GUELPH, ON, Nov. 19, 2012 /PRNewswire/ - BIOREM Inc. (TSXV:
BRM) ("Biorem" or "the Company") today announced results for the
three and nine month period ended September
30, 2012. Biorem's complete 2012 third quarter financial
statements and MD&A have been filed on SEDAR
(www.sedar.com).
Financial Summary:
| |
Three-months
ended
September 30, |
Nine-months
ended
September 30, |
| (in CDN$'000 except per share data) |
2012 |
2011 |
2012 |
2011 |
| Revenue |
4,892 |
963 |
11,032 |
8,597 |
| Gross profit |
1,318 |
(57) |
2,187 |
2,336 |
| Ebitda* |
350 |
(1,296) |
(524) |
(1,387) |
| Net earnings (loss) |
77 |
(1,658) |
(1,146) |
(2,174) |
Basic earnings (loss) per share
Diluted earnings (loss) per share |
0.01
0.00 |
(0.14)
(0.14) |
(0.09)
(0.09) |
(0.18)
(0.18) |
*Earnings before interest, taxes and amortization, a non IFRS
financial measure
Reflecting a significant recovery from prior year, revenues
increased to $4,892,000 in the third
quarter of 2012 from $963,000 in the
third quarter of 2011. Year to date revenues are at $11,032,000 compared to $8,597,000 for the same period in 2011.
Along with the increase in revenues, gross profit increased by
$827,000 during the quarter to
$1,318,000 from the $490,000 recorded in the second quarter.
This increase in gross profit was the result of increased revenues
and from increased margins on projects completed. Gross profit %
for the quarter was 26.9% compared to 17.1 % achieved in the second
quarter. The Company's cash position stood at $1.5 million on September
30, 2012, compared to $412,000
held on June 30, 2012.
Operating expenses of $1.1 million
remained virtually unchanged from the previous quarter. However on
a year over year basis, operating expenses were $1 million below the same nine month period in
2011. The reduction in operating expenses is a result of ongoing
cost management that the Company put in place in the first quarter
of 2012.
The Company succeeded in booking new orders totalling
$7.8 million in the Quarter which
increased the backlog at the end of the Quarter to $17.1 million.
"We have continued to work diligently over the past several
months to build working capital, backlog, and sales as well as
strengthen our staff capacity" said Peter
Bruijns, President and CEO. "We continue to work diligently
to build positive momentum even in the difficult markets that
surround us."
The Company also announced today that Mr. Steven Ardia has retired from his post as a
Director of the Corporation. Mr. Ardia joined the board in
2008, bringing with him experience and industry knowledge that has
been very valuable to moving Biorem forward. The Board and
Management thank Steve for all his many contributions to
Biorem. "I have been tremendously impressed with the
management team's dedication and determination to lead the company
in these challenging times. The current results validate these
efforts" said Mr. Ardia.
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 700 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.
SOURCE Biorem Inc.