First quarter results put BluMetric back in the black

Ottawa-based BluMetric Environmental Inc. (TSXV: BLM) returned to profitability during its first quarter of 2014.

The environmental services and water treatment company reported a net income of $18,000 during the three-month period that ended on Dec. 31.

That’s up from the company’s previous reporting period – a four-month time frame that ended Sept. 30 – when BluMetric reported a net loss of $1.3 million.

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Net income is down when compared to a similar period last year, the three-month period that ended Nov. 30, 2012, when the company reported net income of $176,000.

Comparing with previous results at the company is difficult, though.

The creation of BluMetric, a result of Seprotech Systems’ reverse takeover of the WESA Group, changed the company’s fiscal year-end from Aug. 31 to Sept. 30.

BluMetric reported revenue of $7.6 million during its most recent quarter, which it compares to the $6.3 million it brought in during the quarter that ended Nov. 30, 2012. However that reporting period does not include full quarterly revenue for both companies.

During the four-month period that ended on Sept. 30, 2013, BluMetric reported revenue of $11.9 million.

The company’s gross margin rose to 24 per cent during the quarter from 22 per cent in 2012.

“The results of this quarter are beginning to show the impact of management’s focus on cost reduction and business development,” said Roger Woeller, co-CEO of BluMetric, in a press release.

“We expect to see further benefits in coming quarters from improvements related to a recently strengthened financial team, better business processes and reporting, and the gradual implementation of a new management information system.”

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