Biorem Reports 2023 Financial Results including $0.14 earnings per share
In This Article:
GUELPH, ON, April 11, 2024 /CNW/ - BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") today announced its results for the three and twelve-month periods ended December 31, 2023. Biorem's complete fiscal 2023 year-end financial statements and MD&A have been filed on SEDAR (www.sedar.com).
FINANCIAL HIGHLIGHTS:
| In '000's except earnings per share | |||||
| | | Thee-months ended | Twelve-months ended | ||
| | | December 31 | December 31 | ||
| | | 2023 | 2022 | 2023 | 2022 |
| | | | | | |
| | | | | | |
| Revenue | 12,207 | 10,911 | 25,165 | 28,863 | |
| Gross profit | 4,407 | 4,853 | 7,022 | 8,762 | |
| Operating Expenses | 1,329 | 2,594 | 3,959 | 6,121 | |
| Ebitda* | 3,270 | 1,342 | 3,441 | 2,775 | |
| Net earnings | 2,364 | 789 | 2,179 | 1,613 | |
| EPS - basic | 0.15 | 0.05 | 0.14 | 0.10 | |
| EPS - fully diluted | 0.14 | 0.05 | 0.13 | 0.09 | |
| *Earnings before interest, taxes and amortization, a non IFRS financial measure | |||||
TWELVE MONTHS ENDED DECEMBER 31, 2023
For the twelve months ended December 31, 2023 revenue totaled $25.2 million compared to $28.9 million for the same twelve months in 2022. Net earnings for the year were $2.2 million compared to net earnings of $1.6 million in 2022. Earnings per share for the year increased by 40% to $0.14 per share against earnings per share of $0.10 basic and $0.09 fully diluted reported in 2022.
Gross profit for the year was $7.0 million, a 20% decrease from gross profit of $8.8 million recorded for the year-ended December 31, 2022.
Total operating expenses for the year were $4.0 million compared to $6.2 million of operating expenses in 2022. The $ 1.2 million decrease in operating expenses year over year was due to a decrease in commission expenses on the reduced revenues, the reversal of $373,000 in credit loss provisions that had been recorded in 2022 and one time legal and settlement expenses incurred in 2022 of approximately $700,000 related to the settlement of a long standing lawsuit.
On December 31, 2023 the Company had cash on hand of $2.3 million and working capital of $6.7 million compared to $3.8 million of cash and $4.9 million of working capital on December 31, 2022. The decrease in cash on hand was largely due to the repayment of $775,000 of the Company's operating loan and the repayment of $525,000 of long term debt during the year.
Total order bookings for the year were $36.5 million, a 3% decrease in bookings over the record bookings in 2022 of $37.7 million. The Company's order backlog stood at $50.1 million on December 31, 2023 compared to $38 million on December 31, 2022.
"Management looks forward to beginning the next phase of the Corporation's development", said Derek S. Webb, President and CEO. "A strong backlog; healthy bidding activity and a number of exciting new products introduced and under development promise to provide us with the tools necessary to achieve growth in 2024."
