BluMetric Announces First Quarter 2022 Financial Results



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Ottawa, Ontario–(Newsfile Corp. – February 24, 2022) – BluMetric Environmental Inc. (TSXV: BLM), a full-service cleantech environmental engineering and consulting firm, is pleased to report financial results for the first quarter ended December 31, 2021.

Strong points

  • Income for the quarter ended December 31, 2021 was $7.8 million, compared to $8.2 million for the quarter ended December 31, 2020.
  • Gross margin decreased slightly to 26% for the quarter, compared to 27% for the same quarter of the previous year.
  • EBITDA and Adjusted EBITDA (see definition in Note 1 below) for Q1 2022 decreased to $912,000 from $1.2 million in Q1 2021.
  • Net cash (see note 3 below for definition) as of December 31, 2021 was $2.6 million. This compares to net cash as of September 30, 2021 of $2.8 million and net cash of $76,000 as of December 31, 2020.

The commercial and industrial market increased slightly in the first quarter of 2022 compared to the first quarter of 2021. The government market continues to see strong activity, with a current focus on more traditional environmental services rather than pandemic-related projects which prevailed in the first quarter of 2021. was in line with the first quarter of 2021. Revenue from the mining market decreased in the first quarter of 2022 compared to the first quarter of 2021. The company continues to see potential in this market and has strengthened the management team of the mining sector with the aim of adding new clients to its mining portfolio.

“BluMetric’s first quarter of 2022 continues the positive results that made fiscal 2021 a banner year for the company,” said Scott MacFabe, CEO of BluMetric.

Outlook

BluMetric is implementing strategies to support market growth and expansion, including the expansion of its standard products for mobile drinking water and wastewater treatment. In addition, the Company is considering acquisition opportunities to accelerate its growth.

The company’s wide diversity of services and market sectors and its strong working capital will position BluMetric for continued future growth.

Financial table


Three months completed
December 31, 2021
Three months completed
December 31, 2020

($000) ($000)
Income 7,816 8,152
Gross profit 2,045 2,220
Gross margin % 26% 27%
Operating Expenses 1,265 1,151
Operating result 780 1,068
Financial expenses 33 120
Profit before provision for income tax 747 949
Income tax expense (recovery) 195 249
net profit 552 700
Earnings per share – basic and diluted 0.02 0.02
EBITDA and Adjusted EBITDA1 912 1,221
Free movement of capital2 (348) 294
Net cash3 2,566 76

Note 1: Adjusted EBITDA is a non-IFRS measure and is calculated as net earnings before interest expense, income taxes, and amortization (EBITDA) before gain or loss on sale of property, plant and equipment and impairment of goodwill .

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.

Full results are available at www.sedar.com.

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 160 employees operating in ten offices and over 40 years of expertise. Based in Ottawa, Ontario, BluMetric’s team of industry experts serves commercial and industrial, military, mining and government 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
Email: smacfabe@blumetric.ca

Vivian Karaiskos, Chief Financial Officer
BluMetric Environment Inc.
Tel: 613.839.3053
Email: vkaaiskos@blumetric.ca

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 anticipated 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/114795

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