Bluedrop Releases Q1 Financial Results
FSC / Press Release
Bluedrop Releases Q1 Financial Results
Revenues up 15% for the Quarter reflecting progress on growth plans
St. John's, Newfoundland CANADA, March 01, 2013 /FSC/ - Bluedrop Performance Learning Inc. (BPL - TSX Venture), today reported its financial results for the quarter ended December 31, 2012.
The revenue for the quarter ended December 31, 2012 was $2,392,954 up from $2,080,448 an increase of 15% on the same period in the previous year. Gross profit for the quarter was $964,178 down from $1,011,210 a decrease of 5%. Pre-tax earnings for the quarter were a loss of $461,333 versus income of $521,900 a decrease of $983,233. After tax loss for the period was $407,800 as compared to income of $336,227. For further details please see the Financial Statements and Management's Discussion and Analysis for the quarter ended December 31, 2012 which are available on the Company's web site at www.bluedrop.com or on SEDAR at www.sedar.com.
During the Quarter, the Company experienced a delay in business activities related to a significant contract with CAE Inc. That in turn resulted in less billable hours and less revenues in relation to the previously announced translation contract associated with this work. It is expected that the contract will be restarted in the coming quarters and that the forecasted revenues from the program and some of the translation contract will be realized in the fiscal year. Any work remaining on the contract is now increasing the backlog of work for the group. The displaced workers were quickly redeployed to another program and the company is now realizing a more normalized billable utilization. This delay contributed to the reduced in Quarter revenues and the reduced margins for the period. The CoursePark business unit enjoyed continued year over year growth of over 35% and a slight reduction in period margins due to a one time write off of prepaid content.
The Company continued to invest in its future growth by increasing its sales and marketing efforts across all operations for an in quarter increase of $277,134 versus the same period last year. General and administrative expenses increased by $46,052 in the quarter compared to the same period last year. There were various changes in Share Based compensation, Amortization, Interest and in period government assistance that contributed to the reduced earnings. See the Financial Statements and Management's Discussion and Analysis for the quarter ended December 31, 2012 for more information.
Commenting on the results and progress of Bluedrop, Founder and CEO Emad Rizkalla said "I am happy with the continued growth despite the delay on the CAE contract. Our affected Defence project team is now fully redeployed on new programs and we should have more normalized billable time along with increased backlog. The CoursePark.com unit continues to make significant strides. We entered this year with a plan to invest in sales and marketing to drive growth and I am still confident this will produce strong in year growth."
Bluedrop Performance Learning (TSX-V: BPL) is an innovator in workplace training for individuals, corporations, military personnel and the public sector. Launched in 2004, with six offices and over 100 employees, 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.
Libby Carew Bluedrop Performance Learning email@example.com 709.725.7627
This press release is available as a PDF file, To view the file please click on the following: http://www.usetdas.com/pr/bluedrop03012013.pdf
Provider ID: 00021208 -0- Mar/01/2013 20:53 GMT