GUELPH, ON, Nov. 7, 2013 /PRNewswire/ - BIOREM Inc. (TSXV:
BRM) ("Biorem" or "the Company") today announced results for the
three month and nine month periods ended September 30, 2013. Biorem's complete 2013 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) |
2013 |
2012 |
2013 |
2012 |
| Revenue |
5,281 |
4,892 |
14,476 |
11,032 |
| Gross profit |
1,579 |
1,318 |
4,164 |
2,187 |
| Ebitda* |
522 |
350 |
1,261 |
(521) |
| Net earnings (loss) |
282 |
78 |
505 |
(1,146) |
Basic earnings (loss) per
share
Diluted earnings (loss) per share |
0.02
0.01 |
0.01
0.00 |
0.04
0.02 |
(0.09)
(0.09) |
*Earnings before interest, taxes and amortization, a non IFRS
financial measure
"Biorem continues its positive momentum in a recovering economic
environment. We are pleased to report continued revenue growth,
gross profit growth and earnings growth," 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 $5,281,000, an 8% increase over revenues of
$4,892,000 recorded during the third
quarter of 2012. For the nine months September 30, 2013, revenues were $14,476,000 representing a 31% increase over the
same nine months in the prior year.
Gross profit for the quarter was 30% of revenues compared to the
27% that gross profit represented of revenues for the third quarter
ended September 30, 2012. Year to
date gross profit of $4,164,000
is an increase of 90% over the gross profit reported in the same
period in 2012. Gross profit margins for the nine months were 29%
compared to the 20% achieved in the first nine months of 2012.
Operating expenses in the quarter of $1,155,000 were comparable to the $1,083,000 of expenses in the same period in the
previous year. For the nine months ended September 30, 2013 operating expenses were
$3,228,000, a 6% increase over the
operating expenses of $3,051,000 in
the corresponding period in 2012. The increase in operating
expenses over the nine month period in 2013 is 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 nine months ended September 30, 2013 were $282,000 and $505,000, respectively, compared to earnings of
$78,000 and losses of $1,658,000 in the same periods in 2012. Earnings
per share on a basic basis for the quarter were $0.02 per share and $0.04 per share for the nine month period. On a
fully diluted basis earnings per share were $0.01 for the quarter and $0.02 per share for the nine months.
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 800 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.