BIOREM announces strong first quarter revenues

About this update from Biorem Inc.

[{"type":"text","content":"\n\n\n\nGUELPH, ON, May 11 /CNW/ - BIOREM Inc. (TSXV: BRM) announced today its\nresults for the first quarter of 2009:\n\n\n ------------------------------\n First quarter ended March 31,\n-------------------------------------------------------------------------\nInformation in table is in thousands\nexcept per share data 2009 2008\n-------------------------------------------------------------------------\nREVENUE $4,038 $3,184\n-------------------------------------------------------------------------\nGROSS PROFIT 1,306 1,455\n-------------------------------------------------------------------------\nEBITDA(1) (182) 234\n-------------------------------------------------------------------------\nNET EARNINGS (425) 104\n-------------------------------------------------------------------------\nBASIC EARNINGS PER SHARE (0.04) 0.01\n-------------------------------------------------------------------------\nDILUTED EARNINGS PER SHARE (0.04) 0.01\n-------------------------------------------------------------------------\nWEIGHTED AVERAGE COMMON SHARES 11,978 11,978\n-------------------------------------------------------------------------\n\n\nQ1 revenue was $4,038,000, which is up $853,000 or 27% over the\ncomparative period in the prior year. New orders in the quarter were over $2\nmillion resulting in a current backlog of $12.8 million. The backlog is up\n$3.8 million or 42% from March 31, 2008.\n\n\nGross profit in the quarter was $1,306,000, which is down $150,000 or 10%\nover the comparative period in the prior year. The first quarter gross margin\npercentage is down from the prior year margin primarily due to strategic\nmarketing reasons associated with a few specific projects. Therefore, we see\nthis decrease in gross margin as a one-time occurrence for this specific\nquarter.\n\n\nEBITDA was a loss of $182,000 in the first quarter compared to a gain of\n$234,000 in the comparative period from last year. The main reasons for this\nloss are the decline in gross margin as described above, which we anticipate\nto be non-reoccurring. Secondly, a significant foreign exchange loss of\n$155,000 was realized as opposed to a $102,000 gain in 2008, which represents\na swing in foreign exchange gains and losses of $257,000.\n\n\n"The year has started out well as we are significantly ahead of the first\nquarter of 2008." said P...

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