Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Hamburger menu
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

BIOREM Reports 2019 Financial Results


News provided by

Biorem Inc.

May 08, 2020, 16:00 ET

Share this article

Share toX

Share this article

Share toX

GUELPH, ON, May 8, 2020 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") today announced its results for the three and twelve-month periods ended December 31, 2019. Biorem's complete fiscal 2019 year-end financial statements and MD&A have been filed on SEDAR (www.sedar.com).

"Biorem's business remained robust in 2019 and the Company's cash position, contracts in hand and working capital at the year end puts the Company in a strong position going into 2020. Biorem's core business in 2019 delivered $19M in revenue and positive EBITDA. During this same period, the Company's business in China generated $1.6 million in revenue and a negative EBITDA. Collection activities in mainland China were disrupted for the last five months, and out of caution, the Company recorded a significant valuation provision against accounts receivable in China at December 31, 2019, resulting in the negative EBITDA in China and the reported consolidated loss of $1M for the 2019 year. "It is management's belief that the majority of these receivables will be collected in the 2020 fiscal year. While profitability lagged with the Company's growth initiative in the China market, significant gains in supply chain, manufacturing and business development have made overall progress positive," said Derek Webb President and CEO.

FINANCIAL HIGHLIGHTS:

in '000's except earnings per share





Three-months ended

Twelve-months ended


December 31

December 31


2019

2018

2019

2018






Revenue

4,376

10,871

20,649

24,333

Gross profit

1,183

3,393

4,864

6,378

Operating  expenses

2,936

2,103

5,887

4,662

Ebitda*

(1,995)

1,412

(1,094)

1,764

Net earnings (loss)

(2,123)

4,334

(1,302)

4,666

EPS - basic

(0.06)

0.11

(0.03)

0.12

EPS - fully diluted

(0.06)

0.11

(0.03)

0.12

* Earnings before interest, taxes and amortizaton, a non IFRS financial measure

TWELVE MONTHS ENDED DECEMBER 31, 2019

For the twelve months ended December 31, 2019 revenue totaled $20.6 million compared to $24.3 million for the same twelve months in 2018. Net loss for the year was $1.3 million compared to net earnings of $4.6 million in 2018. The net loss in 2019 includes a $1.7 million valuation provision against amounts owed to one of the Company's subsidiaries in China. Loss per share for the year was $0.03 against earnings per share of $0.12 basic and $0.12 fully diluted reported in 2018.

Revenues of $20.6 million for the year represented a 15.1% decrease over revenues reported the previous year. The decline in revenue was largely the result of delays in the second half of 2019 in the manufacture and delivery of media from the Company's manufacturing facility in China that pushed deliveries and revenues into the first half of 2020. Gross profit for the year was $4,864,000, a 22% decrease from gross profit of $6,378,000 million recorded for the year-ended December 31, 2018.

Total operating expenses for the year include the $1.7 million valuation provision recorded against accounts receivable in China and totaled $5,887,000 compared to $4,662,000 for the year ended December 31, 2018. In the absence of the valuation provision recorded in 2019, operating expenses declined by $ 475,000 from the previous year. The consolidated net earnings for the year before the recognition of the valuation provision for amounts due in China would have been $373,000 or $0.01 per share.

On December 31, 2019 the Company had cash on hand of $6.5 million and working capital of $8.6 million.   

The Company has no long term debt.

Total order bookings for the year were $32.9 million, a 29% increase in bookings over the $25.5 million booked in 2018 and the Company's order backlog stood at $30.9 million on December 31, 2019 compared to $21.8 million on December 31, 2018.

"Over the course of 2019, many of BIOREM's business development initiatives were successful, expanding the geographic territory and industrial segments serviced by our unique high efficiency gas emission abatement systems. We expanded deeper into China; South Korea; Europe and Australia, with new applications in the Petrochemical, Semiconductor and Organics Processing sectors" said Derek S. Webb, President and CEO.

"Bidding and booking activity in the calendar year was strong and resulted in a backlog of $31M on December 31, 2019. This is close to historical highs and provides a great foundation for 2020. Working capital continues to be strong and the absence of debt provides good assurances for weathering the current Covid-19 crisis. As a provider of equipment for critical infrastructure projects, BIOREM has been classified as an Essential Operation in both Canada and the United States of America, allowing our engineering services and manufacturing facilities to continue providing the support our customers require. With potential capital injection into public infrastructure projects by governments across the globe in the coming months, management believes the Corporation is well positioned to take advantage of these developments over the next twelve to eighteen months."

Three Months ended December 31, 2019

Revenue for the three month period ended December 31, 2019 was $4,376,000 which was $1.9 million or 43% lower than the previous quarter and was 60% or $6.45 million below revenue reported in the same period in the prior year. The revenue decline was solely the result of project and delivery delays in the fourth quarter of 2019. Total bookings for the quarter were $17.3 million

Gross profit in the fourth quarter was $1.2 million, a 65% decrease from the $3,394,000 of gross profit recorded in the 4th quarter of 2018 and 32% decrease over the gross profit achieved in the previous quarter. The gross profit decline was directly related to the decline in reported revenue. Total operating expenses (net of other income) for the quarter were $2,936,000 a 40% increase from the operating expenses of $2,103,000 incurred during the fourth quarter of 2018. A $1.7 million valuation provision against amounts receivable in China was recorded in the fourth quarter and is included in operating expenses for the period.

Ebitda loss for the quarter was $2.0 million compared to ebitda of $1.4 million in the fourth quarter of 2018.

Net loss for the quarter was $2.1 million compared to net earnings of $4.3 million in the fourth quarter of 2018. The net loss in the quarter before the recognition of the valuation provision for amounts due in China would have been $550,000.

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 worldwide sales representative network and more than 1,400 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.

Derek Webb, President and Chief Executive Officer, [email protected], Tel: (519) 767-9100 ext 240; Douglas Newman, Chief Financial Officer, [email protected], Tel: (519) 767-9100 ext 287

Related Links

http://www.biorem.biz

Modal title

Organization Profile

Biorem Inc.

    Also from this source

  • BIOREM Announces Approval of Normal Course Issuer Bid

  • BIOREM Reports First Quarter Financial Results and Record $68 Million Order Backlog

  • Biorem Reports Record Revenues and Earnings before tax for 2024 and Again Reports Record Order Backlog

Contact Cision

  • 866-245-2317
    from 8 AM - 10 PM ET
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2025 CNW Group Ltd. All Rights Reserved. A Cision company.