Bluemetric Environmental, Inc. (TSXV:SET)
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OTTAWA, May 13 /CNW/ --
OTTAWA, May 13 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET;
"Seprotech" or the "Company") announces the following unaudited results
for the first quarter of fiscal 2011 with comparative unaudited results
for the first quarter of fiscal 2010, and summary audited results for
the fiscal year ended August 31, 2010.
Three Months Year Ended
Ended August 31
November 30
2010 2009 2010 2009
$000 $000 $000 $000
Revenue 1,024 1,247 5,190 7,399
Gross Margin 244 578 2,056 2,220
Net Loss (237) (29) (625) (3,110)
Loss per share (0.01) (0.07) (0.01) (0.07)
The first quarter of the 2011 fiscal year ended November 30 2010
continued to reflect lower than anticipated revenue contribution from
the Company's core wastewater treatment business unit. However,
operations continued to benefit from ongoing execution of the repair
contract for Department of National Defence reverse osmosis water
purification units, and from parts and service activities.
Revenues for the quarter from sales of rotating biological contactors
("RBCs") increased from $155 in fiscal 2009 to $203, a 31% improvement.
However, this comparison is against a low, recessionary base and the
bounce-back to pre-recession levels of RBC sales has not been as quick
as anticipated. The decline in military contract revenues results
largely from variances in timing of delivery of units for refurbishment
and does not represent a contractual change in the amount of business.
The Company had staffed for a higher level of RBC business, which was
not achieved, and accordingly further cuts imposed on operating
expenses were too late and insufficient to offset the decline in
consolidated revenues and margins, resulting in a net loss for the
quarter of $237 compared with a net loss of $29 for the same period in
2009. Comparative 2009 data has been changed to reflect discontinued
operations in 2009.
As more fully described, in the Company's press release dated May 10,
2011 the delay in completing the unaudited quarterly financial
statements resulted from management's detection during the quarter of
an overstatement of revenue by a material amount with respect to its
financial statements for the quarters ended November 30, 2009, February
28, 2010 and May 31, 2010. The overstatement resulted from over-billing
a customer over a period of approximately 12 months from July 2009.
The delay in completing the fiscal 2010 audit, and consequent delay in
completing both its annual and first and second quarters' 2011 required
regulatory filings has led to the imposition on the Company of cease
trade orders from the Ontario, British Columbia and Manitoba securities
commissions (respectively, the "OSC", the "BCSC" and the "MSC"). On May
10, 2011 the Company completed its required annual regulatory filings
(audited financial statements for fiscal year ended August 31, 2011,
related MD&A and officer certifications) and expects to file its second
quarter 2011 unaudited financial statements and related filings on or
before May 17, 2011. At that time the Company intends to make
application to the OSC for a full revocation of the cease trade order.
Seprotech is a provider of pre-engineered water and wastewater treatment
solutions to the municipal/land development, resource sector and
military market place, including Reverse Osmosis water purification
systems, ROTORDISK® biological sewage treatment package plants and
CrystalBlue™ membrane-based water recycling systems.
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/13/c4449.html
p Mr. Matthew Andersonbr/ Investor Relations,br/ Tel: (613) 523-1641br/ Fax: (613) 731-0851 /p