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- Net sales of $8.7m in Q3 vs. $3.8m in Q2; Sequential growth of 129% quarter over quarter
- Net fuel gallons sold increased from 1,487,165 in Q2 to 3,185,825 in Q3 for a sequential increase of 114%
- The total number of customers is now 37, representing more than 500 sites
- Supply agreements extended to NC, SC, GA, VA, ID and UT from existing TN, KY and AL
- Strategic focus on capital efficiency and aggressive sales growth
Knoxville, TN, Jan. 13, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Blue Earth Resources Inc. (OTCMKTS: BERI) “Blue Earth” or the “Company”, a US fuel distributor, has announced its interim financial results for the third quarter ended November 30, 2021.
HIGHLIGHTS OF THE THIRD QUARTER 2021
Net sales of $8.7 million, compared to $3.8 million in the prior quarter and $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, a sequential increase of 114%.
New supply approvals from Roberts Gibson and Kimbro Oil, adding to second quarter additions from Cary Oil, Shell Oil, Tauber Oil, BunkerOne, Parkers Oil, Fuel Traders Supply and Trafigura.
Sales expanded to NC, SC, GA, VA from existing initial territory of TN, AL and KY.
EVENTS POST-FOURTH QUARTER 2021
In the first month of 4Q (December), Blue Earth raised $400,000 to grow the supply and sales, as well as for general working capital.
The Company concluded its largest supply contract since its inception with a 180,000 barrels per year contract with United Energy Trading.
During the month, the Company added 16 new customers, its strongest month of growth to date, through expanded supply agreements, bringing the total customer base to 37 representing more than 500 sites.
The Utah and Idaho sales territories have been added as new regions.
“Our strategy is to aggressively grow sales to the point where we can go upstream and hit volume discount thresholds and improve margins,” CEO Scott M. Boruff commented. “We are confident that as we demonstrate high, reliable and consistent growth, the market will reward our equity with a higher revenue multiple closer to the industry norm, which should lower our costs in growth capital and preserve ownership for shareholders.”
“We are also pleased with the improved margins we are seeing from system optimization initiatives such as the recent implementation of Axxis Sales Order and Invoicing,” he continued.
“Going forward, our intention is to leverage organic growth through value-driven mergers and acquisitions to more quickly achieve our revenue growth milestones.”
About Blue Earth Resources
Blue Earth Resources, Inc. is a fuel distributor that provides tailored solutions to refined fuel supply issues and logistical challenges faced by fuel customers in the United States.
A personalized set of risk management, calculation of sectoral, financial and geopolitical information helps each client to make real-time market decisions that reduce costs and prevent business interruptions.
Our risk management reports incorporate specific assessments of each customer’s risk tolerance and include review of purchase and sale contracts, and will include bulk inventory management (shipping, terminal and hedging), protection retail margins and other custom reports.
Wholesale products supplied and distributed are various grades of refined fuels including gasoline, diesel, kerosene, biofuels, ethanol and aviation fuel which are traded along several supply points in the regional pipelines.
Customers include retailers, resellers, commercial, industrial, power plants, municipalities, governments, farmers and manufacturers.
Statements Regarding Forward-Looking Information
Certain statements contained herein are forward-looking statements, including, but not limited to, statements that predict or indicate future events, trends, plans or goals. Undue reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future business and are subject to numerous risks and uncertainties. Due to these risks and uncertainties, actual events may differ materially from those reflected or contemplated in these forward-looking statements. Forward-looking statements can be identified by the use of the future or other forward-looking words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “should”. , “may”, “will”, “continue”, “strategy”, “stance”, “opportunity”, statements regarding the “flexibility” of the Company or the negative of any of these terms or other variations of these or by comparable terminology.
Scott M. Boruff, CEO