GUELPH,
ON, Nov. 15, 2022 /CNW/ - BIOREM Inc. (TSXV:
BRM) ("Biorem" or "the Company") today announced its results for
the three and nine-month periods ended September 30, 2022. Biorem's complete third
quarter financial statements and MD&A have been filed on SEDAR
(www.sedar.com).
FINANCIAL HIGHLIGHTS:
Biorem's revenues for the third quarter were $7.3 million a 17% increase over the previous
quarter and 60 % higher than the $4.6
million of revenues reported in the same quarter in 2021.
Year to date revenues totalled $17.9
million, a 32% increase over the $13.6 million 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.
Gross profit for the quarter was $2.5
million or 34.4% of revenue compared to $1.1 million 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
$1,414,000 against $1,282,000 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.
Ebitda for the quarter increased to $1,179,000 compared to a negative ebitda of
$68,000 in the third quarter of 2021.
Total ebitda for the first nine months totaled $1,556,000.
Net earnings for the quarter were $761,000, with year to date earnings of
$825,000 compared to a net loss of
$287,000 for the first nine months of
2021.
"Several of our growth initiatives continue to gain traction in
our domestic and international markets," said Derek S. Webb, President and CEO. "We have
focused on expanding our service offerings and introducing Dry
Scrubbers to several regional markets with the results already
having a positive impact on our revenue and profitability numbers
in this quarter."
"In addition to working on the sales initiatives, considerable
effort has been committed to increasing the resilience and
diversity of our supply chain to ensure that we can mitigate the
impacts of inflationary pressures and ongoing logistics disruptions
and delays. The results from these efforts have been dramatic
and are reflected in our on time delivery for projects and
increasing profit margins."
"With strong bidding activity, record bookings and backlog, the
organization continues to enjoy positive visibility for the next
twelve to fifteen months and is preparing to expand the territories
for introduction of our newest products and services."
Cash on hand at September 30, 2022
decreased to $3.6 million largely due
to cash used to fund non-cash working capital. Earnings from
operating activities during the quarter generated $1,131,000 of cash which was offset by
$2,823,000 of cash used to fund
increases in non-cash working capital items.
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 1,800 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.