ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Bluedrop Performance Learning (“Bluedrop”) (TSX-V: BPLI) today reported its financial results for the three months ended March 31, 2017.
Revenue for the three months ended March 31, 2017 was $6.9 million, down from $8.1 million for the same period in the previous year, a decrease of 15%. Gross profit for the period was $2.5 million, a decrease of $0.8 million over the three-month period ended March 31, 2016. Pre-tax profit was $0.8 million for the current quarter compared to $0.5 million for the same period in the previous year, an increase of about $0.2 million. After tax profit for the three months ended March 31, 2017 increased to $0.4 million compared to $0.2 million for the same period in the previous year.
Revenues decreased in the second quarter this year compared to the same period last year due to lower revenues in the Training and Simulation business unit. A large delivery of a third party visual system took place in the comparative quarter last year increasing the revenues in the Training and Simulation business unit accordingly. Revenue for the Learning Networks business unit increased 11% in the quarter compared to the same period last year. Gross profit remained strong in the quarter at $2.5 million down from the comparative quarter in the previous year based on lower revenues as explained above. Expenses for the quarter were down $1.0 million from that of the same quarter in the previous year.
Bluedrop continued its investment trend in its research and development efforts with $0.7 million of investment in the quarter in programs to build new and stronger intellectual property based products.
For further details, please see the Financial Statements and Management’s Discussion and Analysis for the quarter ended March 31, 2017 which are available on the Company’s web site at www.bluedrop.com or on SEDAR at www.sedar.com.
Commenting on the quarterly results of Bluedrop, Founder and CEO Emad Rizkalla said “It was another very good quarter for Bluedrop financially and operationally. This was the strongest quarter revenues in our history other then the comparable quarter last year. The improvement in profitability is always nice to see and I was especially pleased to see the year over year revenue growth in the Learning Networks business unit of 11% in the second quarter. The Training and Simulation business unit is very active with the Boeing rear crew mission trainer and we will delay shipping the unit to Philadelphia for a few months as we have a lot of interest in the trainer here in Canada. Overall, a strong quarter and we are working hard to make 2017 another successful year.”
Bluedrop Performance Learning Inc. (TSX-V: BPLI) is an innovator in both the development of workplace e-learning and simulation as well as the way large organizations deliver, track and manage training. Our two divisions serve the world’s leading aerospace and defence organizations as well as broad cross sections of organizations focused on managing system wide health and safety and developing the skills of external workforces. Bluedrop is creating the workforce of the future by improving the effectiveness, speed and costs of training delivery and management. 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, 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 Annual Information Form and Management’s Discussion and Analysis of Results of Operations and Financial Condition for the year ended September 30, 2016. 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.
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