Blue Industries Corrects and Clarifies Prior Earnings Release.Business Editors Blue Industries, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BLUI) today corrected and clarified its June 13th announcement of its results of operations for the quarter ended March 31, 2002. The company emerged from the development stage in the first quarter of 2002. During the period ended March 31, 2002, the Company's business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets generated $867,032 in revenue, consisting of $475,351 in product sales and $391,681 in consulting fees. Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold during the period was $199,861. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the period ended March 31, 2002 were $414,988, consisting of $360,290 of general and administrative expense, $41,856 in research and development expense, $7,682 of depreciation expense and $5,160 of indirect marketing expense. After providing for $59,784 in taxes, net income for the period ended March 31, 2002 was $192,399, or $0.01 per share. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the period ended March 31, 2002 was $259,865. At March 31, 2002, the company had total assets of $2,011,012, total liabilities of $651, 977, stockholders equity of $1,359,035, and working capital of $1,295,518. Commenting on the first quarter results, Fernand Leloroux, the company's president, said: "We are pleased to announce an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in our first quarter of commercial operations. While we expect our operating results to vary as we expand the scope of our business activities, we believe the substantial order backlog from our existing contracts will permit us to continue to operate at a profit for the foreseeable future." Additional information regarding the company's results of operations for the period ended March 31, 2002 can be found in the financial statements contained in the company's quarterly report on Form 10-QSB which was filed with the U.S. Securities and Exchange Commission on May 16, 2002. About Blue Industries Inc.: Blue Industries is a global leader in the field of safe drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. . The company's water treatment products are based on patented technologies that make it possible to offer drinking water processing facilities to an end user at an installed capital cost of less than fifty cents per gallon of daily capacity. Depending on configuration, the company's current products can process between 1,500 and 15,000 gallons per day. The Company currently serves customers in China, Thailand, Cambodia and Middle East, and is conducting on-site demonstrations in Africa. The Company's goal is to provide enabling technologies and products to satisfy the growing global demand for safe water in domestic, industrial, and agricultural applications. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion