Bioren, Inc. Reports $718,000 Net Earnings For The Second Quarter

GUELPH, ON, Aug. 27, 2015 /PRNewswire/ - BIOREM Inc. (TSXV: BRM) (“Biorem” or “the Company”) today announced its results for the three and six-month periods ended June 30, 2015. Biorem’s complete second quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).

FINANCIAL HIGHLIGHTS:

Biorem’s revenues for the second quarter were $4.7 million, a 91% increase over the $2.2 million in revenue recorded in the second quarter of 2014 and consistent with the $4.7 million recorded in the first quarter of 2015. Year to date revenue totaled $9.4 million, a $5 million or 112% in revenue over the first six months of 2014. The revenue increase came from each of the geographic markets in which Biorem operates.

Gross profit for the quarter was $1.7 million or 35% of revenue compared to $56,000 recorded during the second quarter of 2014 and $1.5 million or 33% of revenue in the first quarter of 2015. Total operating expenses (net of other income) for the quarter were $816,000. Ebitda for the quarter was $862,000 compared to an ebitda of ($623,000) in the second quarter of 2014.

Net earnings for the quarter was $718,000, which represents $0.05 per share basic and $0.02 on a fully diluted basis, compared to a net loss of $835,000 or ($0.06) per share on a basic and fully diluted basis in the second quarter of 2014.

“Biorem’s improved financial performance in the first half of 2015 is due to the work of our experienced staff and seasoned managers,” said Derek S. Webb, President and CEO. “The Company is well positioned to deliver consistent results for the second half of the year. Overall booking activity in the near term is expected to be consistent with the previous two quarters. We expect continued growth in our overseas markets as new regulatory structures are implemented to curb the release of greenhouse gas emissions and communities demand a higher quality of life free of nuisance conditions.”

Unrestricted cash on hand increased during the quarter to $2 million. Operating activities provided $809,000 of cash and changes in non-cash working capital provided another $100,000. $50,000 of cash was used to pay interest during the quarter.

In March of 2015 the Company negotiated an amendment to its 12.75% debenture agreement amending the repayment terms and extending the maturity date to December 31, 2015. Under the amended payment terms, principal payments of $200,000 due on March 31 and July 31, 2015 have been paid.

Bookings during the quarter were $4.5 million resulting in an order backlog of $14.4 million on June 30, 2015.

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 1,000 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.