Business
BIOREM announces record third quarter with $520,000 in net earnings
BIOREM announces record third quarter with $520,000 in net earnings
About this update from Biorem Inc.
[{"type":"text","content":"\n\n\n\nNov. 16, 2009 (Canada NewsWire Group) -- GUELPH, ON, Nov. 16 /CNW/ -- BIOREM Inc. (TSX-V: BRM) (\"Biorem\" or \"the Company\") announced today its results for the three and nine-month periods ended September 30, 2009. Biorem's complete fiscal 2009 third quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).\"We are excited to report a strong quarter, with record gross profit and net earnings. Our results for 2009 year to date have now exceeded our fiscal 2008 results for those areas,\" said Peter Bruijns, President & CEO. \"We are especially pleased to report that this marks our third consecutive quarter of positive cash flow generation, and the highest net income the Company has earned in one quarter over the last five years. We believe that our solid performance in 2009 thus far creates a strong foundation for the future growth of our Company and provides the flexibility to advance our growth initiatives, which include potential acquisitions.\"------------------------------------------Three months ended Nine months endedSeptember 30, September 30,-------------------------------------------------------------------------(in thousands of Canadiandollars, except per sharedata) 2009 2008 2009 2008-------------------------------------------------------------------------REVENUE 4,910 4,105 14,625 9,761-------------------------------------------------------------------------GROSS PROFIT 2,348 1,753 5,980 4,015-------------------------------------------------------------------------EBITDA(1) (includinggains and losses onforeign exchange) 796 287 646 (221)-------------------------------------------------------------------------NET EARNINGS 520 144 (143) (622)-------------------------------------------------------------------------BASIC AND DILUTEDEARNINGS PERSHARE 0.04 0.01 (0.01) (0.05)-------------------------------------------------------------------------WEIGHTED AVERAGE COMMONSHARES 12,010 11,978 11,989 11,978-------------------------------------------------------------------------Revenue in the three month period ended September 30, 2009 (Q3 2009) increased 20% to $4,910,000, from $4,105,000 over the comparative period in the prior year. New orders for the quarter totaled $4,588,000 resulting in a current order backlog of $10.4 million. The backlog is down $2.8 million or 21% from September 30, 200...