Biorem Reports Third Quarter Results, Record Order Backlog and Quarterly EPS of $0.03
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GUELPH, ON, Nov. 29, 2023 /CNW/ - BIOREM Inc. (TSXV: BRM) ("BIOREM" or "The Company") today announced its results for the three and nine-month periods ended September 30, 2023. BIOREM's complete second quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).
FINANCIAL HIGHLIGHTS:
| in Canadian dollars, '000's except earnings per share | | | | |
| | Three-months ended | Nine-months ended | ||
| | September 30 | September 30 | ||
| | 2023 | 2022 | 2023 | 2022 |
| | | | | |
| Revenue | 5,509 | 7,307 | 12,959 | 17,952 |
| Gross profit | 1,544 | 2,518 | 2,615 | 4,853 |
| Operating expenses | 806 | 1,414 | 2,630 | 3,526 |
| Ebitda* | 787 | 1,179 | 170 | 1,558 |
| Net earnings (loss) | 503 | 761 | (147) | 825 |
| EPS - basic | 0.03 | 0.05 | (0.01) | 0.05 |
| EPS - fully diluted | 0.03 | 0.05 | (0.01) | 0.04 |
| * Earnings before interest, taxes and amortizaton, a non IFRS financial measure | | | ||
BIOREM's revenues for the third quarter were $5.5 million, a 29% increase over the previous quarter but 25 % lower than the $7.3 million of revenues reported in the same quarter in 2022. Year to date revenues totalled $13 million, a 28% decrease over the $18 million reported for the first nine months of 2022. The decrease in revenues for the first nine months of 2023 compared to the prior year continues to be entirely due to delays in customer project construction schedules that were beyond BIOREM's ability to influence.
During the quarter the Company booked $8.2 million in new orders resulting in another record order backlog of $54.5 million on September 30, 2023 compared to an order backlog of $51.5 million on June 30, 2023 and $43 million on September 30, 2022.
The Company expects this record backlog to enable the Company to deliver a strong fourth quarter of the year in terms of revenues and earnings.
"While construction schedules across the industry continue to be impacted by high infrastructure demand, tight labour supplies, and supply chain delays, BIOREM has successfully managed to minimize the effect of these challenges on our 2023 earnings and cash flow," said Derek S. Webb, President and CEO. "Our sales funnel, opportunities, bookings and backlog remain at historic highs with no signs of softening over the near- to medium-term."
"Unique in the Industry, BIOREM's broadening of the revenue base through product expansion and diversification, have resulted in significant achievements over the last several quarters. This investment in new products and sales initiatives has generated more than two dozen projects and approximately $25 million in bookings outside of our traditional sales base. This is a reflection of a strong market demand for BIOREM's experience and performance in delivering successful air emission abatement projects."
