Ottawa – January 30, 2017 – BluMetric Environmental Inc. (TSX.V: BLM), an Ottawa-based cleantech company, announces the following results, unaudited for the fourth quarter of 2016, and audited for the fiscal year ended September 30, 2016. In the fourth quarter, the Company posted a small loss of $0.1 million on revenue of $7.3 million, while the year’s results showed a profit of $0.6 million on revenue of $31.5 million.
“BluMetric’s Professional Services group has performed well, increasing revenues and profitability in spite of challenges faced in some of its markets. Within our Water Systems group, we experienced a decline in revenues, mainly related to timing of engineered solutions projects” said Roger Woeller, CEO of BluMetric. “With anticipated growth, revenue from this area will be less susceptible to swings. I am pleased with the leadership and efforts shown by our people this past year.”
BluMetric is in a strong position to take advantage of growth opportunities in its target sectors and drive profitability, having significantly improved its financial position with new financing arrangements. The growth is anticipated in all parts of our business. The Company will continue to build its strengths in its primary geographical regions, North America and Central America, as well as its special skills relating to the North and remote and challenging environments. The Company is an innovator and an integrator, and will continue to identify, develop and commercialize new product and service solutions and identify disruptive technologies to service our clients.
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, gain or loss on foreign exchange, stock based compensation, gain or loss on sale of property plant and equipment, unrealized gains on investments held for sale and impairment of goodwill.
The full results are available at www.sedar.com.
BluMetric Environmental Inc. is a publicly traded cleantech company with a portfolio of industry-leading products, processes, and services in the environment sciences and engineering sectors. We take pride in our strong record of providing sustainable solutions to the world’s environmental challenges. Headquartered in Ottawa, Ontario, BluMetric’s award-winning team of industry experts serves clients in Canada, the United States and Central America.
For more information, visit www.blumetric.ca, or please contact
Roger Woeller, CEO
BluMetric Environmental Inc.
Tel: 613.839.3053 x 242
Robin M. Sundstrom
IRonside Investor Relations
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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