Press release from CNW Group
Biorem Reports 74% Increase In Second Quarter Revenues
Thursday, August 22, 2013
Biorem Reports 74% Increase In Second Quarter Revenues07:55 EDT Thursday, August 22, 2013
GUELPH, ON, Aug. 22, 2013 /CNW/ - 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).
| Three-months ended
| Six-months ended
|(in CDN$'000 except per share data)||2013||2012||2013||2012|
|Net earnings (loss)||254||(680)||223||(1,224)|
|Basic earnings (loss) per share
Diluted earnings (loss) per share
|*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.
For further information:
Peter Bruijns, President & Chief Executive Officer
Tel: (519) 767-9100