GUELPH, ON, May 23, 2013 /PRNewswire/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") today announced results for the three month period ended March 31, 2013. Biorem's complete 2013 first quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).
Financial Summary:
| Three-months ended March 31, |
||
| (in CDN$'000 except per share data) | 2013 | 2012 |
| Revenue | 4,185 | 3,267 |
| Gross profit | 1,100 | 380 |
| EBITDA* | 233 | (365) |
| Net earnings (loss) | (31) | (544) |
| Basic Earnings (loss) per share Diluted Earnings (loss) per share |
0.00 0.00 |
(0.04) (0.04) |
*Earnings before interest, taxes and amortization, a non IFRS financial measure
"We are very pleased with our third consecutive quarter of solidly positive EBITDA. Traditionally, our first quarter of the year is slow for shipments" said Peter Bruijns, President & CEO. "Our order book continues to grow with over $5.2 million in new orders in the quarter and our backlog is at $18.9 million."
Revenues for the quarter totaled $4,185,000 a 28 % increase over revenues of $3,267,000 recorded during the first quarter of 2012. The increase in 2013 first quarter revenues is a result of strong order bookings in 2012.
Gross profit increased by $720,000 to $1,100,000 for the quarter representing 26.3 % of revenue compared to $380,000 of gross profit achieved in the first three months of 2012 representing 11.6 % of revenue. This increase in gross profit was the result of increased revenues and from increased margins on projects completed.
Operating expenses in the quarter of $985,000 were $122,000 higher than in the same period in the previous year and were largely the result of an higher sales commissions earned on the revenue recorded.
The Company's cash position stood at $1.6 million on March 31, 2013, compared to $2.5 million held on December 31, 2012.
The Company succeeded in booking new orders totalling $5.2 million in the Quarter which increased the backlog at the end of the Quarter to $18.9 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 700 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.
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