GUELPH, ON, Aug. 22, 2013 /PRNewswire/ - BIOREM Inc. (TSXV:
BRM) ("Biorem" or "the Company") today announced results for the
three month and six month periods ended June
30, 2013. Biorem's complete 2013 second quarter
financial statements and MD&A have been filed on SEDAR
(www.sedar.com).
Financial Summary:
| |
Three-months ended
June 30, |
Six-months ended
June 30, |
| (in CDN$'000 except per share
data) |
2013 |
2012 |
2013 |
2012 |
| Revenue |
5,010 |
2,873 |
9,195 |
6,140 |
| Gross profit |
1,485 |
490 |
2,585 |
870 |
| Ebitda* |
507 |
(504) |
740 |
(869) |
| Net earnings (loss) |
254 |
(680) |
223 |
(1,224) |
Basic earnings (loss) per share
Diluted earnings (loss) per share
|
0.02
0.01 |
(0.04)
(0.04) |
0.02
0.01 |
(0.09)
(0.09) |
| *Earnings before interest, taxes
and amortization, a non IFRS financial measure |
| |
|
|
|
|
"The company continues its turnaround and posted its
fourth positive quarter in succession" said Peter Bruijns, President & CEO. "We continue
to focus on business execution and adding business disciplines to
ensure we sustain our success."
Revenues for the quarter totaled $5,010,000 a 74% increase over revenues of
$2,873,000 recorded during the second
quarter of 2012 and a $825,000 or 20%
increase over revenues recorded during the first quarter of 2013.
Year to date revenues have increased 50% to $9,195,000 compared to $6,140,000 in the same period in the prior
year.
Gross profit more than tripled from the $490,000 achieved in the second quarter of 2012
to $1,485,000 in the first quarter of
2013. For the six month period gross profit increased by
$1,715,000, a 200% increase from the
gross profit of $870,000 recorded for
the six months ended June 30,
2012.
Operating expenses in the quarter of $1,088,000 were comparable to the $1,104,000 of expenses in the same period in the
previous year. For the six months ended June
30, 2013 operating expenses were $2,073,000, a 5% increase over operating expenses
of $1,967,000 in the comparable
period in 2012. The increase in operating expenses were
largely the result of higher sales commissions earned on the higher
revenue recorded, partially offset by lower general and
administrative costs and lower expenditures on research and
development.
Net earnings for the quarter and six months ended were
$254,000, and $223,000 respectively compared to losses of
$680,000 and $1,224,000 in 2012. On an earnings per
share basis earnings for the quarter and six month period were
$0.02 basic and $0.01 on a fully diluted basis.
The Company succeeded in booking new orders totalling
$2.5 million in the Quarter which
resulted in an order backlog at the end June
2013 of $17 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.