BIOREM releases fourth quarter results



    GUELPH, ON, March 28 /CNW/ - BIOREM Inc. (TSXV: BRM) announced today its
results for the fourth quarter and the year ended December 31, 2007:

    
                                       --------------------------------------
                                           Quarter Ended          Year Ended
                                             December 31         December 31
    -------------------------------------------------------------------------
    Information in table is in
     thousands except per share data      2007      2006      2007      2006
    -------------------------------------------------------------------------
    REVENUE                            $ 2,938   $ 3,213   $ 9,470   $12,008
    -------------------------------------------------------------------------
    GROSS PROFIT                         1,244     1,518     3,344     4,132
    -------------------------------------------------------------------------
    EBITDA(1)                               77       670    (1,888)     (298)
    -------------------------------------------------------------------------
    NET EARNINGS                          (153)      346    (3,001)     (770)
    -------------------------------------------------------------------------
    BASIC EARNINGS PER SHARE             (0.01)     0.03     (0.25)    (0.07)
    -------------------------------------------------------------------------
    DILUTED EARNINGS PER SHARE           (0.01)     0.03     (0.25)    (0.07)
    -------------------------------------------------------------------------
    WEIGHTED AVERAGE COMMON SHARES      11,978    11,978    11,978    10,781
    -------------------------------------------------------------------------
    

    New orders received in the fourth quarter were $3,400,000. The order
backlog increased to $10,017,000 from $9,500,000 in the prior quarter. This is
the fourth straight quarter of backlog increase. Revenue in the fourth quarter
was $2,938,000, up from $2,547,000 in the third quarter as well as up for the
third straight quarter.
    "We remain focused on building our order backlog, cost reduction and
price adjustments to improve our gross margin," said Peter Bruijns, President
and CEO. "We are projecting that the sales momentum and backlog increase that
has been building for three straight quarters will continue. From the second
quarter of 2007, bookings have approached an annualized rate of $15,000,000.
Our efforts are well advanced to shift operational and project expenses to the
US in order to match the US-based orders and thereby minimize the effects of
fluctuations in the US dollar value," added Mr. Bruijns.
    Operating expenses in the quarter of $1,168,000 are up $220,000 compared
to 2006, primarily due to an increased focus on research and development
combined with a lower offset of investment tax credits. In addition, there was
a $210,000 swing from a foreign exchange gain in the fourth quarter of 2006 of
$132,000 to a foreign exchange loss in the fourth quarter of 2007 of $78,000
but significantly less than the prior quarter. This reflects a decrease in the
value of US dollar denominated net working capital assets. Also affecting net
income was a non-cash income tax expense of $82,000 in the quarter and
$542,000 for the year. This resulted in a net loss of $3,001,000 for 2007.
    At the end of the year, the Company had cash and cash equivalents in the
amount of $2,261,000 and net working capital of $3,864,000. The cash balance
and the unused credit facilities available to the company are considered
adequate to fund the future operating requirements of the business.
    For detailed financial statements for the year, including Management's
Discussion and Analysis please refer to BIOREM's web site at www.biorem.biz or
SEDAR at www.sedar.com after April 20, 2008.

    About BIOREM Inc.

    BIOREM manufactures Biosorbens(R) biofilter media and is a leading
supplier of biofilters for air pollution control in municipal and industrial
applications, including BIOCUBE(R) modular units and Mytilus(R) biotrickling
filters. With over 500 installed systems and over a decade of experience, the
company's products are the technology of choice for odour control at Waste
Water Treatment plants across North America. Additional information on BIOREM
is also available at our web site at www.biorem.biz.

    
    (1) EBITDA is a non-GAAP earnings measure, therefore, it does not have
        any standardized meaning prescribed by Canadian generally accepted
        accounting principles and may not be similar to measures presented by
        other companies. EBITDA represents earnings before interest, income
        taxes, depreciation and amortization. This measure is important to
        management since it is used by potential lenders to evaluate the
        ongoing cash generating capability of the Company and thus the
        amounts those lenders are willing to lend to the Company.
    

    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release. The TSX
    Venture Exchange Inc. has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved of the
    contents of this release.

    Forward-Looking Statements

    This press release contains forward-looking statements based on current
expectations. These forward-looking statements contain various risks and
uncertainties that could cause actual results to differ materially from those
reflected in the forward-looking statements. Risks and uncertainties about the
Company's business are more fully discussed in the disclosure materials,
financial statements and MD&A filed with the securities regulatory authorities
in Canada on www.sedar.com

    %SEDAR: 00020304E




For further information:

For further information: Ed Corbett, Chief Financial Officer, BIOREM
Technologies Inc., ecorbett@biorem.biz, Tel: (519) 767-9100 x275

Organization Profile

BIOREM Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890