BluMetric announces second quarter fiscal 2013 results

OTTAWA, April 29, 2013 /CNW/ - BluMetric Environmental Inc (TSXV: BLM) ("BluMetric" or the "Company") announces the following unaudited results for the three and six months ended February 28, 2013, with comparative unaudited results for the equivalent periods in fiscal 2012.

  Three Months  Ended
February 28
  Six Months Ended
February 28
  2013 2012   2013 2012
  $000 $000   $000 $000
Revenue 6,024 4,486   12,364 11,426
Gross margin 1,079 635   2,489 1,950
Net loss (490) (395)   (241) (822)
Loss per share (0.22) (0.64)   (0.01) (1.31)


Revenue and gross margins for the quarter were improved over 2012 results, reflecting the full consolidation of operating results following the previously reported amalgamation of WESA Group Inc. with BluMetric (formerly Seprotech systems Incorporated) in November, 2012. Contributions to revenue growth during this period were largely attributed to the Water Division, this quarter being a traditionally slower period for the Professional Services Division.

Increased operating expenses for the quarter largely reflect the inclusion of expenses attributable to the former Seprotech Systems Incorporated, the incremental costs associated with being a public company, and non-recurring expenses arising in connection with the amalgamation, such as re-branding and communication costs. The net loss of $490 in the quarter and $241 for the six-month period shows a comparative improvement over the same periods in fiscal 2012, and is in line with management's expectations.

"The small loss for the period is consistent with historical trends, which reflect a degree of seasonality in the Professional Services business over the holiday season and through the winter months," said William Touzel, CEO. "We are pleased with the progress being made in integrating the two companies following their amalgamation last November, and we anticipate continuing growth through the coming quarters."

About BluMetric

BluMetric delivers sustainable solutions to complex environmental issues.  The Company serves clients in many industrial sectors, and at all levels of government, in Canada and abroad.

BluMetric operates through two divisions:

  • Professional Services Division, providing environmental earth sciences and engineering solutions, contaminated site remediation, water resource management, industrial hygiene, occupational health & safety, and renewable energy.  This division operates under the names "WESA", "Envir-Eau", and "OEL-HydroSys";

  • Water Division, focussed on design-build and pre-engineered product solutions to industrial/commercial water and wastewater treatment needs.  This division operates under the names "WESAtech" and "Seprotech".

More information can be obtained at www.blumetric.ca

Forward-looking Statements
Neither 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. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's 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.

SOURCE BluMetric Environmental Inc.



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