ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--A correction is being issued for the press release titled Bluedrop Releases Q1 2016 Financial Results disseminated on February 29, 2016 at 05:25 PM Eastern Standard Time. The press release should read as follows (corrections underlined):
Bluedrop Performance Learning (“Bluedrop”) (TSX-V: BPL) today reported its financial results for the three months ended December 31, 2015.
Revenue for the three months ended December 31, 2015 was $5.8 million, up from $4.3 million, an increase of 32% on the same period in the previous year. Gross profit for the period was $3.0 million, an increase of $1.4 million over the three month period ended December 31, 2014. Pre-tax income was $0.6 million for the three month period compared to $0.2 million in the same period in the previous year. Included in the three month period ending December 31, 2014 was a gain of $0.5 million on early and discounted pay out of long term debt. Excluding this one time gain in the previous year pre-tax income quarter over quarter was up by $0.9 million. After tax income for the period was $0.2 million compared to after tax income of $0.1 million for the same period in the previous year.
Bluedrop increased its combined research and development investments to record levels in the quarter. The Training and Simulation business unit invested $0.4 million in the quarter for costs associated mostly with the development of the Boeing Chinook rear crew trainer program. This was expensed and offset by an equal amount from our deferred development funding and therefore had no effect on pre-tax income. The Learning Networks business unit invested $0.3 million in the quarter for costs mostly associated with enhancements to the in service Bluedrop 360 platform. This was expensed but was offset by $0.1 million of government assistance in the quarter. The combined gross investment amount (less any assistance) for both business units was $0.2 million in the quarter.
For further details please see the Financial Statements and Management’s Discussion and Analysis for the quarter ended December 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 “I am very pleased with the continued growth and strong financial performance we enjoyed in the first quarter We have stepped up our investments in research and development in the Training and Simulation business unit and increased our activities as a systems integrator for advanced simulators. This investment is building our capabilities to be able to take on more scope in programs and to build our own crew training device internally and it is already starting to produce positive results with our Q1 visual systems contract. The Learning Networks business unit is currently very engaged in some large system deployments and several large pursuits. It continues to invest in its services and platforms by adding more features and customer driven requirements. I believe these new investments will shape the future for Bluedrop and help secure its status as a market innovator and provide even more compelling solutions for our customers.”
Bluedrop Performance Learning Inc. (TSX-V: BPL) is an innovator in workplace training for individuals, corporations, military personnel and the public sector. Bluedrop is transforming the workplace globally by designing, developing and delivering practical, actionable and affordable training content and delivery platforms that improve 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, 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, 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.
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