Biorem Inc. - Profitable Q3 achieved on 61% increase in revenue over Q3 2007

About this update from Biorem Inc.

[{"type":"text","content":"\n\n\n\nGUELPH, ON, Nov. 17 /CNW/ - Biorem Inc. (TSXV: BRM) announced today its\nresults for the third quarter ended September 30, 2008, which are summarized\nin the following table:\n\n\n ---------------------------------------------\n Third quarter ended Year-to-date ended\n Sept. 30 Sept. 30\n-------------------------------------------------------------------------\nInformation in table is in 2008 2007 2008 2007\nthousands except per share data\n-------------------------------------------------------------------------\nREVENUE $4,105 $2,547 $9,761 $6,532\n-------------------------------------------------------------------------\nGROSS PROFIT 1,753 755 4,015 2,100\n-------------------------------------------------------------------------\nEBITDA 287 (834) (218) (1,965)\n-------------------------------------------------------------------------\nNET EARNINGS (LOSS) 144 (1,737) (623) (2,849)\n-------------------------------------------------------------------------\nBASIC EARNINGS (LOSS) PER SHARE 0.01 (0.15) (0.05) (0.24)\n-------------------------------------------------------------------------\nDILUTED EARNINGS PER SHARE 0.01 (0.15) (0.05) (0.24)\n-------------------------------------------------------------------------\nWEIGHTED AVERAGE COMMON SHARES 11,978 11,978 11,978 11,978\n-------------------------------------------------------------------------\n\n\nConsolidated revenue for the quarter was $4,105,000, which is up\n$1,558,000 or 61% over the comparative period in the prior year. Consolidated\nrevenue for the year-to-date was $9,761,000 which is up $3,229,000 or 49% over\nthe prior year.\n\n\nNew orders in the quarter were $3,017,000 resulting in a current order\nbacklog of $13.2 million. The backlog is up $3.7 million or 38% from September\n30, 2007. Of the new Q3 bookings, over 50% were international orders from\nChina, South Africa, Mexico, Jordan and Peru. These covered the entire range\nof product solutions.\n\n\nGross profit in the quarter was $1,753,000, which is up $998,000 or 132%\nover the comparative period in the prior year. The gross margin percentage for\nthe quarter of 43% is up 13% compared to prior year of 30%. The year-to-date\ngross margin for 2008 is 41%, which is 9% greater than last year's comparable\nperiod of 32%.\n\n\nOperating expenses in the quarter were $1,466,000, which were $123,000 or\n8% l...

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