Start-up delays on major projects cause lower 2014 Q3 revenue for BluMetric

Citing start-up delays in two major projects, Ottawa’s BluMetric Environmental Inc. Friday reported a drop in third-quarter revenue compared with the same quarter last year.

In the three months ended June 30, the clean-tech company had revenue of $6.5 million, compared with $7.3 million for the three months ended May 31, 2013.

The company expects revenue from the delayed projects to come in the fourth quarter of 2014 and into the 2015 fiscal year.

BluMetric (TSX-V: BLM) said its net loss per share dropped to $0.01 compared with $0.03 last year. Its gross margin also improved.

The company said operating costs of $1.65 million were down significantly from almost $2 million in the third quarter of 2013.

BluMetric is projecting a strong fourth quarter and said it is nearing the cash break-even point.

“While we would like to see a much stronger bottom line, we are encouraged by theimprovements to our margins and bottom line progress towards profitability,” CEO Roger Woeller said in a statement.

Mr. Woeller added the company has significantly reduced overhead and staffing levels, while tightening proposal procedures and improving project management. He said the company will be focusing on larger client contracts in under-served locations.