GUELPH, ON, July 28, 2021 /CNW/ - BIOREM Inc. (TSXV:
BRM) ("Biorem" or "the Company") today announced its results for
the three and six-month periods ended June
30, 2021. Biorem's complete second quarter financial
statements and MD&A have been filed on SEDAR
(www.sedar.com).
FINANCIAL HIGHLIGHTS:
|
|
|
|
|
in Canadian
dollars, '000's except earnings per share
|
|
|
|
|
Three-months
ended
|
Six -months
ended
|
|
June 30
|
June 30
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
|
Revenue
|
5,634
|
5,957
|
9,063
|
12,855
|
|
Gross
profit
|
1,116
|
1,424
|
1,394
|
2,772
|
|
Operating
expenses
|
742
|
961
|
1,578
|
1,680
|
|
Ebitda*
|
467
|
504
|
(11)
|
1,215
|
|
Net earnings
(loss)
|
266
|
338
|
(206)
|
801
|
|
EPS -
basic
|
0.007
|
0.009
|
-
|
0.021
|
|
EPS - fully
diluted
|
0.007
|
0.009
|
-
|
0.021
|
|
* Earnings before
interest, taxes and amortizaton, a non IFRS financial
measure
|
|
|
Biorem's revenues for the second quarter were $5.6 million a 64% increase over the previous
quarter and on par with the $5.9
million of revenues reported in the same quarter in 2020.
Year to date revenues totalled $9.1
million, a 29% decrease over the $12.8 million reported for the first six months
of 2020. The decrease in revenues for the first six months of 2021
compared to the prior year is due to multiple project delays in
North America that are expected to
be caught up in the second half of the year.
Gross profit for the quarter was $1.1
million or 20.0% of revenue compared to $1.4 million of gross profit representing 23.9 %
of revenue recorded during the second quarter of 2020. Total
operating expenses (net of other income) for the quarter were
$742,000 against $961,000 in the same period the prior year. The
decrease in operating expenses was primarily due to a decrease in
sales travel expenses related to the Covid19 pandemic. Ebitda
for the quarter was $467,000 compared
to $504,000 of ebitda in the second
quarter of 2020.
Net earnings for the quarter were $266,000, with year to date loss of $206,000 compared to net earnings of $801,000 for the first half of 2020.
"Second quarter results were a rebound from Q1 but project
delays continued to hamper financial results", said Derek S. Webb, President and CEO. "Barring some
unforeseen developments we expect a much stronger second half of
the year as we deliver to projects delayed from the first half of
year as well to projects originally scheduled for delivery in the
second half of the year".
"New orders have continued to be secured, with approximately
$5.5 million being closed in the
second quarter. This results in the BIOREM order backlog
being $30.0 million on June 30, 2021 which provides a strong foundation
for revenue over the next twelve months."
Cash on hand at June 30, 2021
stood steady at $10.2 million.
Earnings from operating activities during the quarter generated
$172,000 of cash and this was offset
by $760,000 of cash used to fund
increases in non-cash working capital particularly inventories and
prepaid expenses.
About BIOREM Inc.
BIOREM is a leading clean technology company that designs,
manufactures and distributes a comprehensive line of
high-efficiency air emissions control systems used to eliminate
odors, volatile organic compounds (VOCs), and hazardous air
pollutants (HAPs). With sales and manufacturing offices across the
continent, a dedicated research facility, a worldwide sales
representative network and more than 1,600 installed systems
worldwide, BIOREM offers state-of-the-art technology-based products
and peace of mind for municipalities, industrial companies and
their surrounding communities. Additional information on Biorem is
available on our website at www.biorem.biz.
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SOURCE Biorem Inc.