Business
Biorem reports second quarter results
Biorem reports second quarter results
About this update from Biorem Inc.
[{"type":"text","content":"\n\n\n\n Aug. 19, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nGUELPH, ON, Aug. 19 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") today announced its results for the three-month period ended June 30, 2010. Biorem's complete 2010 second quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).\n"We successfully achieved significant new bookings during the quarter and we continue to grow our order backlog, which reached $14.1 million in Q2," said Peter Bruijns, President and CEO. "A portion of these new orders relate to our Volatile Organic Compound and Biogas sweetening market initiatives. These results add to our confidence in building a diversified revenue based business model and our objective of being a leader in global clean technology air emissions control."\nBookings in the second quarter of 2010 were $6,200,000, an increase of approximately 20 percent on a sequential basis over the first quarter of 2010 and an increase of 19% compared to the same period last year. The total orders received in the first two quarters are $11,500,000 resulting in an order backlog of $14,100,000 for the second quarter of 2010, up 40 percent from the beginning of 2010.\n\n\n >\n\n\nTHREE MONTHS ENDED JUNE 30, 2010\n\nRevenue in the three-month period ended June 30, 2010 (Q2 2010) was $4,560,000 compared to $5,678,000 over the comparative period in the prior year. The Company has increased its Backlog by 40% year-to-date from $10.1 million at December 31, 2009 due to a strong first six months of Bookings.\nGross margin decreased to 26% in Q2 2010 versus 41% in Q2 2009. The Q2 2010 Gross Margin is lower than the previous quarter due to the effect of lower margins accepted by the Company on two strategic projects whose implementation converged into the quarter and constituted more than $1,733,000 of the Q2 revenue as well as the effect of under absorbed overhead costs. The c...