BluMetric Environmental Announces Financial Results for the Second Quarter of Fiscal 2022


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Ottawa, Ontario–(Newsfile Corp. – May 26, 2022) – BluMetric Environmental Inc. (TSXV: BLM) (“BluMetric” or the “Company”), a full-service environmental consulting and technology engineering company focused on water, announces its financial results for the second quarter ended March 31, 2022.

Strong points

  • Revenue for the three and six months ended March 31, 2022, was $8.2 million and $16 million, respectively, compared to $9.1 million and $17.3 million in 2021.
  • Gross margin for the three- and six-month periods ended March 31, 2022 was 22% and 24% respectively, compared to 29% and 28% in 2021.
  • EBITDA (see definition below) for the three months and six months ended March 31, 2022 was $469,000 and $1.4 million respectively, compared to $1.6 million and $2.8 million in 2021.
  • Net cash (see definition below) as of March 31, 2022 was $2.7 million compared to net cash of $2.0 million as of March 31, 2021.

BluMetric President and CEO Scott MacFabe said, “Overall, revenue and margins declined as the second quarter of 2021 included non-recurring, high-margin COVID-related projects. We are seeing a recovery in our business development pipeline across all segments, which is expected. to be monetized in the coming quarters.”

A summary of the Company’s results can be found below. The complete financial statements as well as the management report can be consulted on SEDAR (www.sedar.com).

Financial table

Three months completed
March 31, 2022
Three months completed
March 31, 2021
Half-year ended March 31, 2022 Half-year ended March 31, 2021
($000) ($000) ($000) ($000)
Revenue 8,214 9,139 16,030 17,291
Gross profit 1,802 2,664 3,847 4,883
Gross margin 22% 29% 24% 28%
Operating Expenses 1,454 1,199 2,719 2,350
Operating result 348 1,465 1,128 2,533
Financial expenses 24 122 57 241
Profit before provision for income tax 324 1,343 1,071 2,292
income tax expense 60 291 254 541
net profit 264 1,052 817 1,752
Earnings per share – basic and diluted 0.01 0.04 0.03 0.06
EBITDA1 469 1,617 1,382 2,838
Free movement of capital2 122 1,939 (226) 2,233
Net cash3 2,687 2,028

Note 1: EBITDA is a non-IFRS measure and is net earnings before interest expense, income taxes, and amortization.

Note 2: Free cash flow is a non-IFRS measure and is calculated as operating cash flow less capital expenditures and net payment of lease obligations.

Note 3: Net cash is a non-IFRS measure and is calculated as cash less total debt excluding lease liabilities.

About BluMetric Environment Inc.

BluMetric Environmental Inc. is a publicly traded environmental engineering and consulting firm with expertise in professional and business disciplines and technologies that enable the design, manufacture and delivery of sustainable solutions to environmental and water challenges. BluMetric has over 170 employees in ten offices and over 40 years of expertise. Based in Ottawa, Ontario, BluMetric’s team of industry experts serves commercial/industrial, government, military and mining customers in Canada and the United States.

For more information, visit www.blumetric.ca or contact:

Scott MacFabe, CEO
BluMetric Environment Inc.
Tel: 613.839.3053
E-mail: [email protected]

Vivian Karaiskos, Chief Financial Officer
BluMetric Environment Inc.
Tel: 613.839.3053
E-mail: [email protected]

Forward-looking statements

Certain of the statements contained in this press release, including those relating to the Company’s quarterly and annual results, future revenues, cost opportunities and initiatives, strategies and other statements that are predictive in nature, rely upon or refer to future events or conditions, or which include words such as “expects”, “anticipates”, “intends”, “anticipates”, “believes”, “estimates” or similar expressions, are forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, information regarding the Company’s possible or assumed future operating results. These statements are not historical facts but rather represent only the Company’s expectations, estimates and projections regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this release not to place undue reliance on our forward-looking statements, as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set out in the Company’s most recent annual MD&A and in the Company’s continuous disclosure documents which are available on SEDAR at www.sedar.com. The Company does not intend and disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125521

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