GUELPH, ON, May 23, 2013 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or
"the Company") today announced results for the three month period ended
March 31, 2013. Biorem's complete 2013 first quarter financial
statements and MD&A have been filed on SEDAR (www.sedar.com).
(in CDN$'000 except per share data)
Net earnings (loss)
Basic Earnings (loss) per share
Diluted Earnings (loss) per share
*Earnings before interest, taxes and amortization, a non IFRS financial
"We are very pleased with our third consecutive quarter of solidly
positive EBITDA. Traditionally, our first quarter of the year is slow
for shipments" said Peter Bruijns, President & CEO. "Our order book
continues to grow with over $5.2 million in new orders in the quarter
and our backlog is at $18.9 million."
Revenues for the quarter totaled $4,185,000 a 28 % increase over
revenues of $3,267,000 recorded during the first quarter of 2012. The
increase in 2013 first quarter revenues is a result of strong order
bookings in 2012.
Gross profit increased by $720,000 to $1,100,000 for the quarter
representing 26.3 % of revenue compared to $380,000 of gross profit
achieved in the first three months of 2012 representing 11.6 % of
revenue. This increase in gross profit was the result of increased
revenues and from increased margins on projects completed.
Operating expenses in the quarter of $985,000 were $122,000 higher than
in the same period in the previous year and were largely the result of
an higher sales commissions earned on the revenue recorded.
The Company's cash position stood at $1.6 million on March 31, 2013,
compared to $2.5 million held on December 31, 2012.
The Company succeeded in booking new orders totalling $5.2 million in
the Quarter which increased the backlog at the end of the Quarter to
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
BIOREM Technologies Inc.