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Bluedrop Reports Q3 Results, Revenue & Gross Profit Accelerates

In a report discussing the e-learning market, docebo(R) notes that the current speed of change requires employees to be trained on an ongoing basis so that corporations can prevent themselves from being out-thought by their competitors.

docebo further notes in its report that the global e-learning market will show fast and significant growth over the next few years. In 2011, the worldwide market for Self-Paced e-learning touched $35.6 billion, the report notes. The market is expected to reach $51.5 billion by the end of the next year.

docebo, citing regional studies, notes that the highest growth rate is in Asia, followed by Eastern Europe, Africa and Latin America. According to docebo, the most mature markets for e-learning are Western Europe and the U.S. In fact, the U.S. has seen the highest spending on Self-Pace e-learning than any other country or region in the world.

An important development in the e-learning market is the SaaS model. docebo notes in its report that the SaaS model is helping to increase the size of the e-learning market.

One company in the e-learning space focusing on the SaaS model is Bluedrop Performance Learning Inc. (TSX-Venture:BPL). Based in St. John's, Newfoundland, BPL is focused on workplace training for individuals, corporations, military personnel and the public sector. Monday morning, the company reported its financial results for the third quarter.

For the quarter ended June 30, 2015, BPL reported revenue of $5.4 million, compared to $4.5 million reported for the same period in the previous year. The company’s gross profit for the June quarter was $2.3 million. BPL reported a pre-tax loss of $0.4 million, compared to a pre-tax loss of $0.2 million reported for the same period last year. For the first nine months of its fiscal year, BPL had revenue of $15 million. Gross profit for the nine-month period was $6 million, compared to $4.1 million reported for the same period in the previous year.

Emad Rizkalla, founder and CEO of Bluedrop, said that he is pleased with the continued growth in the Training and Simulation business, as well as their consistent financial performance.

Rizkalla further noted that Learning Networks is presently very engaged in some large pursuits and delivering against some recent awards, but as with the company’s new SaaS model and the revenue recognition rules that apply, it will take time to show up in the quarterly results.

Over the last 12 months shares have channeled between $0.10 on the high end and $0.07 on the low end on low volume as investors wait for some stronger catalysts before moving the needle higher on the Company’s share price.