Blue (-drop) and Gray (Aqua)

Daniel
Daniel MacEachern
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St. John’s-based online-education company Bluedrop Performance Learning reported its financial results late in August for the nine months ending June 30. Revenue for the period was $8.7 million, an increase of 11 per cent over the $7.8 million in the same period the year before.

Gross profit for the period was $4.1 million, up $400,000 from the same period the previous year.

For the three-month period ending June 30, revenue was $3.1 million, down from $3.3 million the year before, with an accompanying slight decline in gross profit in the same period, from $1.7 million to $1.6 million.

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Last week, I wrote about Gray Aqua’s financial troubles and questions over how much compensation they may have received from the Canadian Food Inspection Agency after the aquaculture company was ordered to destroy salmon stock stricken with infectious salmon anemia.

Company CEO Tim Gray has returned exactly zero of the many messages I’ve left at the company’s New Brunswick office requesting comment, first on a lawsuit brought by one of the company’s suppliers and then Gray Aqua’s filing for bankruptcy protection.

Friday evening, past my deadline, I received a statement supposedly signed by Gray, although the news release was emailed to me not by anyone at Gray Aqua, but by Cyr Couturier, executive director of the Newfoundland Aquaculture Association.

As this is the only word provided by anyone at the company in the past couple of weeks, I thought I’d put it on the record.

The statement notes the Gray family’s 20-year involvement in the Atlantic Canadian aquaculture industry, and acknowledges it is “facing significant challenges,” but will work with creditors and their trustee on a restructuring plan.

“Despite our recent challenges, we remain committed to continuing to develop Newfoundland and Labrador’s aquaculture industry, which has brought economic prosperity to many coastal communities. Our company employs 50 people who work hard and are passionate about what they do. As we go through this restructuring process, we remain committed to them and to the communities where we farm.

“We’re confident we will be able to secure the future of our company, continue to grow quality salmon and provide employment in Newfoundland and Labrador for years to come.”

Gray has still not responded to messages left requesting comment.

dmaceachern@thetelegram.com

Twitter: @TelegramDaniel

Organizations: Canadian Food Inspection

Geographic location: Newfoundland and Labrador, New Brunswick

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