Business
BIOREM reports record second quarter revenues
GUELPH, ON, Aug. 20 /CNW/ - BIOREM Inc. ("Biorem" or "the Company") (TSX-V: BRM) announced today ...
About this update from Biorem Inc.
[{"type":"text","content":"\n\n\n\nGUELPH, ON, Aug. 20 /CNW/ - BIOREM Inc. ("Biorem" or "the Company")\n(TSX-V: BRM) announced today its results for the three and six-month periods\nended June 30, 2009. Biorem's complete fiscal 2009 second quarter financial\nstatements and MD&A are filed on SEDAR (www.sedar.com).\n\n\n"We are pleased with the exceptional revenue growth we had in the\nquarter, reporting record second quarter revenue, as well as strong gross\nprofit and gross margin," said Peter Bruijns, President and CEO of Biorem.\n"Our gross margins have recovered to the 40% level as expected. This is also\nthe second consecutive quarter that we have generated positive cash flows from\noperations, which were supported by strong new order numbers."\n\n\nFinancial Summary:\n\n ----------------------------------------------\n Three-months ended Six-months ended\n June 30, June 30,\n-------------------------------------------------------------------------\n(Information in table\n is in thousands, except\n per share data) 2009 2008 2009 2008\n-------------------------------------------------------------------------\nREVENUE $5,678 $2,472 $9,715 $5,657\n-------------------------------------------------------------------------\nGROSS PROFIT 2,326 807 3,632 2,262\n-------------------------------------------------------------------------\nEBITDA(1) 32 (741) (150) (505)\n-------------------------------------------------------------------------\nNET EARNINGS (239) (870) (664) (767)\n-------------------------------------------------------------------------\nBASIC EARNINGS PER SHARE (0.02) (0.07) (0.06) (0.06)\n-------------------------------------------------------------------------\nDILUTED EARNINGS PER SHARE (0.02) (0.07) (0.06) (0.06)\n-------------------------------------------------------------------------\nWEIGHTED AVERAGE COMMON\n SHARES 11,978 11,978 11,978 11,978\n-------------------------------------------------------------------------\n\n\nRevenue in the three-month period ended June 30, 2009 (Q2 2009) increased\n130% to $5.7 million from $3.2 million over the comparative period in the\nprior year. New orders in the second quarter of 2009 totaled $5.2 million,\nresulting in a current order backlog of $11.1 million. The order backlog as at\nJune 30, 2009 was down from an order backlog of $14.6 million as at June ...