Q2 Revenues and Gross Profit Reach Record Quarterly Level
ST. JOHN'S, NL / ACCESSWIRE / June 2, 2015 / Bluedrop Performance Learning "Bluedrop" (TSX-V: BPL) today reported its financial results for the three months ended March 31, 2015.
Revenues for the three months ended March 31, 2015 were $5.3 million, up from $4.5 million, an increase of 19% on the same period in the previous year. Gross profit for the period was $2.2 million, an increase of $0.5 million over the three month period ended March 31, 2014. Pre-tax income was $0.01 million for the three month period compared to a loss of $0.8 million in the same period in the previous year, an improvement of $0.8 million. After tax profit for the period was $0.01 million compared to after tax loss of $0.6 million for the same period in the previous year.
For the first six month of the year revenues were $9.7 million, versus $6.5 million, an increase of 49% compared to the same period last year. Gross margins were $3.8 million, versus $2.4 million, an increase of $1.4 million versus the same period last year. Pre-tax income was $0.2 million, versus a loss of $3.5 million, an increase of $3.7 million versus the same period last year.
This is the first quarter that both the current and comparative period results include revenues and expenses from the Atlantis Systems Corp ("Atlantis") acquisition. Higher gross margins were realized in the Bluedrop Training & Simulation business unit during the current period due to cost reductions implemented in the previous quarters and improved utilization rates. Sales, marketing, general and administrative costs for the business unit were reduced as well as a result of the cost reduction programs completed over the acquisition integration period.
Combined sales and marketing and general and administrative expenses decreased by $0.4 million in the three month period compared with the same period last year.
For further details please see the Financial Statements and Management's Discussion and Analysis for the quarter ended March 31, 2015 which are available on the Company's web site at www.bluedrop.com or on SEDAR at www.sedar.com.
Commenting on the results and year to date progress of Bluedrop, Founder and CEO Emad Rizkalla said, "This is a record quarter for the company in terms of revenues and gross profit, and it is the highest level of revenues and gross profit we have ever achieved in a six month period. The Training and Simulation team have really done an excellent job of integrating the Atlantis acquisition in a very short period of time. With these strong results we continue to strengthen our balance sheet while still investing in our growth in both business units.
As outlined in our last quarterly report we are continuing to invest more management time and funds to grow the new SaaS Bluedrop 360 Training Management & Delivery platform and its recurring revenue stream with new accounts to increase its order book."
About Bluedrop
Bluedrop Performance Learning (TSX-V: BPL) is an innovator in workplace training for individuals, corporations, military personnel and the public sector. Bluedrop is transforming the workplace by designing, developing and delivering practical, actionable and affordable training content that improves individual and overall performance of organizations.
For more information, visit www.bluedrop.com.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding the impact of the operational restructuring and future plans and objectives of Bluedrop, constitute forward-looking information that involve various risks and uncertainties. Forward looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the operational efficiencies associated with the integration of technological and financial systems and general economic and market conditions. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from Bluedrop's expectations include general global economic conditions. For additional information with respect to risk factors applicable to Bluedrop, reference should be made to Bluedrop's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Bluedrop's Management's Discussion and Analysis of Results of Operations and Financial Condition For the Year Ended September 30, 2014. The forward-looking information contained in this release is made as of the date of this release and Bluedrop does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.
Media contact:
Lynn Hammond
Bluedrop Performance Learning Inc.
lynnhammond@bluedrop.com
709-570-5691
709-330-1260
SOURCE: Bluedrop Performance Learning Inc.
