GUELPH, ON, Aug. 28, 2018 /CNW/ - 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).
Financial Summary:
|
|
|
in Canadian dollars, '000's except earnings per share
|
|
|
Three-months ended
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Six -months ended
|
|
June 30
|
June 30
|
|
2018
|
2017
|
2018
|
2016
|
|
|
|
|
|
|
Revenue
|
5,186
|
5,672
|
9,069
|
8,755
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|
Gross profit
|
1,120
|
1,261
|
1,936
|
2,405
|
|
Operating expenses
|
852
|
1,329
|
1,833
|
2,460
|
|
Ebitda*
|
279
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(58)
|
115
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(37)
|
|
Net earnings (loss)
|
267
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(68)
|
99
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(50)
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EPS - basic
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0.01
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-
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-
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-
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|
EPS - fully diluted
|
0.01
|
-
|
-
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-
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|
* Earnings before interest, taxes and amortizaton, a non IFRS financial
measure
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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.
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SOURCE Biorem Inc.
View original content: http://www.newswire.ca/en/releases/archive/August2018/28/c5838.html