Blue Earth Resources Reports Third Quarter Results and Provides Strategic Update
- Net sales of $8.7M in Q3 from $3.8M in Q2; 129% sequential, quarter-over-quarter growth
- Net gallons of fuel sold increased from 1,487,165 in 2Q to 3,185,825 in 3Q for 114% sequential increase
- Total customers are now 37, representing over 500 sites
- Supply agreements expanded into NC, SC, GA, VA, ID, and UT from existing TN, KY, and AL
- Strategic emphasis on capital efficiency and aggressive sales growth
Knoxville, TN, Jan. 13, 2022 (GLOBE NEWSWIRE) -- via -- Blue Earth Resources Inc. (OTCMKTS: BERI) "Blue Earth" or the "Company", a U.S. fuel marketer, announced its for the third quarter ended November 30, 2021.
THIRD-QUARTER 2021 HIGHLIGHTS
Net sales of $8.7 million, compared to $3.8 million in the prior quarter and to $725,000 in the third quarter of 2020.
Net gallons of fuel sold increased from 1,487,165 in Q2 to 3,185,825 in Q3 for a 114% sequential increase.
New supply approvals from Roberts Gibson and Kimbro Oil, adding to Q2 additions of Cary Oil, Shell Oil, Tauber Oil, BunkerOne, Parkers Oil, Fuel Traders Supply, and Trafigura.
Sales expanded into NC, SC, GA, VA from the existing initial territory of TN, AL, and KY.
FOURTH QUARTER 2021 SUBSEQUENT EVENTS
In the first month of 4Q (December) Blue Earth raised $400,000 to expand supply and sales, and for general working capital.
The Company entered into its largest supply contract since inception with a 180,000 barrel per year contract with United Energy Trading.
During the month, the Company added 16 new customers, its highest growth month yet, enabled by expanded supply agreements, bringing the total customer base to 37 representing over 500 sites.
Utah and Idaho sales territories were added as new regions.
“Our strategy is to aggressively grow sales to the stage where we can move upstream and meet volume discount thresholds and improve margins,” commented CEO Scott M. Boruff. “We’re confident that as we demonstrate reliable and consistent high growth, the market will reward our equity with a greater multiple of revenue, closer to industry standard, which should lower our growth capital costs and preserve ownership for shareholders.”
“We are also pleased with improving margins we see from system optimization initiatives like the recent implementation of Axxis sales order and billing,” he continued.
“Going forward our intention is to build upon organic growth through value-driven M&A in order to more quickly achieve our revenue growth milestones.”
About Blue Earth Resources
Blue Earth Resources, Inc. is a fuel marketer which provides custom-designed solutions to refined fuel procurement supply issues and logistics challenges faced by fuel customers in the United States.
A customized composite of risk management, computation of industry, financial, and geo-political information assists each customer to make real-time market decisions that reduce cost and prevent business interruption.
Our risk management reporting incorporates specific risk tolerance assessments of each customer and includes purchase and sales contract review, and will include bulk inventory management (shipping, terminaling, and hedging), retail margin protection, and other custom reporting.
Wholesale products supplied and distributed are various grades of refined fuels including gasoline, diesel, kerosene, biofuels, ethanol, and aviation fuel that are marketed along multiple supply points within regional pipelines.
Customers include retailers, jobbers, commercial, industrial, power plants, municipalities, government, agricultural, and manufacturers.
Statements Regarding Forward-Looking Information
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not a guarantee of future activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "expect," "anticipate," "intend," "plan," "should," "may," "will," "continue," "strategy," "position," "opportunity," statements regarding the "flexibility" of the Company or the negative of any of those terms or other variations of them or by comparable terminology.
Contact
Scott M. Boruff, CEO
(865) 237-4448
