BluMetric Environmental Announces Fiscal Q2 2022 Financial Results
Ottawa, Ontario--(Newsfile Corp. - May 26, 2022) - BluMetric Environmental Inc. (TSXV: BLM) ("BluMetric," or the "Company"), a full-service environmental consulting and engineering cleantech firm with a focus on water, announces its financial results for the second quarter ended March 31, 2022.
Highlights
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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.
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Gross margin for the three and six month period ended March 31, 2022 was 22% and 24% respectively, compared to 29% and 28% in 2021.
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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.
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Net cash (see definition below) as at March 31, 2022 was $2.7 million from net cash of $2.0 million at March 31, 2021.
BluMetric's Chief Executive Officer Scott MacFabe commented, "Overall, revenue and margins were down as the second quarter of 2021 included non-recurring, high margin COVID related projects. We are experiencing a pick up in our business development pipeline across all segments which is expected to monetize in the coming quarters."
A summary of the Company's results can be found below. Complete financial statements along with Management's Discussion and Analysis can be found on SEDAR (www.sedar.com).
Financial Table
| | Three Months Ended | Three Months Ended | Six Months Ended March 31, 2022 | Six Months 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 profit | 348 | 1,465 | 1,128 | 2,533 |
| Finance costs | 24 | 122 | 57 | 241 |
| Earnings before provision for income tax | 324 | 1,343 | 1,071 | 2,292 |
| Income tax expense | 60 | 291 | 254 | 541 |
| Net earnings | 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 cash flow2 | 122 | 1,939 | (226) | 2,233 |
| Net cash3 | | | 2,687 | 2,028 |
Note 1: EBITDA is a non-IFRS measure and is calculated as net income before interest expense, income taxes, depreciation, and amortization.
Note 2: Free cash flow is a non-IFRS measure and is calculated as operating cash flows 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 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 170 employees operating in ten offices and over 40 years of expertise. Headquartered in Ottawa, Ontario, BluMetric's team of industry experts serves Commercial/Industrial, Government, Military and Mining clients in Canada and the United States.