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BIOREM Reports Third Quarter 2018 Financial Results


News provided by

Biorem Inc.

Nov 07, 2018, 08:00 ET

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GUELPH, ON, Nov. 7, 2018 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") today announced its results for the three and nine-month periods ended September 30, 2018. Biorem's complete third quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).

FINANCIAL HIGHLIGHTS:



 in Canadian dollars, '000's except earnings per share



Three-months ended

Nine -months ended


September 30

September 30


2018

2017

2018

2017






Revenue

4,392

5,265

13,461

14,021

Gross profit

1,049

1,480

2,985

3,862

Operating  expenses

816

925

2,649

3,386

Ebitda*

240

563

354

506

Net earnings (loss)

233

553

331

479

EPS - basic

0.01

0.01

0.01

0.01

EPS - fully diluted

0.01

0.01

0.01

0.01

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

Biorem's revenues for the third quarter were $4.4 million, a 15% decrease over the previous quarter and 16.6 % or $873,000 below revenues reported in the same quarter in 2017. Year to date revenues totaled $13.5 million, compared to the $14.0 million reported for the first nine months of 2017.The decrease in revenues in the third quarter was due solely to a delay of deliveries from certain suppliers that pushed some project revenues expected in September 2018 to October 2018.

Gross profit for the quarter was $1.0 million or 23.9% of revenue compared to $1.5 million of gross profit representing 28.1% of revenue recorded during the third quarter of 2017. Total operating expenses (net of other income) for the quarter were $816,000 against $925,000 in the same period the prior year. The decrease in operating expenses was primarily due to lower sales and marketing costs in the quarter compared to those incurred in the third quarter of 2017. Ebitda for the quarter was $240,000 compared to $563,000 of ebitda in the third quarter of 2017.

Net earnings for the quarter were $233,000, with year to date earnings totaling $331,000 compared to net earnings of $479,000 for the first nine months of 2017.

"Management is very pleased with progress achieved on a number of initiatives," said Derek S. Webb, President and CEO. "In terms of business development, a number of key strategic orders have been secured both in North America as well as in China. The investment we made in people has really started to pay dividends as we close larger and more profitable orders. The appetite for advanced air emissions abatement solutions in China continues to grow and we are pleased with the foundation that has been built. In addition, BIOREM has just completed the installation of a new advanced continuous media manufacturing facility in China that quadruples our production capacity while reducing duplication, wastage, and upgrades both consistency and quality."

"During this last quarter, we have also increased our backlog to a new historical record. This backlog of secured orders provides for strong visibility for the next 12-18 months. It also provides the company with the financial resources to further expand the breadth and depth of our strategic initiatives."   

Cash on hand remained unchanged at $3.6 million. Earnings from operating activities generated $169,000 of cash during the quarter but increased operating activities during the quarter resulted in $112,000 of cash being invested in non-cash working capital particularly inventory and prepaid expenses. The Company invested $176,000 in manufacturing equipment during the quarter to increase its production capacity as well as the quality of its proprietary filter media.

Bookings during the quarter were $10.4 million resulting in an order backlog of $28.7 million on September 30, 2018.

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.

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

Related Links

http://www.biorem.biz

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Organization Profile

Biorem Inc.

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