Blackline Safety (BLN.TO), a global player in connected safety technology, reported improved earnings for the fourth quarter due to continued revenue growth and gross margins, and lower expenses as a percentage of revenue.
The company reported a fourth-quarter loss per common share basic and diluted of $0.00. A year earlier it reported a loss per share of $0.06. The net loss during the quarter dropped by 98% to $68,000.
Total revenue rose 19% to $35.7 million compared to $30 million a year earlier.
"These strong topline results are backed by record EBITDA and cash flow as the Company continues to scale, showing market acceptance and the strength of our Hardware-Enabled SaaS business model," said Blackline Safety Chief Executive Cody Slater.
The company generated free cash flow of $3 million and operating cash flow of $4.8 million in the three months ended Oct. 31.
"With our ever-expanding suite of connected safety solutions and growing customer base, we are well-positioned to lead the multi-billion-dollar gas detection and connected safety industry," stated Slater.
Shares of the company closed down $0.04 or 0.6%, to $6.40 on Wednesday on the Toronto Stock Exchange.
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