GUELPH, ON, Nov. 20, 2014 /PRNewswire/ - BIOREM Inc.
(TSXV: BRM) ("Biorem" or "the Company") today announced results for
the three month and nine month periods ended September 30, 2014. Biorem's complete 2014
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)
|
2014
|
2013
|
2014
|
2013
|
|
Revenue
|
2,282
|
5,281
|
6,715
|
14,476
|
|
Gross
profit
|
521
|
1,579
|
906
|
4,164
|
|
Ebitda*
|
(99)
|
522
|
(1,008)
|
1,261
|
|
Net earnings
(loss)
|
(287)
|
282
|
(1,653)
|
505
|
|
Basic earnings (loss)
per share
Diluted earnings
(loss) per share
|
(0.02)
(0.02)
|
0.02
0.01
|
(0.13)
(0.13)
|
0.04
0.02
|
*Earnings before interest, taxes and amortization, a non IFRS
financial measure
The Company booked new orders totalling $7.1 million in the Quarter which resulted in an
order backlog at the end of September 30,
2014 of $14.8 million.
Revenues for the quarter totaled $2,282,000, a 7% decrease over revenues of
$2,459,000 recorded during the second
quarter of 2014 and a $3,000,000 or
57% decrease over revenues recorded during the third quarter of
2013. Year to date revenues have declined 54% to $6,715,000 compared to $14,476,000 in the same period in the prior year.
Gross profit for the quarter was 23% of revenue compared to 2.2%
for the quarter ended June 30, 2014
and 30.0% for the quarter ended September
30, 2013. Gross profit for the prior quarter was negatively
impacted by a one-time provision for loss that was recorded against
a project that required remedial work. In the absence of this
provision for loss, gross profit for the quarter would have been
$656,000 or 23.7 % of revenue which
is consistent with the gross profit percentage achieved in previous
quarters.
For the nine month period gross profit decreased by $3,258,000, a 78% decrease from the gross profit
of $4,164,000 recorded for the nine
months ended September 30, 2013.
Operating expenses in the quarter of $705,000 were 39% lower than the $1,155,000 of expenses recorded in the same
period in the previous year. For the nine months ended September 30, 2014 operating expenses were
$2,186,000, a 32% decrease over
operating expenses of $3,228,000 in
the comparable period in 2013. The decrease in operating
expenses were largely the result of lower sales commissions earned
on the lower revenue recorded, and by lower general and
administrative costs and lower expenditures on research and
development resulting from cost reductions initiated by the
Company.
Net loss for the quarter and nine months ended were $287,000 and $1,653,000 respectively compared to earnings of
$282,000 and $505,000 in 2013. On a loss per share basis
the loss for the quarter was $0.02
per share and $0.13 per share for the
nine month period ended September 30,
2014.
"With stronger municipal markets in place and high bidding
activity over recent months the company booked a significant amount
of new orders and increased the backlog to $14.8 million," said Peter Bruijns, President and CEO. "Our focus
continues to be on quality systems at competitive pricing with
healthy margins as we continue to position the company for
anticipated demand globally for clean technology air pollution
control systems."
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.