Business
Biorem Reports Third Quarter Results & Increases in Revenues and Earnings
Biorem Reports Third Quarter Results & Increases in Revenues and Earnings B...
About this update from Biorem Inc.
[{"type":"text","content":"\n \n \n \n Biorem Reports Third Quarter Results & Increases in Revenues and Earnings\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n Biorem Reports Third Quarter Results & Increases in Revenues and Earnings\n \n \n Canada NewsWire\n \n \n \n \n \n \n GUELPH, ON\n \n \n ,\n \n \n Nov. 15, 2022\n \n \n /CNW/ - BIOREM Inc. (TSXV: BRM) (\"Biorem\" or \"the Company\") today announced its results for the three and nine-month periods ended\n \n September 30, 2022\n \n . Biorem's complete third quarter financial statements and MD&A have been filed on SEDAR (\n \n www.sedar.com\n \n ).\n \n \n \n FINANCIAL HIGHLIGHTS:\n \n \n \n \n \n \n \n \n \n \n Biorem's revenues for the third quarter were\n \n $7.3 million\n \n a 17% increase over the previous quarter and 60 % higher than the\n \n $4.6 million\n \n of revenues reported in the same quarter in 2021.  Year to date revenues totalled\n \n $17.9 million\n \n , a 32% increase over the\n \n $13.6 million\n \n reported for the first nine months of 2021. The increase in revenues for the first nine months of 2022 compared to the prior year is largely due to the Company's larger order backlog at the beginning of the year and due to customer construction schedules.\n \n \n Gross profit for the quarter was\n \n $2.5 million\n \n or 34.4% of revenue compared to\n \n $1.1 million\n \n of gross profit representing 24.8 % of revenue recorded during the third quarter of 2021. Total operating expenses (net of other income) for the quarter were\n \n $1,414,000\n \n against\n \n $1,282,000\n \n in the same period the prior year. The increase in operating expenses in 2022 was primarily due to increased variable selling costs related to the increased revenues in the period.\n \n \n Ebitda for the quarter increased to\n \n $1,179,000\n \n compared to a negative ebitda of\n \n $68,000\n \n in the third quarter of 2021. Total ebitda for the first nine months totaled\n \n $1,556,000\n \n .\n \n \n Net earnings for the quarter were\n \n $761,000\n \n , with year to date earnings of\n \n $825,000\n \n compared to a net loss of\...