GUELPH,
ON, May 24, 2023 /CNW/ - BIOREM Inc. (TSXV:
BRM) ("Biorem" or "the Company") today announced results for the
three month period ended March 31,
2023. Biorem's complete 2023 first quarter financial
statements and MD&A have been filed on SEDAR
(www.sedar.com).
Financial Summary:
|
Three-months
March 31
|
ended
December 31
|
|
( in CDN$'000 except
per share data)
|
2023
|
2022
|
2022
|
|
Revenue
|
3,169
|
4,381
|
10,911
|
|
Gross profit
|
117
|
879
|
4,853
|
|
Ebitda*
|
(547)
|
18
|
1,342
|
|
Net earnings
(loss)
|
(557)
|
(101)
|
789
|
|
Basic earnings (loss)
per share
|
(0.036)
|
(0.01)
|
0.05
|
|
Diluted earnings (loss)
per share
|
(0.036)
|
(0.01)
|
0.045
|
|
*Earnings before
interest, taxes and amortization, a non IFRS financial
measure
|
Revenues for the quarter totaled $3.2
million, a $1.2 million or 28%
decrease from revenues of $4.4
million recorded during the first quarter of 2022 and a 71%
decrease over the previous quarter. The decrease in revenues
reported in the quarter over the immediately preceding quarter was
largely seasonal in nature. Biorem typically has lower revenues in
the first quarter due to customer scheduling.
Gross profit in the quarter of $117,000, represented 4% of revenue, compared to
$879,000 and 20% of revenue in the
first quarter of 2022. The decrease in gross profit during the
quarter was due to the lower revenues reported and to a cost
overrun on a project of approximately $200,000.
Operating expenses for the quarter were $806,000, which was a decrease of $136,000 from the $942,000 in operating expenses incurred for the
same period ended in the prior year. The decrease in operating
expenses was largely the result of decreased variable sales
expenses on the lower revenues recorded in the quarter. The company
recorded a gain from foreign exchange in the quarter of
$171,000 while in the same period in
2022 the Company recorded a loss of $1,000.
The Company booked new orders totalling $3.6 million in the quarter resulting in a
historic backlog of orders at March 31,
2023 of $39.0 million compared
to an order backlog of $31.1 million
at March 31, 2022.
"Bidding activity has remained strong through the first quarter
and we expect to report significant new bookings in coming months."
said Derek S. Webb, President &
CEO.
"While actual bookings lag our forecasts for the first quarter,
delays in the awarding of contracts are primarily a function of
infrastructure projects being delayed rather than losing those
contracts to competitors," said Mr. Webb. "Our sales funnel
continues to grow for both our biological solutions as well as with
the new dry scrubber product line introduced last year. Maintaining
an order backlog and sales funnel at these levels will ensure the
Company's continued growth in revenues and profitability."
The Company's cash position stood at $4.7
million on March 31, 2023,
compared with the $3.8 million held
on December 31, 2022. Working capital
at the end of the quarter was $4.1
million down slightly from the $4.9
million held at December 31,
2022 and up $1.3 million from
$2.9 million recorded at March 31, 2022.
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.
