Guelph, Ontario, (July 3, 2008). BIOREM Inc. (TSXV:BRM) announced today the receipt of a $800,000 order for a municipal odor control system in the Southwest U.S.A.
[More...]Guelph, Ontario, (June 19, 2008). BIOREM Inc. (TSXV:BRM) is pleased to announce the receipt of two new industrial orders in the United States totaling nearly $500,000.
[More...]| BIOREM ANNOUNCES PROMISING FIRST QUARTER RESULTS |
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New orders in the quarter were $2,150,000 resulting in a current order backlog of $9 million. The backlog is up $1.3 million or 17% from March 31, 2007. Gross profit in the quarter of $1,455,000 is up $837,000 from last year's comparative quarter resulting from increased revenue as well as improved margins on projects. This improvement has driven the gross margin up to 45.7% compared to Q1 2007 of 34.9%. Operating Expenses were $1,219,000 which is up $265,000 or a 27.8% increase compared to the comparative quarter of $954,000. The largest increases are as follows:
The Company’s liquidity improved significantly in Q1 2008. Net working capital increased by $337,000 in the three-month period. Total working capital at March 31, 2008 was $4,201,000. Commenting on the quarterly results, Peter Bruijns, President and CEO said, “The very favourable results confirm the positive direction of the Company’s sales restructuring from last year. Not only are the number of orders per quarter increasing, the average deal size is rising as the Company is winning many large orders. It is also encouraging to see a healthy gross margin which is expected to continue throughout 2008.” BIOREM® went on to announce that, as part of an internal reorganization, the Director of Operations has departed from the Company. Peter Bruijns will take responsibility for this function in the interim as the Company builds best-practices and determines the most cost effective structure to deliver on the expanding business and new orders from both North America and internationally.
About BIOREM Inc.
For further information, please contact: 1. EBITDA is a non-GAAP earnings measure, therefore, it does not have any standardized meaning prescribed by Canadian generally accepted accounting principles and may not be similar to measures presented by other companies. EBITDA represents earnings before interest, income taxes, depreciation and amortization. This measure is important to management since it is used by potential investors and lenders to evaluate the ongoing cash generating capability of the Company and thus the amounts they are willing to invest in the Company. The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.
Forward-Looking Statements |
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