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Press Release

BIOREM Reports Second Quarter 2018 Financial Results

BIOREM
Posted on: 29 Aug 18

GUELPH, ON, Aug. 28, 2018 /PRNewswire/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") today announced its results for the three and six-month periods ended June 30, 2018. Biorem's complete second quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).

Biorem's revenues for the second quarter were $5.2 million a 46% increase over the previous quarter and 8.5 % or $800,000 below revenues reported in the same quarter in 2017. Year-to-date revenues totaled $9.1 million, comparable to the $8.8 million reported for the first six months of 2017. The increase in revenues in the second quarter was due to a higher order backlog at the beginning of the period.

Gross profit for the quarter was $1.1 million or 21.6% of revenue compared to $1.2 million of gross profit representing 22.2 % of revenue recorded during the second quarter of 2017. Total operating expenses (net of other income) for the quarter were $856,000 against $1,329,000 in the same period the prior year. The decrease in operating expenses was primarily due to a $282,000 foreign exchange loss recorded the second quarter of 2017 while in the second quarter of 2018 a $156,000 foreign exchange gain was recognized. Ebitda for the quarter was $279,000 compared to a $58,000 ebitda loss in the second quarter of 2017.

Net earnings for the quarter were $267,000, with year-to-date earnings totalling $99,000 compared to a net loss of $50,000 for the first half of 2017.

"Financial performance for the second quarter was in line with management expectations and consistent with the same quarter a year ago", said Derek S. Webb, President and CEO. "Of particular interest is the $6.3 million in order bookings in the quarter bringing total orders booked in the first half of 2018 to $12.3 million and an order backlog of $22.5 million at June 30, 2018. Included in the $6.3 million of second quarter bookings was $2 million of orders booked for projects in China. Orders received subsequent to June 30, 2018 have increased the order backlog to $26 million. Order opportunities and booking rates continue to be high."   

Cash on hand decreased during the quarter to $3.6 million from $5.8 million on March 31, 2018. Earnings from operating activities generated $306,000 of cash but increased operating activities during the quarter resulted in $2.5 million of cash being invested in non-cash working capital particularly accounts receivable and unbilled revenue.

Bookings during the quarter were $6.3 million resulting in an order backlog of $22.5 million on June 30, 2018.

About BIOREM Inc.

BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 1,200 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 29/08/2018

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