Business
Biorem Reports 3rd Consecutive Quarter with Positive EBITDA
GUELPH, ON, May 23, 2013 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") today...
About this update from Biorem Inc.
[{"type":"text","content":"\n\n\nGUELPH, ON, May 23, 2013 /CNW/ - BIOREM Inc. (TSX-V: BRM) (\"Biorem\" or\n \"the Company\") today announced results for the three month period ended\n March 31, 2013.  Biorem's complete 2013 first quarter financial\n statements and MD&A have been filed on SEDAR (www.sedar.com).\n\n\nFinancial Summary:\n\n\n\n\n \n\n\nThree-months ended\nMarch 31,\n\n\n\n\n(in CDN$'000 except per share data)\n\n\n2013\n\n\n2012\n\n\n\n\nRevenue\n\n\n4,185\n\n\n3,267\n\n\n\n\nGross profit\n\n\n1,100\n\n\n380\n\n\n\n\nEBITDA*\n\n\n233\n\n\n(365)\n\n\n\n\nNet earnings (loss)\n\n\n(31)\n\n\n(544)\n\n\n\n\nBasic Earnings (loss) per share\nDiluted Earnings (loss) per share\n\n\n0.00\n\n0.00\n\n\n(0.04)\n\n(0.04)\n\n\n\n\n*Earnings before interest, taxes and amortization, a non IFRS financial\n measure\n\n\n\"We are very pleased with our third consecutive quarter of solidly\n positive EBITDA. Traditionally, our first quarter of the year is slow\n for shipments\" said Peter Bruijns, President & CEO. \"Our order book\n continues to grow with over $5.2 million in new orders in the quarter\n and our backlog is at $18.9 million.\"\n\n\nRevenues for the quarter totaled $4,185,000 a 28 % increase over\n revenues of $3,267,000 recorded during the first quarter of 2012. The\n increase in 2013 first quarter revenues is a result of strong order\n bookings in 2012.\n\n\nGross profit increased by $720,000 to $1,100,000 for the quarter\n representing 26.3 % of revenue compared to $380,000 of gross profit\n achieved in the first three months of 2012 representing 11.6 % of\n revenue.   This increase in gross profit was the result of increased\n revenues and from increased margins on projects completed.\n\n\nOperating expenses in the quarter of $985,000 were $122,000 higher than\n in the same period in the previous year and were largely the result of\n an higher sales commissions earned on the revenue recorded.\n\n\nThe Company's cash position stood at $1.6 million on March 31, 2013,\n compared to $2.5 million held on December 31, 2012.\n\n\nThe Company succeeded in booking new orders totalling $5.2 million in\n the Quarter which increased the backlog at the end of the Quarter to\n $18.9 million.\n\n\nAbout BIOREM Inc.\n\n\nBiorem is a leading clean technology company that designs, manufactures\n and distributes a comprehensive line of high-...