2013-08-28 22:01:33 -
Revenue up 11% for First Nine Months; Continues Investment in Sales and Marketing for CoursePark(tm)
St. John's, Newfoundland CANADA, August 28, 2013 /FSC/ - Bluedrop Performance Learning Inc. (BPL - TSX Venture), today reported its financial results for the nine months ended June 30, 2013.
The revenue for the nine months ended June 30, 2013 was $8.7 million, up from $7.8 million, an increase of 11% on the same period in the previous year. Gross profit for the period was $4.1 million, an increase of $0.4 million over the same period in the previous year. Pre-tax loss was $0.9 million for the period compared to an income of $0.4 million in the previous year, a decrease of $1.3 million. After tax
loss for the period was $0.8 million compared to an income of $0.2 million for the same period in the previous year.
Revenues for the three month period ended June 30, 2013 decreased by 8% to $3.1 million from the $3.3 million in same period in 2012 and gross profit decreased by 4% to $1.6 million for the quarter ended June 30, 2013 from $1.7 million in 2012. Pre-tax loss for the quarter was $0.2 million compared to $0.3 million of income for the same period last year.
Commenting on the results for the quarter, Emad Rizkalla, founder and CEO said, "The third quarter was a significant improvement over the same period last year for the CoursePark Learning Services division with 92% revenue growth and strong services revenues in the Defence and Aerospace business unit, but with lower revenues for product sales in the quarter. We continued to aggressively invest in building the CoursePark platform market reach and have focused our effort in the much larger U.S. market."
During the nine month period ended June 30, 2013, the CoursePark Learning Services business unit continued revenue growth of 62% and gross profit growth of 95% over the previous period, primarily as a result of growth in CoursePark licensing sales as well as increased activity in courseware development projects within the period. The Defence and Aerospace business unit had strong revenues from the services business in the nine month period but experienced reduced revenues in the period for product sales as compared to last year.
The Company continued to invest in its future growth by increasing its sales and marketing efforts for the CoursePark business expansion, an increase of $1.0 million versus the same nine month period last year. In addition, $1.0 million was invested in intangible assets and property and equipment in the nine month period ended June 30, 2013, including continued development of CoursePark.
For further details please see the Financial Statements and Management's Discussion and Analysis for the nine months ended June 30, 2013 which are available on the Company's web site at www.bluedrop.com or on SEDAR at www.sedar.com.
Commenting on the overall results and progress for the first nine months of the year, founder and CEO Emad Rizkalla said, "We have continued to execute on our plan of driving growth in 2013 notwithstanding the delay in product sales for the Defence and Aerospace products. The CoursePark business unit continues to provide exceptional growth as a result of our investment in sales and marketing activities and the CoursePark platform. We continued to show strong revenues in the services part of the Defence and Aerospace group and are optimistic that delays in product sales will turn around as the Defence sector procurement starts to pick up to more normalized levels. We remain committed to building our unique CoursePark platform into the premier skills enablement service and to strategically build our Defence and Aerospace group into the partner of choice for training and simulation. This strategy is key to long term shareholder value and I am very encouraged by the responses we are receiving in the marketplace."
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.
Bluedrop Performance Learning
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Source: Bluedrop Performance Learning Inc. (TSX-V: BPL) www.bluedrop.com
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