Business
BIOREM reports $505,000 in earnings for the nine months ended September 30, 2013
GUELPH, ON , Nov. 7, 2013 /CNW/ - BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") toda...
About this update from Biorem Inc.
[{"type":"text","content":"\n\n\nGUELPH, ON, Nov. 7, 2013 /CNW/ - BIOREM Inc. (TSXV: BRM) (\"Biorem\" or\n \"the Company\") today announced results for the three month and nine\n month periods ended September 30, 2013. Biorem's complete 2013 third\n quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).\n\n\nFinancial Summary:\n\n\n\n\n \n\n\nThree-months ended\nSeptember 30,\n\n\nNine-months ended\nSeptember 30,\n\n\n\n\n(in CDN$'000 except per share data)\n\n\n2013\n\n\n2012\n\n\n2013\n\n\n2012\n\n\n\n\nRevenue\n\n\n5,281\n\n\n4,892\n\n\n14,476\n\n\n11,032\n\n\n\n\nGross profit\n\n\n1,579\n\n\n1,318\n\n\n4,164\n\n\n2,187\n\n\n\n\nEbitda*\n\n\n522\n\n\n350\n\n\n1,261\n\n\n(521)\n\n\n\n\nNet earnings (loss)\n\n\n282\n\n\n78\n\n\n505\n\n\n(1,146)\n\n\n\n\nBasic earnings (loss) per share\nDiluted earnings (loss) per share\n\n\n0.02\n0.01\n\n\n0.01\n0.00\n\n\n0.04\n0.02\n\n\n(0.09)\n(0.09)\n\n\n\n\n*Earnings before interest, taxes and amortization, a non IFRS financial\n measure\n\n\n\"Biorem continues its positive momentum in a recovering economic\n environment. We are pleased to report continued revenue growth, gross\n profit growth and earnings growth,\" said Peter Bruijns, President  &\n CEO. \"We continue to focus on business execution and adding business\n disciplines to ensure we sustain our success.\"\n\n\nRevenues for the quarter totaled $5,281,000, an 8% increase over\n revenues of $4,892,000 recorded during the third quarter of 2012. For\n the nine months September 30, 2013, revenues were $14,476,000\n representing a 31% increase over the same nine months in the prior\n year.\n\n\nGross profit for the quarter was 30% of revenues compared to the 27%\n that gross profit represented of revenues for the third quarter ended\n September 30, 2012. Year to date gross profit of  $4,164,000 is an\n increase of 90% over the gross profit reported in the same period in\n 2012. Gross profit margins for the nine months were 29% compared to the\n 20% achieved in the first nine months of 2012.\n\n\nOperating expenses in the quarter of $1,155,000 were comparable to the\n $1,083,000 of expenses in the same period in the previous year. For the\n nine months ended September 30, 2013 operating expenses were\n $3,228,000, a 6% increase over the operating expenses of $3,051,000 in\n the corresponding period in 2012. The inc...