” said Roger Woeller the company’s co-CEO, in a press release. “Management has taken steps to identify and correct the deficiencies and at the same time protect the inherent good practices and values of our organization.”

The company announced in August that it would be changing the end date of its fiscal year from Aug. 31 to Sept. 30, adding an additional month to both the fiscal year and the company’s most recent quarter.

Adding to the complication, the company’s previous fiscal year began in November 2012, when BluMetric Environmental completed a reverse takeover of the WESA Group.

During the four-month period that ended on Sept. 30, 2013, BluMetric reported revenue of $11.9 million. That’s an increase from the $6.3 million the company reported during the three-month period that ended Aug. 31, 2012.

That increased revenue didn’t result in a higher net income, though. The company’s net loss for the quarter was $1.3 million, up from $393,000 during the comparable period from the previous year.

BluMetric previously missed its reporting deadline due to an audit delay but is now back in compliance with its disclosure obligations thanks to the filing of the most recent results, the company said.

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