SOURCE: Blue Earth, Inc.

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November 13, 2014 16:32 ET

Blue Earth Announces Third Quarter 2014 Financial Results

HENDERSON, NV--(Marketwired - November 13, 2014) - Blue Earth, Inc. (NASDAQ: BBLU) an alternative/ renewable energy and energy efficiency services company, announced its results for the third quarter of 2014.

Total consolidated revenue for the third quarter of 2014 was $2,678,179, an increase of $410,267 or 18.1%, when compared with consolidated revenue of $2,267,912 for the third quarter of 2013. The current revenues represent sales from the Company's operating segments, Energy Efficiency & Technology ($1,963,572) and Construction ($714,607) as compared to third quarter sales of ($966,311) from Energy Efficiency & Technology and ($1,301,601) from Construction in 2013.

Energy Efficiency & Technology sales include energy efficiency retrofits through Keep Your Cool™ programs, website sales, refrigeration/HVAC services and the UPStealth® battery backup management systems. Construction sales are from installation of alternative energy systems and installation and maintenance of HVAC systems. Energy Efficiency & Technology's revenues were positively impacted by a new contract with a national chain of convenience stores, increased website sales, and increased sales of UPStealth® battery backup management systems. Construction's revenues decreased due to pending arbitration of EPC contracts for solar generation projects in Hawaii.

Total consolidated gross profit for the third quarter of 2014 was $702,781 or 26.2% of revenues, compared to $1,176,933 or 51.9% of revenues for the third quarter of 2013. Energy Efficiency & Technology had a gross profit of $1,113,867 or 56.7% compared to a loss of $411,087 or negative 57.5% for Construction. By comparison in the third quarter of 2013, Energy Efficiency & Technology had a gross profit of $587,721 or 60.8% compared to $589,212 or 45.3% for Construction. Construction division losses for the quarter were the result of an increase in bad debt reserves reflecting revised estimates of collectability.

Total consolidated operating expenses for the third quarter of 2014 were $8,481,295, compared to $5,969,805 for the third quarter of 2013 an increase of $2,511,490 or 42.1%.

Net loss for the third quarter of 2014, was $7,842,476 as compared to a net loss of $5,067,962 for the third quarter of 2013, an increase of $2,774,514. Excluding the non-cash expenses of common stock for services, amortization of intangible assets acquired for stock and stock options/warrants issued for services, the loss would have been $5,923,888 and $1,746,782 for the third quarter of 2014 and 2013, respectively. The increase is attributable primarily to the impairment of solar panels and to other assets related to construction projects in Hawaii. It also increased due to amortization of the assets acquired in the purchase of our new subsidiaries.

The net loss attributed to common shareholders was $7,856,355 in the third quarter 2014 compared to $6,465,372 in the third quarter of 2013 after taking into account dividends accrued on the Series C preferred stock and paid in common shares. The Series C preferred shares were all converted into common shares by June 30, 2014 so no additional dividends will be incurred in succeeding periods. The net loss translates to ($0.12) per basic and diluted share for the third quarter of 2014 as compared to a net loss of ($0.11) per basic and diluted share in the third quarter of 2013.

"Results for the third quarter were mixed," stated Brett Woodard, CFO of Blue Earth, Inc. "The Energy Efficiency & Technology operating segment continues to generate growth and the Construction operating segment is expected to rebound from a difficult third quarter by the expected completion of projects under construction and the anticipated start of new solar construction projects. The Construction operating segment is expected to also benefit from new recurring revenue from recently initiated operations in New York."

About BBLU
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers. For more information about Blue Earth, Inc., please visit www.blueearthinc.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-Ks, Form 10-Qs, Form 8-Ks and other filings. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

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