GUELPH, ON, Nov. 15, 2017 /PRNewswire/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") today announced its results for the three and nine-month periods ended September 30, 2017. Biorem's complete third quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).

FINANCIAL HIGHLIGHTS:

Biorem's revenues for the third quarter were $5.3 million a 32% increase over the same quarter in 2016. Year-to-date revenues totaled $14 million, a $2.9 million or 26 % increase in revenue over the first nine months of 2016. The increase in revenues in the third quarter was due to a higher order backlog at the beginning of the period.

Gross profit for the quarter was $1.5 million or 28% of revenue compared to $1.0 million of gross profit recorded during the third quarter of 2016. Total operating expenses (net of other income) for the quarter were $925,000 against $741,000 in the same period the prior year. Ebitda for the quarter was $560,000 compared to $492,000 in the third quarter of 2016.

Net earnings for the quarter were $553,000. Year-to-date earnings were $479,000 compared to net earnings of $486,000 for the nine months of 2016.

"Financial performance for the third quarter was in line with management expectations", indicated Derek S. Webb, President and CEO. "Our commitment to providing the most innovative solutions for air emissions abatement challenges continues to demonstrate value to discerning customers who are interested in reliable, long term performance for high profile applications."

"We have increased our business development initiatives and combined those programs with accelerated product development initiatives to address the most difficult of projects where we add the most value for our clients. We are seeing the results of these efforts reflected in historically high revenue and booking values and are optimistic this trend will continue for the short to medium term"

Cash on hand at the end of the quarter remained largely unchanged at $2.3 million compared to $2.4 million on June 30, 2017. Operating activities generated $500,000 of new cash but increased operating activities during the quarter resulted in $493,000 of cash being invested in non-cash working capital particularly accounts receivable and unbilled revenue.

Bookings during the quarter were $4.5 million resulting in an order backlog of $21 million on September 30, 2017.

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 1,100 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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