First half 08 results ahead of 07; backlog at $15 mm historic high

About this update from Biorem Inc.

[{"type":"text","content":"\n\n\n\nGUELPH, ON, Aug. 12 /CNW/ - Biorem Inc. (TSXV: BRM) announced today its\nresults for the second quarter ended June 30, 2008, which are summarized in\nthe following table:\n\n\n-------------------------------------------------------------------------\n Second quarter Year-to-date\n ended June 30 ended June 30\n-------------------------------------------------------------------------\nInformation in table is in thousands\n except per share data 2008 2007 2008 2007\n-------------------------------------------------------------------------\nREVENUE $2,472 $2,215 $5,657 $3,984\n-------------------------------------------------------------------------\nGROSS PROFIT 807 727 2,262 1,345\n-------------------------------------------------------------------------\nEBITDA (741) (795) (505) (1,131)\n-------------------------------------------------------------------------\nNET LOSS (870) (736) (766) (1,112)\n-------------------------------------------------------------------------\nBASIC EARNINGS PER SHARE (0.07) (0.06) (0.06) (0.09)\n-------------------------------------------------------------------------\nDILUTED EARNINGS PER SHARE (0.07) (0.06) (0.06) (0.09)\n-------------------------------------------------------------------------\nWEIGHTED AVERAGE COMMON SHARES 11,978 11,978 11,978 11,978\n-------------------------------------------------------------------------\n\n\nConsolidated revenue in the quarter was $2,472,000, which is up $258,000\nor 11.6% over the comparative period in the prior year. Consolidated revenue\nfor the year-to-date was $5,657,000 which is up $1,672,000 or 42% over the\nprior year.\n\n\nOrder Bookings for the first half of 2008 totaled $10,267,000 consisting\nof $1.4 million from Industrial; $1.4 million from International and\n$7.5 million from Municipal. The Order Backlog is $14.7 million at the end of\nthe quarter. The Order Backlog is up $5.7 million or 63% compared to the same\nperiod ending June 30, 2007.\n\n\nGross profit in the quarter was $807,000, which is up $80,000 or 11% over\nthe comparative period in the prior year. The gross margin percentage for the\nquarter was the same as in the prior year.\n\n\nGross profit year-to-date was $2,262,000 which is up $917,000 or 68% over\nthe prior year. The gross profit increase is a result of increased revenue as\nwell as improved margins on projects. The ...

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