Ottawa – 27 January 2021 – BluMetric Environmental Inc. (TSX.V: BLM), a full-service environmental consulting and engineering cleantech firm, is pleased to announce its financial results for the quarter and year ended September 30, 2020.
Despite the uncertainty and disruption caused by COVID-19 and a difficult second quarter, BluMetric had a strong second half of 2020, recording revenue of $28.6 million and net earnings of $471,000 for the year. Most notably, revenue in the fourth quarter was $10.4 million compared to $6.6 million for the same period in the previous year. Earnings before provision for income tax were $1.2 million, the highest in the Company’s history, compared to $479,000 for the same period in the previous year.
“I’m very pleased to deliver these results to our shareholders,” says Scott MacFabe, CEO of BluMetric. “The ongoing pandemic made fiscal year 2020 a difficult year for everyone, yet thanks to our dedicated professionals, solid client relationships and strict adherence to our pandemic plan, we were able to continue providing essential services to our customers and deliver a strong Q4 and profitable year. We’re looking forward to continuing this momentum into 2021.”
BluMetric’s services, notably in the Mining, Government and Military sectors, were mostly deemed essential. Additionally, the Company was able to leverage its industrial hygiene expertise to win new COVID-19 related project work supporting various commercial clients. Overall, the Company was able to maintain a base level of work and won additional large one-time contracts to deliver above expectations.
COVID-19 cases continue to increase, prompting the declaration of a second state of emergency, with stay at home orders announced in both Ontario and Quebec, the two provinces where the Company has the majority of its offices.
Much of BluMetric’s project work is deemed essential by applicable governments. Consequently, the Company’s Government and Military markets have not been materially impacted by the pandemic and projects in these markets are expected to continue with minimal disruption. The Industrial Hygiene/Occupational Health and Safety service line will continue to offer COVID-19 related consulting offerings which the Company expects will mitigate slowdowns and postponements that may occur with more traditional commercial-industrial projects.
The Company believes that the diversity of its service offerings will continue to mitigate the impact of COVID-19 on the Company’s revenue. Further, the Company will continue to minimize its discretionary spending and actively manage its operational costs.
Note 1: EBITDA is a non-IFRS measure and is calculated as net income before interest expense, income taxes, depreciation, and amortization.
Note 2: Adjusted EBITDA is a non-IFRS measure and is calculated as EBITDA before gain or loss on sale of property and equipment, impairment of goodwill and the impact of the Company’s IFRS 16 implementation.
The full results are available at www.sedar.com.
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is a publicly traded environmental consulting and engineering company with expertise across professional and trade disciplines and technologies that allow for the design, fabrication and delivery of sustainable solutions to environmental and water challenges. BluMetric has over 150 employees operating in ten offices and over 40 years of expertise. Headquartered in Ottawa, Ontario, BluMetric’s team of industry experts serves Commercial and Industrial, Military, Mining and Government clients in Canada and the United States.
For more information, visit www.blumetric.ca, or please contact:
Scott MacFabe, CEO
BluMetric Environmental Inc.
Vivian Karaiskos, CFO
BluMetric Environmental Inc.
Some of the statements in this press release, including those relating to the Company’s quarterly and annual results, future products, opportunities and cost initiatives, strategies, and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company’s expectations, estimates, and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
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