BIOREM announces record third quarter with $520,000 in net earnings
GUELPH, ON,
"We are excited to report a strong quarter, with record gross profit and net earnings. Our results for 2009 year to date have now exceeded our fiscal 2008 results for those areas," said Peter Bruijns, President & CEO. "We are especially pleased to report that this marks our third consecutive quarter of positive cash flow generation, and the highest net income the Company has earned in one quarter over the last five years. We believe that our solid performance in 2009 thus far creates a strong foundation for the future growth of our Company and provides the flexibility to advance our growth initiatives, which include potential acquisitions."
------------------------------------------ Three months ended Nine months ended September 30, September 30, ------------------------------------------------------------------------- (in thousands of Canadian dollars, except per share data) 2009 2008 2009 2008 ------------------------------------------------------------------------- REVENUE 4,910 4,105 14,625 9,761 ------------------------------------------------------------------------- GROSS PROFIT 2,348 1,753 5,980 4,015 ------------------------------------------------------------------------- EBITDA(1) (including gains and losses on foreign exchange) 796 287 646 (221) ------------------------------------------------------------------------- NET EARNINGS 520 144 (143) (622) ------------------------------------------------------------------------- BASIC AND DILUTED EARNINGS PER SHARE 0.04 0.01 (0.01) (0.05) ------------------------------------------------------------------------- WEIGHTED AVERAGE COMMON SHARES 12,010 11,978 11,989 11,978 -------------------------------------------------------------------------
Revenue in the three month period ended
Gross profit in Q3 2009 increased 34% to
In Q3 2009, EBITDA increased 177% to
Net income for the third quarter of 2009 increased 261% to
For the nine months ended
As at
About BIOREM Inc.
BIOREM manufactures Biosorbens(R) biofilter media and is a leading supplier of biofilters and biotrickling for air pollution control in municipal and industrial applications, including BIOCUBE(R) modular units and Mytilus(R) biotrickling filters. With over 600 installed systems and over a decade of experience, the Company's products are the technology of choice for odor control at wastewater treatment plants across
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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
Non-GAAP Measures
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.
"Order Bookings" and "Order Backlog" do not have any standardized meaning prescribed by Canadian generally accepted accounting principles ("GAAP") and may not be comparable to measures presented by other companies.
Order Bookings and Order Backlog are non-GAAP measures that the Company uses to evaluate its sales performance. Order Bookings are those binding contracts that the Company enters into with a third party for the delivery of our products or services. As Order Bookings are received, the contract value (before any associated sales taxes) is included in the Order Backlog. The Order Backlog is reduced by the revenue that is recognized on each project and then adjusted for any currency changes.
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For further information: For further information: Ed Corbett, Chief Financial Officer, BIOREM Technologies Inc., [email protected], Tel: (519) 767-9100 x275; Adriana Braczek, Investor Relations, The Equicom Group Inc., [email protected], Tel: (416) 815-0700 x240
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