Biorem Reports 42% Increase in Revenue, Earnings of $1.5 million and EPS of $0.04
GUELPH, ON, March 26, 2018 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") today announced its results for the three and twelve-month periods ended December 31, 2017. Biorem's complete fiscal 2017 year-end financial statements and MD&A have been filed on SEDAR (www.sedar.com).
FINANCIAL HIGHLIGHTS:
| in '000's except earnings per share |
|||||
| Three-months ended |
Twelve -months ended |
||||
| December 31 |
December 31 |
||||
| 2017 |
2016 |
2017 |
2016 |
||
| Revenue |
8,538 |
4,759 |
22,558 |
15,896 |
|
| Gross profit |
2,409 |
1,090 |
6,270 |
4,107 |
|
| Operating expenses |
1,250 |
1,001 |
4,742 |
3,282 |
|
| Ebitda* |
1,047 |
(37) |
1,694 |
723 |
|
| Net earnings |
1,051 |
61 |
1,530 |
547 |
|
| EPS - basic |
0.03 |
0.00 |
0.04 |
0.04 |
|
| EPS - fully diluted |
0.03 |
0.00 |
0.04 |
0.02 |
|
| * Earnings before interest, taxes and amortizaton, a non IFRS financial measure |
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TWELVE MONTHS ENDED DECEMBER 31, 2017
For the twelve months ended December 31, 2017 revenue totaled $22.6 million compared to $15.9 million for the same twelve months in 2016. Net earnings for the year were $1.5 million compared to net earnings of $547,000 in 2016. Earnings per share for the year were $0.04 basic and $0.04 fully diluted against $0.04 basic and $0.02 fully diluted per share reported in 2016.
Revenues of $22.5 million for the year were a 42% increase over revenues reported the previous year. Gross profit was $6,270,000 for the year, a 53% increase from gross profit of $4.1 million recorded for the year-ended December 31, 2016.
Total operating expenses for the year were $4,742,000 compared to $3,282,000 for the year ended December 31, 2016. The increase in operating expenses was attributable to increased sales commission on the increased revenues and higher general and administrative compensation costs.
On December 31, 2017 the Company had cash on hand of $3.6 million and working capital of $7.2 million.
The Company has no long term debt.
Total order bookings for the year were $ 22 million and the Company's order backlog stood at $19 million on December 31, 2017.
"Due to a number of strategic initiatives undertaken in 2016 and 2017, the bidding and booking activity for the company has been outstanding and provides a strong foundation for 2018 and 2019," said Derek S. Webb, President & CEO. "This continuing positive trend is a reflection of municipalities and industry selecting a reliable option for emissions abatement. With billions being spent on environmental infrastructure projects, stakeholders cannot afford to have projects fail over poorly designed odor and emissions control systems. With over 1200 successful installations across the globe, BIOREM provides proven solutions that customers can depend upon."
Three Months ended December 31, 2017
Revenue for the three month period ended December 31, 2017 was up 62% from the previous quarter to $8,538,000 and 79% or $3.8 million above revenues reported in the same period in the prior year.
Gross profit in Q4 was $2,409,000, a 121% increase over the $1,090,000 of gross profit recorded in the 4th quarter of 2016 and 62% increase over the gross profit achieved in the previous quarter. Total operating expenses (net of other income) for the quarter were $1,362,000 a 49% increase from the operating expenses of $915,000 incurred during the fourth quarter of 2016.
Ebitda for the quarter was $1 million compared to a loss of $37,000 in the fourth quarter of 2016.
Net earnings for the quarter were $1,051,000 compared to net earnings of $61,000 in the fourth quarter of 2016.
Total bookings for the quarter were $6.5 million.
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 1,200 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: 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
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