GUELPH, ON, April 22, 2013 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or
"the Company") today announced its results for the three and
twelve-month periods ended December 31, 2012. Biorem's complete fiscal
2012 year-end financial statements and MD&A have been filed on SEDAR (www.sedar.com).
"The first two quarters in 2012 were challenging and required the
company to undertake a number of re-organization and re-capitalization
measures which were implemented successfully. In parallel, our sales
and marketing team benefited from new product innovation in growth
markets such as biogas conditioning and industrial solutions which
enabled the company to build strong sales at healthy margins into a
backlog of $17.7 million entering 2013" said Peter Bruijns, CEO. "With
new orders exceeding $18 million in 2012, improved margins and a
stronger, leaner organization, we have significantly strengthened the
position of the company for fiscal 2013."
FINANCIAL HIGHLIGHTS:
in '000's except earnings per share
|
|
|
|
|
|
Three-months ended
|
Twelve-months ended
|
|
|
December, 31
|
December, 31
|
|
|
2012
|
2011
|
2012
|
2011
|
|
|
|
|
|
|
Revenue
|
|
4,386
|
3,448
|
15,418
|
12,045
|
Gross profit
|
|
1,539
|
533
|
3,726
|
2,869
|
Operating expenses
|
1,048
|
1,664
|
4,099
|
5,736
|
Ebitda*
|
|
660
|
(1,004)
|
93
|
(2,367)
|
Net earnings (loss)
|
|
316
|
(1,196)
|
(830)
|
(3,369)
|
Earnings( loss) per share
|
0.02
|
(0.11)
|
(0.07)
|
(0.28)
|
* Earnings before interest, taxes and amortizaton, a non IFRS financial
measure
|
Revenues for the three-month period ended December 31, 2012 were
$4,386,000 compared to $3,448,000 in the same period in the prior year
representing an increase of $939,000 (27.2%).
Gross profit in Q4 was $1,539,000, a $1,006,000 (188%) increase from the
$533,000 recorded in the fourth quarter of 2011. Total operating
expenses (net of other income) for the quarter were $1,048,000 a 29%
reduction from the operating expenses of $1,664,000 incurred during the
fourth quarter of 2011. Ebitda was $660,000 compared to a negative
ebitda of $1,004,000 for the fourth quarter of 2011.
Net earnings for the quarter were $316,000 or $0.02 per basic share and
$0.01 on a diluted basis compared to loss of $1,196,000 or 0.11 per
share on a basic and diluted basis.
TWELVE MONTHS ENDED DECEMBER 31, 2012
For the twelve months ended December 31, 2012 revenue increased 28% to
$15,418,000 from $12,045,000 for the same period in 2011.
Gross profit was $3,726,000 for the year ended December 31, 2012 a 30%
increase from gross profit of $2,869,000 for the year-ended December
31, 2011.
Total operating expenses were $4,099,000 for the year ended December 31,
2012 compared to $5,736,000 for the year ended December 31, 2011. The
28.5% decrease was attributable to the Company taking deliberate
actions in 2011 and 2012 to reduce the cost structure of the Company in
all functional areas.
Net loss for fiscal 2012 was $830,000 or a loss of ($0.07) per basic and
diluted share, compared to net loss of $3,369,000 or a loss of ($0.28)
per basic and diluted share in 2011.
Net cash used by operating activities for the year totaled $530,000
compared to $1,558,000 generated by operating activities in 2011.
$733,000 of cash was provided by a reduction in accounts receivable and
unbilled revenue and this was offset by cash used to fund a reduction
of accounts payables and accrued liabilities by $951,000 and $340,000
to fund an increase in inventory.
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 700
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.
SOURCE: Biorem Inc.