BIOREM Reports $318,000 Net Earnings for the Third Quarter and $17.6 million backlog

GUELPH, ON, Nov. 5, 2015 /CNW/ - BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") today announced its results for the three and nine-month periods ended September 30, 2015. Biorem's complete third quarter financial statements and MD&A have been filed on SEDAR (


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

Biorem's revenue for the third quarter was $4.2 million, an 83% increase over the $2.3 million in revenue recorded in the third quarter of 2014 and consistent with the $4.7 million recorded in the second quarter of 2015. Year to date revenue totaled $13.6 million, a $6.9 million or a 102 % increase in revenue over the first nine months of 2014. The revenue increase came from Canada, China and other international markets in which Biorem operates.

Gross profit for the quarter was $1.5 million or 36% of revenue compared to $521,000 of gross profit recorded during the third quarter of 2014 and $4.7 million of gross profit or 35% of revenue in the second quarter of 2015. Total operating expenses (net of other income) for the quarter were $1,084,000. Ebitda for the quarter was $468,000 compared to an ebitda of $(92,000) in the third quarter of 2014.

Net earnings for the quarter was $318,000, which represents $0.02 per share basic and $0.01 on a fully diluted basis, compared to a net loss of $1,653,000 or $(0.13) per share on a basic and  fully diluted basis in the third quarter of 2014.

"We are very pleased to have had a solid quarter in terms of bookings and profitability," said Derek S. Webb, President and CEO.  "The backlog has increased to $17.6 million which sets the foundation for future growth. Biorem continues to invest in new product and biological market development to further diversify our advanced solutions for air emissions abatement. These new ideas and products are expected to begin to contribute to our growth in 2016."

Unrestricted cash on hand at the end of the quarter was $ 1.7 million. Operating activities provided $547,000 of cash and changes in non-cash working capital used $676,000 of cash, $343,000 of cash was used to pay interest and debt principal during the quarter.

In March of 2015 the Company negotiated an amendment to its 12.75% debenture agreement amending the repayment terms and extending the maturity date to December 31, 2015. Under the amended payment terms, principal payments totaling $500,000 have been paid during the year to September 30, 2015.

Bookings during the quarter were $7.0 million resulting in an order backlog of $17.6 million on September 30, 2015.

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 1,000 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

SOURCE Biorem Inc.

For further information: Derek Webb, President and Chief Executive Officer,, Tel: (519) 767-9100 or Douglas Newman, Chief Financial Officer,, Tel: (519) 767-9100


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