Biorem Reports 2014 Second Quarter Results

About this update from Biorem Inc.

[{"type":"text","content":"\n\nGUELPH, ON, Aug. 22, 2014 /CNW/ - BIOREM Inc. (TSXV: BRM) (\"Biorem\" or \"the Company\") today announced results for the three month and six month periods ended June 30, 2014.  Biorem's complete 2014 second quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).\n\nFinancial Summary:\n\n\n\n\n\n\n\n\n\nThree-months ended\n\nJune 30,\n\n\nSix-months ended\n\nJune 30,\n\n\n\n( in CDN$'000 except per share data)\n\n\n2014\n\n\n2013\n\n\n2014\n\n\n2013\n\n\n\nRevenue\n\n\n2,459\n\n\n5,010\n\n\n4,433\n\n\n9,195\n\n\n\nGross profit\n\n\n56\n\n\n1,485\n\n\n385\n\n\n2,585\n\n\n\nEbitda*\n\n\n(623)\n\n\n507\n\n\n(965)\n\n\n740\n\n\n\nNet earnings (loss)\n\n\n(835)\n\n\n254\n\n\n(1,366)\n\n\n223\n\n\n\nBasic earnings (loss) per share\n\nDiluted earnings (loss) per share\n\n\n(0.06)\n\n(0.06)\n\n\n0.02\n\n 0.01\n\n\n(0.11)\n\n(0.11)\n\n\n  0.02\n\n  0.01\n\n\n\n*Earnings before interest, taxes and amortization, a non IFRS financial measure\n\n \n\nRevenues for the quarter totaled $2,459,000, a 25% increase over revenues of $1,974,000 recorded during the first quarter of 2014 and a $2,550,000 or 51% decrease over revenues recorded during the second quarter of 2013. Year to date revenues have declined 52% to $4,433,000 compared to $9,195,000 in the same period in the prior year.  \n\nGross profit for the quarter was 2.2% of revenue compared to 16.7% for the quarter ended March 31, 2014 and 26.9% for the quarter ended June 30, 2013. Gross profit for the quarter was negatively impacted during the quarter by the one-time provision for loss that was recorded against a project that requires remedial work. In the absence of this provision for loss, gross profit for the quarter would have been $656,000 or 23.7 % of revenue which is consistent with the gross profit percentage achieved in previous quarters.\n\nFor the six month period gross profit decreased by $2,200,000, an 85% decrease from the gross profit of $2,585,000 recorded for the six months ended June 30, 2013.\n\nOperating expenses in the quarter of $748,000 were 31% lower than the $1,088,000 of expenses recorded in the same period in the previous year. For the six months ended June 30, 2014 operating expenses were $1,482,000, a 29% decrease over operating expenses of $2,073,000 in the comparable period in 2013.   The...

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