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.