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Bluedrop Releases Year End Financial Results and Details on Impact to Same Year Quarterly Results

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2013-02-04 19:48:10 -

St. John's, Newfoundland CANADA, February 04, 2013 /FSC/ - Bluedrop Performance Learning Inc. (BPL - TSX Venture), today reported its audited financial results for the year ended September 30, 2012 and provided clarification of the impact of the year end closing adjustments on same year quarterly financial statements previously filed.

The revenues for the year ended September 30, 2012 were $10,471,506 up from $6,857,398 an increase of 53%. Gross profit for the year was $5,111,824 up from $3,259,228 an increase of 57%. Pre-tax earnings for the year were $448,999 versus a pre-tax loss in the prior year of $919,303 an increase of $1,368,302. After tax earnings for the period were $243,570 as compared to loss of $885,303 in the prior

period. For further details please see the Financial Statements and Management's Discussion and Analysis for the year ended September 30, 2012 which are available on the Company's web site at or on SEDAR at

Several line items in the first three quarterly financial statements for the year were restated based on the closing of the accounts during the year end. This will require the three previous quarters to be restated for comparison purposes going forward. The previously reported quarterly results will be restated in the comparative results when the Company reports its quarterly financial results for the fiscal year ending September 30, 2013.

These restatements include an assessment of the Purchase Price Equation with respect to the reverse takeover of Serebra Learning Corporation in the second quarter, application of certain IFRS standards with respect to the value of various low cost loans received during the period, application of certain IFRS standards with respect to contingent liabilities associated with conditionally repayable government assistance, and the capitalization of certain development costs and the associated impact on current and deferred taxes. A more detailed explanation and reconciliation (both statement of comprehensive income (loss) and statement of financial position impact) is included in Management's Discussion and Analysis.

The following table summarizes the impact of the above transactions on the interim statements of comprehensive income (loss) and basic and fully diluted earnings per share for the periods ended December 31, 2011, March 31, 2012 and June 30, 2012 for the Company as filed on SEDAR.

Bluedrop Performance Learning Inc.
Table of Comprehensive Income (Loss)
For the Year Ended September 30, 2012
(With Restated Quarters)

*To view the table for this press release please click on the link at the bottom of the press release.*

The net effect of the year end accounting adjustments on the Company's statement of comprehensive income (loss) for the first three quarters of the year ended September 30, 2012 is a cumulative restatement of $293,418.

Commenting on the results and progress of Bluedrop Emad Rizkalla said "I am pleased with the continued growth in both areas of the business and the progress we are making in the operations. It was quite a busy year with the full commercial launch of CoursePark, the development of our new Simulation Center in Halifax and of course the transition to IFRS."

About Bluedrop

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

Media contact:

Libby Carew
Bluedrop Performance Learning

To view this press release as a webpage, please click the following link:

Fred Gautreau
Phone: 14037173898

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