GUELPH, ON, May 23, 2013 /PRNewswire/ - BIOREM Inc. (TSX-V:
BRM) ("Biorem" or "the Company") today announced results for the
three month period ended March 31,
2013. Biorem's complete 2013 first quarter financial
statements and MD&A have been filed on SEDAR
(www.sedar.com).
Financial Summary:
| |
Three-months
ended
March 31, |
| (in CDN$'000 except per share data) |
2013 |
2012 |
| Revenue |
4,185 |
3,267 |
| Gross profit |
1,100 |
380 |
| EBITDA* |
233 |
(365) |
| Net earnings (loss) |
(31) |
(544) |
Basic Earnings (loss) per share
Diluted Earnings (loss) per share |
0.00
0.00 |
(0.04)
(0.04) |
*Earnings before interest, taxes and amortization, a non IFRS
financial measure
"We are very pleased with our third consecutive quarter of
solidly positive EBITDA. Traditionally, our first quarter of the
year is slow for shipments" said Peter
Bruijns, President & CEO. "Our order book continues to
grow with over $5.2 million in new
orders in the quarter and our backlog is at $18.9 million."
Revenues for the quarter totaled $4,185,000 a 28 % increase over revenues of
$3,267,000 recorded during the first
quarter of 2012. The increase in 2013 first quarter revenues is a
result of strong order bookings in 2012.
Gross profit increased by $720,000
to $1,100,000 for the quarter
representing 26.3 % of revenue compared to $380,000 of gross profit achieved in the first
three months of 2012 representing 11.6 % of revenue. This
increase in gross profit was the result of increased revenues and
from increased margins on projects completed.
Operating expenses in the quarter of $985,000 were $122,000 higher than in the same period in the
previous year and were largely the result of an higher sales
commissions earned on the revenue recorded.
The Company's cash position stood at $1.6
million on March 31, 2013,
compared to $2.5 million held on
December 31, 2012.
The Company succeeded in booking new orders totalling
$5.2 million in the Quarter which
increased the backlog at the end of the Quarter to $18.9 million.
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.